Ithaca Area Economic Development says it stimulated nearly $73 million in investment in 2022

ITHACA, N.Y. — Ithaca Area Economic Development (IAED) in 2022 reported stimulating $72.6 million in private investment, $2.7 million in new property taxes, and $874,000 in new payroll.

It also facilitated the construction of 113 housing units and payments of $280,000 into the Community Housing Development Fund to support affordable housing through Tompkins County.

Those figures are part of an annual report to the community released during its annual meeting held May 3 at Hotel Ithaca. The 100 attendees included business leaders, community partners, and elected officials.

IAED also presented figures from an ongoing broadband-infrastructure project and from the inaugural year of its Direct-to-Work: Pathways to Manufacturing program.

Those interested can see the full report at IthacaAreaED.org/News.

The event’s featured theme “What Does IAED Do?” was illustrated by testimonials from stakeholders and partners, including Richard Polevoy of Knickerbocker Bed Company, Carol Miller with Alliance for Manufacturing & Technology, Nnenna Lynch of Xylem Projects, and Vicki Taylor Brous with SHIFT Capital.

“It felt great to be together again after several years, and to share our accomplishments and outline our ambitious vision for the future of economic development in Ithaca and Tompkins County,” Heather McDaniel, president of the IAED, said about the meeting.

IAED is backed by a shared-revenue model, with funding from Tompkins County, fee-based income, and employer investments. It is now in the final year of its current five-year investment initiative and “has exceeded or will realize milestones” in private investment, new payroll, and new jobs.

During the annual meeting, IAED outlined an “extensive” list of goals in what it calls Th!nk Tompkins, 2024-28. It will release more information about it in the coming year, the agency said.