New York state has reached its target of awarding more than a third of its state contracts to minority and women-owned businesses, Gov. Kathy Hochul on Wednesday announced. 

The goal was initially set a decade ago by then-Gov. Andrew Cuomo. More than $3 billion in state contracts to the firms, known as MWBEs, were awarded in the 2020-2021 fiscal year. 

Minority and women-owned businesses have been awarded 30.5% of state contracts overall, Hochul's office said. 

"New York State sets ambitious goals - and my job is to deliver on them," Hochul said. "Our diversity is our greatest strength, and a top priority for my administration is making sure that economic opportunity in our state is equitable and reflects that diversity. MWBEs are the economic backbone of our communities, and the 30 percent milestone we have surpassed and will continue to exceed is a testament to my firm belief in that fact." 

New York has the highest percentage of state contracts going toward minority and women-owned companies than any other state in the country, Hochul's office said. The administration pointed to the need for pandemic economic recovery efforts as the uncertainty surrounding the public health crisis continues. 

"As we build back better from the COVID-19 pandemic, we must build back inclusively and I'm proud of the aggressive measures New York State has taken to ensure everyone is empowered to participate in our growing economy. Governor Hochul has worked tirelessly to break down systemic barriers to MWBE's participation in state contracting, and by surpassing our 30 percent utilization goal - the highest in the nation - we are ushering in a new era of equal opportunity for MWBEs to succeed."