At an equity in infrastructure pledge signing event held at the Milpitas Transit Center, the airport committed to increase economic opportunities for Historically Underutilized Businesses (HUBs) to build generational wealth and reduce the racial wealth gap by creating more prime, joint venture, and equity contracting opportunities for these firms.
“SFO is an economic engine for the San Francisco Bay Area, powering the employment and business opportunities that come from our infrastructure projects,” said airport director Mike Nakornkhet. “We recognise that lifting up Historically Underutilized Businesses in our contracts is a powerful way to drive innovation, maximise the value of our infrastructure investments, and strengthen the fabric of our community. I am proud to stand with our Bay Area transportation agencies to build a more inclusive and equitable future for our region.”
The non-profit Equity in Infrastructure Project (EIP), co-founded in 2021 by Denver International Airport CEO Phil Washington and former US Department of Transportation deputy secretary John Porcari, is a project of the Social Impact Fund, a 501(c)(3) tax-exempt organisation.
The EIP was developed to align federal, state, and local efforts to advance equity in infrastructure contracting. It is working to accomplish this by building a broad coalition of infrastructure agencies, specifically the grantees of the Bipartisan Infrastructure Law, to increase the participation of HUBs. This includes efforts to grow the number, size, and percentage of HUBs becoming prime contractors, engaging in joint ventures, or participating as equity partners in infrastructure projects. EIP defines HUBs broadly, encompassing businesses formally designated as disadvantaged business enterprises (DBEs), minority and women-owned business enterprises (M/WBE), small business enterprises (SBE), as well as any other business classification used locally to support underrepresented firms.
