ECONOMIC REPORT
of the
HUDSON VALLEY
First Quarter 2014
MARIST COLLEGE
Dr. Christy Huebner Caridi
Marist Bureau of Economic Research
School of Management
Poughkeepsie, New York 12601
Edited by Leslie Bates
July 2014
This report is available on the Bureau of Economic Research homepage at
http://www.marist.edu/management/bureau
The support of student research assistant Kristen Sandberg
is acknowledged and appreciated.
While every effort has been made to ensure that the information in this report is accurate, Marist College
cannot be held responsible for any remaining errors.
Hudson Valley
First-Quarter Summary
Weak labor-force participation continues to impact the region. Year over year, the regional labor
force was little changed, decreasing 0.62 percent from 1,115,867 in the first quarter of 2013 to 1,108,900
in the first quarter of 2014. The reduction in labor-force participation was widespread, with every county
in the region with the exception of Ulster posting a year-over-year reduction. Statewide, labor-force
participation fell slightly from 9,604,700 in the first quarter of 2013 to 9,586,533 in the first quarter of the
current year, while participation in the national (civilian) labor force posted a moderate increase of 0.24
percent, rising from 155.4 million to 155.8 million.
Over the period, regional employment advanced 0.76 percent (7,867), rising from 1,031,400 jobs
held in the first quarter of 2013 to 1,039,267 in the first quarter of 2014. Every county in the region, with
the exception of Sullivan, reported a year-over-year increase in employment, with Ulster posting the
largest increase at 1.81 percent (1,400), followed by Orange at 1.17 percent (1,867) and Dutchess at 1.13
percent (1,500). Employment in Putnam, Westchester and Rockland counties rose less than one percent
on the year, while employment in Sullivan fell 1.56 percent (467). Over the same twelve-month period,
employment in New York State advanced 1.05 percent (91,867), increasing from 8,783,567 to 8,875,433.
Employment gains in New York City accounted for 81.97 percent (75,300) of all new jobs created on the
year. Nationwide, employment rose 1.39 percent (2 million) from 143.4 million to 145.4 million.
Expanding employment coupled with a declining labor force has resulted in a significant reduction
in both the number of unemployed and the unemployment rate. Over the period, the region-wide
unemployment rate fell 1.29 percentage points, from 7.57 percent in the first quarter of 2013 to 6.28
percent in the first quarter of the current year. The unemployment rate dropped throughout the region,
with Ulster County posting the largest year-over-year decline at 1.65 percentage points, followed by
Orange (1.49), Sullivan (1.34), Dutchess (1.28), Westchester (1.21), Putnam (1.16) and Rockland (1.08).
Statewide, the unemployment rate fell 1.13 percentage points from 8.55 percent to 7.42 percent;
nationwide, the unemployment rate fell 1.03 percentage points from 7.70 percent to 6.67 percent. Year
over year, Dutchess, Orange and Ulster were the only counties in the region in which the fall in the
unemployment rate was the result of a year-over-year increase in the number of employed that was
greater than the year-over-year contraction in the labor force. Across the remaining counties, the labor
force fell by more than the increase in employment, resulting in an accurate yet nonetheless misleading
picture of the health of their respective labor markets. For the region overall, the number of unemployed
fell 17.60 percent (14,867). Of this total, 7,867 found employment, while the balance were no longer
willing or able to work: not in the labor force.
The regional job count was little changed, increasing .68 percent (6,000) from 880,567 in the first
quarter of 2013 to 886,567 in the first quarter of the current year. The job count in the private sector
advanced 1.21 percent (8,733) on the year, while the job count in the public sector continued to decline,
falling 1.74 percent (-2,734) from 156,667 jobs in the first quarter of 2013 to 153,933 in the first quarter
of 2014. Public-sector employment has fallen in each of the last six years. Job gains in the education and
health services super-sector continue to dominate the recovery. Overall, health services added the most
jobs at 4,000; the job count in the education sector advanced by 733. Significant increases were recorded
in professional and business services (3,400)—a category which includes temporary workers, leisure and
hospitality (1,567) and trade, transportation and utilities (1,100). The financial activities sector added 833
jobs, while employment continued to contract in both manufacturing (-1,033) and information (-333). The
harsh winter contributed to a 1,633-job decline in natural resources, mining and construction. Publicsector employment fell across the region.
