SPECIAL REPORT
INCOME IN THE
HUDSON VALLEY
2011
MARIST COLLEGE
Dr. Christy Huebner Caridi
Bureau of Economic Research
School of Management
Poughkeepsie, New York 12601
Edited by Leslie Bates
December 2012
This report is available on the Bureau of Economic Research homepage at
http://www.marist.edu/management/bureau
The support of student research assistant Sarah Greenberg
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.
Special Report Total Personal Income (TPI) 2011 Year over year, total personal income (TPI)1 in the Hudson Valley advanced $5.20 billion (4.05 percent) from $128.32 billion in 20102 to $133.52 billion in 2011.The year‐over‐year change in TPI is explained by a $3.40 billion (3.97 percent) increase in net wages, salaries and benefits—
earned income—a $1.41 billion (5.77 percent) increase in interest, dividends and rents—unearned income—and a $389.28 million (2.13 percent) increase in transfer payments. Over the same period, TPI in New York State advanced 4.46 percent; nationwide TPI advanced 5.21 percent. Since the onset of the Great Recession (December 2007), TPI in the Hudson Valley has grown at an annualized rate of .80 percent compared to 1.68 percent in New York State and 1.70 percent nationwide. Overall, earned income and transfer payments grew at a slower pace while unearned income declined at a faster pace3. Net wages, salaries and benefits (earned income) is the largest component of TPI at 66.62 percent of TPI and is the most important indicator of the health of the household sector. Year over year, earned income in the Hudson Valley advanced 3.97 percent ($3.40 billion) from $85.56 —Per‐Capita Income 2011— Data Source: U.S. Bureau of Economic Analysis, Author calculations Earned Income Per Capita State Rank 2011 Dutchess $30,450 Orange $27,061 Putnam Unearned Income Per Capita State Rank 2011 11 $7,587 13 $5,585 $38,893 4 Rockland $36,589 Sullivan Ulster Westchester Transfer Payments TPI Per Capita State Rank 2011 Per Capita State Rank 2011 15 $7,484 54 $45,521 10 30 $7,420 55 $40,066 21 $8,133 12 $6,755 61 $53,781 5 5 $8,759 9 $8,439 33 $53,787 4 $20,969 37 $6,246 26 $10,242 8 $37,457 25 $23,432 22 $7,673 13 $8,484 31 $39,589 23 $50,666 2 $16,842 2 $8,347 36 $75,855 2 billion in 2010 to $88.96 billion in 2011 compared to a 5.18 percent ($4.21 billion) increase between 2009 and 2010. Income paid by Hudson Valley employers—to both residents and nonresidents—
posted a year‐over‐year increase of $2.34 billion (3.70 percent), advancing from $63.39 billion in 2010 to 65.73 billion in 2011, while commuter income—income earned outside the Hudson Valley region—advanced $1.06 billion (4.75 percent) from $22.17 billion to $23.23 billion. Within the region, Rockland County witnessed the largest increase in earned income at 5.49 percent, followed by Dutchess County at 4.96 percent and Orange County at 3.87 percent. Statewide, earned income increased 4.78 percent; nationwide, earned income increased 5.69 percent. Region‐wide, per‐capita earned income was $38,622 and ranged from a high of $50,666 in Westchester County to a low of $20,969 in Sullivan County. Within the region, per‐capita earned income in Westchester ($50,666), Putnam ($38,893) and Rockland ($36,589) exceeded the per‐capita earned income in both the U.S. 1
Total personal income 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. 2
On November 26, 2012, the Bureau of Economic Analysis released revised income numbers. 3
Over the five year period and on average, earned and unearned income accounted for 87.00percent of TPI in the Hudson Valley. Over the same five year period, earned and unearned income accounted for 82.00percent of TPI in both New York State and nationwide. ($27,399) and New York State ($33,453). Per‐capita earned income in Dutchess County ($30,450) was above the national per‐capita level but fell short of the statewide per‐capita level. Per‐capita earned incomes in Orange ($27,061), Ulster ($23,432) and Sullivan ($20,969) counties were below both the national and statewide levels. Three counties ranked in the top ten statewide: Westchester County ranked second (behind New York County at $88,330), Putnam County ranked fourth and Rockland County ranked fifth. Dutchess and Orange counties ranked 11th and 