NYS comptroller’s report shows town of Hempstead IDA driving economic growth and job creation

Hempstead, NY The town of Hempstead Industrial Development Agency (IDA) remains a significant driver of job creation and economic development, as highlighted in the latest Performance Report on Industrial Development Agencies released by New York State comptroller Thomas DiNapoli.

The 2025 report, which reflects data from 2023, indicates that the Hempstead IDA managed 75 active projects with a total value of approximately $3.132 billion. These initiatives are expected to create 3,246 new jobs in the town of Hempstead.

“The comptroller’s latest report demonstrates the Hempstead IDA’s commitment to generating real results — new jobs, stronger businesses, and a thriving tax base,” said IDA CEO Frederick Parola. “We’re pleased to see our strategic investments creating measurable and lasting economic benefits for the town of Hempstead.”

The report reveals that projects supported by the IDA have increased the number of full-time equivalent jobs from 6,623 before the agency’s involvement to 9,047 in 2023. This achievement includes the retention of 6,623, jobs and the creation of thousands more. These results showcase the IDA’s consistent success in fostering sustainable employment growth and enhancing the town’s long-term tax base.

The 75 projects supported by the agency delivered $37.53 million across the community through Payments in Lieu of Taxes (PILOTs) last year — revenue made in place of traditional taxes that support schools, roads, and other essential public services. These contributions reflect the agency’s approach to economic development: using targeted incentives to attract investment while ensuring that the community sees ongoing benefits in return.

On a statewide level, the report indicates that New York’s 4,260 active Industrial Development Agency (IDA) supported projects had a cumulative value of $135 billion in 2023, marking a $3 billion increase from the previous year. These projects are projected to generate over 212,000 new jobs and retain more than 228,000 existing positions. Total reported tax exemptions approached $2.1 billion, with $1.7 billion attributable to property tax exemptions. Additionally, $869 million was collected in PILOTs, resulting in approximately $1.2 billion in net tax exemptions. Downstate regions, including Long Island, accounted for a significant portion of this economic activity.

“Our success is the result of local businesses, community leaders, and government partners working together to make the Town of Hempstead resilient and vibrant, and our collaboration is a key factor in making that happen,” said Parola.