ECONOMIC REPORT
of the
HUDSON VALLEY
Second Quarter 2010
MARIST COLLEGE
Dr. Christy Huebner Caridi
Bureau of Economic Research
School of Management
Poughkeepsie, New York 12601
Edited by Kerry Sykes
October 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
Employment and labor force participation in the Hudson Valley reached a nearterm peak during the 3rd quarter of 2008, at 1,170,000 and 1,234,000, respectively. At that
time the regional unemployment rate was 5.27% and the economy was nine months into
the ‘Great Recession’. During the 4th quarter of 2008, the full weight of the financial
meltdown hit the regional labor market. In rapid succession, employment fell, the
unemployment rate rose and the number of persons willing and able to work declined.
Since that time (June 2009 notwithstanding), the only consistent pattern in the regional
labor market has been an elevated unemployment rate. As of the 2nd quarter of 2010, total
employment was down 61,000 relative to the near-term peak reached in the 3rd quarter of
2008. Labor force participation was down 42,200 and the unemployment rate had
increased 1.96 percentage points from 5.27% in the 3rd quarter of 2008, to 7.23% as of the
2nd 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 2nd quarter of 2010, when compared
to residents in the upper Hudson Valley.
Quarter-over-quarter, the 2nd quarter of 2010, labor force participation advanced
.89% from 1,182,000 participants in the 1st quarter of 2010, to 1,192,600 in the 2nd quarter.
This marks the first quarter-over-quarter increase in labor force participation since the
3rd quarter of 2009. Over the same three-month period, employment increased 1.89%
from 1,088,500 in the 1st quarter to 1,109,100 in the 2nd quarter. Because the growth in the
number of jobs (1.89%) was greater than the growth in the labor force (.89%), the
unemployment rate fell from 8.28% in the 1st quarter of 2010, to 7.24% in the 2nd quarter of
2010. Current monthly data (July and August) suggests a continuation of this promising
trend. Coincident with the reduction in the unemployment rate was a quarter-overquarter increase in the number of non-farm jobs located in the Hudson Valley. Over the
three-month period ending in June of 2010, the non-farm sector created 24,200 jobs –
20,800 in the private sector, 3,400 in the public sector. During the period, the job count in
the private service-sector and private goods-producing sector (manufacturing,
construction and mining), advanced 17,000 (2.71%) and 4,000 (4, 50%), respectively.
Employment in the manufacturing sector was flat relative to the 1st quarter of 2010.
As of the 2nd quarter, employment in the goods-producing industries accounted
for 10.09% of total non-farm employment – down from 11.53% in the 2nd quarter of 2009.
Service-providing employment advanced from 88.47% in the 2nd quarter of 2009, to
89.89% in the 2nd quarter of 2010. Over the same period, employment in the government
sector as a share of total non-farm employment increased from 19.38% to 19.88%. Since the
peak of the previous business cycle in December of 2007, public sector employment as a
share of total non-farm employment has advanced 5.03%.
Non-farm (public and private) nominal average weekly wages posted a year-overst
year (1 quarter of 2010 relative to the 1st quarter of 2009) increase in five of the nine
1 of 10
counties covered in this report. Westchester County experienced the largest year-overyear increase at 7.08%, followed by Rockland (3.60%) and Greene (2.32%). The average
weekly wage in the non-farm sector fell in Sullivan, Dutchess, Putnam and Columbia.
With the exception of Westchester and Rockland, the year-over-year change in nominal
weekly average wage was not of sufficient magnitude to provide for an increase in the real
wage which is consistent with weakness in the labor market. As may be expected, the
highest average weekly wage in the non-farm and service-providing sectors were paid in
Westchester County at $1,315 and 1,295, respectively. Dutchess County paid the highest
average weekly wage in the goods-producing sector ($1,717); the highest average weekly
wages paid by the government sector occurred in the three counties that populate the
Rockland-Westchester-Putnam, NY MSA. Region-wide, the lowest paying jobs are found
in Sullivan, Greene and Columbia Counties.