13th, respectively, while Sullivan County secured the lowest overall rate at 37th. Interest, dividends and rents (unearned income) is the second largest component of TPI at 19.40 percent of TPI and captures the return on wealth. Compared to the same period last year, unearned income advanced $1.41 billion (5.77 percent), rising from $24.50 billion in 2010 to $25.91 billion in 2011, but remained $3.86 billion (12.96 percent) below the near‐term peak recorded in 2008. Region‐wide, Orange County experienced the largest year‐over‐year increase at 6.83 percent followed by Ulster at 6.74 percent and Dutchess and Sullivan at 6.40 percent each. Unearned income advanced 6.71 percent in New York State and 7.55 percent nationwide. Statewide, the average per‐capita unearned income increased 6.33 percent from $7,787 in 2010 to $8,280 in 2011 and ranged from a high of $21,204 in New York County (rank first) to a low of $2,932 in Bronx County (rank 62nd). Region‐wide, per‐capita unearned income advanced at a slower pace (5.34 percent), increasing from $10,678 to $11,4284. Transfer payments are the third largest component of TPI at 13.98 percent of TPI. Transfer payments include but are not limited to: old‐age, survivors’ and disability insurance benefits (Social Security); Medicare benefits; Medicaid benefits; income maintenance benefits (principally temporary assistance, safety net assistance and food stamps); state unemployment insurance compensation; veterans’ benefits; and federal training and educational assistance. Across the Hudson Valley, total transfer payments continued to advance albeit at a much slower pace than witnessed in previous periods. Year over year, total transfer payments increased $389.28 million (2.13 percent) from $18.27 billion in 2010 to $18.66 billion in 2011 compared to an $876.45 million (5.04 percent) increase between 2009 and 2010 and a $1.97 billion (12.77 percent) increase between 2008 and 2009. Transfer payments in New York State and nationwide posted a year‐over‐year increase of $2.70 billion (1.50 percent) and $35.00 billion (1.53 percent) from 2010 to 2011, respectively. Region‐wide, per‐capita transfer payments advanced 1.71 percent from $7,966 in 2010 to $8,102 in 20115. Within the region, Sullivan County recorded the highest per‐capita transfer payments at $10,242, followed by Ulster and Rockland counties at $8,484 and $8,439, respectively. As has been the case, Putnam County recorded the lowest per‐
capita transfer payments at $6,755. Statewide, per‐capita transfer payments ranged from a high of $11,767 (New York County–Manhattan) to a low of $5,918 (Tompkins County). The top ten counties (ranked from highest to lowest) reported per‐capita transfer payments in excess of $10,000 per person. Within the top ten were all five New York City counties along with Sullivan County. New York County ranked first, Richmond County–Staten Island ranked second, Bronx County ranked third, Queens County ranked fifth and Kings County–Brooklyn ranked sixth. Sullivan County at $10,242 ranked eighth. Ulster County ($8,484) ranked 31st, Rockland County 4
This change results from a 5.77 percent increase in unearned income coupled with a .41 percent increase in population. This increase is explained by the 2.13 percent increase in payments in tandem with a year‐over‐year population increase of 0.41 percent. 5
($8,439) ranked 33rd and Westchester County ($8,347) ranked 36th . Dutchess ($7,484), Orange ($7,420) and Putnam ($6,755) counties ranked in the bottom ten at 54th, 55th and 61st , respectively. Taken as a whole, the largest components of total transfer payments are Social Security and Medicaid at 56.06 percent of all transfers, followed by Medicare at 22.56 percent and income maintenance at 8.68 percent. Year over year, Medicare and Medicaid advanced 5.57 percent and 4.54 percent, respectively, while Social Security increased 2.72 percent. Over the same period, income maintenance advanced 5.19 percent—down from a 13.36 percent increase in 2010—and unemployment benefits fell 19.16 percent, reflecting improvement in the labor markets. Overall, Sullivan County is the most dependent on income maintenance and Medicaid payments at 10.96 percent of TPI followed by Ulster and Orange counties at 7.12 percent of TPI and 