The Economic Development Authority approved $698 million in financial assistance – in the form of business incentives and tax credits – for 228 projects in 2012, according to its annual report.
That financial assistance helped produce $1.4 billion in private investment into various projects and helped create more than 4,800 permanent jobs and 3,000 construction jobs. The various forms of financial help kept nearly 11,000 jobs from moving out of state, the report said.
From a historical perspective, the EDA approved $22.3 billion in financial assistance for 11,309 projects between 1974 and 2012, helping create a total of 327,704 permanent jobs and 335,789 construction jobs.
The amount that was closed is not the same as the amount that was approved, which is higher.
For example, as of March, 19 commercial and residential projects received Urban Transit Hub Tax Credits total more than $1.02 billion and will help create 4,900 new jobs, 10,300 construction jobs and retain 2,935 jobs.
As of February, 20 projects have been approved $454 million worth of Economic Redevelopment Grants. That help will create nearly 11,000 jobs and 9,880 construction jobs.
For 2012, the state approved 20 Business Retention and Relocation Assistant Grants (BRRAGs) that helped keep 9,000 “at risk” jobs in state.