May 25, 2024

Projects with tax breaks from industrial development agencies created 47,521 jobs on LI, report says

Long Island ranks No. 1 among the state’s 10 regions in the number of jobs created by industrial development agencies, according to a new report.

The office of state Comptroller Thomas P. DiNapoli found 47,521 people were added to local payrolls as of Dec. 31, 2022, by expanding companies, housing developments and other projects that were awarded tax breaks by the Island’s eight IDAs in recent years. That’s almost one-quarter of the 204,147 jobs created statewide by IDA projects.

In addition, 2022 was the seventh year out of eight in which Long Island placed first in job creation in the state; New York City edged out the Island in 2020.

Kelly Murphy, CEO of the Suffolk IDA, said on Thursday, “We once again provided the lowest amount of tax incentives per job created in the region. [But] more importantly, this report demonstrates the overall effectiveness of the eight IDAs in our region and the impacts we collectively have in growing our economy, creating jobs and strengthening the long-term tax base.”

Read more at Newsday…