ECONOMIC REPORT
of the
HUDSON VALLEY
Fourth Quarter 2011
MARIST COLLEGE
Dr. Christy Huebner Caridi
Bureau of Economic Research
School of Management
Poughkeepsie, New York 12601
Edited by Leslie Bates
March 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 Serena Bubenheim and student interns Sam
English and Kevin Peterson 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
Overall the economy is beginning to show signs of improvement but will require
consistent job and income growth to create a sustained recovery. At present the region is
creating new jobs at a faster rate than the level of regional unemployment is falling and the labor
force continues to contract albeit at a slower pace than in previous quarters. The Average
Weekly Wage (AWW) is increasing but so too is the number of households dependent on
income maintenance payments. Current housing values remain weak – with multiple year-overyear declines in market value the norm rather than the exception.
Although beginning to slow, the regional labor force continues to contract, falling .71
percent (7,900) from 1,121,900 participants in the fourth quarter of 2010 to 1,114,000 in the fourth
quarter of 2011. The upper Hudson Valley—which represents 39 percent of the total regional
labor force (436,900)—witnessed the largest-level decline at 5,500 participants compared to a
decline of 2,400 in the lower Hudson Valley. Within the region, Sullivan recorded the largest
relative decline at 1.44 percent followed by Dutchess, Orange and Ulster at 1.26 percent, 1.25
percent and 1.11 percent, respectively. Across the lower Hudson Valley–Westchester, Rockland
and Putnam, labor force participation fell 0.41 percent, 0.29 and 0.12 percent, respectively. Over
the same period, labor force participation fell 0.35 percent (33,000) in New York State while the
national labor force posted a slight increase at .11 percent (172,000). Region-wide, the labor force
peaked in July of 2008—11 months after the start of the Great Recession—at 1,191,800 and
reached a post-recession low in February of 2011 at 1,107,100. From peak to trough, the labor
force contracted 7.11 percent (84,700). As of the fourth quarter of 2011, the labor force has risen
.62 percent (6,900) above the trough but remains 6.53 percent (77,800) below the interrecession peak.
Employment by Hudson Valley residents posted a 0.12 percent (1,240) decline, falling
from 1,040,473 in the fourth quarter of 2010 to 1,039,233 in the fourth quarter of 2011.
Employment increased in the lower Hudson Valley (1,774) from 632,726 to 634,500 while the
upper Hudson Valley posted a decline (3,014) from 407,747 to 404,733. Because the number of
persons in the regional labor force fell (7,900) by more than the reduction in employment
(1,240), the regional unemployment rate posted a year-over-year decline of 0.55 percentage
points, from 7.26 percent to 6.71 percent. Within the region, the unemployment rate fell 0.60
percent in the lower Hudson Valley and 0.47 percent in the upper Hudson Valley. Over the same
period, employment in New York State fell (1,240) from 8.788 million to 8.787 million;
nationwide employment advanced 1.07 percent (1.49 million) from 139.076 million to 140.567
million.
Employment peaked in the same period as labor force participation (July of 2008) at
1,130,800 but bottomed out two months earlier in February of 2011 at 1,025,800. From peak to
trough, employment among Hudson Valley residents contracted 9.29 percent (105,000). As of
the fourth quarter of 2011, employment had risen 1.30 percent (13,400) relative to the trough, but
remains 8.10 percent (91,600) below the inter-recession peak.
Job creation in the Hudson Valley advanced 0.37 percent (3,367) from 899,133 in the
fourth quarter of 2010 to 902,500 in the fourth quarter of 2011; the private-sector job count
increased 0.67 percent (4,867) from 730,767 to 735,633 while the job count in the public sector
fell 0.89 percent (1,500) from 168,367 to 166,867. Within the region, the job-count advanced
(4,800) in the lower Hudson Valley—Rockland-Westchester-Putnam, NY, MSA—and fell
(1,434) in the upper Hudson Valley—Poughkeepsie-Newburgh-Middletown, NY, MSA
(Dutchess and Orange counties), Kingston, NY, MSA (Ulster County) and Sullivan County. On
the whole, job gains were reported in education and health (4,933), trade, transportation and
utilities (1,467), financial activities (1,000) and leisure and hospitality (400). Employment
continued to decline in manufacturing (1,100), natural resources, mining and construction (900),
professional and business services (633) and information (433). Public-sector employment fell
(1,500).
