Ithaca Area Economic Development stimulated $163 million in private investment in 2023

ITHACA, N.Y. — Ithaca Area Economic Development (IAED) announced that in 2023 itstimulated $163 million in private investment, $10.3 million in new property taxes, and $14.5 million in new payroll.

It also facilitated construction of 294 housing units (of which 25 percent are affordable) and payments of $913,000 into the Community Housing Development Fund to support affordable housing across Tompkins County. Each figure represents an increase over 2022, IAED said.

Ithaca Area Economic Development is a private, nonprofit economic–development organization serving Ithaca and Tompkins County. IAED held its annual meeting on May15 and presented a report to the community at Ithaca Marriott Downtown on the Commons.

Nearly 100 area business leaders, community partners, and elected representatives attended the event in which IAED reviewed its 2023 accomplishments and previewed its ongoing and future projects across the Central New York region.

Heather McDaniel, IAED president, and Chris Montgomery, director of business affairs for the SUNY Educational Opportunity Center, made presentations that illustratedIAED’s role in supporting regional partnerships around Micron Technology Inc. (NASDAQ: MU), which is coming to the town of Clay, north of Syracuse, and the Binghamton battery tech hub.

“Our annual meeting was insightful and inspiring. This area is on the precipice of tremendous change, and IAED is at the forefront of harnessing the opportunity to improve economic prosperity for all,” McDaniel said in the announcement. “I’m proud of the IAED team, our community, stakeholders, and investors. It takes a village and I’m excited about our shared future.”

IAED’s Direct-to-Work training program, which was showcased in the presentation, is expanding from manufacturing into the building trades. The Micron project alone is expected to create 5,600 construction jobs over the next 20 years. IAED’s new program will replicate the successful Syracuse Build model and is part of a “coordinated effort”across the region to meet anticipated labor demand.

“IAED’s breadth and scope is amazing. From business support to financial services and special projects, IAED really is a catalyst for economic development,” Cathy Hart, president of the IAED board of directors and general manager of the Ithaca Marriott Downtown, said in a news release. “Their success in workforce training programs is also making an impact on important regional initiatives, further evidence of IAED’s reach.”