6.65 percent, respectively. Westchester and Putnam counties are the least dependent. Statewide, income maintenance and Medicaid payments represented 7.50 percent of TPI. Year over year, per‐capita TPI in the Hudson Valley advanced 3.63 percent from $55,944 in 2010 to $57,973 in 2011. This increase is explained by a 4.05 percent increase in TPI coupled with a .41 percent increase in population. Over the same one‐year period, per‐capita TPI in the U.S. and New York State advanced 4.09 percent and 4.45 percent, respectively. Within the region, the per­capita TPI in Westchester ($75,855), Rockland ($53,787) and Putnam ($53,781) exceeded the per‐capita TPI of both the U.S. ($41,560) and New York State ($51,126). In Dutchess County ($45,521), the per‐capita TPI was above the U.S. per‐capita TPI but fell short of the per‐capita TPI in New York State. Per‐capita TPIs across the remaining Hudson Valley counties were below both the national and state per‐capita TPIs. Statewide, per‐capital TPI growth ranged from a high of 6.28 percent in Jefferson County to a low of 1.07 percent in Clinton County. New York County (Manhattan) had the highest per‐capita TPI at $121,301, up 4.85 percent relative to 2010, followed by Westchester County ($75,855) and Nassau County ($67,776, up 3.21 percent). Rockland County ($53,787) ranked fourth, Putnam County ($53,781) ranked fifth and Dutchess County ($45,521) ranked tenth overall. Orange ($40,066), Ulster ($39,589) and Sullivan ($37,457) ranked 21st, 23th and 25th, respectively. Total Personal Income 2011 Year over year, total personal income (TPI)1 in the Hudson Valley advanced $5.20 billion (4.05 percent) from $128.32 billion in 20102 to $133.52 billion in 2011.The year‐over‐year change in TPI is explained by a $3.40 billion (3.97 percent) increase in net wages, salaries and benefits—
earned income—a $1.41 billion (5.77 percent) increase in interest, dividends and rents—unearned income—and a $389.28 million (2.13 percent) increase in transfer payments. Over the same period, TPI in New York State advanced 4.46 percent; nationwide TPI advanced 5.21 percent. Since the onset of the Great Recession (December 2007), TPI in the Hudson Valley has grown at an annualized rate of .80 percent compared to 1.68 percent in New York State and 1.70 percent nationwide. Overall, earned income and transfer payments grew at a slower pace while unearned income declined at a faster pace3. —Total Personal Income— Total Personal Income: Year 2011 (number in 1000’s) Data Source: U.S. Bureau of Economic Analysis, Author Calculations Dutchess Net Wages, Salaries and Benefits Interest, Dividends and Rents Transfer Payments Total Personal Income (TPI) Percent Change TPI 2009–2010 Percent Change TPI 2010–2011 $9,073,962 $2,260,996 $2,230,358 $13,565,316 3.47% 4.66% Orange $10,144,495 $2,093,563 $2,781,408 $15,019,466 4.26% 3.91% Putnam $3,886,716 $812,706 $675,055 $5,374,477 2.71% 3.51% Rockland $11,531,175 $2,760,502 $2,659,718 $16,951,395 3.28% 5.23% Sullivan $1,612,525 $480,303 $787,616 $2,880,444 3.84% 3.21% Ulster $4,275,042 $1,400,014 $1,547,904 $7,222,960 4.58% 3.71% Westchester $48,431,597 $16,099,255 $7,978,412 $72,509,264 3.86% 3.81% Hudson Valley $88,955,512 $25,907,339 $18,660,471 $133,523,322 3.78% 4.05% New York State $651,168,225 $161,173,595 $182,842,856 $995,184,676 5.57% 4.46% $8,537,224,000 $2,093,469,000 $2,319,212,000 $12,949,905,000 3.85% 5.21% United States Net Wages, Salaries and Benefits (Earned Income) Earned income is the largest component of TPI at 66.62 percent of all income and is the most important indicator of the health of the household sector. Year over year, earned income in the Hudson Valley advanced 3.97 percent ($3.40 billion) from $85.56 billion in 2010 to $88.96 billion in 2011 compared to a 5.18 percent ($4.21 billion) increase between 2009 and 2010. Income paid by Hudson Valley employers—to both residents and nonresidents—posted a year‐over‐year increase of $2.34 billion (3.70 percent), advancing from $63.39 billion in 2010 to 65.73 billion in 2011, while commuter income—income earned outside the Hudson Valley region—advanced $1.06 billion (4.75 percent) from $22.17 billion to $23.23 billion. 1
Total personal income 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.
