The New Markets Tax Credit (NMTC) Program has once again proven its efficacy as a catalyst for economic development in underserved communities across the United States. In 2024, the program funded 350 projects, injecting $8 billion into the economy with a federal cost of $1.22 billion over ten years. These projects have generated 61,125 jobs, including 36,692 permanent full-time-equivalent positions and 24,433 construction jobs, showcasing the program's ability to create high-quality employment opportunities where they are most needed.
Geographically, the NMTC's impact was widespread, with projects located in 44 states, the District of Columbia, and Puerto Rico. A significant 81.3 percent of the financing was directed towards severely distressed communities, and 30.1 percent benefited non-metropolitan counties, highlighting the program's commitment to addressing economic disparities in both urban and rural areas.
The NMTC's focus on manufacturing and industrial businesses has been particularly noteworthy, with 114 such enterprises receiving support in 2024. This has not only jump-started American manufacturing but also created nearly 35,000 rural manufacturing jobs since 2020. Additionally, the program has made strides in real estate, healthcare, and education, supporting the construction or renovation of 17.5 million square feet of real estate and 1,095 homes and rental units for low-to-moderate-income households, as well as expanding access to healthcare and education in low-income communities.
The NMTC Coalition's 2025 Progress Report underscores the program's two-decade-long success in delivering capital to low-income communities, creating over one million jobs since its inception. With a proven track record of stimulating private investment and fostering economic growth, the call for Congress to make the NMTC permanent has never been more compelling. The program's ability to adapt and support a wide range of sectors, from traditional industries to cutting-edge technologies, positions it as a vital tool for ensuring the prosperity of underserved communities for years to come.
