Hudson Valley Employment: Annual Update
Slow Job Growth Keeps Tight Rein on Hudson Valley wages, Marist Economic Report Shows
POUGHKEEPSIE - A persistent decline in Hudson Valley manufacturing jobs and slow-growth in the region’s dominant employment sectors – education and health services; trade, transportation and utilities; professional and business services – contributed to weak private sector job growth for the decade ending in 2011, according to the latest report from the Marist College Bureau of Economic Research. The report, Hudson Valley Employment – Annual Update, is based on an analysis of the latest overall jobs data.
Private-sector job creation in the Hudson Valley grew at an annualized rate of .14 percent, compared to a statewide rate of .32 percent. Public-sector employees fared worse, as employment there fell at an annualized rate of .21 percent during the same period, compared to a .23 percent average contraction statewide. While many sectors experienced modest job growth over the decade, the study found that manufacturing jobs declined at an annual rate of 3.52 percent, which represents 18,311 jobs.
The consequence for workers, according to bureau Director Dr. Christy Huebner-Caridi, is downward pressure on wage growth. “Until we see more robust job growth, wage growth will remain low,” Caridi said. Private-sector wages in the Hudson Valley grew at an annualized rate of 2.84 percent through the decade ending in 2011, below the statewide average of 3.32 percent.
The report also found that the education and health services; trade, transportation and utilities; and professional and business services grew even more important to the regional economy, accounting for a combined 61.83 percent of all jobs in 2011, up from 58.25 percent in 2002.
The full report, which contains detailed data on sector-by-sector job growth and wages, regional job totals, and other job and wage categories, can be found on the bureau’s web site at http://www.marist.edu/management/bureau/.