||Housing and Community Development Network of
economic impact analysis
Stronger Together: The $12 Billion Impact of Community Development Corporations in New Jersey
Stronger Together tells a clear, data-driven story about just how effective New Jersey’s community development corporations (CDCs) are. Econsult Solutions provided the data analysis and May 8 Consulting worked with the Housing and Community Development Network of New Jersey to tell CDCs story in a new way – not as a group of small community organizations helping people, but as a $500 million a year industry. Community development organizations are a significant player in the state economy providing $12 billion in impact. This publication allows New Jersey leaders and funders to understand the non-profit industry’s significant return on investment.
Stronger Together describes how nonprofit community developers have made a $12 billion dollar impact on New Jersey’s economy through the creation of jobs, tax revenue, affordable homes, small business development, and neighborhood revitalization. Since 1989, NJ CDCs created 82,000 jobs, provided job training for more than 10,500 local residents, employed 10,000 permanent staff members, and contributed $5.5 billion in worker wages and in contracts with NJ businesses. CDCs have also built over 3.7 million square feet of commercial space for new and expanding small businesses.
Finally, even though CDCs are exempt from some taxes as non-profits, the study found that CDC activities have generated $320 million in state tax revenue. Over 120 respondents provided detailed information for the study on construction and rehabilitation developments they have undertaken over the past 25 years.