The regional job count peaked in the third quarter of 2008 at 925,467 and reached a
post-recession low in the first quarter of 2010 at 867,733. From peak to trough the private sector
job count fell 58,800 while the public sector added 1,067 jobs. As of the fourth quarter, the region
has recaptured 60 percent (34,767) of all jobs lost– from peak to trough. The sectors that
rebounded the fastest are health and education (9,967), trade, transportation and utilities
(9,467), leisure and hospitality (8,300) and professional and business services (5,967). The only
sector to record a net job gain relative to peak is the health and education sector at 19,933. Two
significant developments are the loss of jobs in the information sector (2,800 since the peak/700
since the trough) and the continued movement away from manufacturing employment. As of the
fourth quarter of 2011, the job count in the manufacturing sector had fallen 16.17 percent (9,300)
below the peak and 2.02 percent (1,133) below the trough. This stands in contrast with the
national trend; nationwide manufacturing employment has risen 4.23 percent above the trough,
adding 481,000 new jobs: 24.60 percent of all jobs lost during the Great Recession. As of the
fourth quarter, manufacturing accounted for 5.43 percent of all jobs compared to 5.22 percent in
New York State and 9.00 percent nationwide.
Year over year, the Average Weekly Wage (AWW) advanced. As of the third quarter of
2011 ( most current numbers) the AWW in the private sector—valued in current dollars—
advanced in every county in the Hudson Valley region with Sullivan County posting the highest
percentage increase at 8.48 percent, followed by Ulster and Rockland counties at 6.17 percent and
5.76 percent, respectively. The smallest year-over-year increase occurred in Putnam County at 2.52
percent. Within the goods-producing industries (manufacturing, construction and mining), the
AWW increased throughout the upper Hudson Valley –Dutchess, Orange, Ulster and Sullivan.
Among these counties, Dutchess recorded the largest year over year increase at 4.67 percent
followed by Ulster (3.53 percent), Orange (3.15 percent) and Sullivan (2.95 percent). Across the
lower Hudson Valley–Westchester, Rockland and Putnam–, the AWW increased in Westchester
County (4.69 percent) and fell in both Putnam (2.94 percent) and Rockland (.53 percent)
counties. As is typically the case the highest AWW paid in the goods-producing industries –
during the third quarter of 2011– were paid in Dutchess County at $1,596, followed by
Westchester County at $1,428.Within the private service-providing industries, the AWW
advanced throughout the region. Sullivan County recorded the largest year over year increase at
9.30 percent, followed by Rockland (8.36 percent), Ulster (6.96 percent), Orange (4.40 percent),
Westchester (4.33 percent), Putnam (4.41 percent) and Dutchess (3.72 percent). Within these
industries, Westchester paid the highest—third quarter 2011—AWW ($1,105) followed by
Rockland ($895). Year over year, the AWW in the public sector advanced in every county in the
Hudson Valley region with Putnam County recording the largest year-over-year advance at 14.64
percent, followed by Sullivan (4.98 percent) and Dutchess (4.17 percent). Westchester and
Orange counties posted the smallest year-over-year increases at .61 percent and 3.12 percent,
respectively. Throughout the region, the AWW paid in the public sector exceeded the AWW
paid in the private sector and in all but three counties—Dutchess, Westchester and Rockland—
exceeded the AWW paid in the traditionally high-wage goods-producing sector.
Reliance on social assistance continues to grow albeit at a slower pace. Quarter over
quarter, the number of Hudson Valley residents who received monthly food-stamp benefits
advanced 1.81 percent (3,912), from 216,094 in the third quarter of 2011 to 220,007 in the fourth
quarter: one out of every 10.4 residents. Each county reported an increase in the number of
recipients, with Rockland County reporting the largest at 1,401 followed by Westchester (976),
Orange (954), Sullivan (397), Ulster (107), Putnam (67) and Dutchess (10).The number of foodstamp recipients in New York State advanced .37 percent (11,152). Over the same three-month
period, food-stamp expenditures increased 2.29 percent from $30.8 million per month in the
third quarter to $31.5 million per month in the fourth quarter. The average monthly benefit
posted a slight increase of $.33 per recipient. Region-wide, Sullivan County was the most
dependent on food stamp benefits at one out of every 6.7 persons, followed by Rockland, Orange
and Ulster counties at one out of every 7.5 per persons, one out of every 8.3 per persons and one
out of every 9.0 persons, respectively. Putnam County was the least dependent at one out of
every 46.1 persons followed by Dutchess County at one out of every 13.1 persons and
Westchester County at one out of every 12.45 persons. In New York State, one out of every 6.4
persons received food-stamp benefits in the fourth quarter of 2011.
The number of residents who received monthly Temporary Assistance (TA) benefits—
which includes Family Assistance (FA) and Safety Net Assistance (SNA)—continued to rise,
increasing from 33,993 in the third quarter to 34,064 in the fourth. Within the region, the
number of TA recipients increased in Sullivan (164), Ulster (120), Rockland (53) and
Westchester (35), and decreased in Orange (187), Dutchess (98) and Putnam (16). The largest
percentage change occurred in Putnam County at negative 9.82 percent. Over the same threemonth period, total TA expenditures fell 2.23 percent from $14.30 million per month in the third
quarter to $13.98 million per month in the fourth. The average monthly per-person SNA and FA
benefits were $458.00 and $370.00, respectively down from $476.00 and $380.00 in the previous
quarter. Region-wide, Sullivan County is the most dependent on monthly TA benefits at one out
of every 35.9 persons, followed by Ulster and Orange counties at one out of every 49.5 persons
and one out of every 51.6 persons, respectively. Putnam County is the least dependent at one out
of every 678.2 persons followed by Dutchess, Rockland and Westchester counties at one out of
every 101.0 persons, one out of every 90.2 persons and one out of every 65.9 persons, respectively.
