ECONOMIC REPORT
of the
HUDSON VALLEY
First Quarter 2011
MARIST COLLEGE
Dr. Christy Huebner Caridi
Bureau of Economic Research
School of Management
Poughkeepsie, New York 12601
Edited by Leslie Bates
June 2011
This report is available on the Bureau of Economic Research homepage at
http://www.marist.edu/management/bureau
The support of research assistant Haley Hart and Heather Iori
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
Two years into the national recovery, the economy is weak and becoming weaker with
each passing day. Real GDP growth is below trend – annualized rate of 1.8 percent, the
unemployment rate remains above the “natural” rate, private-sector job creation is barely keeping
pace with the reduction in public-sector jobs and the housing market continues to negatively
impact consumer sentiment. Further, weak income growth in concert with increased fuel costs
has negatively impacted retail sales growth; retail sales began to decelerate in the 1st quarter. The
direct consequence of this nascent trend is a slowdown in the trade, transportation and utilities
sector, an important albeit low-wage employer. The secondary consequence – in a consumerdriven economy – is a further decline in economic growth.
Whether the above factors have moved the economy into a double-dip recession or are
simply a harbinger of sustained substandard growth cannot be determined at this time. One of
the more important factors is the labor market. The longer the economy remains on a slowgrowth track, the stronger the possibility that the labor market may never fully recover. The
result will be a permanent increase in the level of joblessness. This pool of the ‘structurally
unemployed’ will place an increasing burden on social assistance at the exact time the
government sector is attempting to rein in public welfare programs. The long-term result will be
a permanent decline in economic growth and the creation of a permanent underclass. Pieces of
this puzzle have already begun to fall into place. Since the 1991 recession, jobless recoveries have
become the norm, long-term joblessness is on the rise and an increasing number of persons have
left the labor force.
Region-wide, employment and labor-force participation reached a near-term peak in the
3rd quarter of 2008. Since that time, labor-force participation and employment have fallen 7.06
percent (84,100) and 8.68 percent (98,100), respectively. Year-over-year, labor-force participation
in the Hudson Valley fell 1.16 percent from 1,126,059 in the 1st quarter of 2010 to 1,112,984 in the 1st
quarter of 2011. Over the same one-year period, employment declined .53 percent from 1,033,239
to 1,027,802.Because the number of persons in the labor force fell (13,075) by more than the
reduction in employment (5,437), the unemployment rate declined .59 percentage points from
8.24 percent to 7.65 percent. The decline in the labor force is an important event that is national
in scope. Between July of 2008 and April of the current year, the national labor market
participation rate declined from 66.00 percent to 64.20 percent. Factors that have contributed to
this trend include but are not limited to: early retirement from public- and private-sector
employment, retraining, the pursuit of higher education, discouraged workers and disability.
Job creation within the Hudson Valley remains mixed. The year-over-year decline in
public-sector employment at 4,700 all but eliminated the positive impact from private-sector job
creation (4,900). Over the 12-month period ending in March of 2011, the region-wide job-count
advanced in the professional and business services sector (2,800), the education and health sector
(2,300), the leisure and hospitality sector (1,700), and the trade, transportation and utilities
sector. Of the above-named sectors, only two have posted positive post-recession employment
growth: the education and health services sector and the professional and business services
sector at 8,100 and 1,900, respectively. Employment continues to fall in manufacturing (1,200),
financial activities (700) and information (500). Within the region, year-over-year employment
advanced (1,000) in the Rockland-Westchester-Putnam, NY, MSA; declined (1,000) in the
Poughkeepsie-Newburgh-Middletown, NY, M.S.A. (Dutchess and Orange counties), advanced
(200) in the Kingston, NY, MSA (Ulster County) and was unchanged in Sullivan County.
The Average Weekly Wage (AWW) paid in the nonfarm sector advanced between the
4th quarter of 2009 and the 4th quarter of 2010 (latest numbers). The largest percentage increase
in nonfarm wages occurred in Rockland County at 5.07 percent. Putnam County posted the
smallest increase at 1.42 percent. The AWW in the public sector advanced region-wide.