The private-sector job count in the Rockland-Westchester-Putnam, NY, MSA was little changed,
advancing 0.60 percent (2,767). Job formation within the MSA was uneven with three super-sectors
expanding while six contracted. Education and health services added the most jobs at 3,833—2,733 of
these jobs in health services—followed by professional and business services at 2,600. The job count in
both manufacturing and information continued to contract, falling 1,033 and 233 respectively, while the
harsh winter contributed to a reduction of 2,133 in the number of natural resources, mining and
construction jobs. In the Poughkeepsie-Newburgh-Middletown, NY, MSA (Dutchess and Orange
counties), the private sector added 4,733 new jobs (2.38 percent). Leisure and hospitality added the most
jobs at (1,667), followed by trade, transportation and utilities (1,233). Manufacturing advanced (33). In
the Kingston, NY, MSA (Ulster County), the private-sector job count advanced 4.04 percent (1,733)—the
highest percentage increase in the region. The expansion was broad-based, with all super-sectors, with the
exception of manufacturing, posting positive job gains. Sullivan County lost 600 jobs on the year: 500 in
the private sector and 100 in the public sector.
The number of people dependent on food stamps continues to expand. Year over year, the number
of Hudson Valley residences that received food-stamp benefits advanced 2.14 percent (4,986), increasing
from one out of every 9.9 residents in the first quarter of 2013 to one out of every 9.7 in the first quarter
of the current year. Every county in the region, with the exception of Sullivan County, reported a yearover-year increase. In contrast, the number of food-stamp recipients statewide declined 1.30 percent
(41,009), falling from one out of every 6.2 residents to one out of every 6.3 residents. As was the case in
the previous quarters, Sullivan County was the most dependent on food-stamp benefits at one out of every
6.0 persons, followed by Rockland, Orange and Ulster counties at one out of every 6.7 persons, one out of
every 8.1 persons and one out of every 8.2 persons, respectively. Putnam County was the least dependent
at one out of every 35.9 persons, followed by Dutchess County at one out of every 12.1 persons and
Westchester County at one out of every 11.7 persons.
For the period, Temporary Assistance (TA) benefits—which include Family Assistance (FA)1 and
Safety Net Assistance (SNA)2—fell 5.35 percent, falling from 33,471 recipients per month in the first
quarter of 2013 to 31,679 per month in the first quarter of 2014. Monthly expenditures decreased 6.49
percent, from $13.99 million per month to $13.08 million per month. In New York State, the number of
recipients decreased 6.71 percent while expenditures fell 4.11 percent.
The housing market continues to recover albeit at a slow and uneven pace. Across the region, the
median selling price of a single-family home advanced in five of the seven Hudson Valley counties.
Double-digit gains were reported in Westchester (16.50 percent) and Putnam counties (14.40 percent),
while in Sullivan, Rockland and Dutchess, year-over-year gains ranged from a high of 7.21 percent in
Sullivan to a low of 2.56 percent in Dutchess. The median selling price fell in both Ulster (6.24 percent)
and Orange (2.22 percent). Sales activity improved across the region, with the exception of Dutchess and
Ulster which experienced year-over-year declines of -5.99 percent and -0.96 percent, respectively.
Overall, first-quarter median selling prices exceeded their post-recession lows (trough) in every county
with the exception of Orange County. The most significant gains have occurred in Westchester at 18.69
1
As of December 1996, Family Assistance is limited to 60 months per lifetime. To be eligible for Family Assistance, the household must include
(care for) a minor child.
2
Safety Net Assistance has a lifetime limit of two years.
percent ($94,500), Putnam County at 16.22 percent ($45,000) and Ulster County at 6.92 percent
($11,950). In all cases, the median selling price remains well below the peak evaluations witnessed
during the housing boom.
Hudson Valley Labor Force
Year over year, labor-force participation in the Hudson Valley Region was little changed,
decreasing 0.62 percent from 1,115,867 in the first quarter of 2013 to 1,108,900 in the first quarter of
2014. The reduction in labor-force participation was widespread, with every county in the region except
Labor Force and Employment 2010.Q1 through 2014.Q1
Data Source: New York State Department of Labor LAS Series; author calculations
Area
Dutchess County
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
Labor Force*
145,133
144,200
143,900
143,867
143,500
2013.Q42014.Q4
-367
Emp.
132,867
132,567
132,167
132,700
134,200
1,500
12,300
11,600
11,733
11,167
9,300
-1,867
Labor Force*
174,067
173,267
173,267
173,200
172,433
-767
Emp.
158,500
158,800
158,500
159,100
160,967
1,867
Unemp.
Labor Force*
15,567
14,433
14,767
14,100
11,467
-2,633
53,967
53,467
53,000
52,967
52,633
-333
Emp.
49,933
49,733
49,267
49,400
49,700
300
Category
Unemp.