An important consequence of the weakness in the labor market is the increase in
the number of persons dependent on income maintenance payments. As of the 2nd quarter
of 2010, approximately one out of every 12.3 persons in the Hudson Valley were receiving
food stamp benefits compared to one in 12.8 in the 1st quarter of 2010. Further, as of the
2nd quarter, 34,051 persons per month were receiving temporary assistance benefits. As
previously noted (Economic Report of the Hudson Valley 1st Quarter 2010), income
maintenance payments are an important short-term economic stabilizer. They are not a
substitute for gainful employment. That said, while the Great Recession may have
officially ended as of June 2009; the household sector’s dependent on transfer payments
remains significant.
In recent months, the median selling price of a single-family home improved
relative the inter-recession lows but remain well below the peak evaluations recorded
prior to the mortgage crisis. Upside down mortgages, distressed sales, home foreclosures,
immobility and personal bankruptcies remain an important threat. During the 2nd quarter
of 2010, lenders filed 1,025 pre-foreclosure notices, 1,922 homes were foreclosed, 580
homes were auctioned and bank owned properties (REO) increased by 317. Third quarter
monthly data (July and August) indicates an upswing in both pre-foreclosure notices
(1,165) and home foreclosures (1,703). Both personal and business bankruptcies are on the
increase. As noted in the 1st quarter report, the emerging stability in the housing market is
a direct function of government intervention rather than the price mechanism. The
Federal Reserve in concert with the U.S. Treasury is for all intent and purposes ‘the
market’ for home mortgages. If the government were to suspend its activity in the home
mortgage market, mortgage rates would rise, housing prices would fall and the number of
mortgaged homes ‘at the margin’ would increase (witness the reduction in home sales
activity and price changes since the new-home owner tax credit expired). This in turn
would further disadvantage an already immobile labor force and narrow the nation’s
ability to generate a strong sustained economic recovery. All told, the national economy is
improving. However, it will take several years for the economy to re-employ the preDecember 2007 labor force and generate enough ‘new’ jobs to provide gainful employment
for new entrants. Additional lingering concerns are the slow pace of small business
lending, the cost of regulation, weak consumer confidence and a persistent uncertainty as
to the existence, strength and longevity of the current economic expansion.
2 of 10
Hudson Valley Labor Force
Labor force expands in the 2nd quarter; increases in
July and August support the nascent trend.
Employment and labor force participation in the Hudson Valley reached a nearterm peak during the 3rd quarter of 2008 at 1,170,000 and 1,234,000, respectively. At that
time the regional unemployment rate was 5.27% and the economy was nine months into
the recession. During the 4th quarter of 2008, the full weight of the financial meltdown hit
the regional labor market. In rapid succession, employment fell, the unemployment rate
rose and the number of persons willing and able to work declined. Since that time the
only consistent pattern in the regional labor market has been an elevated unemployment
rate.
labor force participation fell (relative to the previous quarter) during the 4th
quarter of 2008
and the 1st
quarter of 2009;
increased
quarter-overquarter during
the 2nd and 3rd
quarters of 2009;
and fell quarterover-quarter in
both the 4th
quarter of 2009
and the 1st
quarter of 2010.
During the 2nd
quarter of 2010, labor force participation grew relative to the 1st quarter of the current
year 1 .
As of the 2nd quarter of 2010, total employment was down 61,000 relative to the
near-term peak reached in the 3rd quarter of 2008. Labor force participation was down
42,200 and the unemployment rate had increased 1.96 percentage points from 5.27% in
the 3rd quarter of 2008 to 7.23% as of the 2nd 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 2nd quarter of 2010 when compared to residents in the upper Hudson
Valley.
1
Employment (with the exception of the 1st quarter of the current year) has tracked the quarter-to-quarter
changes in labor force participation.
3 of 10
Non-Farm Employment by Place of Work2
Between the 2nd quarter of 2009 and the 2nd quarter of 2010, non-farm employment
in the Hudson Valley fell by 15,300. Employment in the goods-producing industries
(manufacturing, construction and mining) and the service-providing industries (public
and private) fell 8,600 and 6,900, respectively. Employment continued to shift away from
the goods-producing industries toward the service-providing industries in general and
government employment in particular. As of the 2nd quarter, employment in the goodsproducing industries accounted for 10.09% of total non-farm employment – down from
11.53% in the 2nd quarter of 2009; service-providing employment advanced from 88.47% in
the 2nd quarter of 2009 to 89.89% in the 2nd quarter of 2010. Over the same period,
employment in the government sector as a share of total non-farm employment increased
from
Composition of Non-Farm Employment
19.38% to
Service
Goods
Date
Gov.
