DiNapoli: Value of IDA projects grew 10% in 2021 to $126 billion
New York’s 107 local industrial development authorities (IDAs) reported 4,324 active projects with an aggregate value of $126 billion in 2021, a 10.4% (or $11.9 billion) increase compared to 2020, according to a report releasedby State Comptroller Thomas P. DiNapoli. The number of IDA projects 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,” 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.” | Read More here
Managing IDAs is about more than giving out tax breaks. NYSEDC members; the Erie County IDA, the Genesee County Economic Development Center, and the County of Chautauqua IDA were featured in an article highlighting the profound impact IDAs have on their communities and breaking down Comptroller DiNapoli's IDA report. | Read More at Buffalo News
Western New York’s economy only grows based on the strength of a highly skilled workforce and that means high-paying jobs. This connection between economic and educational resources is evident in the strong partnerships between Alfred State College - SUNY College of Technology (ASC) and Alstom, a leader in transportation and mobility innovation. Senate Majority Leader Chuck Schumer visited Alstom's manufacturing facilities in Hornell, to explain how the bipartisan Infrastructure Investment and Jobs Act is making the largest investment in passenger rail since the creation of Amtrak, with more than $66 billion in funds. | Read More at Alfred State
Amidst a labor shortage for thousands of technical and manufacturing jobs Syracuse City Schools has partnered with Manufacturers Association of Central New York and Onondaga Community College to offer P-TECH a cohesive program combining high school, college and career training. | Read More at Spectrum
$14M in funding coming to promote New York Tourism as part of the state’s EDA Tourism Partner Sub-Awards Grant Program which was funded through federal COVID-19 recovery money. Thirty tourism industry recipients were selected from across NYS with a goal to positively impact New York State’s tourism industry by making strategic investments in programs and organizations that are working to generate economic growth for New York State and its vacation regions. | Read More and View the Full List of Recipients at Finger Lakes Daily News
Construction has started on a $4 million project from the Capital District Transportation Authority and Schenectady County Metroplex Development Authority at a busy intersection in Schenectady. The new transportation center, called the Gateway Mobility Center, will ease access to ten routes, while also improving access to other CDTA services, and supporting the future expansion into Montgomery County. | Read More at Albany Business Review
NYSEDC News and Updates
We are now Accepting Applications for the Linda J. Hill Women's Leadership and Diversity Council Scholarship Program
We will be awarding two scholarships for the year starting in June. Winners will receive a year of programming from NYSEDC and admission to WLDC events. Winners must be available to take the Basic Economic Development CourseJune 19 - 23.
Applicants must have a letter of recommendation from a NYSEDC member.
Program open to women, aspiring economic developers, and applicants representing underserved communities
NYSEDC Women's Leadership + Diversity Council held a webinar on April 18 to discuss how women are impacting the field of economic development. It featured Kisha Santiago-Martinez, Deputy Secretary of State, NYSDOS; Judy McKinney Cherry, CEcD FM CEcD FM , Executive Director the Schuyler County Partnership for Economic Development (SCOPED) & CEO/CFO for the Schuyler County IDA Schuyler County Partnership For Economic Development; Keri Kerper, Community Development Program Coordinator City of Olean; Cecilia Kushner, AICP, Executive Vice President and Chief Strategy Officer, NYCEDC; and Juhanna Rogers, PhD , Senior Vice President, Racial Equity & Social Impact. Center State CEO.and moderated by NYSEDC Deputy Director Shelby Schneider | Watch the Webinar Here
Attendees of this weeklong program will learn best practices to help prepare their communities for business retention and expansion, business attraction, and grow an entrepreneurial ecosystem. The course focuses on the development, organization, and operation of economic development activities in both the public and private sectors. Learn More and Register Here
The Bigger Picture
New DOE Funding Opportunities Available Through the Bipartisan Infrastructure Law and Inflation Reduction Act
The Department of Energy's office of Manufacturing and Energy Supply Chains has a number of Funding Opportunity Announcement (FOA) applications and is looking for independent merit reviewers with economic development expertise, venture capital and entrepreneurial expertise, philanthropic background, and related community development knowledge. | Learn More About the MESC Here
Reuters: US Manufacturing Boom Has a Real Estate Problem
Fueled by a combination of government incentives, a transition to new transportation and energy technologies, and national security concerns, there's a factory-building boom taking place across the U.S. But all that new construction has a real estate problem. More specifically, a "megasite" problem. While the U.S. has plentiful land, there are not that many places to quickly plunk a billion-dollar-plus factory. The factory renaissance could soon hit a barrier because of the scarcity of ready-to-go megasites, according to 25 economic development groups, state and local officials, utilities, and companies interviewed by Reuters.| Read the Full Article Here
New York State Policy and Programs
NYS Comptroller Releases Performance of Industrial Development Agencies in New York State
NYS Comptroller Thomas DiNapoli and his office have released the 2023 Annual Report with their findings on the performance of IDAs in New York State in the 2021 fiscal year.
“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.”
Key findings include that New York’s 107 local Industrial Development Authorities (IDAs) reported 4,324 active projects with an aggregate value of $126 billion in 2021, a 10.4%, or $11.9 billion, increase compared to 2020, according to a report released today by State Comptroller Thomas P. DiNapoli. The 4,324 IDA projects represented a 1.5% increase over 2020.
Empire State Development’s Global New York Division is taking its expertise on the road! Global New York programs connect companies with sales agents and distributors abroad and offset the costs of exporting with grants and loans, as well as help New York businesses enter or expand their presence in the global marketplace.
From June 12 - 16, Global New York is bringing its eight foreign office representatives from Canada, Mexico, Europe (U.K.), South Africa, Israel, India, the Caribbean, and China on an seven-stop export promotion tour to regions across New York State.
At each stop companies will have the opportunity to schedule one-on-one consultations with the representatives following the presentations | Learn More About the Tour Here