ECONOMIC REPORT
of the
HUDSON VALLEY
Third Quarter 2010
MARIST COLLEGE
Dr. Christy Huebner Caridi
Bureau of Economic Research
School of Management
Poughkeepsie, New York 12601
Edited by Leslie Bates
December 2010
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 student research
assistant Serena Bubenheim 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.
Economic Report of the Hudson Valley
The increase in employment and labor force participation witnessed in the 2nd
quarter of 2010 continued into the 3rd quarter. Quarter-over-quarter, employment and
labor force participation advanced 1.12% and 1.36%, respectively. Because labor force
participation grew by more than the increase in the number of jobs, the unemployment
rate advanced .08% from 7.23% in the 2nd quarter of 2010 to 7.31% in the 3rd quarter of
2010. Year-to-date, the number of jobs held by Hudson Valley residents has increased by
51,968 and the number of persons willing and able to work advanced by 4,687. As has
been the case throughout the economic downturn, residents in the Putnam-RocklandWestchester metropolitan statistical area (MSA) (lower Hudson Valley) experienced a
lower rate of joblessness in the 3rd quarter of 2010 when compared to residents in the
upper Hudson Valley. Employment within the Hudson Valley continues to fall.
Between the 2nd and 3rd quarters of 2010, non-farm employment in the Hudson
Valley fell (400) from 919,300 jobs in the 2nd quarter of 2010 to 918,900 in the 3rd quarter.
The decline is explained by an 8,200 reduction in government-sector employment and a
7,800 increase in private-sector employment. Employment in the manufacturing sector
advanced (300). As of the 3rd quarter, employment in the goods-producing industries
accounted for 10.44% of total non-farm employment – up from 10.09% in the 2nd quarter of
2009; service-providing employment fell from 89.89% in the 2nd quarter of 2010 to 89.57%
in the 3rd quarter. Over the same period, employment in the government sector as a share
of total non-farm employment fell from 19.88% to 19.00%. Year-over-year, government- and
service-sector employment as a share of total non-farm employment advanced; goodsproducing as a share of non-farm employment fell.
Since the end of the previous business cycle in December of 2007, the job count in
the Hudson Valley region has declined 6.34% compared to a nationwide decline of 5.51%.
On average, the region has fared better than the overall economy (in the relative job loss) in
the manufacturing, and professional and business services sectors. Both sectors pay aboveaverage weekly wages and are important employers in the Hudson Valley region. In
contrast, the relative job loss in the trade, transportation, and utilities sector and the
leisure and hospitality sector exceeded the relative job loss in the national economy. Of
particular importance is the strong interdependence between unskilled and semi-skilled
workers and the leisure and hospitality sector. Unskilled and semi-skilled workers are
particularly vulnerable to economic downturns and are the least able to retrain and
relocate. As a direct consequence, the greater the concentration of leisure and hospitality
jobs the greater the need for social services to lessen the impact of economic downturns.
Region-wide, during the 2nd quarter 2010, Average Weekly Wage (AWW) in the
non-farm sector advanced relative to the 2nd quarter of 2009. The largest year-over-year
advances occurred in the northernmost counties of Greene and Columbia at 6.98% and
6.65%, respectively. Columbia County experienced a 16.46% year-over-year advance in
the AWW paid in the government sector. Within the Rockland-Westchester-Putnam,
NY MSA, Rockland County experienced an above-average increase in the AWW paid in
the goods-producing industries and the largest percentage increase in government AWW
at 4.15%. Over the balance of the region, the year-over-year increase in the AWW in the
Page 1 of 10
nonfarm sector ranged from a low of 1.04% in Sullivan County to a high of 2.33% in
Dutchess County. As is typically the case, the highest AWW in the non-farm sector was
paid in Westchester County ($1,166), followed by Rockland($954) and
Dutchess($922).The highest AWW in the goods-producing industries was paid in
Dutchess County ($1,565), followed by Westchester ($1,481) and Rockland
($1,316).The highest AWW in the service-providing industries was paid in Westchester
($1,066), Rockland ($822), and Putnam ($744).The AWW in the government sector was
the highest in the three counties that populate the Rockland-Westchester-Putnam, NY
MSA.