The market for single-family homes continues to favor buyers. Year over year, median
housing values declined in Dutchess (13.33 percent), Westchester (9.13 percent), Rockland (8.47
percent), Ulster (6.05 percent) and Orange (3.05 percent). Over the same 12-month period,
median housing values fell 6.78 percent in New York State and 4.67 percent nationwide.
Contrary to trend, median housing values increased in both Sullivan and Putnam counties at
31.25 percent and 2.25, respectively. Region-wide, the year-over-year sales volume was flat at
2,500; sales activity increased in Rockland (44), Putnam (30) and Orange (12) and fell in
Westchester (45), Ulster (28), Sullivan (9) and Dutchess (4). Over the same period, sales
volume advanced 5.38 percent in New York State and 2.98 percent nationwide. Overall, current
housing values remain well below the peak valuations witnessed during the housing boom with
multiple year-over-year declines the norm.
The persistent uncertainty in the market for single-family homes in concert with weak
economic growth continues to place pressure on the demand for new single-family housing. For
the full year 2011, the demand for single-family construction permits fell 47.00 percent from
1,525 construction permits with an average cost of $238,590 per permit during 2010 to 809
construction permits with an average cost of $371,400 per permit during 2011. Year over year,
total construction costs fell $63.41 million from $363.85 million in 2010 to $300.46 in 2011. For
the period, Orange County issued the largest number of single-family permits at 257, followed
by Westchester and Dutchess counties at 182 and 109, respectively. Ulster County issued the
least at 43. The largest year-over-year declines occurred in Orange and Sullivan counties at 214
and 114, respectively.
In contrast, the demand for multifamily permits posted a year-over-year increase from
100 multifamily permits with 1,100 units during the full year 2010 to 106 multifamily with 1,106
units during the full year 2011. Year over year, the total budgeted construction cost advanced
2.77 percent ($2.38 million), from $86.03 million in 2010 to $88.41 million in 2011. The average
cost per unit advanced 11.26 percent ($8,806) from $78,211 per unit in 2010 to $87,017 in 2011.
Hudson Valley Labor Force
Employment and the labor force post
year-over-year declines
Employment
Labor Force
Region-wide, labor-force participation posted a year-over-year decline of .71 percent
(7,900) from 1,121,900 participants in the fourth quarter of 2010 to 1,114,000 participants in the
fourth quarter of 2011. As of the fourth quarter, 61 percent (677,100) of the total regional labor
force resided in the lower Hudson Valley—Putnam, Rockland and Westchester—and 39
percent (436,900) in the
Employment and Labor Force Participation in the Hudson Valley:
upper Hudson Valley—
Data : NYS Department of Labor
1,140,000
1,200,000
Dutchess, Orange, Sullivan
and Ulster counties.
1,120,000
1,180,000
Overall, the upper Hudson
1,100,000
1,160,000
Valley witnessed the
1,080,000
1,140,000
largest-level decline in labor
force participation at 5,500
1,060,000
1,120,000
participants compared to
1,040,000
1,100,000
2,400 in the lower Hudson
Labor
Force
1,020,000
1,080,000
Valley. By county, Sullivan
Employment
witnessed the largest
1,000,000
1,060,000
relative decline at 1.44
percent followed by
Dutchess, Orange and
Ulster at 1.26 percent, 1.25 percent and 1.11 percent, respectively. Labor force participation fell
0.41 percent in Westchester
Employment and Labor Force Participation
County, 0.29 percent in
Data: NYS Department of Labor
20000
Rockland County and 0.12
percent in Putnam County.
10000
Over the same 12-month
0
period, labor force
-10000
participation in New York
-20000
State declined 0.35 percent
Year-Over-Year
-30000
(33,000) from 9.58 million
Change in
Employment
in the fourth quarter of 2010 -40000
Year-Over-Year
to 9.55 million in the fourth -50000
Change in the
Labor Force
quarter of 2011; in contrast,
-60000
participation in the national
labor force posted a slight
increase at.11 percent
(172,000) from 153.79
million in the fourth quarter of 2010 to 153.96 million in the fourth quarter of 2011.
