Buy Newark commits anchors, other institutions and businesses as well as the City itself to purchasing a targeted dollar amount of goods and services from Newark businesses. This will enable Newark businesses small and large to expand, prosper and create more jobs for residents. A 2014 study funded by the Prudential Foundation found that 6 representative Newark anchor institutions spent only about 3% of their purchasing on Newark businesses and that increasing Newark addressable purchasing to 10% would add an additional $33 million to Newark’s economy.
Like Hire Newark, the work of Buy Newark has already begun. A database and website is under construction that will bring together in one place a master list of Newark businesses and the goods and services they can provide. This will make possible a streamlined process for matching businesses to contracting opportunities. It will enable purchasing decisions by all Newark businesses and institutions large and small to take into account the goods and services available locally. Buy Newark will identify and build the resources necessary to increase the capacity of local businesses to deliver on contracts. It will create incentive programs for local consumers to buy local, including a "Buy Local" property tax rewards card.