Economic Report of the Hudson Valley
Published by the Marist Bureau of Economic Research, the Economic Report of the Hudson Valley is a comprehensive compendium of economic and demographic indicators regarding the Hudson Valley of New York State. Learn more.
Income Report 2013
Year-over-year per-capita TPI in the Hudson Valley advanced 0.13 percent, rising from $62,132 in 2012 to $62,216 in 2013. This increase is explained by a 0.62 percent increase in TPI coupled with a 0.49 percent increase in population. Over the same one-year period, per-capita TPI in the U.S. and New York State advanced 1.28 percent and 0.67 percent, respectively.
Within the region, per-capita TPI in Westchester ($80,363), Putnam ($58,955) and Rockland ($56,657) counties exceeded per-capita income in both the U.S. ($44,765) and New York State ($54,462). Per-capita TPI in Dutchess County ($49,627) was above the national level, but fell short compared to the statewide average. Per-capita TPI incomes in Ulster ($44,527), Orange ($43,788) and Sullivan ($41,197) counties were below both the national and statewide levels.
First Quarter 2014
Weak labor-force participation continues to impact the region. Year over year, the regional labor force was little changed, decreasing 0.62 percent from 1,115,867 in the first quarter of 2013 to 1,108,900 in the first quarter of 2014. The reduction in labor-force participation was widespread, with every county in the region with the exception of Ulster posting a year-over-year reduction. Statewide, labor-force participation fell slightly from 9,604,700 in the first quarter of 2013 to 9,586,533 in the first quarter of the current year, while participation in the national (civilian) labor force posted a moderate increase of 0.24 percent, rising from 155.4 million to 155.8 million.
Special Report: Employment in the Hudson Valley 2012
Over the 10-year period ending in 2012, private-sector job creation in the Hudson Valley grew at an annualized rate of less than two tenths of one percent (0.19 percent). Nearby regions fared better with the New York City Region posting the highest rate of growth at 1.24 percent followed by the Long Island and Capital regions at 0.36 percent and 0.29 percent, respectively. Statewide, private-sector job creation grew at an annualized rate of 0.61 percent per year. Across the state, the annual rate of job creation ranged from a high of 2.01 percent in Kings County (New York City Region) to a low of -2.03 percent in Hamilton County. Overall, ten counties reported private-sector job growth greater than 1 percent per annum while a little more than forty percent of all counties ( 25 counties) reported zero to negative job growth rates.
Third Quarter 2013
Year over year, labor-force participation was up slightly, employment advanced and the number of unemployed fell. Because employment grew at a faster rate than the labor force, the regional unemployment rate posted a year-over-year decrease of 1.22 percentage points, from 7.76 percent in the third quarter of 2012 to 6.54 percent in the third quarter of 2013. Overall, labor-force participation increased less than one tenth of one percent (600), rising from 1,138,100 to 1,138,700, while employment rose 1.37 percent (14,433) from 1,049,833 to 1,064,266. For the period, the labor force expanded in Westchester (2,700), Rockland (1,267) and Putnam (333) and fell in Dutchess (-1,533), Orange (-1,400), Sullivan (-433) and Ulster (-333). With the exception of Sullivan County, employment expanded across the region. Counties in the lower Hudson Valley—Westchester, Rockland and Putnam—recorded the highest overall increases at 1.89 percent (8,400), 1.85 percent (2,733) and 1.84 percent (933), respectively. In the upper Hudson Valley, employment increased 1.17 percent (933) in Ulster County, 0.50 percent (667) in Dutchess County and 0.48 percent (767) in Orange County. Employment in Sullivan County was unchanged. Over the same period, labor-force participation in New York State increased 0.69 percent (66,200) from 9,646,300 to 9,712,500 while employment advanced 1.79 percent (157,767) from 8,824,900 to 8,982,667. Participation in the national (civilian) labor force posted a moderate year-over-year increase of 0.46% (700,000), rising from 154.9 million to 155.6 million; employment rose 1.26 percent (1.8 million) from 142.5 million to 144.3 million.
Income Report 2012
Year over year, total personal income (TPI)1 in the Hudson Valley increased 2.95 percent—from $135.26 billion in 2011 to $139.25 billion in 2012—consistent with the statewide increase of 2.92 percent but significantly below the nationwide increase of 4.17 percent. Within the region, Rockland County witnessed the strongest year-over-year advance at 4.22 percent, followed by Dutchess County at 2.86 percent and Orange and Westchester counties at 2.77 percent each. TPI in Sullivan, Ulster and Putnam counties advanced 2.74 percent, 2.72 percent and 2.45 percent, respectively. Statewide, the year-over-year change in TPI ranged from a high of 4.31 percent in Chenango County (Southern Tier) to a low of -.38 percent in Jefferson County (North Country).
Second Quarter 2013
Year over year, there was little change in either labor force participation or employment, although because employment advanced while the labor force contracted, the unemployment rate fell 1.01 percentage points relative to the same period last year. Overall, labor force participation contracted 0.41 percent (-4,567) from 1,127,333 participants in the second quarter of 2012 to 1,122,767 in the second quarter of the current year while employment posted a slight increase, advancing 0.68 percent (7,133) from 1,042,167 to 1,049,300. As of the second quarter, the unemployment rate was 6.54 percent compared to 7.55 percent one year earlier.
First Quarter 2013
Since the end of the Great Recession in June of 2009, GDP has grown slightly less than 2.00 percent per year: high enough to maintain the current level of joblessness, but not of sufficient magnitude to provide full employment. Continued contraction in public-sector spending and employment is adding to this weakness as is the household sector’s unwillingness to forego saving and/or incur debt to support current consumption. There are pockets of growth in both the national and regional economies and the housing sector has begun to build a sustainable bottom. However, overall economic activity will not fully recover until the average household witnesses sustained income growth.
- Fourth Quarter 2012
- Third Quarter 2012
- Second Quarter 2012
- First Quarter 2012
- Special Report: Income in the Hudson Valley 2011
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