Year over year, regional employment posted a 0.12 percent (1,240) decline, falling from
1,040,473 in the fourth quarter of 2010 to 1,039,233 in the fourth quarter of 2011. Employment
increased in the lower Hudson Valley (1,774) from 632,726 to 634,500, while employment in the
upper Hudson Valley declined (3,014) from 407,747 to 404,733. Because the number of persons
in the regional labor force fell (7,900) by more than the reduction in employment (1,240), the
2011-11
2011-07
2011-03
2010-11
2010-07
2010-03
2009-11
2009-07
2009-03
2008-11
2008-07
2011-11
2011-07
2011-03
2010-11
2010-07
2010-03
2009-11
2009-07
2009-03
2008-11
2008-07
Page 1 of 9
regional unemployment rate posted a year-over-year decline of 0.55 percentage points, from 7.26
percent to 6.71 percent. Within the region, the unemployment rate fell 0.60 percent in the lower
Hudson Valley and 0.47 percent in the upper Hudson Valley. Over the same period, employment
in New York State fell (1,240) from 8.788 million in the fourth quarter of 2010 to 8.787 million in
the fourth quarter of 2011: nationwide employment advanced 1.07 percent (1.49 million) from
139.076 million in the fourth quarter of 2010 to 140.567 million in the fourth quarter of 2011.
Region-wide, employment and labor force participation peaked in July of 2008—11
months after the start of the Great Recession—at 1,130,800 and 1,191,800, respectively and
reached post-recession lows in February (employment, 1,025,800) and April ( labor force,
1,107,100) of 2011. From peak to trough, regional employment contracted 9.29 percent (105,000)
while the labor force contracted 7.11 percent (84,700). Relative to the trough, fourth-quarter
employment was up 1.30 percent (13,400) while labor force participation increased .62 percent
(6,900); relative to peak, fourth-quarter employment and labor force participation were down
8.10 percent (91,600) and 6.53 percent (77,800), respectively.
Nonfarm Employment by Place of Work1
Year over year, employers in the Hudson Valley added 3,367 jobs.
Employment in the private sector increased 4,867.
Public-sector employment fell 1,500
Over the 12-month period ending in the fourth quarter of 2011, the regional job count
advanced 0.37 percent
from 899,133 in the fourth
Change in Employment 2010.4 to 2011.4
Data: NYS Department of Labor CES series
quarter of 2010 to 902,500
-4000
-2000
0
2000
4000
6000
in the fourth quarter of
Natural
Resources,
Mining
and
Construction
-900
2011; the private-sector
Manufacturing
-1100
job count increased 0.67
Trade, Transportation and Utilities
1467
Information
percent from 730,767 to
-433
Financial Activities
1000
735,633 while the job
Professional and Business Services
-633
count in the public sector
Education and Health Services
4933
Leisure and Hospitality
400
fell 0.89 percent from
Other Services
133
168,367 to 166,867. As of
Government
-1500
the fourth quarter, one
Total (Nonfarm)
3367
Total Private
4867
out of every 5.4 jobs in the
Service-Providing
5366
Hudson Valley was in the
Goods-Producing
-2000
public sector compared to
one out of every 5.3 in the
fourth quarter of 2010.
Year over year, the private-sector job count advanced in education and health (4,933), trade,
transportation and utilities (1,467), financial activities (1,000) and leisure and hospitality (400).
Employment continued to decline in manufacturing (1,100), natural resources, mining and
construction (900), professional and business services (633) and information (433). Public-sector
employment fell (1,500).
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.
Page 2 of 9
Within the Hudson Valley, the total job count advanced in the Rockland-WestchesterPutnam, NY, MSA and fell in the Poughkeepsie-Newburgh-Middletown, NY, MSA (Dutchess
and Orange counties), the Kingston, NY, MSA (Ulster County) and Sullivan County.
In the Rockland-Westchester-Putnam, NY, MSA, the overall job count advanced
(4,800) from 559,800 in the fourth quarter of 2010 to 564,600 in the fourth quarter of 2011. For
the period, the private-sector job count advanced (5,333); the job count in the public sector fell
(533). Job gains were recorded in the education and
health sector (5,367), the leisure and hospitality sector
(1,367), the financial activities sector (1,100) and the
trade, transportation and utilities sector (500). Over
The regional job count peaked in the
the same period, the private-sector job count declined
third quarter of 2008 at 925,467 and
in the professional and business services sector
reached a post-recession low in the first
(1,200), the natural resources, mining and
quarter of 2010 at 867,733. From peak to
construction sector (1,100), the manufacturing sector
trough, the private-sector job count fell
(667) and the information sector (267). The job count
58,800 while the public sector added
declined (433) in the local government sector; local
1,067 jobs. As of the fourth quarter, the
education shed (800). In the Poughkeepsieregion has recaptured 60 percent
Newburgh-Middletown, NY, MSA (Dutchess and
(34,767) of all jobs lost between peak the
Orange counties), the overall job count fell (1,067)
trough.
