Hudson Valley Slowly Recapturing Jobs Lost to Recession
Manufacturing Jobs Continue Decline in Hudson Valley, but Other Private Sector Industries see Growth, New Marist Report Shows
POUGHKEEPSIE - The Hudson Valley has recaptured just over 13 percent of the labor force and just over four percent of the employment numbers that were lost to the Great Recession, according to the latest analysis from the Marist College Bureau of Economic Research.
The latest "Economic Report of the Hudson Valley" for the fourth quarter of 2012 also finds that employment and labor-force participation in the Hudson Valley 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 2011 at 1,024,400 while the labor force bottomed out a year later at 1,112,000.
The private-sector numbers were dramatically different. Private-sector job count in the Hudson Valley peaked in the second quarter of 2008 and reached a post-recession low in the first quarter of 2010. As of the fourth quarter of 2012, 90.00 percent of all 59,200 jobs lost due to the recession had been recaptured.
“Private sector job creation has been expanding at a greater rate than both labor force participation and employment,” said bureau Director Christy Huebner Caridi. “This speaks not simply to the structural changes in the labor force witnessed since the Great Recession but also to the dependence of Hudson Valley residents on job creation outside the Hudson Valley Region.”
Region-wide, several sectors—other services, leisure and hospitality, trade, transportation and utilities and professional and business services—have created more jobs since the trough than were lost as a result of the recession. In contrast, the job count in both the manufacturing sector and the information sector continues to decline.
Among the reports other findings:
- Year over year, labor-force participation in the Hudson Valley Region advanced 0.22 percent (2,500), rising from 1,118,333 participants in the fourth quarter of 2011 to 1,120,833 in the fourth quarter of 2012
- Because the regional labor force increased while employment fell, the regional unemployment rate posted a year-over-year increase of 0.38 percentage points, from 6.86 percent in the fourth quarter of 2011 to 7.25 percent in the fourth quarter of 2012
- Year over year, the regional job count was little changed, falling from 911,500 in the fourth quarter of 2011 to 910,933 in the fourth quarter of 2012
- As of the fourth quarter 2012, one out of every 5.68 jobs in the Hudson Valley was in the public sector compared to one out of every 5.56 in the fourth quarter of 2011
- The private-sector job count advanced in education and health (4,267), professional and business services (1,467), leisure and hospitality (1,267), trade, transportation and utilities (100) and other services (833)
- Region-wide, the average weekly private-sector wage posted a year-over-year decline of .22 percent, falling from $973 in the third quarter of 2011 to $971 in the third quarter of 2012 (most current data)
- Food-stamp dependence continues to advance with the number of recipients increasing 5.91 percent from 220,007 persons per month in the fourth quarter of 2011 to 233,017 persons in the fourth quarter of 2012. Over the same one-year period, the monthly expenditure for food stamps increased $6.42 million from $31.54 million per month to $38.00 million per month
- The housing market is beginning to improve. As of the fourth quarter of 2012, the median selling price of an existing single-family home rose above the post-recession trough in every county in the region with the exception of Orange County
The full report, along with earlier ones, can be found on the Bureau of Economic Research page.