In the 3rd quarter of 2010 the number of persons who received food stamp benefits
advanced from one out of every 12.3 in the 2nd quarter of 2010 to one out of every 11.9
persons in the 3rd quarter. However, while the absolute number of persons who received
food stamp benefits increased, the rate of increase is falling. The number of Hudson Valley
residents who received monthly Temporary Assistance (TA) – which includes Family
Assistance (FA) and Safety Net Assistance (SNA) – increased during the 3rd quarter: from
34,050 persons in the 2nd quarter of 2010 to 34,450 persons in the 3rd quarter of 2010.Yearover-year, the number of monthly TA recipients advanced 9.20%.Over the same time
period, the monthly expenditure for TA advanced $.94 million, from $13.14 million per
month in the 3rd quarter of 2009 to $14.08 million per month in the 3rd quarter of 2010.
Quarter-over-quarter, the monthly per-person SNA and FA benefit fell from $523 and
$391 in the 2nd quarter of 2010 to $465.78 and $358.45 in the 3rd quarter. Safety Net
Assistance is the more costly of the two programs at 53.30% of total TA expenditures; FA
serves the largest number of persons.
The median selling price of an existing single-family home continues to improve,
but on average remains well below the peak evaluations recorded prior to the mortgage
crisis. The two exceptions are Greene and Westchester counties. As of the 3rd quarter,
Greene County reached a new peak evaluation at $270,500, albeit on weak sales volume.
In Westchester County, in the 3rd quarter, the median selling price at $718,333 was
relatively small, 1.60% below the peak median selling price recorded in the 3rd quarter of
2007. Across the region, 3rd quarter sales of existing single-family homes (3,010) fell
16.00% relative to the 2nd quarter of 2010 (3,587). Year-over-year, existing home sales
declined 17.35%. Over the same one-year period, existing home sales in New York State
and the U.S. fell 25.38% and 21.44%, respectively. Foreclosure activity continues to
negatively impact the housing market. During the 3rd quarter of 2010, lenders filed 1,426
pre-foreclosure notices, 594 homes were auctioned, and bank-owned properties (REO)
increased by 256. During the months of October and November of 2010, total foreclosure
activity declined in every county except Rockland and Orange.
Weak home sales in concert with excess inventory remain a negative for
residential construction. In the 3rd quarter of 2010, 287 single-family construction permits
were issued in the Hudson Valley, unchanged relative to the 2nd quarter. During the same
three-month period, 21 multiple-family construction permits were issued, down from 50
in the 2nd quarter. Within the region, Rockland County issued the most multi-family
permits (6), followed by Orange (5). As of the 3rd quarter, the largest construction project
in the region is a $15.36 million, 30 building/376-unit complex in Newburgh. Permits for
this project were issued in the 1st quarter of 2010.
In summation, employment is improving as is the willingness of persons to enter
the labor force. However, job growth within the region remains weak. As a direct
Page 2 of 10
consequence, more and more workers will need to look outside the region for gainful
employment. The question is how will this disjoint between the willingness to work and
the availability of jobs impact the regional economy? On the one hand, commuter income
is a net economic gain allowing small businesses to flourish. On the other, travel costs and
time can negatively impact the quality of life and thereby the strength of the community.
Further, while jobs are available, the decline in housing values and the overall uncertainty
in the housing market has severely limited the mobility of the labor force. This is one of
the many reasons for the lack of clear progress on the job front and a contributing factor
to the anemic activity in the residential housing sector. Finally, while retail sales activity
(as witnessed by sales tax collections) in the region has begun to improve, sustainable
improvement will not occur until income maintenance payments are substituted by
gainful employment.