Rockland County posted the highest increase at 8.72 percent, followed by Orange and Sullivan
counties at 6.41 percent and 3.21 percent, respectively. The smallest increase in public-sector
wages occurred in Ulster County at 1.59 percent. The AWW paid in the traditionally high-wage,
goods-producing sector (manufacturing, construction and mining) was a mixed picture. The
wage increased in Rockland (7.50 percent), Westchester (4.77 percent), Orange (2.97 percent),
Dutchess (2.70 percent) and Ulster (0.33 percent), and decreased in Putnam (1.88 percent), and
Sullivan (2.43 percent). The highest AWW in the goods-producing industries occurred in
Westchester and Dutchess counties at $1,736 and $1,676, respectively. Across the region and on
average, for every one dollar paid in the goods-producing industries, $.60 is paid in the serviceproviding industries. An important exception is Westchester County. Westchester’s service
sector is heavily weighted in top-tier service-sector jobs and as a direct consequence the wage
premium paid in the goods-producing sector is approximately one half ($.30) of the average
regional wage premium.
The household budget continues to be negatively impacted by the rising price of
necessities, slow job growth and long-term unemployment and underemployment. The
consequence has been an increase in the number of households dependent on food stamps,
temporary assistance and home-heating assistance. As of the 1st quarter of 2011, 204,667
residents of the Hudson Valley were receiving monthly food-stamp benefits compared to 198,312
persons in the 4th quarter of 2010. This translates to one out of every 11 persons in the region.
Year-over-year, the number of monthly food-stamp recipients increased 15.47 percent. The
number of persons who received monthly Temporary Assistance (TA) benefits – which includes
Family Assistance (FA) and Safety Net Assistance (SNA) – increased from 32,980 persons in the
4th quarter of 2010 to 33,167 persons in the 1st quarter of 2011. Year-over-year, the number of
monthly TA recipients advanced 5.20 percent. Over the same one-year period, the monthly
expenditure for TA increased $0.80 million, from $13.40 million per month in the 1st quarter of
2010 to $14.20 million per month in the 1st quarter of 2011. During the 1st quarter of 2011, the
average monthly per-person SNA and FA benefits were $493.00 and $369.16, respectively. Safety
Net Assistance is the more costly of the two programs at 54.13 percent of total TA expenditures;
FA serves the largest number of persons.
Foreclosures, tougher credit standards and the weakness of the current economic
recovery continue to impact the market for new and existing homes. Another important factor is
the uncertainty surrounding the existing and potential inventory of bank-owned properties –
whether the properties be adequately maintained, and when they will be brought to market. The
overall number of foreclosures is down relative to the early months of the housing crisis but
remain at historical highs. During the 1st quarter of 2011, lenders filed 1,031 preforeclosure
notices, 91 homes were auctioned and bank-owned property (REO) increased by 139. Home
sales posted a year-over-year increase of 1.75 percent; the median selling price remained well
below peak evaluations. The average postcrisis decline: 25 percent. Housing experts anticipate
further weakness.
The market for new single-family homes posted a year-over-year decline from 206 in the
st
1 quarter of 2010 to 165 in the 1st quarter of 2011; the demand for multifamily units increased
from 21 to 33. As of the 1st quarter, the largest multifamily construction project in the region is a
$13.50 million, 1-building/92-unit complex in Yorktown in Westchester County. Revised data
for 2010 revealed a 12.30 percent year-over-year increase in the demand for single-family housing
permits from 1,358 permits in 2009 to 1,525 permits in 2010. Over the same one-year period, the
demand for multifamily construction permits increased from a total of 60 building (528 housing
units) to 100 building (1,100 housing units).
Orange County experienced the largest increase in the number of single-family permits
at 112, followed by Putnam County (37), Dutchess County (24) and Rockland County (23).
