The New Markets Tax Credit (NMTC) has proven to be a cornerstone for economic revitalization in 2024, with the NMTC Coalition's latest report highlighting the program's funding of 350 projects and the creation of over 61,000 jobs across the United States. This initiative has not only provided a lifeline to low-income communities but also demonstrated the federal government's commitment to fostering economic stability and growth in areas that have historically been left behind.
With an investment of $8 billion in projects, leveraging $4.8 billion in NMTC allocation, the program has achieved a remarkable federal cost per job of under $20,000. The majority of these investments were directed towards severely distressed communities and non-metropolitan counties, underscoring the program's focus on areas most in need of economic stimulation. The NMTC's impact is further evidenced by its support for 114 manufacturing and industrial businesses, contributing to nearly 35,000 rural manufacturing jobs since 2020, and the construction or renovation of 17.5 million square feet of real estate.
Beyond manufacturing, the NMTC has expanded access to essential services, funding 75 healthcare projects and supporting educational and training facilities. These efforts have not only created jobs but also improved the quality of life for residents in underserved communities. The report's findings advocate for the permanence of the NMTC, highlighting its two-decade track record of success in delivering capital to low-income areas, creating over one million jobs since its inception, and its potential to continue driving economic growth for years to come.
