New York's 106 local Industrial Development Agencies (IDAs) reported 4,183 active projects with a total value of over $140 billion in fiscal year end (FYE) 2024, an increase of 3.5% or $4.7 billion from the prior year, according to an annual report released today by State Comptroller Thomas P. DiNapoli.
“IDAs granted $2.1 billion in tax exemptions in 2024, continuing an upward trend,” DiNapoli said. “The tax benefits provided by IDAs can attract businesses and spur job growth in the communities that they serve, but caution is warranted. Local officials and other stakeholders should monitor the costs and benefits associated with IDA projects to ensure that these investments yield positive results for their residents and deliver on the job creation, retention and other commitments being made.”
DiNapoli’s report summarizes the most recent annual project and financial data reported by IDAs through the Public Authorities Reporting Information System. The data is not independently verified by the State Comptroller’s Office. Highlights of notable IDA activity in FYE 2024 includes:
- Of the 4,183 active IDA projects, 2,624 (62.7%) were county IDA projects, followed by towns (17.5%), cities excluding New York City (12.3%), New York City (6.9%), villages (0.5%) and city-town IDAs (0.1%).
- The number of IDA projects has declined by 8.9% since FYE 2014, while the total value of all IDA projects has increased by 67.6%.
- Project operators estimated that 196,067 jobs would be created by all IDA projects, a decline of 3.3% from FYE 2023. This reflects 6,639 fewer jobs, but the median salary for these jobs increased slightly – from $40,000 in FYE 2023 to $41,065 in FYE 2024.
- The number of net jobs gained (reflecting current jobs reported by project operators minus initial jobs reported before becoming IDA projects) was 204,301, a decrease of 9.9% from FYE 2023.
- Total tax exemptions for IDA projects were nearly $2.1 billion, up 5.2% ($101 million) over FYE 2023. Property tax exemptions represented over 87% ($1.8 billion) of all tax exemptions granted.
- A total of $942 million in payments in lieu of taxes (PILOTs) partially offset those tax exemptions, resulting in total net tax exemptions of $1.1 billion, up 3.9% from FYE 2023.
- Aggregate IDA revenues totaled $123.7 million, while expenditures totaled $87.8 million. The New York City IDA reported $6 million in total expenditures, the highest of any IDA.
- IDAs reported 187 new projects, of which the Finger Lakes region, for the second year in a row, had the most of any region at 45 projects, followed by the regions of Long Island (39), Mid-Hudson, and Western New York (both 20).
- New IDA projects had a combined value of $4.9 billion. The Mid-Hudson region had the highest aggregate value of new projects of any region with $1.9 billion, followed by the regions of Long Island ($814 million), the Finger Lakes ($555 million) and the Capital District ($262 million). Conversely, the Mohawk Valley and the North Country regions each had under $100 million in total new project value.
- Only three regions – New York City, the North Country and the Capital District – increased their project value compared to FYE 2023. New York City increased from $97 million in FYE 2023 to $595 million in FYE 2024, driven largely by new projects in the category of transportation, communication, electric, gas, and sanitary services.
IDA reform legislation enacted in 2015 requires IDAs to assess the progress of each project annually and develop policies for the discontinuance or return of some or all of the financial assistance provided for a project (known as a claw back) under specified circumstances, such as material shortfalls in job creation or violations of a project agreement. In FYE 2015, 18 out of 109 active IDAs (16.5%) reported that none of their projects had claw back agreements. In FYE 2024, that share had fallen to 10 out of 106 IDAs (9.4%).
DiNapoli’s office examines IDA costs and outcomes in several ways, including performing audits of the operations of individual IDAs, providing training to IDA officials on various topics, and encouraging improvements in IDA procedures and reporting.
Annual Report
Performance of Industrial Development Agencies in New York State – 2026 Annual Report
IDA Data by Region
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