Orange County
Putnam County
Rockland County
Sullivan County
Ulster County
Westchester County
Hudson Valley
Unemp.
Labor Force*
4,000
3,733
3,700
3,533
2,867
-667
155,633
155,633
156,200
156,033
155,100
-933
Emp.
144,133
144,767
145,067
145,533
146,333
800
Unemp.
Labor Force*
11,500
10,867
11,133
10,500
8,767
-1,733
34,300
33,867
33,600
33,300
32,300
-1,000
Emp.
30,633
30,333
30,067
29,933
29,467
-467
Unemp.
Labor Force*
3,667
3,467
3,500
3,433
2,867
-567
87,800
86,833
86,233
85,100
85,100
0
Emp.
79,867
79,233
78,367
77,400
78,800
1,400
Unemp.
Labor Force*
7,900
7,633
7,900
7,733
6,300
-1,433
473,267
471,067
471,267
471,333
467,833
-3,500
Emp.
435,767
436,067
436,067
437,400
439,833
2,433
Unemp.
Labor Force*
37,567
34,967
35,167
33,967
28,000
-5,967
1,124,133
1,118,267
1,117,400
1,115,867
1,108,900
-6,967
Emp.
1,031,633
1,031,567
1,029,467
1,031,400
1,039,267
7,867
Unemp.
Labor Force*
92,467
86,700
87,933
84,467
69,600
-14,867
9,574,167
9,493,633
9,563,867
9,604,700
9,586,533
-18,167
Emp.
8,674,867
8,676,967
8,704,400
8,783,567
8,875,433
91,867
899,300
816,667
859,500
821,067
*The sum of the employed and unemployed will not equal the labor force due to rounding.
711,067
-110,000
New York State
Unemp.
Ulster posting a year-over-year reduction. Sullivan County reported the largest relative decline at 3.00
percent, followed by Westchester (0.74 percent), Putnam (0.63 percent), Rockland (0.60 percent), Orange
(0.44 percent) and Dutchess (0.25 percent). Labor-force participation in Ulster was unchanged over the
period. Statewide, labor-force participation fell slightly from 9,604,700 in the first quarter of 2013 to
9,586,533 in the first quarter of the current year, while participation in the national (civilian) labor force
posted a moderate increase of 0.24 percent, rising from 155.4 million to 155.8 million.
For the twelve-month period ending in March of 2014, regional employment advanced 0.76 percent
(7,867), rising from 1,031,400 jobs held in the first quarter of 2013 to 1,039,267 in the first quarter of
2014. Every county in the region, with the exception of Sullivan, reported a year-over-year increase in
employment, with Ulster posting the largest increase at 1.81 percent (1,400), followed by Orange at 1.17
percent (1,867) and Dutchess at 1.13 percent (1,500). Employment in Putnam, Westchester and Rockland
counties rose less than one percent on the year, while employment in Sullivan fell 1.56 percent (467). Over
the same twelve-month period, employment in New York State advanced 1.05 percent (91,867), increasing
from 8,783,567 in the first quarter of 2013 to 8,875,433 in the first quarter of 2014. Employment gains in
New York City accounted for 81.97 percent (75,300) of all new jobs created on the year. Nationwide,
employment rose 1.39 percent (2 million) from 143.4 million to 145.4 million.
Expanding employment coupled with a declining labor force has resulted in a significant reduction
in the unemployment rate. Over the period, the region-wide unemployment rate fell 1.29 percentage points,
from 7.57 percent in the first quarter of 2013 to 6.28 percent in the first quarter of the current year. The
unemployment rate dropped throughout the region, with Ulster County posting the largest year-over-year
decline at 1.65 percentage points, followed by Orange (1.49), Sullivan (1.34), Dutchess (1.28),
Westchester (1.21), Putnam (1.16) and Rockland (1.08). Statewide, the unemployment rate fell 1.13
percentage points from 8.55 percent to 7.42 percent; nationwide, the unemployment rate fell 1.03
percentage points from 7.70 percent to 6.67 percent.