Single-family permits declined in Ulster (17), Sullivan (10) and Westchester County (2). The
most active places within the region were Wallkill Town in Orange County at 153 single-family
permits, followed by the Town of Fishkill in Dutchess County at 110. The three most important
multiunit projects were a $15.5 million, 30-building/384-unit complex in Newburgh Town in
Orange County, a $9.0 million, 2-building/71-unit complex in Spring Valley Village in Rockland
County and a $9.0 million, 2-building/74-unit complex in Somers Town in Westchester County.
*
Hudson Valley Labor Force
Reduction in labor-force participation drives
the unemployment rate lower
Labor Force
Employment
Year-over-year, labor-force participation in the Hudson Valley fell 1.16 percent from
1,126,059 in the 1st quarter of 2010 to 1,112,984 in the 1st quarter of 2011. Over the same one-year
period,
1,200,000
1,140,000
Employment and labor force
employment
participation peaked in July of 2008
declined .53
1,180,000
1,120,000
percent from
1,033,239 to
1,160,000
1,100,000
1,027,802. Because
the number of
1,140,000
1,080,000
persons in the
labor force fell
1,120,000
1,060,000
Labor Force
(13,075) by more
Employment
than the
1,100,000
1,040,000
reduction in
employment
1,080,000
1,020,000
(5,437), the
unemployment
1,060,000
1,000,000
rate declined .59
2006
2007
2008
2009
2010
2011
percentage points
from 8.24 percent to 7.65 percent. Between the final quarter of 2010 and the 1st quarter of 2011,
labor-force participation declined (8,906), employment fell (12,671) and the unemployment rate
increased .39 percentage points. This decline in unemployment is consistent with trend and can
be explained by seasonal factors.
Region-wide, employment and labor-force participation peaked in July of 2008 at
1,130,800 and 1,191,800, respectively. The
1st
Quarter
unemployment rate was 5.12 percent. Since
Peak
2011
that date, labor-force participation by
Peak
Labor
Labor
%
Hudson Valley residents has fallen 7.06
Date
Force
Force
Change
percent (84,100), and employment has
Dutchess
Jul-06
150,876
140,545
-6.85%
declined 8.68 percent (98,100). As noted
Orange
Jul-08
185,595
175,151
-5.63%
above, the primary driver of the decline in
Putnam
Jul-08
57,967
53,388
-7.90%
the unemployment rate has been the
Rockland
Jul-08
161,644
149,232
-7.68%
reduction in labor-force participation. This
Sullivan
Oct-08
38,119
33,917
-11.02%
phenomenon is national in scope. Between
Jul-08
94,200
87,698
-6.90%
Ulster
July of 2008 and April of the current year, the Westchester
Jul-08
512,028
473,053
-7.61%
national labor market participation rate has
declined from 66.00 percent to 64.20 percent. Factors that have contributed to this trend
Page 1 of 8
include but are not limited to: early retirement from public- and private-sector employment,
retraining, higher education, discouraged workers and disability.
Nonfarm Employment by Place of Work1
Year-over-year, the region added 200 new jobs.
Contraction in the public sector continues to negatively impact regional job growth. The
year-over-year decline in public-sector employment at 4,700 all but eliminated the positive
impact from private-sector job creation (4,900). Over the 12-month period ending in March of
2011, the region-wide job-count advanced in the professional and business services sector (2,800),
the education and health
Year-over-Year Change in Employment
Total Government, sector (2,300), the
4,700
leisure and hospitality
Manufacturing, -1,200
sector (1,700) and the
trade, transportation
Financial Activities, -700
and utilities sector
Information, -500
(300). Of the abovenamed sectors, only two
Trade, Transportation,
and Utilities, 300
have posted positive
Lesiure and Hospitality,
postrecession
1,700
employment growth: the
Education and Health
Services, 2,300
education and health
Professional and
services sector and the
Business Services, 2,800
professional and
Total Private, 4,900
business services sector
at 8,100 and 1,900,
respectively. Employment continues to fall in
manufacturing (1,200), financial activities (700) and
Private-sector job losses sustained
information (500).
