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MARCH 1998

Impact of development funds

State investments in economic development between 1995 and 1997 created or preserved thousands of jobs, generated $3 billion in private-sector investment and created $20 billion in economic activity in New York State, according to a new state report.

The report is entitled "The Economic Impact of Empire State Development's Top 100 Projects 1995-1997."

Empire State Development (ESD) approved more than 1,000 projects in 1995-97. ESD's Division of Policy and Research analyzed the economic and fiscal benefits of 100 projects.

These projects were associated with more than $3 billion of direct investment and almost $20 billion of money pumped into the economy in New York. For these projects, ESD provided approximately $113 million in support, and New York's total investment was $130.5 million.

Fiscal benefits to the state, mainly in tax revenues, totaled almost $1.5 billion. Localities received more than $1.6 billion in property and sales taxes.

March 5, 1998