NMTC Fuels Economic Growth with 350 Projects and Over 61,000 Jobs in 2024
TL;DR
The NMTC program offers a competitive edge by generating over 61,000 jobs and $8 billion in investments in 2024, showcasing its efficiency in revitalizing low-income communities.
The NMTC Progress Report details how $4.8 billion in allocations supported 350 projects, creating jobs and investing in manufacturing, healthcare, and education across 44 states.
By funding projects in severely distressed areas, the NMTC fosters economic growth and access to healthcare and education, making a tangible difference in communities nationwide.
Discover how the NMTC transformed $1.22 billion federal investment into 61,125 jobs and revitalized communities, proving its two-decade success in economic development.
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The New Markets Tax Credit (NMTC) has once again proven its effectiveness as a catalyst for economic growth in underserved communities across the United States. In 2024, the NMTC funded 350 projects, injecting $8 billion into low-income areas, with a federal cost of $1.22 billion over ten years. These projects have generated 61,125 jobs, including 36,692 permanent full-time positions and 24,433 construction jobs, at an average federal cost of under $20,000 per job.
Geographically, the NMTC's impact was widespread, with projects located in 44 states, the District of Columbia, and Puerto Rico. A significant 81.3% of NMTC financing was directed towards severely distressed communities, with 30.1% benefiting non-metropolitan counties, highlighting the program's focus on areas most in need of economic revitalization.
Manufacturing and industrial businesses received a record level of support, with 114 enterprises benefiting from NMTC financing. This support has been particularly transformative in rural areas, where nearly 35,000 manufacturing jobs have been created since 2020. Additionally, the NMTC has played a crucial role in expanding access to healthcare and education, funding 75 healthcare projects and supporting the construction or renovation of 17.5 million square feet of real estate, including 1,095 homes and rental units for low-to-moderate-income households.
The NMTC's success in 2024 underscores its importance as a federal tool for job creation and economic stabilization. With a 20-year track record of delivering capital to low-income communities and creating over one million jobs, the NMTC Coalition advocates for the program's permanence and expansion to continue its positive impact on communities nationwide.
Curated from News Direct
