NJ S2932

Requires New Jersey State agencies to make good faith efforts toward goals for using certified minority and women-owned businesses as prime contractors and subcontractors in procurement.

References a January 2024 Disparity Study finding that minority and women-owned businesses received only 4% of construction prime contract dollars, 15% of professional services prime contracts, and 10% of goods and services prime contracts.

Mandates the Chief Diversity Officer to recommission a statewide disparity study by August 15, 2029, and requires each State agency to develop agency-specific participation goals based on study findings.

Establishes a waiver process for contractors who demonstrate good faith efforts but cannot meet participation requirements, with all waivers to be publicly posted on agency websites.

Sets penalties for violations including ineligibility to bid on State contracts for up to one year for first offenses and up to five years for repeat violations within five years; the bill expires December 31, 2029 unless extended by the Legislature.