from 252,300 in the fourth quarter of 2010 to 251,233
in the fourth quarter of 2011. For the period, the
private-sector job count fell (633) while the job count
in the public sector declined (433). Job gains were
recorded in the trade, transportation and utilities sector (767), the professional and business
services sector (400) and the natural resources, mining and construction sector (167). The job
count declined in the leisure and hospitality sector (1,067), the manufacturing sector (333), the
education and health sector (300), the information sector (167) and the financial activities sector
(33). Local government shed 333 jobs; the job count in local education declined 100. In the
Kingston, NY, MSA (Ulster County), the overall job count fell (267) from 61,433 in the fourth
quarter of 2010 to 61,167 in the fourth quarter of 2011. For the period, the private-sector job count
advanced (67) while the public-sector job count fell (333). Job gains were recorded in the trade,
transportation and utilities sector (200), the leisure and hospitality sector (200), the professional
and business services sector (167) and the natural resources, mining and construction sector (33).
The job count declined in the education and health sector (233), the manufacturing sector (100)
and the financial activities sector (67). Employment in the information sector was unchanged.
The job count declined (433) in the local government sector; local education shed (367) jobs. In
Sullivan County the overall job count declined (100). Of this total, the public sector shed (200)
jobs; the private sector added (100) jobs.
The regional job count peaked in the third quarter of 2008 at 925,467 and reached a
post-recession low in the first quarter of 2010 at 867,733. From peak to trough, the private-sector
job count fell 58,800 while the public sector added 1,067 jobs. As of the fourth quarter, the region
has recaptured 60 percent (34,767) of all jobs lost since the peak and has risen 3.76 percent
above the trough. The sectors that rebounded the fastest are health and education at 9,967,
trade, transportation and utilities (9,467), leisure and hospitality (8,300) and professional and
business services (5,967). The only sector to record a net job gain relative to peak is the health
and education sector at 19,933. Two significant developments are the loss of jobs in the
information sector (2,800 since the peak/700 since the trough) and the continued movement
Page 3 of 9
away from manufacturing employment. As of the fourth quarter of 2011, the job count in the
manufacturing sector had fallen 16.17 percent (9,300) below the peak and 2.02 percent (1,133)
below the post-recession trough. This stands in contrast with the national trend; nationwide
manufacturing employment has risen 4.23 percent above the trough, adding 481,000 new jobs:
24.60 percent of all jobs lost during the Great Recession. As of the fourth quarter, manufacturing
accounted for 5.43 percent of all jobs compared to 5.22 percent in New York State and 9.00
percent nationwide.
Third-Quarter 2011 Average Weekly Wages2
Private- and public-sector wages post
year-over-year increases.
Year over year, the Average Weekly Wage (AWW) in the private sector—valued in
current dollars—advanced in every
Average Weekly Wages
county in the Hudson Valley region,
Source: New York State Department of Labor
with Sullivan County posting the
PublicPrivateGoodsServicehighest percentage increase at 8.48
Sector
Sector
Producing
Providing
Dutchess
percent, followed by Ulster and
2008.Q3
$846
$1,443
$693
$937
Rockland counties at 6.17 percent and
2009.Q3
$873
$1,559
$720
$954
2010.Q3
$873
$1,524
$736
$971
5.76 percent, respectively. The smallest
2011.Q3
$909
$1,596
$763
$1,011
year-over-year increase occurred in
Orange
Putnam County at 2.52 percent. Within 2008.Q3
$666
$834
$644
$908
2009.Q3
$677
$838
$658
$957
the goods-producing industries
2010.Q3
$693
$863
$674
$993
(manufacturing, construction and
2011.Q3
$722
$890
$704
$1,024
Putnam
mining), the AWW increased
$777
$998
$727
$996
throughout the upper Hudson Valley— 2008.Q3
2009.Q3
$821
$1,146
$752
$947
Dutchess, Orange, Ulster and Sullivan.
2010.Q3
$817
$1,042
$772
$1,017
2011.Q3
$837
$1,011
$804
$1,166
Among these counties, Dutchess
Rockland
recorded the largest year-over-year
2008.Q3
$893
$1,280
$806
$965
2009.Q3
$876
$1,276
$793
$949
increase at 4.67 percent followed by
2010.Q3
$912
$1,364
$826
$997
Ulster (3.53 percent), Orange (3.15
2011.Q3
$965
$1,357
$895
$1,033
percent) and Sullivan (2.95 percent).