2
On November 26, 2012, the Bureau of Economic Analysis released revised income numbers.
3
Over the five‐year period and on average, earned and unearned income accounted for 87.00 percent of TPI in the Hudson Valley. Over the same five‐year period, earned and unearned income accounted for 82.00 percent of TPI in both New York State and nationwide. Page 1 of 6
Within the region, Rockland County witnessed the largest increase in earned income at 5.49 percent, followed by Dutchess County at 4.96 percent and Orange County at 3.87 percent. Statewide, earned income increased 4.78 percent while nationwide earned income increased 5.69 percent. Region‐wide, per‐capita earned income was $38,622 and ranged from a high of $50,666 in Westchester County to a low of $20,969 in Sullivan County. Within the region, per‐capita earned —Earned Income— Earned Income 2009­2011 Data Source: U.S. Bureau of Economic Analysis, Author Calculations 2009 (in thousands) 2010 (in thousands) 2011 (in thousands) Percent Change 2009–
2010 Percent Change 2010–2011 Per­Capita Earned Income Statewide Rank 2011 Dutchess $8,469,974 $8,644,868 $9,073,962 2.06% 4.96% $30,450 11 Orange $9,456,855 $9,766,419 $10,144,495 3.27% 3.87% $27,061 13 Putnam $3,670,139 $3,762,036 $3,886,716 2.50% 3.31% $38,893 4 $10,721,053 $10,931,250 $11,531,175 1.96% 5.49% $36,589 5 Sullivan $1,531,283 $1,571,172 $1,612,525 2.60% 2.63% $20,969 37 Ulster $4,046,205 $4,147,337 $4,275,042 2.50% 3.08% $23,432 22 $43,447,336 $46,734,131 $48,431,597 7.57% 3.63% $50,666 2 $81,342,845 $85,557,213 $88,955,512 5.18% 3.97% $38,622 NM* $586,520,986 $621,488,977 $651,168,225 5.96% 4.78% $33,453 NM* $7,797,076,000 $8,077,671,000 $8,537,224,000 3.60% 5.69% $27,399 NM* Rockland Westchester Hudson Valley New York State United States *Not Meaningful income in Westchester ($50,666), Putnam ($38,893) and Rockland ($36,589) exceeded the per‐
capita earned income in both –Net Commuter Income– the U.S. ($27,399) and New Net Commuter Income 2009­2011 York State ($33,453). Per‐
Data Source: U.S. Bureau of Economic Analysis, Author Calculations
capita earned income in Percent Percent Dutchess County ($30,450) Change Change 2009 2010 2011 2009–2010 2010–2011 was above the national per‐
Dutchess $1,864,922 $1,967,535 $2,190,566 5.50% 11.34% capita level but fell short of Orange $2,415,265 $2,454,820 $2,538,749 1.64% 3.42% the statewide per‐capita Putnam $2,144,332 $2,199,019 $2,271,116 2.55% 3.28% level. Per‐capita earned Rockland $2,924,392 $3,021,945 $3,240,434 3.34% 7.23% incomes in Orange ($27,061), Sullivan $350,259 $367,684 $388,592 4.97% 5.69% $1,180,484 $1,199,551 $1,256,384 1.62% 4.74% Ulster ($23,432) and Sullivan Ulster Westchester $10,120,654 $10,960,740 $11,339,671 8.30% 3.46% ($20,969) counties were Hudson Valley $21,000,308 $22,171,294 $23,225,512 5.58% 4.75% below both the national and statewide levels. Three counties ranked in the top ten statewide: Westchester County ranked second (behind New York County at $88,330), Putnam County ranked fourth and Rockland County ranked fifth. Dutchess and Orange counties ranked 11th and 13th, respectively while Sullivan County secured the lowest overall rate at 37th. Page 2 of 6
