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Hudson Valley Incomes Up in 2011, Marist Report Finds
But Growth Lags State and National Rates
POUGHKEEPSIE (Dec. 11, 2012) – Hudson Valley incomes were up last year compared to 2010 due mostly to a rise in wages, salaries, and benefits, but trailed state and national gains, according to the latest report from the Bureau of Economic Research at Marist College.
The report, “Total Personal Income 2011,” shows that incomes, including wages, salaries, and benefits; interest, dividends, and rents; and transfer payments (government and private benefit programs) rose a total of 4.05 percent to $133.52 billion last year.
“The region has seen a steady, albeit slow, recovery from the Great Recession,” said bureau Director Dr. Christy Huebner Caridi. “Consistent with long-established patterns, the region’s recovery is uneven, with counties closer to New York City remaining above state and national levels, in terms of income, while more rural counties fall below those marks.”
Indeed, according to the report’s analysis of U.S. Bureau of Economic Analysis data, Westchester, Putnam, and Rockland counties rank second, fourth, and fifth in the state, respectively, in earned income, the most important indicator of the health of the household sector. Ulster and Sullivan counties, meanwhile, ranked 22nd and 37th, respectively, of New York’s 62 counties.
Among the report’s other highlights:
- Within the region, Rockland County saw the largest increase in earned income at 5.49 percent per capita
- Earned income in the region ranged from a high of $50,666 per-capita in Westchester County to a low of $20,969 in Sullivan County
- Interest, dividends, and rents – the second largest component of total personal income (TPI) – increased 5.34 from 2010 to 2011, shy of the state and national increases of 6.33 percent and 6.77 percent, respectively (per capita rates)
- Transfer payments – the third largest component of TPI – increased 2.13 percent regionally, compared to state and national rates of 1.50 and 1.53, respectively (per capita rates). These payments include social security, Medicaid, Medicare, food stamps, and other benefit and social safety-net programs
The full report can be found on the bureau's web site at http://www.marist.edu/management/bureau/archive.html.