between the 4th quarter of 2010
Within the region, year-over-year employment
advanced (1,000) in the Rockland-Westchester-Putnam,
and the 1st quarter of 2011 at
NY, MSA; declined (1,000) in the Poughkeepsie28,700 are seasonal in nature and
Newburgh-Middletown, NY, M.S.A. (Dutchess and
mirror the impact of seasonal
Orange counties), advanced (200) in the Kingston, NY,
factors noted in previous years. As
MSA (Ulster County) and was unchanged in Sullivan
is expected, the preliminary jobCounty.
count for the month of May points
As of the 1st quarter of 2011, the education and
to an uptick in job creation (1st
health services sector was the largest employer in the
quarter through May increase of
region at 21.43 percent of total employment (26.49
percent of total private-sector employment). The second
most important employer was the trade, transportation
1
Current Employment Statistics (CES): survey of sample employers excludes self-employed, agricultural, domestic workers and the
military. Place of Work Series.
Page 2 of 8
and utilities sector at 19.44 percent of total employment (24.03 percent of total private-sector
employment).
Fourth-Quarter 2010 Average Weekly Wages2
Year-over-Year Average Weekly Wages Up
Year-over-year, the Average
Weekly Wage (AWW) in the nonfarm
sector advanced. The largest percentage
increase occurred in Rockland County at
5.07 percent. Putnam County posted the
smallest increase at 1.42 percent. Within
the region, the strongest percentage
advance in public-sector wages occurred
in Rockland County at 8.72 percent,
followed by Orange (6.41 percent) and
Sullivan (4.32 percent). The smallest
year-over-year percentage increase
occurred in Ulster and Putnam counties
at 1.59 percent and 2.22 percent,
respectively. The AWW paid in the
traditionally high-wage, goods-
AWW in the public­sector posts
year­over­year increase
Average Weekly Wages
Nonfarm
GoodsProducing
ServiceProviding
Public
Sector
2008.Q4
$910
$1,545
$733
$963
2009.Q4
$946
$1,632
$765
$1,042
2010.Q4
$973
$1,676
$790
$1,074
2008.Q4
$783
$952
$688
$1,000
2009.Q4
$804
$943
$714
$1,029
2010.Q4
$823
$971
$718
$1,095
$944
$1,137
$849
$1,113
Dutchess
Orange
Putnam
2008.Q4
2009.Q4
$986
$1,171
$873
$1,217
2010.Q4
$1,000
$1,149
$897
$1,244
2008.Q4
$1,004
$1,411
$909
$1,020
2009.Q4
$986
$1,387
$880
$1,066
2010.Q4
$1,036
$1,491
$917
$1,159
Rockland
producing sector (manufacturing,
Sullivan
construction and mining) was a mixed
2008.Q4
$699
$685
$617
picture. The wage increased in Rockland
2009.Q4
$738
$700
$657
(7.50 percent), Westchester (4.77
2010.Q4
$756
$683
$674
percent), Orange (2.97 percent),
Ulster
Dutchess (2.70 percent) and Ulster (0.33
2008.Q4
$728
$890
$607
percent), and decreased in Putnam (1.88
percent) and Sullivan (2.43 percent). As
2009.Q4
$753
$917
$628
is consistent with the geographic
2010.Q4
$773
$920
$644
proximity and strong economic crossWestchester
flows with New York City, the average
2008.Q4
$1,238
$1,598
$1,184
nonfarm sector wage paid in the
2009.Q4
$1,300
$1,657
$1,248
southernmost counties of Rockland and
2010.Q4
$1,334
$1,736
$1,276
Westchester are the highest within the
Hudson Valley region. The highest AWW in the goods-producing industries occurred in
2
Average weekly wage data was secured through a special request to the New York State Department of Labor.
