Senate Commerce Committee Statement to Senate Joint Resolution No. 122, New Jersey, June 10, 2024

Summary

The New Jersey Senate Commerce Committee statement dated June 10, 2024 reports Senate Joint Resolution No. 122 favorably with committee amendments. As amended, the joint resolution designates July of each year as "Diverse Business Month" in support of diverse-owned businesses in the State. The statement says persons of color own 21.7 percent of business in the State, while women and veterans own 39.6 and 4.2 percent, and that more than 150 businesses are LGBTQ+ certified after Executive Order No. 295 and P.L.2024, c.10. It cites limited access to capital and a Statewide study finding significant disparities in formal prime contracts. The committee amended the preamble.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE
JOINT RESOLUTION No. 122

with
committee amendments

STATE
OF NEW JERSEY

DATED: JUNE 10,
2024

The Senate Commerce Committee reports favorably and
with committee amendments Senate Joint Resolution No. 122.

As
amended, this joint resolution designates the month of July of each year as
“Diverse Business Month” in support of diverse-owned businesses in the State of
New Jersey.

Businesses
owned by persons of color, women, veterans, and members of the LGBTQ+ community
are an essential part of New Jersey’s economy. Persons of color own 21.7
percent of business in the State, while women and veterans own 39.6 and 4.2
percent of the State’s businesses, respectively. With the signing of Executive
Order No. 295 by Governor Murphy and the passage of P.L.2024, c.10, which
allows certain businesses to be certified as an LGBTQ+ owned business, more
than 150 business in the State are also LGBTQ+ certified businesses. The large
number of diverse-owned businesses in the State also contributes to the
significant economic output that diverse-owned businesses provide nationally. Among
businesses owned by persons of color alone, over $1.3 trillion in receipts were
generated nationally in 2020, according to the United States Census Bureau.

Despite
their large economic impact, diverse-owned businesses in the State continue to
face certain challenges to growth, including limited access to capital. Additionally,
a Statewide study examining the availability and utilization of State
contracting opportunities for diverse-owned businesses found significant
disparities for diverse-owned businesses in formal prime contracts for
construction, professional services, and general goods and services.

It
is thus in the public interest of New Jersey to raise awareness of the positive
economic impact of businesses owned by persons of color, women, veterans, and
members of the LGBTQ+ community and to focus on ways to support diverse-owned
businesses. The observance of a “Diverse Business Month” each year will
provide an opportunity for government officials, community leaders, and business leaders to focus on ways to support diverse business owners and to
help them succeed.

COMMITTEE
AMENDMENTS

The
committee amended the joint resolution to modify the preamble.

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