ALBANY, N.Y. — New York state’s 107 local industrial development authorities (IDAs) reported 4,324 active projects with an aggregate value of $126 billion in 2021, a 10.4 percent, or $11.9 billion, increase from 2020. That’s according to a report issued by New York State Comptroller Thomas P. DiNapoli on April 11. The number of IDA […]
ALBANY, N.Y. — New York state’s 107 local industrial development authorities (IDAs) reported 4,324 active projects with an aggregate value of $126 billion in 2021, a 10.4 percent, or $11.9 billion, increase from 2020.
That’s according to a report issued by New York State Comptroller Thomas P. DiNapoli on April 11. The number of IDA projects increased by 1.5 percent in the period.
“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,” DiNapoli said. “The tax breaks IDAs provide can impact local taxes so it’s important to ensure these projects are creating or retaining the jobs and economic benefits they are supposed to. Publishing this information, including IDA costs, helps to increase their accountability.”
Since 2011, the number of active IDA projects has remained relatively stable, but total project value has been rising. Average project value over the period increased 76 percent from $16.5 million per project in 2011 to
$29.2 million in 2021, per the comptroller’s report. County IDAs were responsible for
61.4 percent of all active IDA projects in 2021, followed by towns (18.5 percent), cities (12.3 percent), New York City (7.4 percent), villages (0.5 percent), and city-town IDAs (0.1 percent).
DiNapoli’s 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 his office. The full comptroller’s report is available at: https://www.osc.state.ny.us/files/local-government/publications/pdf/ida-performance-report-2023.pdf?utm_medium=email&utm_source=govdelivery