Interest, Dividends and Rents Interest, dividends and rents (unearned income) is the second largest component of TPI at 19.40 percent of TPI. Compared to the same period last year, unearned income advanced $1.41 billion (5.77 percent), rising from $24.50 billion in 2010 to $25.91 billion in 2011, but remained $3.86 billion (12.96 percent) below the near‐term peak recorded in 2008. Region‐wide, Orange County experienced the largest year‐over‐year increase at 6.83 percent followed by Ulster at 6.74 percent and Dutchess and Sullivan at 6.40 percent each. Unearned income advanced 6.71 percent in New York State and 7.55 percent nationwide. Statewide, the average per‐capita unearned income increased 6.33 percent from $7,787 in 2010 to $8,280 in 2011 and ranged from a high of $21,204 in New York County (rank first) to a low of $2,932 in Bronx County (rank 62nd). Region‐wide, per‐capita unearned income advanced at a slower pace (5.34 percent), increasing from $10,678 to $11,4284. —Unearned Income— Unearned Income 2009–2011 Data Source: U.S. Bureau of Economic Analysis, Author Calculations 2009 (in thousands) 2010 (in thousands) 2011 (in thousands) Percent Change 2009– 2010 Percent Change 2010–
2011 Per­
Capita Unearned Income Statewide Rank 2011 Dutchess $1,982,272 $2,124,982 $2,260,996 7.20% 6.40% $7,587 15 Orange $1,837,785 $1,959,628 $2,093,563 6.63% 6.83% $5,585 30 Putnam $754,018 $769,319 $812,706 2.03% 5.64% $8,133 12 $2,450,145 $2,606,163 $2,760,502 6.37% 5.92% $8,759 9 Rockland Sullivan $422,674 $451,432 $480,303 6.80% 6.40% $6,246 26 $1,191,843 $1,311,582 $1,400,014 10.05% 6.74% $7,673 13 Westchester $16,265,468 $15,269,775 $16,099,255 ‐6.12% 5.43% $16,842 2 Hudson Valley $24,904,205 $24,492,881 $25,907,339 ‐1.65% 5.77% $11,428 NM* Ulster New York State United States $143,958,339 $151,039,331 $161,173,595 4.92% 6.71% $8,280 NM* $1,915,561,000 $1,946,570,000 $2,093,469,000 1.62% 7.55% $6,719 NM* *Not Meaningful Transfer Payments 2011 Transfer payments include but are not limited to: old‐age, survivors’ and disability insurance benefits (Social Security); Medicare benefits; Medicaid benefits; income maintenance benefits (principally temporary assistance, safety net assistance and food stamps); state unemployment insurance compensation; veterans’ benefits; and federal training and educational assistance. Across the Hudson Valley, total transfer payments continued to advance albeit at a much slower pace than witnessed in previous periods. Year over year, total transfer payments increased $389.28 million (2.13 percent) from $18.27 billion in 2010 to $18.66 billion in 2011 compared to an 4
This change results from a 5.77 percent increase in unearned income coupled with a .41 percent increase in population. Page 3 of 6
$876.45 million (5.04 percent) increase between 2009 and 2010 and a $1.97 billion (12.77 percent) increase between 2008 and 2009. Transfer payments in New York State and nationwide posted a year‐over‐year increase of $2.70 billion (1.50 percent) and $35.00 billion (1.53 percent) from 2010 to 2011, respectively. Region‐wide, per‐capita transfer payments advanced 1.71 percent from $7,966 in 2010 to $8,102 in 20115. Within the region, Sullivan County recorded the highest per‐
