With recent job creation driven by gains in manufacturing, policymakers have focused anew on revitalizing American manufacturing. The New Markets Tax Credit is one of the most effective tools for creating or saving American manufacturing jobs. The credit has proven successful at spurring manufacturing activity in low income communities. Over one third of NMTC deals involve manufacturing businesses.
Manufacturing Case studies:
Agro-Farma dairy product manufacturing facility, New Berlin, NY
New Markets helped finance a $190 million project in New Berlin, NY that saved 450 manufacturing jobs and created an additional 450 full-time jobs at the Agro-Farma dairy product manufacturing facility. These were high paying jobs that included health insurance, vacations, holidays, bonuses, and 401k. It is also estimated that the project will create approximately 60 construction jobs and 3,200 indirect jobs in the dairy industry. Read more…
Allegheny Rural NMTC Woodlands, timber harvesting and milling, Eastern and Central West Virginia
West Virginia is a state heavily-dependent on its forests. Between forest-based industries and tourism, the woodlands of West Virginia account for over 20% of the state’s total employment. With the help of New Markets Tax Credits (NMTCs), The Forestland Group (TFG) recently purchased 131,000 acres of working forestland from struggling companies in West Virginia, preserving hundreds of jobs in the timber harvesting and milling industries. In fact, the project impacted 13 separate timber mills and created or saved 925 direct jobs and 840 indirect jobs. Read more…
TPI Composites, Inc, Wind Turbine Manufacturer, Fall River, MA
The Rockland Trust made a $2.25 million NMTC loan to a family‐owned chemical manufacturer for the construction and substantial rehabilitation of a 19th century mill building located in a severely distressed low‐income community. The property will now serve as a new research and development test site for TPI Composites, Inc. (TPI), an Arizona based
wind turbine blade manufacturer which is an industry leader in sustainable energy manufacture.
The 69,000 square foot building was vacant for over two years and in serious disrepair. TPI, which is one of the largest manufacturers of wind turbine blades and wind turbines in the world, with additional facilities spread throughout the United States and China, chose to expand its operations in Fall River, Massachusetts, which has one of the highest
unemployment rates in Massachusetts.
Community Impacts:
- Approximately 105 jobs created, comprised of
- 30 full‐time and 75 temporary construction jobs
- Approximately 69,000 square feet renovate