Page 3 of 10
Hudson Valley Labor Force
The increase in employment and labor force participation witnessed in the 2nd
quarter of 2010 continued into the 3rd quarter. Quarter-over-quarter, employment and
labor force participation advanced 1.12% and 1.36%, respectively. Because labor force
participation grew by more than the increase in the number of jobs, the unemployment
rate advanced .08% from 7.23% in the 2nd quarter of 2010 to 7.31% in the 3rd quarter of
2010. Year-to-date, the job count in the Hudson Valley has increased by 51,968 and the
number of persons willing and able to work has increased by 4,687. Relative to the nearterm peak reached in the 3rd quarter of 2008, the job count is down (48,231) from 1,170,000
in the 3rd quarter of 2008 to 1,121,769 in the 3rd quarter of 2010. Over the same two-year
period, labor force participation fell 25,111, from 1,234,000 during the 3rd quarter of 2008 to
1,208,889 in the 3rd quarter of 2010.As has been the case throughout the economic
downturn, residents in the Putnam-Rockland-Westchester metropolitan statistical area
(MSA) (lower Hudson Valley) experienced a lower rate of joblessness in the 3rd quarter of
2010 when compared to residents in the upper Hudson Valley.
Non-Farm Employment by Place of Work1
Since the end of the previous business cycle in December of 2007, the job count in
the Hudson Valley region has declined 6.34% compared to a nationwide decline of 5.51%.
Within the region, the total job count has declined 7.38% in the Rockland-WestchesterPutnam, NY MSA, 5.50% in the Poughkeepsie-Newburgh Middletown, NY MSA
(Dutchess and Orange counties) and 4.67% in Ulster County. As a percent of total nonfarm jobs lost, the region fared better than the overall economy in the manufacturing, and
professional and business services sectors. In contrast, the relative job loss in the trade,
transportation, and utilities sector and the leisure and hospitality sector exceeded the
relative job loss in the national economy. Of particular importance is the strong
interdependence between unskilled and semi-skilled workers and the leisure and
hospitality sector.
Between the 2nd and 3rd quarters of 2010, non-farm employment in the Hudson
Valley fell (400) from 919,300 jobs in the 2nd quarter of 2010 to 918,900 in the 3rd quarter.
The decline is
% of Non-Farm
explained by
Employment in
Job Loss Since
an 8,200
Sector
December of 2007
December 2007
% of Total Job Loss
Job numbers in
Hudson
Hudson
Hudson
reduction in
1000’s
U.S.
Valley
U.S.
Valley
U.S.
Valley
governmentManufacturing
9.99%
6.21%
-2,018.7
-9.4
26.54%
15.11%
sector
Trade, Transportation,
employment
and Utilities
19.85% 20.51%
-2,607.7
-25.2
34.28%
40.51%
and a 7,800
Information
2.20%
2.31%
-318.0
-2.9
4.18%
4.71%
increase in
Financial Activities
5.97%
5.28%
-614.7
-4.5
8.08%
7.23%
Professional and
privateBusiness Services
13.13%
10.68%
-1,279.3
-7.8
16.82%
12.54%
sector
Leisure and
employment.
Hospitality
9.60%
7.70%
403.3
9.6
-5.30% -15.43%
1
Current Employment Statistics (CES): survey of sample employers excludes self-employed, agricultural, domestic workers,
and the military. Place of Work Series.
Page 4 of 10
Employment in the manufacturing sector advanced (300). As of the 3rd quarter,
employment in the goods-producing industries accounted for 10.44% of total non-farm
employment – up from 10.09% in the 2nd quarter of 2009; service-providing employment
fell from 89.89%
Composition of Non-Farm Employment
in the 2nd quarter
of 2010 to 89.57%
PrivateServiceGoodsDate
Gov.
Sector
Providing
Producing
Manu.
in the 3rd quarter.
Over the same
Hudson Valley
Dec-07
18.60%
81.40%
87.81%
12.19%
6.28%
period,
Q3.2009
18.82%
79.27%
88.41%
11.74%
5.89%
employment in
Q2.2010
19.88%
80.12%
89.89%
10.09%
5.57%
the government
Q3.2010
19.00%
80.97%
89.57%
10.44%
5.60%
sector as a share
NYS
Dec-07
17.16%
84.22%
89.76%
10.24%
6.15%
of total non-farm
Q3.2009
17.65%
82.35%
90.43%
9.57%
5.53%
employment fell
from 19.88% to
Q2.2010
17.90%
82.10%
90.92%
9.08%
5.37%
19.00%. YearQ3.2010
17.05%
82.92%
90.54%
9.46%
5.47%
over-year,
U.S.