Manu.
19.88%.
Providing
Producing
Since the
Dec-07
18.60%
87.81%
12.19%
6.28%
Hudson Valley
Q2.2009
19.38%
88.47%
11.53%
6.13%
peak of the
Q2.2010
19.88%
89.89%
10.09%
5.57%
business
Dec-07
17.16%
89.76%
10.24%
6.15%
NYS
cycle in
Q2.2009
17.90%
90.53%
9.47%
5.58%
December
Q2.2010
17.90%
90.92%
9.08%
5.37%
of 2007,
Dec-07
16.37%
84.23%
15.77%
9.92%
U.S.
Q2.2009
17.26%
85.71%
14.29%
9.09%
public
Q2.2010
17.45%
86.21%
13.79%
8.94%
sector
employment as a share of total non-farm employment has advanced 5.03%. Year-over-year,
employment in the manufacturing sector fell 12.18%, from 58,300 jobs in 2nd quarter of
2009 to 51,200 jobs in the 2nd quarter of 2010. Second quarter manufacturing employment
was unchanged relative to the 1st quarter of the current year. Over the period,
manufacturing as a share of total non-farm employment fell 9.14%, from 6.13% of total nonfarm employment in the 2nd quarter of 2009 to 5.57% in the 2nd quarter of 2010. Within the
region, the Poughkeepsie-Newburgh-Middletown, NY MSA (Dutchess and Orange
counties) had the largest concentration of manufacturing employment at 7.22% of total
non-farm employment; as of the 2nd quarter of 2010, the Rockland-Westchester-Putnam,
NY MSA had the largest job count at 26,400.
Year-over-year non-farm employment in the Rockland-Westchester-Putnam, NY
MSA declined 4.70%, from 575,400 jobs in the 2nd quarter of 2009 to 548,400 jobs in the
2nd quarter of 2010. Private-sector employment fell by 26,300 jobs. Of this total, 13,500 jobs
were in the service-providing sector and 12,800 were in the goods-producing sector. The
largest declines in the service sector were in trade, transportation and utilities (5,800),
professional and business services (4,200) and information (1,300). During the 2nd quarter
of 2010, the job count in the information sector reached a near-term low at 13,800 jobs
down from 16,200 in December of 2007.
Non-farm employment in the Poughkeepsie-Newburgh-Middletown, NY MSA
(Dutchess and Orange counties) fell 1.39%, from 251,400 jobs in the 2nd quarter of 2009 to
2
Current Employment Statistics (CES): survey of sample employers excludes self-employed, agricultural,
domestic workers and the military. Place of Work Series.
4 of 10
247,900 in the 2nd quarter of 2010. Private-sector employment fell by 3,200 jobs. Of this
total, employment in the service sector declined by 300 jobs; employment in the goodsproducing industries declined by 2,900 jobs. Contrary to trend, employment in the heath
care and social services sector increased from 37,500 jobs in the 2nd quarter of 2009 to
39,400 in the 2nd quarter of 2010. Health care is the only private sector industry that has
experienced consistent growth throughout the economic downturn. All other industries
in the private sector remain below the peak employment recorded in December of 2007.
Non-farm employment in the Kingston, NY MSA (Ulster County) fell 1.27%
from 62,800 jobs in the 2nd quarter of 2009 to 62,000 jobs in the 2nd quarter of 2010. The
MSA lost 400 jobs in the private goods-producing sector and 400 public sector jobs.
During the 2nd quarter of 2010, non-farm employment in Columbia County fell 2.40%
relative to the 2nd quarter of 2009; employment continues to decline relative to the peak of
the business cycle in December of 2007. Second quarter non-farm employment in Greene
County was down 2.78% relative to the 2nd quarter of 2009.
