NMTC's 2025 Progress Report Highlights Significant Economic Impact Across the U.S.

The New Markets Tax Credit (NMTC) program has once again demonstrated its pivotal role in driving economic development and job creation across the United States, according to the NMTC Coalition's 2025 Progress Report. In 2024, the NMTC funded 350 projects with a total investment of $8 billion, leveraging $4.8 billion in NMTC allocation. These initiatives have not only generated 61,125 jobs, including 36,692 permanent full-time positions and 24,433 construction jobs, but have also done so at an impressive federal cost per job averaging under $20,000.

Geographically, the NMTC's influence was vast, spanning 44 states, the District of Columbia, and Puerto Rico. A remarkable 81.3 percent of NMTC financing was allocated to severely distressed communities, with 30.1 percent benefiting non-metropolitan counties. This strategic focus highlights the program's dedication to reducing economic disparities and stimulating growth in the most underserved areas.

Among its notable accomplishments, the NMTC provided unprecedented support to the manufacturing sector in 2024, financing 114 manufacturing and industrial businesses. This initiative has been particularly transformative for rural communities, contributing to the creation of nearly 35,000 manufacturing jobs since 2020. Additionally, the program facilitated the construction or renovation of 17.5 million square feet of real estate and 1,095 homes and rental units designed for low-to-moderate-income households, further underscoring its commitment to affordable housing.

The NMTC also significantly expanded access to essential services, backing 75 healthcare projects, including 53 federally qualified health centers, safety-net hospitals, and free clinics. Beyond healthcare, the program supported educational and training projects, playing a crucial role in developing a skilled workforce in communities that need it most.

With a 20-year legacy of success, the NMTC has created over one million jobs since its inception in 2000. Its ability to provide patient, flexible capital to distressed communities has solidified its status as a cornerstone of federal economic development policy. As the NMTC Coalition pushes for the program's permanence, the 2025 Progress Report stands as a powerful testament to the NMTC's lasting impact on job creation, economic stabilization, and the revitalization of communities nationwide.