Recently a New York City coalition that works on behalf of the poor and working class (Jobs with Justice), issued a report highly critical of IDA activity in NYS, and argued, among other things, that IDA project success rates were exaggerated.  CGR closely examined the same data that was used by the coalition and came to substantially different conclusions. Based on our analysis, we find the earlier report biased and incomplete and urge the coalition to take corrective action. CGR’s report includes a summary table of the many differences between the two studies.

The primary economic development entities in most NY communities are industrial development agencies (IDAs). NY’s Legislature is considering proposals that would require projects funded by IDAs to pay construction workers prevailing, instead of market, wage. CGR analysis shows extending prevailing wage to the private sector would significantly inflate NY’s already above-average construction costs and weaken the state’s ability to compete in the ongoing competition for major development projects.

CGR estimates the economic and fiscal impact of the new 5-year strategic plan of the University of Rochester Medical Center (URMC) on the economy of the Rochester NY region. We estimate, for example, URMC’s $300 million in planned construction projects will generate almost $270 million in construction-related wages involving 7,000 local jobs (direct and spillover). The full report provides a breakdown by impacts likely to be provided even if the strategic plan does not come to fruition and the impacts that would not occur without the strategic plan.