Unemployment Rate 2010.Q1 through 2014.Q1
Data Source: New York State Department of Labor LAS Series; author calculations
2010.Q1
2011.Q1
2012.Q1
2013.Q1
2014.Q1
2013.Q4-2014.Q4
Dutchess County
8.45%
8.07%
8.15%
7.76%
6.48%
-1.28%
Orange County
8.94%
8.35%
8.52%
8.14%
6.65%
-1.49%
Putnam County
7.47%
6.98%
7.04%
6.73%
5.57%
-1.16%
Rockland County
7.39%
6.98%
7.13%
6.73%
5.65%
-1.08%
10.69%
10.43%
10.52%
10.11%
8.77%
-1.34%
Ulster County
9.04%
8.75%
9.12%
9.05%
7.40%
-1.65%
Westchester County
7.92%
7.43%
7.47%
7.20%
5.99%
-1.21%
Hudson Valley Region
8.23%
7.75%
7.87%
7.57%
6.28%
-1.29%
New York State
9.39%
8.60%
8.99%
8.55%
7.42%
-1.13%
Area
Sullivan County
Nonfarm Employment
by Place of Work1
Year over Year, the Private Sector Added 8,733 Jobs
While Public-Sector Employment Continued to Contract (-2733).
Over the twelve-month period ending in the first quarter of 2014, the regional job count
increased .68 percent (6,000), rising from 880,567 in the first quarter of 2013 to 886,567 in the first
quarter of the current year. The job count in the private sector advanced 1.21 percent (8,733) year over
year, rising from 723,900 jobs in the first quarter of 2013 to 732,633 in the first quarter of 2014, while
the job count in the
Hudson Valley Change in Job Count 2013.1-2014.1: Data
public sector
Source: New York State Department of Labor; CES
continued to decline,
Series
falling 1.74 percent -1,633
2,734 from 156,667 to Natural Resources, Mining and Construction
153,933. PublicManufacturing
-1,033
sector employment
has fallen in each of
Trade, Transportation and Utilities
1,100
the last six years: as
Information
-333
of the first quarter of
Financial Activities
833
2014, one out of
every 5.76 jobs in the
Education and Health Services
4,733
Hudson Valley was in
Professional and Business Services
3,400
the public sector,
down from one out of
Leisure and Hospitality
1,567
every 5.62 one year
Other Services
100
earlier.
Total Private
8,733
Year over
-2,733
year, the education
Government
and health services
Total Nonfarm
6,000
super-sector added the
most jobs at 4,733,
followed by professional and business services (3,400), leisure and hospitality (1,567) and trade,
transportation and utilities (1,100). The financial activities sector added 833 jobs while employment
continued to contract in both manufacturing (-1,033) and information (-333). The harsh winter contributed
to a 1,633-job decline in natural resources, mining and construction.
In the Rockland-Westchester-Putnam, NY, MSA, the overall job count was little changed,
increasing 0.25 percent (1,400) from 551,400 in the first quarter of 2013 to 552,800 in the first quarter of
2014. For the period, the private-sector job count advanced 0.60 percent (2,767) from
1
Current Employment Statistics (CES): survey of sample employers excludes self-employed, agricultural, domestic workers and the military.
Place of Work Series. The employment figures in this section are three-month averages.
463,633 to 466,400 while the job count in the public sector declined -1.58 percent (1,367) from 87,767 to
86,400. Year over year,
education and health
Rockland-Westchester-Putnam MSA change in
services added the most
Job-Count 2013.1-2014.1: Data Source: New York
jobs at 3,833 with 2,733
State Department of Labor; CES Series
of these jobs in health
-2,133
Natural Resources, Mining and Construction
care, followed by
professional and business
Manufacturing
-1,033
services at 2,600,
Trade, Transportation and Utilities
-500
financial activities at 667
Information
-233
and other services at 267.
Financial Activities
667
The job count decreased
Education and Health Services
in natural resources,
3,833
mining and construction
Professional and Business Services
2,600
(2,133), leisure and
Leisure and Hospitality
-700
hospitality (700) and
Other Services
267
trade, transportation and
Total Private
2,767
utilities (500). The job
count in both
Government
-1,367
manufacturing and
Total Nonfarm
1,400
information continued to
contract, falling 1,033
and 233, respectively.
Poughkeepsie-Newburgh-Middletown MSA
Over the past decade the
change in Job-Count 2013.1-2014.1: Data Source:
job count in
New York State Department of Labor; CES Series
manufacturing has fallen
by 8,133 while the
Natural Resources, Mining and Construction
400
information sector has
Manufacturing
33
shed 5,300 jobs.