Sullivan
2008.Q3
$560
$669
$544
$782
Across the lower Hudson Valley—
2009.Q3
$590
$668
$580
$808
Westchester, Rockland and Putnam—
2010.Q3
$573
$678
$562
$839
2011.Q3
$622
$698
$614
$881
the AWW increased in Westchester
Ulster
County (4.69 percent) and fell in both
2008.Q3
$605
$822
$571
$859
Putnam (2.94 percent) and Rockland
2009.Q3
$604
$808
$576
$861
2010.Q3
$612
$830
$580
$915
(.53 percent) counties. As is typically
2011.Q3
$649
$859
$620
$949
the case, the highest AWW paid in the
Westchester
2008.Q3
$1,092
$1,368
$1,052
$1,142
goods-producing industries during the
2009.Q3
$1,058
$1,357
$1,021
$1,094
third quarter of 2011 was paid in
2010.Q3
$1,091
$1,364
$1,059
$1,197
Dutchess County at $1,596 followed by
2011.Q3
$1,138
$1,428
$1,105
$1,204
Westchester County at $1,428.
2
Average weekly wage data was secured through a special request to the New York State Department of Labor.
Page 4 of 9
Within the private service-providing industries, the AWW advanced throughout the
region. Sullivan County recorded the largest year-over-year increase at 9.30 percent followed by
Rockland (8.36 percent), Ulster (6.96 percent), Orange (4.40 percent), Westchester (4.33
percent), Putnam (4.41 percent) and Dutchess (3.72 percent). Within these industries,
Westchester paid the highest—third quarter 2011—AWW ($1,105) followed by Rockland ($895).
Year over year, the AWW in the public sector advanced in every county in the Hudson
Valley region, with Putnam County recording the largest year-over-year advance at 14.64 percent,
followed by Sullivan (4.98 percent) and Dutchess (4.17 percent). Westchester and Orange
counties posted the smallest year-over-year increases at .61 percent and 3.12 percent, respectively.
Throughout the region, the AWW paid in the public sector exceeded the AWW paid in the
private sector and in all but three counties—Dutchess, Westchester and Rockland—exceeded the
AWW paid in the traditionally high-wage, goods-producing sector.
Monthly Income Maintenance Benefits (Social Assistance)
Quarter over quarter, social assistance increases
Number of Monthy Recipients
Quarter over Quarter Change
Quarter over quarter, the number of Hudson Valley residents who received monthly
food-stamp benefits advanced 1.81 percent (3,912), from 216,094 in the third quarter of 2011 to
220,007 in the fourth
Change in the Average Number of Monthly
quarter .Each county
Food Stamp Recipients: Quarterly Data
12000
250,000
experienced an increase,
with Rockland County
10000
200,000
experiencing the largest8000
level increase at 1,401
150,000
followed by Westchester
6000
(976), Orange (954),
4000
100,000
Sullivan (397), Ulster
2000
(107), Putnam (67) and
50,000
Dutchess (10). The largest
0
percentage increase
0
-2000
occurred in Sullivan
County at 3.53 percent
followed by Rockland
County at 3.48 percent. In
New York State the number of food-stamp recipients posted a .37 percent (11,152) quarter-overquarter increase.
Food-stamp expenditures increased 2.29 percent from $30.8 million per month in the
third quarter to $31.5 million per month in the fourth quarter. The average monthly benefit
increased from $142.70 per recipient to $143.37 per recipient. In New York State, food-stamp
expenditures increased 1.71 percent from $149.22 per recipient per month in the third quarter to
$151.22 per recipient per month in the fourth.
By county, Sullivan was the most dependent on food-stamp benefits at one out of every
6.7 persons, followed by Rockland, Orange and Ulster counties at one out of every 7.5 per
persons, one out of every 8.3 per persons and one out of every 9.0 persons, respectively. Putnam
County was the least dependent at one out of every 46.1 persons, followed by Dutchess County
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
Page 5 of 9
at one out of every 13.1 persons and Westchester County at one out of every 12.45 persons. In
New York State, one out of every 6.4 persons received food-stamp benefits in the fourth quarter
of 2011.
Year over year, the number of monthly food-stamp recipients in the Hudson Valley
increased 7.49 percent, down relative to the 12.59 percent increase over the one-year period
ending in September of 2011. In New York State, the number of monthly food-stamp recipients
posted a year-over-year increase of 4.00 percent, down relative to the 5.93 percent increase
witnessed over the one-year period ending in September of 2011.
Across the Hudson Valley, the number of residents
who received monthly Temporary Assistance (TA)
benefits—which includes Family Assistance (FA)3 and
As of the fourth quarter of 2011:
Safety Net Assistance (SNA)4—increased from 33,993 in
one out of every 10.4 persons in the
the third quarter of 2011 to 34,064 in the fourth quarter.
