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.
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
Region-wide, employment and labor-force participation peaked in July of 2008— seven months after the start of the Great Recession—at 1,128,500 and 1,189,500, respectively. Employment reached a post-recession low in February of 2012 at 1,024,400 while the labor force bottomed out a year later (February of 2011) at 1,112,000. From peak to trough, labor-force participation fell 6.52 percent (77,500) and employment contracted 9.22 percent (104,100). As of January 2013, the region has recaptured 13.29 percent (10,300) of the labor force lost to the recession and 4.03 percent (4,200) of the employment. The Capital Region reported similar results, recapturing 18.40 percent of the labor force lost and 4.69 percent of the employment, while the Long Island Region fared much better with a labor force and employment recaptured rate of 51.37 percent and labor 32.24 percent, respectively. Within the region, the Lower Hudson Valley has recaptured 13.71 percent (7,100) of its labor force and 3.55 percent (2,300) of all jobs lost while the Upper Hudson Valley has recaptured 12.06 percent (3,100) and 4.83 percent (1,900), respectively.
Special Report: Employment in the Hudson Valley 2011
Over the 10-year period ending in 2011, private-sector job creation in the Hudson Valley grew at an annualized rate of less than two tenths of one percent (.14 percent). Nearby regions witnessed similar results with the New York City Region posting the highest rate of growth at .82 percent followed by the Long Island and Capital regions at .25 percent and .22 percent, respectively. Statewide, private-sector job creation grew at an annualized rate of .32 percent per year. Across the state, the annual rate of job creation ranged from a high of 1.81 percent in Schuyler County to a low of -1.45 percent in Hamilton County. Overall, eight counties reported private-sector job growth greater than one percent per annum while half of all counties reported zero to negative job growth rates. Over the same 10-year period, public-sector job creation in the Hudson Valley contracted at an annualized rate of -.21 percent compared to a -.23 percent contraction statewide. Nearby regions—New York City, Long Island and Capital—posted similar results.
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