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April 21, 2008

Dutchess County Helps Drive Hudson Valley Economy

DiNapoli Report Shows High Wages, Vibrant Job Growth in Region

Dutchess County helped drive the Hudson Valley regional economy with solid increases in jobs and wages, according to an economic report New York State Comptroller Thomas P. DiNapoli released today. The report indicates that although Dutchess County also experienced population growth and increased home values, its local economy could be adversely affected by the subprime mortgage crisis, the credit crunch and the resulting national economic slowdown.

“The strong economic growth Dutchess County experienced between 2000 and 2006 has started to slow, but the county continues to offer a high quality of life rich with natural beauty, top-rate educational institutions and cultural attractions,” DiNapoli said. “While the Dutchess County economy will face challenges like much of the rest of the State and nation, the underlying strength of the local economy will help the county through this difficult period.”

The DiNapoli report shows that total wages in 2006 increased for the fourth straight year, rising 4.1 percent to total $5.1 billion. Overall wages grew 27.7 percent between 2000 and 2006, as the average annual salary increased to $43,090, according to the report. The manufacturing sector offered the highest average salaries, $84,980, and the computer and electronic products manufacturing sub-sector averaged $94,950.

DiNapoli‘s report also shows:

  • The number of jobs in Dutchess County increased by more than 7,000 since 2000 to reach 117,555 in 2006, with manufacturing accounting for more than 4,000 of these new jobs;
  • While the manufacturing sector provided 12.6 percent of the jobs in Dutchess County, it accounted for more than 25 percent of total wages;
  • Nine establishments in the county employ 1,000 or more people – including four colleges, three semiconductor and electronic component manufacturers, and two hospitals. However, small businesses account for 90 percent of all companies in Dutchess County;
  • Median home values rose at an average annual rate of 12.6 percent between 2000 and 2006, when it reached $330,000; and,
  • Although Dutchess County’s average unemployment rate was 3.9 percent in 2007, lower than the State’s 4.5 percent average rate, it increased in the first two months of 2008 to 4.8 percent.

Click here for a copy of the report.



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