Within the region, the number of TA recipients increased
Hudson Valley received foodin Sullivan (164), Ulster (120), Rockland (53) and
stamp benefits; one out of every 67
Westchester (35), and decreased in Orange (187), Dutchess
received temporary assistance
(98) and Putnam (16). The largest percentage change
benefits and one out of every 29
occurred in Putnam County at negative 9.82 percent. Over
received home-energy assistance. the same three-month period, total TA expenditures fell
2.23 percent from $14.30 million per month in the third
quarter to $13.98 million per month in the fourth. The
average monthly per-person SNA and FA benefits were
$458.00 and $370.00, respectively down from $476.00 and $380.00 in the third quarter. Within
the region, Sullivan County is the most dependent on monthly TA benefits at one out of every
35.9 persons, followed by Ulster and Orange counties at one out of every 49.5 persons and one
out of every 51.6 persons, respectively. Putnam County is the least dependent at one out of every
678.2 persons, followed by Dutchess, Rockland and Westchester counties at one out of every
101.0 persons, one out of every 90.2 persons and one out of every 65.9 persons, respectively. Year
over year, TA recipients increased 3.29 percent from 32,980 persons per month in the fourth
quarter of 2010 to 34,064 persons in the fourth quarter of 2011. Over the same one-year period,
the monthly expenditure for TA increased 4.87 percent from $13.33 million per month to $13.98
million per month.
Quarter over quarter, the number of Hudson Valley residents who received home energy
assistance5 decreased 30.12 percent from 112,737 persons per month in the third quarter of 2011
to 78,776 persons in the fourth quarter. The average benefit paid in the fourth quarter was
$45.52 per recipient per month, down from $126.61 per recipient per month in the third quarter.
Within the region, the number of home energy recipients increased in Westchester (398) and
decreased in Orange (10,000), Ulster (9,468), Dutchess (5,731), Sullivan (5,507), Rockland
(2,883) and Putnam (769). The largest percentage decrease occurred in Sullivan County at
negative 54.99 percent. Over the same three-month period, home energy expenditures decreased
74.88 percent from $42.8 million per month in the third quarter to $10.8 million per month in
the fourth quarter.
3
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.
4
Safety Net Assistance has a lifetime limit of two years.
5
The Home Energy Assistance Program (HEAP) is a federally funded program that helps low-income households pay for the cost of home
heating and the repair and replacement of home heating equipment.
Page 6 of 9
Home Sales, Prices and Building Permits
Home prices continue to decline while
sales volume posts a year-over-year increase.
The market for single-family homes continues to favor buyers. Year over year, median
housing values declined in Dutchess (13.33 percent), Westchester (9.13 percent), Rockland (8.47
percent), Ulster (6.05 percent) and Orange (3.05 percent). Over the same 12-month period,
housing values fell 6.78 percent in New York State and 4.67 percent nationwide. Contrary to
trend, median
Year-over-Year Change in the Median Selling Price of a Single-Family Home: NAR
Fourth Quarter Dutchess
Orange
Putnam Rockland Sullivan
Ulster
Westchester
housing values
2007
-$13,552
$9,500 -$40,000
$5,000 -$21,016
$0
$30,000
increased in
2008
-$35,000 -$52,000 -$30,000 -$47,500
-$9,000 -$25,000
-$71,000
both Sullivan
2009
-$15,100 -$14,500 -$20,000 -$17,500 -$21,420
-$4,356
-$9,000
and Putnam
2010
$7,600
-$2,800 -$18,500 -$10,750
-$5,080
-$2,769
$17,750
2011
-$37,000
-$7,700
$7,000 -$34,250
$37,500 -$12,875
-$52,750
counties at 31.25
percent and 2.25, respectively. Region-wide, the year-over-year sales volume was flat at 2,500.
By county, sales activity increased in
Rockland (44), Putnam (30) and Orange (12)
while sales volume fell in Westchester (45),
Ulster (28), Sullivan (9) and Dutchess (4).
Putnam County recorded the largest yearover- year percentage change at 22.06 percent.
Median Selling Price of a Single-Family Home: NAR
County
Dutchess
Peak
Date
Peak Median
Price
2006.Q3
$360,000
4th Qt
Median Price
%
Change
$240,500
-33.19%
Over the same period, sales volume
Orange
2007.Q3
$330,000
$245,000 -25.76%
advanced 5.38 percent in New York State
Putnam
2006.Q2
$435,777
$318,500 -26.91%
and 2.98 percent nationwide. Overall,
Rockland
2005.Q3
$529,950
$370,000 -30.18%
current housing values remain well below
Sullivan
2007.Q2
$187,500
$157,500 -16.00%
the peak valuations witnessed during the
Ulster
2007.Q3
$265,000
$200,000 -24.53%
housing boom, with multiple year-overyear declines the norm.