capita transfer payments at $10,242, followed by Ulster and Rockland counties at $8,484 and $8,439, respectively. As has been the case, Putnam County recorded the lowest per‐capita transfer payments at $6,755. Statewide, per‐capita transfer payments ranged from a high of $11,767 (New York County– Manhattan) to a low of $5,918 (Tompkins County). The top ten counties (ranked from highest to lowest) reported per‐capita transfer payments in excess of $10,000 per person. Within the top ten were all five New York City counties along with Sullivan County. As noted above, New York County –Manhattan ranked first, Richmond County–Staten Island ranked second, Bronx County ranked third, Queens County ranked fifth and Kings County–Brooklyn ranked sixth. Sullivan County at $10,242 ranked eighth. Dutchess ($7,484), Orange ($7,420) and Putnam ($6,755) counties ranked —Transfer Payments— Transfer Payments: Year 2011 (dollars are in 1000’s) Data Source: U.S. Bureau of Economic Analysis, Author Calculations Description Dutchess Orange Putnam Rockland Sullivan Ulster Westchester Hudson Valley Social Security $811,462 $846,892 $264,844 $813,068 $224,522 $531,005 $2,544,283 $6,036,076 Other Disability $49,037 $51,823 $21,887 $46,752 $8,240 $22,622 $198,404 $398,765 Medicare benefits $468,157 $550,704 $176,261 $612,419 $165,464 $315,430 $1,921,546 $4,209,981 Medicaid Military medical insurance benefits $459,985 $696,968 $110,343 $705,480 $227,823 $364,657 $1,859,421 $4,424,677 $2,521 $6,815 $728 $1,416 $868 $2,262 $3,994 $18,604 Income maintenance Unemployment insurance $168,625 $302,226 $24,609 $222,885 $87,756 $149,835 $664,070 $1,620,006 $104,954 $132,381 $34,273 $98,219 $30,294 $69,294 $312,021 $781,436 $41,511 $50,368 $8,047 $23,228 $11,342 $25,738 $73,988 $234,222 $124,106 $143,231 $34,063 $136,251 $31,307 $67,061 $400,685 $936,704 Veterans benefits Other Per­Capita Percent of TPI Income maintenance and Medicaid as a percent of TPI Statewide Per­Capita Rank $7,484 $7,420 $6,755 $8,439 $10,242 $8,484 $8,347 $8,102 16.44% 18.52% 12.56% 15.69% 27.34% 21.43% 11.00% 13.98% 4.63% 6.65% 2.51% 5.48% 10.96% 7.12% 3.48% 4.53% 54 55 61 33 8 31 36 NM* *Not Meaningful in the bottom ten at 54th, 55th and 61st , respectively. Ulster County ($8,484) ranked 31st, Rockland County ($8,439) ranked 33rd and Westchester County ($8,347) ranked 36th . Taken as a whole, the largest components of total transfer payments are Social Security and Medicaid at 56.06 percent of all transfers, followed by Medicare at 22.56 percent and income maintenance at 8.68 percent. Year over year, Medicare and Medicaid advanced 5.57 percent and 5
This increase is explained by the 2.13 percent increase in payments in tandem with a year‐over‐year population increase of 0.41 percent. Page 4 of 6