Trade, Transportation and Utilities
1,233
In the
Information
-100
PoughkeepsieNewburgh-Middletown,
Financial Activities
100
NY, MSA (Dutchess and
Education and Health Services
933
Orange counties), the
Professional and Business Services
333
overall job count rose
Leisure and Hospitality
1,667
(3,900) from 247,100 in
the first quarter of 2013 to
Other Services
133
251,000 in the first
Total Private
4,733
quarter of 2014. For the
Government -833
period, the private sector
Total Nonfarm
3,900
posted a significant
increase, advancing 2.38
percent (4,733) from 198,967 jobs in the first quarter of 2013 to 203,700 jobs in the first quarter of the
current year. Over the
Kingston MSA (Ulster County) change in Job-Count
same period, the public
2013.1-2014.1: Data Source: New York State Department
sector shed an
of Labor; CES Series
additional 833 jobs
Natural Resources, Mining and Construction
100
(-1.73 percent), falling
from 48,133 to 47,300.
Manufacturing
-33
Overall, leisure and
Trade, Transportation and Utilities
400
hospitality added the
Information
0
most jobs at (1,667),
Financial Activities
67
followed by trade
Education and Health Services
33
transportation and
Professional and Business Services
utilities (1,233),
467
education and health
Leisure and Hospitality
600
services (933),
Other Services
100
professional and
Total Private
1,733
business services (333)
Government
-433
and financial activities
Total Nonfarm
1,300
(100). The
manufacturing sector
added 33 jobs while the job count in the information sector contracted (100).
In the Kingston, NY, MSA (Ulster County), the overall job count increased 1,300 (2.25 percent)
from 57,700 in the first quarter of 2013 to 59,000 in the first quarter of 2014. For the period, the privatesector job count advanced 1,733 while the public sector shed an additional 433 jobs, falling -2.93 percent.
Year over year, the job
Sullivan County change in Job-Count 2013.1-2014.1: Data
count increased across
Source: New York State Department of Labor; CES Series
all super-sectors with
the exception of
Natural Resources, Mining and Construction
0
manufacturing, which
Manufacturing
0
lost 33 jobs. Leisure and
Trade, Transportation and Utilities
-33
hospitality added the
Information
0
most jobs at 600,
Financial Activities
0
followed by professional
Education and Health Services
-67
and business services
Professional and Business Services
0
(467), trade,
transportation and
Leisure and Hospitality
0
utilities (400), other
Other Services
-400
services (100), financial
Total Private
-500
activities (67) and
Government
-100
education and health
Total Nonfarm -600
(33).
In Sullivan
County the overall job count declined (-600). Private-sector employment fell 500; employment in the
public sector lost 100 jobs.
Monthly Income Maintenance Benefits
(Social Assistance)
Average Monthly Recipients
Quarter-over-Quarter Change
Year over year, the number of Hudson Valley residences that received food-stamp benefits
advanced 2.14 percent (4,986), increasing from one out of every 9.9 residents in the first quarter of 2013 to
one out of every 9.7 in the first quarter of 2014. Statewide, the number of food-stamp recipients declined
1.30 percent (41,009), falling from one out of every 6.2 residents to one out of every 6.3 residents.
Every
Food-Stamp Recipients: Quarterly Data 2001.Q4-2014.Q1
county in the
Data Source: OTDA NY
300,000
12,000
region, with the
exception of
10,000
250,000
Sullivan County,
8,000
reported a year200,000
over-year increase
6,000
in the number of
150,000
4,000
food-stamp
recipients.
2,000
100,000
Westchester
0
Average Monthly Recipients
County
Quarter-over-Quarter
Change
50,000
experienced the
-2,000
largest increase at
0
-4,000
2,096 followed by
Rockland (1,924),
Orange (854),
Ulster (675), Putnam (177) and Dutchess (110). In Sullivan County, the number of food-stamp recipients
fell (850). Putnam reported the largest percentage change at 6.81 percent, followed by Rockland at 4.24
percent. On the year, food-stamp expenditures decreased 3.66 percent ($1.20 million per month) from
$32.83 million per month in the first quarter of 2013 to $31.63 million per month in the first quarter of the
current year. The
Food-Stamp Recipients: Data Source OTDA NY
average monthly benefit
Change 2014.1 over 2013.4 Change 2014.1 over 2013.1
decreased from $140.69
Dutchess
(510)
-2.03%
110
0.45%
per person per month to
Orange
(448)
-0.95%
854
1.87%
$132.71 per person per
Putnam
(7)
-0.25%
177
6.81%
month.
Rockland
390
0.83%
1,924
4.24%
Quarter over
Sullivan
(527)
-3.97%
(850)
-6.26%
quarter, the number of
Ulster
334
1.54%
675
3.16%
food-stamp recipients
Westchester
(880)
-1.06%
2,096
2.61%
posted a slight decrease
Hudson Valley
(1,648)
-0.69%
4,986
2.14%
(0.69 percent), falling
New York City
(69,415)
-3.73%
(73,111)
-3.92%
from 240,008 recipients
New
York
State
(66,462)
-2.08%
(41,009)
-1.30%
in the fourth quarter of
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2013 to 238,360 recipients in the first quarter of 2014. Monthly expenditures decreased 5.33 percent from
$33.41 million per month to $31.63 million
per month.
