Hudson Valley Incomes Make Made Modest Gains in 2012, Bureau of Economic Research Report Shows
POUGHKEEPSIE (Dec. 30, 2013) – Personal income in the Hudson Valley grew in 2012, consistent with New York state figures, but trailing the national increase, according to the latest report from the Bureau of Economic Research at Marist College.
Total personal income – or TPI – in the Hudson Valley increased 2.95 percent in 2012, compared to a year earlier. TPI is the sum of net wages, salaries and benefits, income on real and financial assets, and transfer payments. It is the most inclusive definition of regional income. New York State saw a 2.92 percent increase for the same period, while the national increase was 4.17 percent.
The positive numbers provide some encouraging signs for the health of the regional economy, according to bureau Director Dr. Christy Huebner Caridi, but concerns persist. “While there has been improvement over the most recent three-year period, earned income growth continues to lag,” Caridi said.
As the largest component of TPI at nearly 66 percent of the total, earned income – consisting of net wages, salaries, and benefits – is the most important indicator of the health of the household sector. Within the region, Rockland County witnessed the largest increase in earned income at 4.12 percent, followed by Westchester County at 2.37 percent and Dutchess County at 2.06 percent.
The biggest factor in the lagging earned income numbers continues to be weak employment growth, Caridi said.
Year over year, employment by Hudson Valley residents actually fell slightly for 2012, dropping 0.26 percent (2,700) compared to a 0.36 percent increase (31,900) in New York State and a 0.19 percent (139,869) increase nationwide.
TPI and its components all vary from county to county within in the Hudson Valley and New York State – sometimes significantly. TPI changes ranged from a high of 4.22 percent in Rockland County to 2.45 percent in Putnam County. Statewide, Chenango County in the state’s Southern Tier region, led the way with a gain of 4.31 percent, while Jefferson County, in the North Country region, recorded a low for New York at -.38.
The full report, which includes full regional and statewide data on TPI and earned income, as well as data on per-capita unearned income (including includes interest, dividends, and rents) and transfer payments (including Social Security, Medicare, Medicaid, temporary assistance, food stamps, and other benefits and assistance) can be found, along with previous reports, at the bureau’s website at http://www.marist.edu/management/bureau/.