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There are 107 local Industrial Development Authorities across New York State and are currently 4,324 active projects with an aggregate value of $126 billion dollars in 2021.
The $126 billion dollars is a 10.4%, or $11.9 billion dollar increase compared to 2020, according to a report released by the State Comptroller’s Office. The overall number of IDA projects also increased by 1.5%.
“IDAs can play an important role in helping local economies and businesses expand. This report provides taxpayers with a look at the financial and project data reported by local IDAs so they can track their activities,” New York Comptroller Thomas DiNapoli said.
The report summarizes data as reported by IDAs for fiscal year end 2021 through the Public Authorities Reporting Information System (PARIS) and is not independently verified by the State Comptroller’s Office.
The report also found that tax exemptions for projects totaled nearly $2 billion dollars, an increase of $134 million from the previous year (2020). The largest exemptions were property tax exemptions, totaling $1.7 billion, or nearly 90% of total exemptions.
It is estimated that over 221,000 jobs will be created during the life of the projects, with a median salary of $40,000. Another 241,236 jobs will also be retained with a median salary of $45,000 dollars.