As was the case in the previous
As of the first quarter of 2014: one out of 9.7 persons in
quarters, Sullivan County was the most
the Hudson Valley received food-stamp benefits and one
dependent on food-stamp benefits at one out
out of every 72.9 received temporary assistance benefits.
of every 6.0 persons, followed by Rockland,
Orange and Ulster counties at one out of
every 6.7 per persons, one out of every 8.1
per persons and one out of every 8.2 persons, respectively. Putnam County was the least dependent at one
out of every 35.9 persons, followed by Dutchess County at one out of every 12.1 persons and Westchester
County at one out of every 11.7 persons. As noted above, statewide, one out of every 6.3 persons received
food-stamp benefits in the first quarter of 2014.
Year over year, the number of Hudson Valley residents who received monthly Temporary
Assistance (TA)
Temporary Assistance Recipients: Data Source OTDA NY
benefits—which
Change 2014.1 over 2013.4 Change 2014.1 over 2013.1
includes Family
Dutchess
(47)
-1.82%
(275)
-9.84%
Assistance (FA)1 and
Orange
(361)
-5.22%
(489)
-6.95%
Safety Net Assistance
2
Putnam
9
4.66%
25
14.96%
(SNA) —fell 5.35
Rockland
(86)
-2.58%
(192)
-5.60%
percent from 33,471
Sullivan
recipients in the first
(114)
-6.24%
(561)
-24.63%
Ulster
quarter of 2013 to
(7)
-0.16%
(49)
-1.20%
Westchester
31,679 in the first
(159)
-1.17%
(251)
-1.84%
quarter of 2014. Monthly Hudson Valley
(765)
-2.36%
(1,792)
-5.35%
expenditures decreased
New York City
(7,048)
-2.07%
(24,015)
-6.71%
6.49 percent from
New York State
(6,576)
-1.15%
(22,450)
-3.83%
$13.99 million per
month to $13.08 million per month. The average monthly per-person SNA and FA benefits were $458.69
and $369.62, respectively, changed from $478.37 and $365.55 in the first quarter of 2013. In New York
State, the number of recipients decreased 6.71 percent while expenditures fell 4.11 percent.
Quarter over quarter, the number of monthly TA recipients fell in Orange County (361),
Westchester County (159), Sullivan County (114), Rockland County (86), Dutchess County (47) and
Ulster County (7). Meanwhile, Putnam County monthly TA recipients rose (9). Sullivan County
reported the highest percentage decline at -6.24 percent. Total TA expenditures fell 3.47 percent from
$13.55 million per month to $13.08 million per month.
Within the region, Sullivan County continues to be the most dependent on monthly TA benefits
at one out of every 44.7 persons, followed by Ulster and Orange counties at one out of every 44.9 persons
and one out of every 57.2 persons, respectively. Putnam County is the least dependent at one out of every
511.7 persons, followed by Dutchess, Rockland and Westchester counties at one out of every 117.8
persons, one out of every 98.3 persons and one out of every 71.7 persons, respectively.
As of December 1996, Family Assistance is limited to 60 months per lifetime. To be eligible for Family Assistance, the household must include
(care for) a minor child.
2
Safety Net Assistance has a lifetime limit of two years.
1
Home Sales, Single and Multi-Family
Building Permits
The housing market continues to recover albeit at a slow an uneven pace. Across the region, the
median selling price of a single-family home advanced in five of the seven Hudson Valley counties.
Double-digit gains were reported in Westchester (16.50 percent) and Putnam counties (14.40 percent),
while in Sullivan, Rockland and Dutchess year over year gains ranged from a high of 7.21 percent in
Sullivan to a low of 2.56 percent in Dutchess. The median selling price fell in both Ulster (6.24 percent)
and Orange (2.22 percent). Sales activity improved across the region with the exception of Dutchess and
Ulster which experienced year over year declines of -5.99 percent and -0.96 percent, respectively.