First quarter 2010
Average Weekly
Wages3
As of the 1st quarter
2010, the highest non-farm
Average Weekly Wage
(AWW) was paid in
Westchester County at $1,315,
followed by Rockland and
Dutchess counties at $966.00
and $900.00, respectively. The
highest AWW in the goodsproducing industries were paid
in Dutchess County at $1,717,
followed by Westchester
($1,614) and Rockland ($1,503).
The highest AWW in the
service-providing industries
were paid in Westchester
($1,295), Rockland ($843) and
Putnam ($723). The AWW in
the government sector was the
highest in the three counties
that populate the RocklandWestchester-Putnam, NY
MSA. Region-wide
Westchester pays the highest
non-farm, service-providing
3
Columbia
2008.Q1
2009.Q1
2010.Q1
Dutchess
2008.Q1
2009.Q1
2010.Q1
Greene
2008.Q1
2009.Q1
2010.Q1
Orange
2008.Q1
2009.Q1
2010.Q1
Putnam
2008.Q1
2009.Q1
2010.Q1
Rockland
2008.Q1
2009.Q1
2010.Q1
Sullivan
2008.Q1
2009.Q1
2010.Q1
Ulster
2008.Q1
2009.Q1
2010.Q1
2010.Q1
Westchester
2008.Q1
2009.Q1
2010.Q1
Nonfarm
GoodsProducing
ServiceProviding
Government
$635
$628
$627
$734
$730
$756
$612
$593
$591
$638
$666
$655
$916
$905
$900
$1,717
$1,711
$1,717
$695
$691
$692
$942
$960
$900
$646
$631
$646
$908
$906
$940
$488
$477
$483
$841
$814
$850
$727
$730
$744
$832
$823
$828
$637
$642
$651
$955
$955
$996
$840
$846
$845
$955
$1,009
$966
$721
$717
$723
$1,135
$1,142
$1,150
$932
$932
$966
$1,360
$1,428
$1,503
$815
$797
$843
$999
$1,029
$1,030
$669
$673
$667
$617
$596
$564
$592
$595
$585
$875
$885
$896
$674
$674
$689
$689
$816
$784
$766
$766
$557
$559
$565
$565
$910
$914
$971
$971
$1,320
$1,228
$1,315
$1,596
$1,531
$1,614
$1,316
$1,197
$1,295
$1,165
$1,195
$1,262
Average weekly wage data was secured through a special request to the New York State Department of Labor.
5 of 10
and government sector wages. Dutchess County pays the highest goods-producing wages.
The lowest paying jobs in the region are found in Sullivan, Greene and Columbia counties.
Between the 1st quarter of 2009 and the 1st quarter of 2010, AWW in the non-farm
sector advanced in Westchester (7.08%), Rockland (3.60%), Greene (2.32%), Ulster
(2.23%) and Orange (1.93%);
AWW fell in Sullivan (.92%), Dutchess (.50%), Putnam (.17%) and Columbia (.09%).
The AWW in the service-providing industries increased year-over-year in Westchester
(8.19%), Rockland (5.80%), Orange (1.44%), Greene (1.20%), Ulster (1.02%), Putnam
(.81%) and Dutchess (.16%). The AWW in the service-providing industries decreased
year-over-year in Sullivan (1.70%) and Columbia (.30%). The AWW in the goodsproducing industries increased year-over-year in Westchester (5.42%), Rockland
(5.25%), Greene (3.75%), Columbia (3.59%), Orange (.58%) and Dutchess (.33%). The
AWW in the goods-producing industries declined year-over-year in Sullivan (5.34%),
Putnam (4.22%) and Ulster (2.30%).
Monthly Income Maintenance Benefits (Social Assistance)
As of the 2nd quarter of 2010, approximately one out of every
12.3 persons in the Hudson Valley were receiving food stamp benefits – up from 12.8 in the
1st quarter of 2010
In the 2nd quarter of 2010, 194,600 persons per month were receiving food stamp
benefits compared to 186,900 persons per month in the 1st quarter of 2010 and 178,000
persons per month in the 4th quarter of 2009. The quarter-over-quarter increase declined
from 5.00% between
the 1st quarter of 2010
and the 4th quarter of
2009 to 4.15%
between the 1st and
2nd quarter of the
current year.
Relative to the 2nd
quarter of 2009, the
number of monthly
food stamp
recipients has
increased 22.92%.