Dec-07
16.37%
83.78%
84.23%
15.77%
9.92%
government and
Q3.2009
16.64%
82.73%
85.69%
14.31%
9.04%
service-sector
Q2.2010
17.45%
82.55%
86.21%
13.79%
8.94%
employment as a
Q3.2010
16.53%
82.86%
85.88%
14.12%
9.02%
share of total
non-farm employment advanced; goods-producing as a share of non-farm employment fell.
Within the region, the Poughkeepsie-Newburgh -Middletown, NY MSA had the largest
concentration of manufacturing employment at 7.40% of total non-farm employment; as of
the 3rd quarter of 2010, the Rockland-Westchester-Putnam, NY MSA had the largest job
count at 26,500. Quarter-over-quarter, non-farm employment in the RocklandWestchester-Putnam, NY MSA advanced .18%, from 548,400 jobs in the 2nd quarter of
2010 to 549,400 jobs in the 3rd quarter. Employment in the private sector advanced
(3,500). Of this total, 1,700 jobs were in the service-providing sector and 1,800 were in the
goods-producing sector. Employment increased in the leisure and hospitality sector
(4,200) and the professional and business services sector (1,400). Employment in the
private education sector and the trade, transportation, and utilities sector declined, 2,700
and 1,100, respectively. During the 3rd quarter, the job count in the information sector
reached a new near-term low at 13,700.
Non-farm employment in the Poughkeepsie-Newburgh-Middletown, NY MSA
(Dutchess and Orange counties) fell 1.01%, from 247,900 jobs in the 2rd quarter of 2010 to
245,400 in the 3rd quarter of 2010. Employment in the government sector fell 3,900; the
private sector added 1,500 jobs: 800 jobs were in the service-providing sector. The largest
increase in job count occurred in the leisure and hospitality sector (1,500); the largest
reduction in job count occurred in the private education service sector (1,400). During the
3rd quarter, employment in the transportation and warehousing sector, the finance and
insurance sector, and the education service sector reached near-term lows. Since December
of 2007 (the peak of the previous business cycle) the private and public job count in the
education sector has declined by 5,700.
Non-farm employment in the Kingston, NY MSA (Ulster County) fell 1.13% from
62,000 jobs in the 2nd quarter of 2010 to 61,300 jobs in the 3rd quarter of 2010. During the
period, employment in the government sector fell by 1,200; the job count in the public
Page 5 of 10
education sector fell by 1,400. The private sector added 500 jobs. Quarter-over-quarter,
employment advanced 4.28% in Sullivan County, advanced .49% in Columbia County,
and fell 2.72% in Greene County.
Second Quarter 2010
Average Weekly
Wages2
Region-wide, in the 2nd
quarter 2010, Average Weekly
Wage (AWW) in the nonfarm sector advanced relative
to the 2nd quarter of 2009. The
largest year-over-year
advances occurred in the
northernmost counties of
Greene and Columbia at
6.98% and 6.65%, respectively.
Columbia County
experienced a 16.46% yearover-year advance in the
AWW paid in the government
sector; Greene County
experienced an 11.07%
increase in the AWW paid in
the service-providing sector.