2014.Q1
% Change
2013.1 to
2014.1
334
314
-5.99%
$273,054
$268,432
$280,918
4.65%
$235,000
$224,750
$230,500
2.56%
356
348
380
400
5.26%
$256,169
$264,808
$251,330
$237,800
$253,831
6.74%
$250,000
$240,000
$240,500
$225,000
$220,000
-2.22%
88
124
139
112
115
120
4.35%
Average Selling Price in Quarter
$359,591
$337,395
$379,143
$310,119
$340,713
$372,993
9.47%
Median Selling Price in Quarter
$342,450
$310,000
$349,000
$277,500
$281,900
$322,500
14.40%
2009.Q1
2010.Q1
2011.Q1
2012.Q1
262
289
294
294
Average Selling Price
$308,151
$309,014
$401,073
Median Selling Price
$265,000
$249,900
$246,500
315
312
Average Selling Price in Quarter
$276,677
Median Selling Price in Quarter
$260,000
2013.Q1
Dutchess
Total Closed Sales
Orange
Total Closed Sales in Quarter
Putnam
Total Closed Sales in Quarter
Rockland
190
211
233
230
255
266
4.31%
Average Selling Price in Quarter
$433,285
$433,096
$434,951
$405,728
$404,729
$419,205
3.58%
Median Selling Price in Quarter
$408,750
$390,000
$389,000
$373,500
$357,000
$380,000
6.44%
Total Closed Sales in Quarter
Sullivan
96
108
103
100
89
136
52.81%
Average Selling Price in Quarter
$166,581
$160,336
$135,738
$128,170
$125,449
$143,201
14.15%
Median Selling Price in Quarter
$124,750
$128,500
$115,000
$110,000
$104,000
$111,500
7.21%
Total Closed Sales in Quarter
Ulster
128
193
171
202
209
207
-0.96%
Average Selling Price in Quarter
$239,159
$236,579
$258,690
$207,373
$246,899
$234,613
-4.98%
Median Selling Price
$190,560
$215,000
$207,500
$172,750
$197,000
$184,700
-6.24%
427
754
721
730
774
890
14.99%
Average Selling Price in Quarter
$694,672
$788,933
$759,740
$725,191
$710,223
$859,473
21.01%
Median Selling Price in Quarter
$530,000
$600,000
$552,500
$505,500
$515,000
$600,000
16.50%
Total Closed Sales
Westchester
Total Closed Sales in Quarter
Region wide, first quarter median selling prices exceeded their post-recession lows (trough) in
every county with the exception of Orange County. The most significant gains have occurred in
Westchester at 18.69 percent ($94,500), Putnam County at 16.22 percent ($45,000) and Ulster County at
6.92 percent ($11,950). In all cases, the median selling price remains well below the peak evaluations
witnessed during the housing boom.
Median Housing Values Peak/Trough/2014.1
Numbers in 1000’s
Year
Quarter
Peak
Price
Peak
Median
Price
Year
Quarter
Trough
Price
Trough
Median
Price
Dollar
Change
Peak and
Trough
Percent
Change
Peak and
Trough
Dutchess
2006.3
$352.00
2011.4
$230.00
($122.00)
Orange
2007.3
$330.00
2012.4
$234.00
Putnam
2006.2
$437.14
2012.1
Rockland
2007.3
$517.00
Sullivan
2007.2
Ulster
Westchester
County
Dollar
Change
2014.1
and
Trough
Percent
Change
2014.1
and
Peak
Median
Price
2014.1
Dollar
Change
2014.1
and Peak
Percent
Change
2014.1
and Peak
-34.66%
230.50
($121.50)
-34.52%
$0.50
0.22%
($96.00)
-29.09%
220.00
($110.00)
-33.33%
($14.00)
-5.98%
$277.50
($159.64)
-36.52%
322.50
($114.64)
-26.23%
$45.00
16.22%
2011.4
$370.00
($147.00)
-28.43%
380.00
($137.00)
-26.50%
$10.00
2.70%
$202.50
2012.1
$110.00
($92.50)
-45.68%
111.50
($91.00)
-44.94%
$1.50
1.36%
2007.3
$265.00
2012.1
$172.75
($92.25)
-34.81%
184.70
($80.30)
-30.30%
$11.95
6.92%
2007.3
$729.00
2012.1
$505.50
($223.50)
-30.66%
600.00
($129.00)
-17.70%
$94.50
18.69%
Year over year, the demand for single-family construction permits fell 10.47 percent, from 191
construction permits with an average cost of $320,700 per permit in 2013 to 171 construction permits with
an average cost of $428,878 per permit in the current year. Total construction costs for single-family homes
advanced $12.08 million from $61.25 million in 2013 to $73.34 million in 2014.
