Skip to Content
Author: The BCW

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.”

Similar News Items

The BCW’s state advocacy program was actively engaged throughout the session including reaching out to legislators during the final last hours of the session. Countless memorandums of support and opposition on bills of importance to the business community were issued to the Legislature; and countless Zoom meetings were held. Additionally, the BCW was in constant contact with […]

Read Article

City, County and State officials held a press conference this week at Pugsley Park in Peekskill to discuss the city’s recent certification as a New York State Pro-Housing Community, its $10 million award from the Mid-Hudson Momentum Fund, and to celebrate the opening of Pugsley Park with a ribbon cutting. Over 50 people were in […]

Read Article

The BCW’s Government Action Council hosted its sixth annual Board of Legislators Reception on Tuesday, where BCW members shared their concerns with members of the Westchester County Board of Legislators. BOL Chair Vedat Gashi and BOL Vice Chair Jose Alvarado updated BCW members on the BOL’s ongoing activities, including preparing for next year’s County Executive […]

Read Article

Become A Member

Join the county’s largest and most influential business organization today.

The Business Council of Westchester is committed to helping businesses market, learn, advocate, and grow. Over 80 events and programs are offered every year, giving our members ample opportunity to connect and meet with businesses representatives in the Westchester community and beyond.
Back to top