Page 3 of 8
$902
$950
$991
$965
$1,009
$1,025
$1,248
$1,339
$1,382
Westchester and Dutchess counties at $1,736 and $1,676, respectively. Across the region and on
average, for every one dollar paid in the goods-producing industries, $.60 is paid in the serviceproviding industries. An important exception is Westchester County. Westchester’s service
sector is heavily weighted in top-tier service-sector jobs and as a direct consequence the wage
premium paid in the goods-producing sector is approximately one half ($.30) of the average
regional wage premium.
Monthly Income Maintenance Benefits (Social Assistance)
One out of every 11.2 persons in the Hudson Valley was
receiving food-stamp benefits as of the 1st quarter of 2011.
The rate of increase turns positive.
Logarithmic scale
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
The household budget continues to be negatively impacted by the rising price of
necessities, slow job
Average Quarterly Food Stamp Recipients
growth, and long-term
unemployment and
230,000
210,000
underemployment. The
204,667
190,000
consequence: increased
170,000
dependence on food
150,000
130,000
stamps, temporary
110,000
assistance and home90,000
heating assistance. As of
70,000
50,000
the 1st quarter of 2011,
204,667 residents of the
Hudson Valley were
receiving monthly foodstamp benefits compared to 198,312 persons in the 4th quarter of 2010. Year-over-year, the
number of monthly food-stamp recipients has increased 15.47 percent. Statewide, 2.99 million
persons received foodstamp benefits during
Change in the Average Number of Quarterly Food Stamp Recipients
the 1st quarter of 2011; 61
10000
percent of all foodstamp recipients were
residents of NYC.
1000
The number of
Hudson Valley
residents who received
100
monthly Temporary
Assistance (TA) –
which includes Family
Assistance (FA)3 and
Safety Net Assistance (SNA)4 – increased from 32,980 persons in the 4th quarter of 2010 to 33,167
persons in the 1st quarter of 2011. Year-over-year, the number of monthly TA recipients advanced
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
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.
Page 4 of 8
5.20 percent. Over the same one-year period, the monthly expenditure for TA increased $0.80
million, from $13.40 million per month in the 1st quarter of 2010 to $14.20 million per-month in
the 1st quarter of 2011. During the 1st quarter of 2011, the average monthly per-person SNA and FA
benefits were $493.00 and $369.16, respectively. Safety Net Assistance is the more costly of the
two programs at 54.13 percent of total TA expenditures; FA serves the largest number of
persons.
Home Sales, Prices and Building Permits
Home prices show improvement.
Sales volume remains weak.
Year-over-year, the median selling price of an existing single family home was unchanged
in Dutchess and Ulster counties, advanced 12.58 percent in Putnam County and fell 8.76 percent
in Sullivan, 7.72 percent in Westchester and 4.09 percent in Orange. Over the same one-year
period, the median selling price increased 4.99 percent in New York State and fell 4.71 percent
nationwide. Overall sales volume advanced from 1,998 in the 1st quarter of 2010 to 2,033 in the 1st
quarter of 2011. Sales volume was unchanged in Dutchess, Sullivan and Ulster counties, fell 4.64
percent in Westchester
1st Qt
County and advanced
Peak
Peak Median
Median
%
County
Date
Price
Price
Change
12.10 percent in Putnam
County, 10.49 percent in
2006.Q3
$360,000
$255,000
-29.17%
Dutchess
Orange County and
10.43 percent in
2007.Q3
$330,000
$244,500
-25.91%
Orange
Rockland County. Over
2006.Q2
$435,777
$349,000
-19.91%
Putnam
the same 12-month
period, existing home
2005.Q3
$529,950
$389,000
-26.60%
Rockland
sales increased .87
2007.Q2
$187,500
$125,000
-33.33%
Sullivan
percent in New York
State and 14.23 percent
2007.Q3
$265,000
$215,000
-18.87%
Ulster
nationwide.