Quarter over Quarter, Single-Family Housing Permits:
U.S. Census Bureau: *Preliminary Numbers
Data for Dutchess, Orange, Ulster and Sullivan is may be incomplete
January-March 2014*
Area
Permits
Total
Construction
Costs
January-March 2013
Average Construction
Cost per permit
Permits
Total
Construction
Costs
Average Construction Cost
per permit
Dutchess
15
$4,595,904
$306,394
21
$5,713,804
$272,086
51
$12,388,384
$242,909
65
$13,913,167
$214,049
9
$2,568,744
$285,416
12
$3,706,163
$308,847
24
$5,121,397
$213,392
13
$5,600,468
$430,805
12
$2,413,190
$201,099
27
$3,302,092
$122,300
5
$855,888
$171,178
9
$1,794,639
$199,404
55
$45,394,637
$825,357
44
$27,223,282
$618,711
171
$73,338,144
$428,878
191
$61,253,615
$320,700
Orange
Putnam
Rockland
Sullivan
Ulster
Westchester
Hudson Valley
For the period, Westchester County issued the largest number of single-family permits at 55,
followed by Orange and Rockland counties at 51 and 24, respectively. Ulster County issued the least at
5. The only year-over-year increase – number of permits– occurred in Rockland and Westchester
counties at 11 each. Sullivan County had the largest year-over-year decrease at 15.
Year over year, the number of multifamily permits changed from 32 multifamily buildings with
290 units in 2013 to 30 multifamily buildings with 327 units in 2014. Total budgeted construction cost
increased ($4.50 million) increasing from $35.09 million in 2013 to $39.59 million in 2014. The average
cost was little changed rising from $121,006 per unit in 2013 to $121,068 in 2014.
Multifamily Construction Permits January—March 2014*
Source: U.S. Census Bureau: Preliminary Numbers
Data for Dutchess, Orange, Ulster and Sullivan may be incomplete
Total Construction
Buildings
Units
Orange County
Cost
Kiryas Joel village
4
40
$5,324,541
Maybrook village
3
25
$2,571,429
Montgomery village
3
25
$1,371,956
Wallkill town
4
24
$3,468,569
14
114
$12,736,495
Rockland County
Ramapo town
10
70
$6,695,486
10
70
$6,695,486
Westchester County
Lewisboro town
1
6
$987,000
3
79
$12,970,149
New Rochelle
Average Cost
per Unit
$133,114
$102,857
$54,878
$144,524
$111,724
$95,650
$95,650
$164,500
$164,179
Port Chester village
1
2
$200,000
$100,000
White Plains
1
56
$6,000,000
$107,143
6
143
$20,157,149
$140,959
30
327
$39,589,130
$121,068
Hudson Valley Total
*Counties not included posted no multi-family
permits for January-March 2014
Sales-Tax Collection
An important indicator of retail sales activity and state and county revenue is sales-tax collection.
Year over year, total sales-tax collection increased 0.87 percent, from $311.99 million in the first quarter
of 2013 to $314.72 million in the first quarter of 2014. The largest year-over-year dollar increase occurred
in Rockland County at $4.29 million (9.57 percent), followed by Westchester and Dutchess counties at
$1.45 million (1.19 percent) and $800,210 (2.06 percent), respectively. There was also a year-over-year
increase in Sullivan County at $240,913 (3.39 percent) and Putnam County at $183,002 (1.44 percent).
Sales-tax collection decreased in Ulster County at $3.26 million (-13.55 percent) and Orange County at
$982,518 (-1.58 percent).
Sales-Tax Collection: Source: New York State Department of Finance
2014.Q1
Dutchess
Orange
Putnam
Rockland
Sullivan
Ulster
Westchester
Hudson Valley
2013.Q1
2012.Q1
2011.Q1
2010.Q1
2009.Q1
2008.Q1
$39,617,840
$38,817,631
$39,768,149
$39,954,403
$33,237,422
$34,133,431
$34,761,226
$61,101,916
$62,084,433
$58,870,621
$54,429,833
$51,822,130
$52,442,111
$53,429,206
$12,888,587
$12,705,584
$12,214,802
$11,261,667
$10,639,164
$10,740,232
$12,212,492
$49,125,289
$44,833,869
$42,034,814
$42,469,068
$39,637,960
$41,073,424
$44,647,633
$7,345,004
$7,104,091
$7,485,811
$7,189,368
$6,934,099
$7,587,668
$7,897,301
$20,810,879
$24,073,332
$24,442,956
$23,216,744
$22,423,983
$22,305,160
$23,751,831
$123,827,423
$122,375,825
$116,463,697
$109,573,303
$106,834,560
$104,718,131
$118,490,760
$314,716,938
$311,994,765
$301,280,852
$288,094,387
$271,529,318
$273,000,157
$295,190,450