4.54 percent, respectively, while Social Security increased 2.72 percent. Over the same period, income maintenance advanced 5.19 percent—down from a 13.36 percent increase in 2010—and unemployment benefits fell 19.16 percent reflecting improvement in the labor markets. Overall, Sullivan County is the most dependent on income maintenance and Medicaid payments at 10.96 percent of TPI followed by Ulster and Orange counties at 7.12 percent of TPI and 6.65 percent, respectively. Westchester and Putnam counties are the least dependent. Statewide, income maintenance and Medicaid payments represented 7.50 percent of TPI. Year­over­Year Change in Transfer Payments ( 2010–2011) Data Source: U.S. Bureau of Economic Analysis, Author Calculations Dutchess Orange Putnam Rockland Sullivan Social Security 2.88% 3.20% 4.49% 3.29% 2.39% 3.15% 2.10% 2.72% Other Disability 0.74% 1.04% 0.66% 0.37% 0.89% 0.86% 0.34% 0.54% Medicare benefits 5.96% 5.70% 6.11% 6.51% 5.99% 6.51% 4.90% 5.57% Medicaid 3.93% 4.05% 2.62% 6.86% 5.63% 4.97% 3.92% 4.54% 22.08% 20.07% 25.95% 21.03% 14.66% 20.77% 17.82% 19.96% 2.20% 5.70% 5.23% 6.70% 2.02% 5.88% 5.52% 5.19% ‐17.51% ‐20.32% ‐18.19% ‐19.33% ‐15.93% ‐15.09% ‐20.40% ‐19.16% 8.57% 5.87% 5.38% 5.41% 5.57% 8.30% 6.63% 6.77% ‐9.75% ‐10.52% ‐11.99% ‐8.15% ‐11.40% ‐11.61% ‐9.06% ‐9.62% 1.67% 1.59% 1.90% 2.58% 3.30% 2.84% 1.10% 1.71% Military medical insurance benefits Income maintenance benefits Unemployment insurance compensation Veterans benefits Other Per­Capita Ulster Westchester HV Per­Capita TPI 2011 Year over year, per‐capita TPI in the Hudson Valley advanced 3.63 percent from $55,944 in 2010 to $57,973 in 2011. This increase is explained by a 4.05 percent increase in TPI coupled with a .41 percent increase in population. Over the same one‐year period, per‐capita TPI in the U.S. and New York State advanced 4.09 percent and 4.45 percent, respectively. —Per‐Capita TPI— Per­Capita TPI 2009­2011 Data Source: U.S. Bureau of Economic Analysis, Author Calculations Percent Change 2010–2011 Statewide Rank 2011 3.18% 4.56% 10 3.85% 3.55% 21 $53,781 2.66% 3.28% 5 $51,544 $53,787 2.00% 4.35% 4 $36,023 $37,457 4.07% 3.98% 25 $36,462 $38,166 $39,589 4.67% 3.73% 23 $71,227 $73,504 $75,855 3.20% 3.20% 2 Hudson Valley $54,187 $55,944 $57,973 3.24% 3.63% NM* New York State $46,739 $49,119 $51,126 5.09% 4.09% NM* United States $38,637 $39,791 $41,560 2.99% 4.45% NM* Area 2009 2010 2011 Dutchess $42,194 $43,534 $45,521 Orange $37,258 $38,694 $40,066 Putnam $50,723 $52,071 Rockland $50,534 Sullivan $34,613 Ulster Westchester Percent Change 2009­2010 *Not Meaningful Page 5 of 6
Within the region, the per‐capita TPI in Westchester ($75,855), Rockland ($53,787) and Putnam ($53,781) exceeded the per‐capita TPI of both the U.S. ($41,560) and New York State ($51,126). In Dutchess County ($45,521) the per‐capita TPI was above the U.S. per‐capita TPI but fell short of the per‐capita TPI in New York State. Per‐capita TPIs across the remaining Hudson Valley counties were below both the national and state per‐capita TPIs. Statewide, per‐capital TPI growth ranged from a high of 6.28 percent in Jefferson County to a low of 1.07 percent in Clinton County. New York County (Manhattan) had the highest per‐capita TPI at $121,301, up 4.85 percent relative to 2010, followed by Westchester County ($75,855) and Nassau County ($67,776, up 3.21 percent). Rockland County ($53,787) ranked fourth, Putnam County ($53,781) ranked fifth and Dutchess County ($45,521) ranked tenth overall. Orange ($40,066), Ulster ($39,589) and Sullivan ($37,457) ranked 21st, 23th and 25th, respectively. Page 6 of 6