IDA Projects Hit Record High Value of Almost $136 Billion in Fiscal Year 2023: State Comptroller Report

ALBANY—New York's 106 local Industrial Development Agencies (IDAs) reported 4,282 active projects with a record high total value of nearly $136 billion in fiscal year end (FYE) 2023, an increase of 3.1% or over $4 billion, from the prior year, according to an annual report released on June 20 by New York State Comptroller Thomas P. DiNapoli.

“Recent increases in property values and construction costs have contributed to rising IDA project values, which reached new highs in 2023 despite a modest decrease in the number of active projects,” DiNapoli said. “IDAs can provide benefits to the communities they serve through support to local businesses and job growth, but local officials and other stakeholders should closely monitor the costs and benefits associated with these projects to ensure they are yielding the expected positive results.”

DiNapoli’s report summarized the most recent annual project and financial data reported by IDAs through the Public Authorities Reporting Information System and also highlighted other notable IDA activity in FYE 2023, including:

• The Mid-Hudson region had the highest aggregate value of new projects of any region with $2.4 billion, followed by the Finger Lakes ($1.8 billion), Long Island ($1.4 billion), and Western New York ($832 million). Conversely, New York City and the North Country each had under $100 million in total new project value. The New York City IDA granted over $576 million in total tax exemptions in FYE 2023, representing 29.5% of all exemptions granted by IDAs statewide.
• Of the 4,282 active IDA projects, 2,670 (62.4%) were county IDA projects, followed by towns (17.7%), cities excluding New York City (12.4%), New York City (7%), villages (0.5%) and city-town IDAs (0.1%).
• The number of IDA projects has declined by 9.3% from FYEs 2013 to 2023, while the total project value of all IDA projects has increased by over 76%.
• Project operators estimated that 202,706 jobs would be created by all IDA projects in FYE 2023, a decline of 5.2% from the prior year. While this reflects 11,181 fewer jobs, the median salary for these jobs increased slightly – from $42,000 in FYE 2022 to $43,000 in FYE 2023.
• The number of net jobs gained (reflecting current jobs reported by project operators minus initial jobs reported before becoming IDA projects) was 226,827, the highest number since FYE 2014 and an increase of 11.1% compared to FYE 2022.
• Total tax exemptions for IDA projects were just under $2 billion, up 0.3%, or $5.3 million, over FYE 2022. Property tax exemptions represented $1.7 billion or over 87% of all tax exemptions granted.
• A total of $883 million in payments in lieu of taxes (PILOTs) partially offset nearly $2 billion in tax exemptions, resulting in total net tax exemptions of $1.1 billion, down 2.2% from FYE 2022.
• Aggregate IDA revenues totaled $99.8 million, while expenditures totaled $88.5 million. The New York City IDA reported $6.6 million in expenditures, the highest total of any IDA in FYE 2023.
• IDAs reported 215 new projects, of which the Finger Lakes had the most of any region at 44 projects, followed by Long Island (37), Mid-Hudson (35), and Western New York (27). New IDA projects in FYE 2023 had a combined value of $7.4 billion.