2007.Q3
$730,000
$552,750
-24.28%
Westchester
Prolonged
uncertainty in the housing market –experts anticipate further declines in value in concert with
tougher credit standards (better credit ratings and
higher down-payments) – and slow job growth
continue to place downward pressure on the demand
In the 1st quarter of 2011, lenders
for new housing. Year-over-year, the demand for
filed 1,031 pre-foreclosure
single-family construction permits fell 30.87 percent
notices, 91 homes were auctioned
from 206 in the 1st quarter of 2010 to 165 in the 1st
and bank-owned property (REO)
quarter of 2011. Over the same one-year period, the
increased by 139. Activity is
demand for single-family construction permits fell
trending
downward but remains
21.84 percent in New York State and 32.13 percent
an important threat to the regional
nationwide. In contrast to the decline in the number
housing market in general and
of single-family housing permits, total construction
economic recovery in particular.
cost increased 64.46 percent in the Hudson Valley,
19.71 percent in New York State and 28.62 percent
Page 5 of 8
nationwide. Total construction cost is estimated at $88.07 million or $540,300 per permit. Perpermit construction costs sans Westchester County is $209,800.Within the region, Orange
County issued the most single-family construction permits (56), followed by Westchester (36)
and Dutchess (22).
During the 1st quarter, 33 multiple-family construction permits were issued compared to
21 in the 1st quarter of 2010. Total construction cost advanced $24.60 million from $16.8 million
in the 1st quarter of 2010 to 41.42 million in the 1st quarter of 2011.The average cost per unit is
$112,800. As of the 1st quarter, the largest construction project in the region is a $13.50 million, 1building/92-unit complex in Yorktown in Westchester County. The average per-unit
construction cost is $146,740.
Annual Housing Permit Revision (2010)
Year-over-year, the demand for single-family
housing permits advanced 12.30 percent.
The annual revised housing construction permit data for 2010 revealed that the number
of single-family construction permits issued in the region recorded a year-over-year increase of
12.30 percent from 1,358 permits in 2009 to 1,525 permits in 2010. Over the same one-year period,
the number of single-family
500
471
construction permits
Single-Family Housing Permits
450
advanced 3.14 percent in
400
New York State and 1.40
359
336
percent in the U.S. Region350
312
wide, construction costs
300
advanced $51.0 million, from
250
2010
216 226
$398.9 million in 2009 to
177
175
200
2009
171
$449.9 million in 2010.
154
150
Orange County experienced
99
the largest increase in the
76
74
100
37
number of single-family
50
permits at 112, followed by
0
Putnam County (37),
Dutchess
Orange
Putnam
Rockland
Sullivan
Ulster Westchester
Dutchess County (24) and
Rockland County (23).
Single-family permits declined in Ulster (17), Sullivan (10) and Westchester County (2). The
most active places within the region were Wallkill Town in Orange County at 153 single-family
permits, followed by the Town of Fishkill in Dutchess County at 110.
Over the same one-year period, the demand for multifamily construction permits
increased from a total of 60 building (528 housing units) to 100 building (1,100 housing units).
Multifamily construction costs advanced $19.7 million from $66.3 million in 2009 to $86.0
million in 2010. Per-unit construction cost fell $47,314 from $125,525 to $78,211. The three most
important multiunit projects were a $15.5 million, 30-building/384-unit complex in Newburgh
Town in Orange County, a $9.0 million, 2-building/71-unit complex in Spring Valley Village in
Page 6 of 8
Rockland County and a $9.0 million, 2-building/74-unit complex in Somers Town in
Westchester County.
Housing Permits 2009-2010
(U.S. Census Bureau)
Single-Family
Year
Dutchess
Orange
Putnam
Rockland
Sullivan
Ulster
Westchester
Hudson
Valley
NYS
U.S.
Blds.
Units
Multiple-Family
Cost
Blds.
Units
Total
Cost
Blds.
