New Study Shows How IDAs Drive State’s Economy
A new report released this week by The New York State Economic Development Council details the tremendous positive impact that Industrial Development Agencies (IDAs) have on New York State’s economy.
According to the report, in 2021, IDAs helped create and retain 1.3 million jobs representing $141 billion in annual wages. Those wages helped generate $12.4 billion in annual New York State Tax revenue. For every dollar of taxes abated, IDA projects generated $6.57 in new tax revenue for NYS. In addition, for every one dollar of exemptions issued, $74.89 in employee earnings was generated in the state and $237.46 in sales was generated in the state.
Also in 2021, IDA projects created $830 million in new tax revenue to local taxing jurisdictions including $338.9 million in payments to school districts across the state. This is new revenue to the schools that otherwise would not have occurred without IDA involvement. The total amount of school taxes abated by IDAs represents less than .5% of total school spending in 2021.
“The sheer scale of the cumulative impact of IDAs on New York State’s economy is impressive” said Rachel Selsky, Vice President at Camoin Associates which issued the report. “The findings in the report demonstrate the positive outcome of the hard work done by these critical economic development organizations across the state in terms of jobs created, earnings generated, housing units developed, downtowns revitalized, renewable energy produced, and tax revenue generated.”
Business Council of Westchester President and CEO Marsha Gordon said “I have seen firsthand the fact that IDAs in Westchester play a critical role in the growth of our economy. From Regeneron Pharmaceuticals to multi- residential housing across the county, IDAs remain the best local economic development tool to attract and retain private sector investment. This report not only highlights the broad economic impact of Westchester’s IDAs but highlights their important role in bringing much needed housing to our community. Without their support, these projects could not move forward.”
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