"Even as I continue to believe that I would be both the best prepared and the most electorally viable candidate in this race, I have chosen to lead by example," Meeks said in a release.
In his remarks, Meeks highlighted the discrepancy between the size of the African-American population in Chicago and the percentage of city contracts going to African-Americans.
"Our city's leadership seems to be colorblind; in my judgment, they simply do not seem to notice people of color," said Meeks in his statement. "We are overlooked and under-represented."
Meeks said in his statement that he was not endorsing any other candidate in the mayoral race at this time.