Nassau County, NY—Nassau County Executive Laura Curran is pleased to announce that the Nassau County Industrial Development Agency (IDA), has released its annual economic and fiscal impact report conducted by Camoin 310, quantifying the economic impact of the incentives provided to various companies during 2019. As part of the IDA’s ongoing efforts to promote economic prosperity and increase opportunities for economic development within Nassau County, the agreements entered into with Nassau based employers are required to create 4,972 jobs. The cumulative sales, or output, resulting from the economic activity generated by the project is estimated to be over $12.3 billion. Earnings are estimated at over $4.2 billion, and of that amount nearly $2.7 billion will be spent within the County. Wages were particularly robust for industrial projects including bio-pharma and manufacturers.
“We are working hard to create a more business-friendly environment so we can attract and retain businesses, create jobs, and grow the tax base. I commend the Nassau IDA for working with companies seeking to relocate to or expand in Nassau County,” said Nassau County Executive Laura Curran. “I am pleased to see continued growth in the bio-pharma and film industries, which are proving to be very strong economic drivers in Nassau County.”
“The Nassau County IDA conscientiously evaluates projects to ensure it is a smart move for our county,” said Richard Kessel, Chairman of the IDA. “With the rise of bio-pharma throughout the island, innovative manufacturers expanding and major global tech companies considering moving to Nassau County, they’re willing to pay strong salaries for the talented workforce.”
The report analyzed the impact that each project had on the county’s economy and on local municipal revenues, net of any economic activity that would occur but for these incentive agreements. Other sectors that received incentives included industrial, commercial/mixed-use, film and television production, office, and senior independent living. Of the agreements closed, $32.2 million will be spent on construction with an estimated 154 construction related jobs created.
The full report can be found at www.NassauIDA.org.
The Nassau County IDA is a public benefit corporation of the State of New York and is funded 100% by the transaction fees paid by its applicant clients, not through taxpayer dollars. The mission of the NCIDA is to support and promote economic development and employment opportunities in Nassau County by attracting new companies and industries, as well as assisting current businesses to grow and expand. For more information go to: www.nassauida.org.