NYSEDC Releases Updated Study - The Economic Impact of New York State’s IDAs

10/24/23

NYSEDC Releases Updated Study - The Economic Impact of New York State’s IDAs
The NYSEDC is proud to present to you the final IDA economic impact study update with fresh data provided by Camoin Associates. report was developed to document and communicate the value of New York’s Industrial Development Agencies (IDAs) in their efforts to pursue regional and state level economic development goals. A traditional economic impact analysis was conducted to quantify the impact of IDA projects, which was complemented by the collection of additional metrics through a survey of IDAs. 2021 project data, the most recently available data from PARIS and from the New York State Comptroller, were used as key inputs in this analysis.

NYSEDC Releases Updated Study The Economic Impact of New York State’s IDAs
The NYSEDC is proud to present to you the final IDA economic impact study update with fresh data provided by Camoin Associates. report was developed to document and communicate the value of New York’s Industrial Development  Agencies (IDAs) in their efforts to pursue regional and state level economic development goals. A traditional  economic impact analysis was conducted to quantify the impact of IDA projects, which was complemented by the collection of additional metrics through a survey of IDAs. 2021 project data, the most recently available data from  PARIS and from the New York State Comptroller, were used as key inputs in this analysis. | Click here for the Full Report

Click here for the Summary of the 2021 NYS IDA Economic Impact Study

2021 IDA Activity:

• 1.3 million permanent, annual jobs.
• 462,556 were direct jobs, 279,889 were indirect, and 565,007 were induced.
• $141 billion in total annual wages.
• $73.1 billion were direct earnings, $24.5 billion were indirect, and $43.7  billion were induced.
• 17,000 temporary construction jobs.
• $1.5 billion construction wages.
• $12.4 billion annual NYS tax revenue.

General Stats:

• For every dollar of taxes abated, IDAs generate $6.57 in new tax revenue for NYS.
• The dollar amount of school taxes that are abated annually equals only 0.5% of annual spending on K-12 public education.
• $339 million in new revenue generated for school districts through PILOTs, annually.

 
New Data Points and Metrics:

• 411 projects with a residential component have been approved statewide since 2018.
• 36,069 new housing units statewide.
• Over 9,000 of new housing units are affordable (better than 25% of newly created housing units).
• 233 wind/solar energy projects have been approved statewide since 2018.
• These projects generate 4,809 megawatts (MW) of clean, renewable energy.
• This is enough to power at least 1.9 million homes a year.
• 459 projects located in downtown corridors
• Help support the state’s priority to revitalize Main Street corridors in downtown communities.

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