In the southern counties of
Westchester, Rockland, and
Putnam, the AWW paid in
the non-farm sector advanced
3.73%, 4.39%, and 2.21%,
respectively. Westchester
and Rockland experienced
above-average increases in the
AWW paid in the goodsproducing industries. Within
the Rockland-WestchesterPutnam, NY MSA, Rockland
County witnessed the largest
increase in government AWW
at 4.15%. The year-over-year
increase in the government
AWW paid in Westchester
and Putnam counties was
1.43% and 1.11%, respectively:
2
Average Weekly Wages
Non-farm
GoodsProducing
ServiceProviding
Government
Columbia
2008.Q2
$647.81
$780.08
$591.89
$716.62
2009.Q2
$656.64
$795.33
$593.23
$755.02
2010.Q2
$700.31
$801.59
$609.75
$879.28
2008.Q2
$886.22
$1,483.58
$668.55
$1,074.05
2009.Q2
$900.95
$1,560.05
$687.00
$1,077.64
2010.Q2
$921.97
$1,565.48
$704.75
$1,152.32
2008.Q2
$672.23
$862.29
$491.67
$910.02
2009.Q2
$673.61
$874.34
$497.65
$893.92
2010.Q2
$720.61
$935.88
$552.72
$938.56
2008.Q2
$755.00
$831.88
$638.02
$1,079.64
2009.Q2
$779.31
$844.23
$654.42
$1,130.35
2010.Q2
$791.48
$858.71
$662.26
$1,159.25
2008.Q2
$872.77
$986.71
$713.07
$1,314.48
2009.Q2
$889.34
$967.50
$722.34
$1,374.17
2010.Q2
$908.95
$977.01
$744.06
$1,389.45
2008.Q2
$917.81
$1,239.47
$785.28
$1,117.53
2009.Q2
$914.00
$1,229.89
$784.22
$1,118.90
2010.Q2
$954.13
$1,316.16
$821.81
$1,165.28
$684.25
$646.37
$570.38
$981.13
Dutchess
Greene
Orange
Putnam
Rockland
Sullivan
2008.Q2
2009.Q2
$682.09
$634.20
$565.27
$988.67
2010.Q2
$689.15
$623.00
$567.35
$1,010.83
2008.Q2
$710.66
$827.42
$565.99
$1,030.84
2009.Q2
$718.96
$799.97
$571.57
$1,053.73
2010.Q2
$732.27
$795.66
$578.69
$1,087.45
2008.Q2
$1,141.63
$1,456.33
$1,052.45
$1,348.66
2009.Q2
$1,124.07
$1,353.36
$1,027.31
$1,427.04
2010.Q2
$1,165.95
$1,480.97
$1,065.61
$1,447.42
Ulster
Westchester
Average weekly wage data was secured through a special request to the New York State Department of Labor.
Page 6 of 10
low relative to the region. Over the balance of the region, the year-over-year increase in
the AWW in the non-farm sector ranged from a low of 1.04% in Sullivan County to a high
of 2.33% in Dutchess County. As is typically the case, the highest AWW in the non-farm
sector was paid in Westchester County ($1,166), followed by Rockland($954) and
Dutchess($922).The highest AWW in the goods-producing industries was paid in
Dutchess County ($1,565), followed by Westchester ($1,481) and Rockland($1,316).The
highest AWW in the service-providing industries was paid in Westchester ($1,066),
Rockland ($822), and Putnam ($744).The AWW in the government sector was the
highest in the three counties that populate the Rockland-Westchester-Putnam, NY
MSA.
Monthly Income Maintenance Benefits (Social Assistance)
As of the 3nd quarter of 2010, approximately one out of every 11.9 persons in the Hudson
Valley was receiving food stamp benefits – up from 12.3 in the 2nd quarter of 2010. There
was a significant decline in the rate of increase.
In the 3rd quarter of 2010, 202,077 residents of the Hudson Valley were receiving
monthly food stamp benefits compared to 194,655 persons in the 2nd quarter of 2010 and
186,900 persons in the 1st quarter of 2010. The quarter-over-quarter rate of increase
declined to 3.81% from 4.15% between the 2nd and 1st quarters of 2010. Relative to the 3rd
quarter of 2009, the number of
monthly food stamp recipients
has increased 20.47%.
Statewide, 2.88 million
persons ( one out of every 6.80
persons) received food stamp
benefits during the third
quarter of 2010; 61% of all food
stamp recipients were
residents of NYC.
The number of Hudson
Valley residents who received
monthly Temporary
Assistance (TA) – which includes Family Assistance (FA)3 and Safety Net Assistance
(SNA)4 – increased from 34,050 persons in the 2nd quarter of 2010 to 34,450 persons in the
3rd quarter of 2010.Year-over-year, the number of monthly TA recipients advanced 9.20%.
Over the same time period, the monthly expenditure for TA advanced $.94 million, from
$13.14 million per month in the 3rd quarter of 2009 to $14.08 million per month in the 3rd
quarter of 2010. Quarter-over-quarter, the monthly per-person SNA and FA benefit fell
from $523 and $391 in the 2nd quarter of 2010 to $465.78 and $358.45 in the 3rd quarter.
