Hudson Valley Third Quarter 2013 Economic Summary

Region saw employment gains, other signs of improving economic health

POUGHKEEPSIE (Jan. 22, 2014) – With employment growing at a faster rate than the labor force, regional unemployment in the Hudson River Valley decreased 1.2 percentage points to 6.54 percent in the third quarter of last year, compared to 7.76 percent in the same period for 2012.

The finding is one of many on the health of the regional economy contained in the latest report from the Bureau of Economic Research at Marist College

"An important and promising development in 2013 is a movement away from the contractionary pattern that has dominated the labor market since 2008 and toward a pattern of growth," said bureau Director Dr. Christy Huebner Caridi, referring to seasonal labor-force participation trends. "In 2013, the February trough was higher than the previous trough, and the July peak was higher than the previous peak." 

Among the report's other key findings:

  • The regional job count is beginning to recover, with job creation in the private sector outpacing job losses in the public sector by a margin of 3 to 1. Trade, transportation and utilities added the most jobs, followed by education and health, leisure and hospitality, natural resources, mining and construction, professional and business services, other services, and financial activities. The job count continued to decline in the manufacturing and information sectors
  • Relative to the inter-recession peak (July 2008), the private sector has recovered 99.10 percent of all the jobs lost to the recession
  • Food-stamp dependency continues to rise, increasing 4.90 percent 
  • The number of Hudson Valley residents who received monthly Temporary Assistance (TA) benefits was little changed, falling -0.45 percent 
  • Improvement in the housing market in concert with a favorable interest-rate environment continues to positively impact the demand for newly constructed single- and multifamily homes. Year over year, the demand for single- and multifamily construction permits increased 21.68 percent and 11.96 percent, respectively

To read the full report, including detailed data by county and metropolitan statistical area (MSA), as well as past Bureau of Economic Research reports, click here.