Units
Cost
2010
336
336
70,796,270
0
0
0
336
336
70,796,270
2009
312
312
67,279,161
13
3
930,000
315
325
68,209,161
Change
24
24
3,517,109
-13
-3
-930,000
21
11
2,587,109
2010
471
471
76,839,160
49
536
30,738,510
520
1,007
107,577,670
2009
359
359
59,947,700
3
7
559,000
362
366
60,506,700
Change
112
112
16,891,460
46
529
30,179,510
158
641
47,070,970
2010
74
74
26,016,574
2
7
704,167
76
81
26,720,741
2009
37
37
11,688,130
3
19
2,639,060
40
56
14,327,190
Change
37
37
14,328,444
-1
-12
-1,934,893
36
25
12,393,551
2010
99
99
28,626,130
19
195
20,811,697
118
294
49,437,827
2009
76
76
25,541,235
6
81
10,496,250
82
157
36,037,485
Change
23
23
3,084,895
13
114
10,315,447
36
137
13,400,342
2010
216
216
33,868,437
0
0
0
216
216
33,868,437
2009
226
226
35,324,341
10
20
773,026
236
246
36,097,367
Change
-10
-10
-1,455,904
-10
-20
-773,026
-20
-30
-2,228,930
2010
154
154
32,364,485
14
180
10,941,740
168
334
43,306,225
2009
171
171
41,198,745
16
116
7,051,470
187
287
48,250,215
Change
-17
-17
-8,834,260
-2
64
3,890,270
-19
47
-4,943,990
2010
175
175
95,343,573
16
182
22,835,999
191
357
118,179,572
2009
177
177
91,599,493
9
282
43,828,550
186
459
135,428,043
Change
-2
-2
3,744,080
7
-100
-20,992,551
5
-102
-17,248,471
2010
1,525
1,525
363,854,629
100
1,100
86,032,113
1,625
2,625
449,886,742
2009
1,358
1,358
332,578,805
60
528
66,277,356
1,408
1,896
398,856,161
Change
167
167
31,275,824
40
572
19,754,757
217
729
51,030,581
2010
9,959
9,959
2,202,387
9,609
962,894
19,568
3,165,281
2009
9,656
9,656
2,132,075
8,688
930,179
18,344
3,062,254
Change
303
303
70,312
921
32,715
1,224
103,027
2010
447,311
447,311
87,124,237
157,299
14,818,824
604,610
101,943,061
2009
441,148
441,148
82,357,328
141,815
13,052,970
582,963
95,410,298
Change
6,163
6,163
4,766,909
15,484
1,765,854
21,647
6,532,763
0
0
Page 7 of 8
0
0
Sales Tax Collection
Every county in the region experiences a
year-over-year decline in sales tax revenue.
An important indicator of retail sales activity and state and county revenue is
sales tax collection. Year-over-year, total sales tax collection increased 6.10 percent
from $271.5 million in the 1st quarter of 2010 to $288.1 million in the 1st quarter of 2011.
The largest year-over-year dollar increase occurred in Dutchess County at $6.72
Quarterly Sales Tax Collection
Dutchess
Orange
Putnam
Rockland
Sullivan
Ulster
Westchester
Hudson Valley
2011.Q1
2010.Q1
2009.Q1
2008.Q1
2007.Q1
2006.Q1
$39,954,403
$33,237,422
$34,133,431
$34,761,227
$35,412,351
$36,216,291
$54,429,832
$51,822,130
$52,442,111
$53,429,206
$50,788,201
$54,007,070
$11,261,667
$10,639,164
$10,740,232
$12,212,491
$9,776,773
$10,097,563
$42,469,069
$39,637,960
$41,073,424
$44,647,633
$38,990,075
$37,454,110
$7,189,369
$6,934,099
$7,587,668
$7,897,302
$6,810,755
$7,227,046
$23,216,744
$22,423,983
$22,305,160
$23,751,832
$23,285,987
$23,719,612
$109,573,303
$106,834,560
$104,718,131
$118,490,760
$111,123,998
$111,933,893
$288,094,387
$271,529,318
$273,000,157
$295,190,451
$276,188,140
$280,655,585
million (21.21 percent), followed by Rockland County at $2.83 million (7.14 percent).
Ω
Page 8 of 8