Small Businesses Flourish with Record-Breaking Contracts from NCDOT
RALEIGH – Small businesses in North Carolina are experiencing unprecedented success in securing contracts with the N.C. Department of Transportation (NCDOT), marking a significant milestone for the third consecutive year.
In the fiscal year 2024, which concluded on June 30, NCDOT awarded approximately $65.4 million to small business enterprises (SBEs) through contracts valued under $1 million. This represents a 35% increase from the previous record of roughly $48.4 million in fiscal year 2023, and it more than doubles the initial target of $28 million.
These achievements stem from the concerted efforts of NCDOT’s Division of Highways and Office of Civil Rights to facilitate small firms’ entry into the contracting process, beginning with opportunities that pose lower risks.
According to NCDOT Chief Engineer Lamar Sylvester, “These numbers are a true reflection of the department’s emphasis to utilize more small businesses in our projects.” He emphasized the mutual benefits, noting that the initiative enables small businesses to become prequalified subcontractors and prime contractors, thereby supporting NCDOT’s highway construction and maintenance programs.
In fiscal year 2024, the $65.4 million allocated to small businesses accounted for one-fourth of all contracts under $1 million. Notably, this was the first year all 14 Highway Divisions exceeded their customary goals of awarding at least $2 million in contracts to such firms.
The 2024 SBE awards signify a dramatic 300% increase compared to the $16.3 million awarded in fiscal year 2021, with the record-setting trend beginning in 2022 when approximately $30.7 million was allocated to SBE contracts.
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