Safety Net Assistance is the more costly of the two programs at 53.30% of total TA
expenditures; FA serves the largest number of persons.
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 7 of 10
Home Sales, Prices, and Building Permits
Home prices show improvement. Sales volume remains weak.
The median selling price of an existing single-family home continues to improve,
but on average remains well below the peak evaluations recorded prior to the mortgage
crisis. The two exceptions are Greene and Westchester counties. As of the 3rd quarter,
Greene County reached a
County
Peak
Peak
3rd Qt
%
new peak evaluation at
Date
Median
Median
Change
$270,500, albeit on weak
Price
Price
sales volume. In
Columbia
2007.Q1
$256,750
$196,333
-23.53%
Westchester County, the
Dutchess
2006.Q3
$360,000
$278,333
-22.69%
3rd quarter, median
Greene
2010.Q3
$270,500
$270,500
0.00%
selling price at $718,333
Orange
2007.Q3
$330,000
$267,083
-19.07%
was relatively small,
Putnam
2006.Q2
$435,777
$330,000
-24.27%
1.60% below the peak
Rockland
2005.Q3
$529,950
$424,333
-19.93%
median selling price
rd
Sullivan
2007.Q2
$187,500
$130,817
-30.23%
recorded in the 3
quarter of 2007. Across
Ulster
2007.Q3
$265,000
$221,167
-16.54%
the region, 3rd quarter
Westchester
2007.Q3
$730,000
$718,333
-1.60%
sales of existing singlefamily homes (3,010) fell 16.00% relative to the 2nd quarter of 2010 (3,587). Year-over-year,
existing home sales declined 17.35%. Over the same one-year period, existing home sales
in New York State and
the U.S. fell 25.38% and
21.44%, respectively.
Foreclosure activity
continues to negatively
impact the housing
market albeit at a slower
rate. In the 3rd quarter of
2010, lenders filed 1,426
pre-foreclosure notices,
594 homes were
auctioned, and bankowned properties (REO)
increased by 256. During
the months of October and November of 2010, foreclosure activity declined in every
county except Rockland and Orange.
In the 3rd quarter of 2010, 287 single-family construction permits were issued in
the Hudson Valley, unchanged relative to the 2nd quarter. The total construction cost is
estimated at $70.97 million or $247,295 per permit. Orange County issued the most
single-family construction permits (112) followed by Westchester (45) and Dutchess (36).
In the 3rd quarter, 21 multiple-family construction permits were issued compared to 50 in
the 2nd quarter. Rockland County issued the most multi-family permits (6) followed by
Orange (5). As of the 3rd quarter, the largest construction project in the region is a $15.36
Page 8 of 10
million, 30 building/376-unit complex in Newburgh. Permits for this project were issued
in the 1st quarter of 2010.
Multi-Family Construction Permits January - September 2010: Source: U.S. Census Bureau
County
Town/Village
Number of
Buildings
Number of
Units
Value of
Construction Permit
Average Construction
Cost per Unit
Orange
Kiryas Joel Village
5
23
$2,353,010
$102,305
Montgomery Town
1
2
$338,722
$169,361
Montgomery Village
6
30
$1,531,248
$51,042
New Windsor Town
3
29
$3,207,725
$110,611
32
388
$16,766,846
$43,214
1
15
$2,250,000
$150,000
48
487
$26,447,551
$54,307
Newburgh Town
Wallkill Town
Putnam
Patterson Town
1
5
$304,167
