Measuring project performance is key to determining the long-term success of a community’s economic development programming. Not only does annual reporting determine whether a project has met its performance goals, but the information collected can provide early indicators as to a company’s health.
Annually, Steuben County IDA gathers data required by the State to show whether or not projects have reached committed job and investment numbers. The IDA also gathers additional information from its businesses to help identify trends that may be impacting a business’ growth in the County.
Based on this year’s reporting, Steuben County IDA has 59 active projects, of which six are new.
Over the past year, active projects spent over $188 million in new private sector investment, representing a $96 million increase over the previous year. In addition, active IDA projects supported 6,719 jobs accounting for $926 million in payroll. Between 2020/21 there was an increase of 189 jobs for the year, but employment continued to remain under pre-pandemic levels by 418 positions (2019). While employment totals continue to recover, payroll totals exceeded last year’s number by over $100 million. This growth in total payroll is likely from bonus pay and salary adjustments seen during COVID.
Overall, 2021 employment resulted in a total of 1,685 net new jobs since the start of all active projects.
During 2021, IDA projects received almost $12 million in total benefits. But when compared to total payroll and investment of over $1 billion, the benefit-cost ratio exceeds 91:1, which does not account for secondary or induced economic benefit in the community. IDA projects also generated $10.7 million in property tax revenue, which was a $300,000 increase from 2020. These funds are distributed to municipalities and school districts throughout the County.
During the IDA’s 50 years, we have supported hundreds of companies, impacted thousands of jobs, and leveraged over $1.4 billion in new investment to the community. This information has been gathered through annual reporting, the results of which drive resources and economic policy for the community. Shifts in employment and the resulting causes in 2021 demonstrated that additional focus on workforce development needs to occur. In addition, the ever-changing energy markets can be seen driving new investment to rural communities, providing new revenue streams. Investments into people, infrastructure, and new development sites are top priorities for the IDA as the data provides a glimpse into future business opportunities for businesses in Steuben County.