Westchester 2007.Q3
$730,000
$525,000 -28.08%
The persistent uncertainty in the
market for single-family homes in
Single- Family Housing Permits: U.S. Census Bureau: Preliminary Numbers
concert with tight credit and
January-December 2011*
January-December 2010
prolonged weak economic
Area
Permits
Construction Costs
Permits
Construction Costs
growth continues to place
Dutchess
109
$37,587,644
336
$70,796,270
pressure on the demand for new
Orange
257
$48,290,404
471
$76,839,160
housing. For the full year 2011,
Putnam
53
$16,593,562
74
$26,016,574
the demand for single-family
construction permits fell 47.00
Rockland
93
$22,228,836
99
$28,626,130
percent from 1,525 construction
Sullivan
72
$13,967,447
216
$33,868,437
permits with an average cost of
Ulster
43
$12,172,000
154
$32,364,485
$238,590 per permit during 2010
Westchester
182
$149,617,293
175
$95,343,573
to 809 construction permits with
Hudson Valley
809
$300,457,186
1525
$363,854,629
an average cost of $371,400 per
permit during 2011. Year over year, total construction costs fell $63.41 million from $363.85
million in 2010 to $300.46 million in 2011. For the period, Orange County issued the largest
Page 7 of 9
number of single-family permits at 257, followed by Westchester and Dutchess counties at 182
and 109, respectively. Ulster County issued the least at 43. The largest year-over-year declines
occurred in Orange and Sullivan counties at 214, and 114, respectively.
In contrast, the demand for multifamily permits posted a year-over-year increase from
100 multifamily permits with 1,100 units during the full year 2010 to 106 multifamily with 1,106
units during the full year 2011. Year over year, the total budgeted construction cost advanced
2.77 percent ($2.38 million), from $86.03 million in 2010 to $88.41 million in 2011. The average
cost per unit advanced 11.26 percent ($8,806) from $78,211 per unit in 2010 to $87,017 in 2011.
Multifamily Construction Permits January - December 2011:
Source: U.S. Census Bureau: Preliminary Numbers
County
Town/Village
Dutchess/Orange
Total Putnam
Total Rockland
Total
Sullivan
Kiryas Joel Village
Montgomery Town
Montgomery Village
New Windsor Town
Newburgh Town
Wallkill Town
Patterson Town
Southeast Town
Kaser Village
New Square Village
Ramapo Town
Spring Valley Village
Number of
Units
Value of
Construction
Permit
Average
Construction Cost
per Unit
6
2
13
13
2
3
39
45
4
70
174
4
30
327
$5,110,714
$1,360,000
$3,572,912
$17,663,401
$360,000
$2,600,000
$30,667,027
2
1
3
10
2
12
$608,334
$112,500
$720,834
2
3
17
5
27
8
9
75
10
102
$765,774
$1,180,000
$6,749,543
$1,550,000
$10,245,317
Fallsburg Town
8
8
16
16
$648,755
$648,755
Esopus Town
1
1
2
2
$220,000
$220,000
4
13
1
1
1
1
1
6
28
92
350
3
2
2
2
4
102
557
$6,310,400
$22,147,144
$1,500,000
$143,574
$200,000
$240,000
$666,667
$14,700,000
$45,907,785
$113,571
$340,000
$51,042
$101,514
$90,000
$86,667
$93,783
$60,833
$56,250
$60,070
$95,722
$131,111
$89,994
$155,000
$100,444
Total
Ulster
$40,547
$40,547
Total
Westchester
$110,000
$110,000
Cortlandt Town
Greenburgh Town
Irvington Village
Mount Vernon
Port Chester Village
Tuckahoe Village
White Plains
Yonkers
Total
Number of
Buildings
$68,591
$63,278
$500,000
$71,787
$100,000
$120,000
$166,667
$144,118
$82,420
Page 8 of 9
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 0.75 percent, from $310.4 million in
the fourth quarter of 2010 to $312.7 million in the fourth quarter of 2011. The largest year-overyear dollar increase occurred in Orange County at $5.2 million (9 percent), followed by
Dutchess and Westchester counties at $4.29 million and $4.28 million, respectively.
Quarterly Sales Tax Collection
2011.Q4 2010.Q4
2009.Q4
2008.Q4
2007.Q4 2006.Q4
Dutchess
$42,750,589
$38,461,604
$35,823,532
$37,116,802
$38,967,669
$37,663,175
Orange
$62,844,059
$57,657,798
$53,678,119
$53,364,174
$58,670,749
$56,537,450
Putnam
$12,491,265
$11,704,923
$11,981,110
$12,654,272
$10,569,009
Rockland
$13,003,622
$42,666,628
$43,370,842
$40,009,770
$40,678,402
$44,625,000
$40,770,145
Sullivan
$8,155,200
$7,659,613
$7,288,228
$8,226,786
$9,007,987
$7,810,861
$26,748,722
$24,437,806
$22,502,568
$23,594,487
$25,537,784
$24,719,947
Westchester
$116,530,415
$112,253,226
$104,366,233
$108,470,561
$118,255,477
$111,390,044
Hudson Valley
$312,699,236
$310,373,142
$288,137,380
$296,511,759
$322,363,655
$303,722,003
Ulster
Page 9 of 9