$60,833
Philipstown Town
1
2
$400,000
$200,000
2
7
$704,167
$100,595
Clarkstown Town
7
86
$5,720,000
$66,512
Kaser Village
New Hempstead
Village
1
9
$1,050,417
$116,713
2
4
$760,000
$190,000
New Square Village
2
6
$985,000
$164,167
Spring Valley Village
2
20
$1,780,000
$89,000
Stony Point Town
1
2
$225,000
$112,500
15
127
$10,520,417
$82,838
Rockland
Sullivan
Fallsburg Town
10
20
$820,976
$41,049
10
20
$820,976
$41,049
Kingston Town
1
4
$426,764
$106,691
Lloyd Town
2
43
$2,200,000
$51,163
Wawarsing Town
1
45
$600,000
$13,333
4
92
$3,226,764
$35,074
Bedford Town
1
4
$718,200
$179,550
Greenburgh Town
2
8
$1,480,000
$185,000
Ulster
Westchester
Mount Vernon
1
2
$143,574
$71,787
Port Chester
1
2
$200,000
$100,000
Somers Town
2
73
$9,000,000
$123,288
White Plains
2
4
$400,000
$100,000
Yonkers
5
81
$12,450,157
$153,706
14
174
$24,391,931
$140,184
Page 9 of 10
Regional and National Inflation
Core inflation advances 1.40% in the 3rd quarter of 2010
12-Month
Quarterto- Quarter
Percentage
Change
New York-Northern NJ-Long Island
2010
Q3
2010
Q2
2010
Q1
2009
Q4
2009
Q3
U.S. City Average
2010
Q3
2010
Q2
2010
Q1
2009
Q4
2009
Q3
Core
1.40%
1.26%
1.35%
1.58%
1.40%
0.82%
1.03%
1.34%
1.74%
1.51%
All Items
11.91%
12.39%
2.11%
1.37%
-0.86%
1.08%
1.39%
2.36%
1.44%
-1.63%
Food
Rent Primary
Residence
1.29%
0.75%
-0.10%
-0.16%
0.80%
1.11%
0.69%
-0.12%
-0.59%
0.37%
2.56%
1.32%
1.54%
2.06%
3.13%
0.07%
-0.02%
0.31%
0.94%
1.97%
Owner's
Equivalent Rent
0.38%
0.25%
0.80%
1.10%
2.00%
-0.18%
-0.23%
0.23%
0.90%
1.57%
Household
Energy
-0.23%
4.45%
0.13%
-3.79%
13.66%
2.46%
1.68%
-2.35%
-6.24%
-12.27%
29.98%
12.63%
33.63%
42.96%
12.38%
-36.64%
Gasoline
2.72%
23.01%
45.70%
17.17%
Medical
2.72%
2.93%
2.10%
1.52%
0.46%
3.27%
3.50%
3.61%
3.47%
3.33%
Services
1.12%
1.39%
1.06%
1.31%
1.13%
0.83%
0.84%
0.61%
0.90%
0.70%
Sales Tax Collection
An important indicator of retail sales activity and state and county revenue is sales
tax collection. In the 3rd quarter of 2010, total sales tax collection advanced 4.81% from
$296.8 million in the 3rd quarter of 2009 to $311.1 million in the 3rd quarter of 2010. The
largest quarter-over-quarter increase occurred in Dutchess County (12.62%) followed by
Columbia (6.16%) and Orange (5.52%). Sales tax collection declined 1.40% in Sullivan
County and .53% in Rockland County. Region-wide, sales tax collection increased .83%
between the 2nd quarter of 2010 and the 3rd quarter of 2010.
Quarterly Sales Tax Collection
2010.Q3
2009.Q3
2008.Q3
2007.Q3
2006.Q3
Columbia
$8,161,269
$7,687,494
$8,841,393
$8,073,877
$7,524,383
Dutchess
$40,314,043
$35,797,119
$41,583,570
$39,410,874
$38,411,271
Greene
$6,766,534
$6,544,795
$7,864,924
$7,336,834
$7,310,998
Orange
$57,224,096
$54,232,791
$59,777,665
$56,859,224
$55,947,753
Putnam
$12,496,269
$12,086,192
$13,702,969
$11,788,835
$11,352,970
Rockland
$41,450,315
$41,670,303
$44,473,849
$43,194,708
$40,033,679
Sullivan
$9,495,109
$9,629,777
$11,251,801
$10,263,866
$9,448,145
Ulster
$25,467,067
$24,427,327
$27,008,397
$25,898,073
$26,137,599
Westchester
$109,761,933
$104,774,825
$118,979,962
$115,248,658
$113,135,478
Hudson Valley
$311,136,635
$296,850,623
$333,484,530
$318,074,949
$309,302,276
Ω
Page 10 of 10