In 2007, New York Jobs with Justice released Getting Our Money’s Worth, our first report that comprehensively analyzed the performance of Industrial Development Agencies, our main engines for economic development throughout New York State. Looking at the annual IDA performance data released by the State Comptroller’s office, we asked: Are IDA subsidies fulfilling their purpose–advancing job opportunities? Promoting the general prosperity of the local governments and taxpayers who are footing the bill? Encouraging the economic welfare of all New Yorkers?
We found that IDAs performed very poorly—with 63% of IDAs subsidizing companies that actually cut jobs. Since then, we’ve produced annual updates to the Getting our Money’s Worth report, and other key facts and resources that help make the case for reforming IDAs.