The African American Chamber of Commerce of New Jersey (AACCNJ) seeks to address the disparity in public contracting and will convene the NJ Gubernatorial candidates in a panel discussion, at the State of Black NJ 2025 Economic Summit which will be held on March 25th, from 9:00 a.m. – 3:00 p.m., at the Princeton Marriott at Forrestal, in Princeton, NJ.
The AACCNJ State of Black New Jersey 2025 Economic Summit is themed “Accountability, Opportunity & Equity. The annual summit serves as a platform for an open dialogue with state representatives of various agencies, legislators, faith and community organizations, and main street business owners on public policies and the economic impact on the 1.2 million Black New Jerseyans, and the over 88,000 Black owned NJ Businesses, as it relates to education, health, workforce readiness and their attainment of an equitable share of economic opportunities within the public and private sectors of the state; featuring panel discussions with a focus on how to build bridges towards mutual success with the overarching goal of improving the competitiveness of the state of NJ.
“This year’s event will take a comprehensive look at current and proposed public policies and their economic impact on Black New Jerseyans, and Black Businesses in New Jersey. The recent Disparity Study, commissioned by the Murphy Administration, which placed blacks at the absolute bottom in receiving less than half of one percent of our state’s public contracts; a shameful reminder of the disregard for the equitable participation of blacks notwithstanding their availability and qualifications for participation”, said John E. Harmon, Sr., IOM, Founder, President & CEO, AACCNJ.
The New Jersey Disparity Study results, released January 2024, revealed that Black-owned businesses received 1% or less of state contracts in all industries between fiscal years 2015-2020. For construction, Black-owned businesses received approximately $3.3 million compared to White-male-owned businesses $10.8 billion. Further, Black-owned businesses received $13.7 million for professional services, compared to White-male-owned businesses $3.4 billion.
“Blacks have the highest level of poverty and unemployment; 93% of black businesses are sole proprietorships, Blacks represent 14% of the state’s population and according to Nielsen we are over indexed in our spending for several industries. Moreover, black voter participation for the majority political party has consistently made a difference in the election outcomes. Our contributions from a consumer spending and voter participation perspective have not been reciprocal from those that have derived benefits; and therefore, as an organization, representing the interests of black people, it would be an egregious failure of our obligation to our constituency if we did not voice our concerns and pursue strategies for greater accountability, opportunities, and equity”, said John E. Harmon, Sr.
The Gold Sponsor for the 2025 Summit is Horizon Blue Cross Blue Shield of NJ, and PSEG, the Silver Sponsor is ABC-NJ, Patron Sponsors are Ferreira, Ocean First Bank, and United.
Attendees can register through the following link:
The State of Black New Jersey 2025 Economic Summit
About the African American Chamber of Commerce of New Jersey
The AACCNJ performs an essential role in the economic viability of New Jersey. While providing a platform for New Jersey’s African American business leaders, to speak with a collective voice, the AACCNJ advocates and promotes economic diversity fostering a climate of business growth through major initiatives centering on education and public policy. The Chamber serves as a proactive advocacy group with a 501(c) 3 tax exemption, which is shared by the National Black Chamber of Commerce.