Over the same oneyear timeframe, the
number of food stamp recipients in New York City and New York State advanced
243,000 (16.46%) and 416,000 (17.48%), respectively. As of the 2nd quarter of 2010,
approximately one out of every 12.3 persons in the Hudson Valley were receiving food
6 of 10
stamp benefits compared to one in 12.8 in the 1st quarter of 2010. Statewide the rate is
approximately one out of every 7.0 persons 4 .
The number of Hudson Valley residents who received monthly Temporary
Assistance (TA) – which includes Family Assistance (FA)5 and Safety Net Assistance
(SNA) 6 – increased from 33,400 persons in the 1st quarter of 2010 to 34,000 persons in the
2nd quarter of 2010. Year-over-year, the number of monthly TA recipients advanced
12.16%. Over the same time period, the monthly expenditure for TA advanced $1.80
million, from $13.60 million per month in the 2nd quarter of 2009 to $15.40 million per
month in the 2nd quarter of 2010. As of the 2nd quarter 2010, the monthly per-person SNA
and FA benefit was $523.00 and $391.00, respectively. Safety Net Assistance is the more
costly of the two programs at 53.00% of total TA expenditures; FA serves the largest
number of persons.
Home Sales, Prices and Building Permits
In the 2nd quarter
of 2010, sales of existing
single-family homes
(3,587) advanced 116.00%
relative to the interrecession low (1,661)
reached in the 1st quarter
of 2009. Year-over-year,
existing home sales were
up 46.35%. Over the same
one-year period, existing
home sales in New York State and the U.S. increased 34.00% and 3.30%, respectively.
The median selling price of an existing single-family home has on average, risen
above the inter-recession
Peak
2nd Qt
Peak
%
County
Median
Median
lows but remain well below
Date
Change
Price
Price
the peak evaluations
Columbia
2007.Q1
$256,750
$192,000
-25.22%
recorded prior to the
Dutchess
2006.Q3
$360,000
$267,692
-25.64%
mortgage crisis. Upside
2007.Q4
$185,000
$151,000
-18.38%
Greene
Orange
2007.Q3
$330,000
$250,000
-24.24%
down mortgages, distressed
Putnam
2006.Q2
$435,777
$306,750
-29.61%
sales, home foreclosures
2005.Q3
$529,950
$415,000
-21.69%
Rockland
and personal bankruptcies
Sullivan
2007.Q2
$187,500
$134,000
-28.53%
remain an important threat.
Ulster
2007.Q3
$265,000
$209,375
-20.99%
During the 2nd quarter of
Westchester
2007.Q3
$730,000
$605,500
-17.05%
4
Income guidelines for food stamp eligibility are based on Federal Poverty Levels. Currently, the maximum food stamp
allowance is $200.00 for the first person with a sliding scale for each additional household member. Households with
more than seven members receive a flat sum of $150.00 per additional member above seven. The food stamp program is
funded by the Federal Government.
5
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.
6
Safety Net Assistance has a lifetime limit of two years.
7 of 10
2010, lenders filed 1,025 pre-foreclosure notices, 1,922 homes were foreclosed, 580 homes
were auctioned and bank owned properties (REO) increased by 317. Third quarter
monthly data (July and August) indicates an upswing in both pre-foreclosure notices
(1,165) and home foreclosures (1,703). As noted in the 1st quarter report, the actions of the
Federal Reserve in concert with the U.S. Treasury have placed a stable albeit provisional
floor under the housing market. For the housing market to move above this floor
sustained job growth, advances in the real wage and a reduction in the level of household
indebtedness will be required.
In the 2nd quarter of 2010, 287 single-family construction permits were issued in
the Hudson Valley region compared to 210 permits in the 1st quarter of 2010. The total
construction cost is estimated at $65.70 million or $228,872 per permit. Orange County
issued the most single-family construction permits (88) followed by Westchester (44)
and Rockland (38). In the 2nd quarter, 50 multiple-family construction permits were
issued compared to 21 in the 1st quarter. Orange County issued the most multi-family
permits (34) followed by Rockland (7). The largest construction project in the region is a
$15.36 million, 30 building/376 unit complex in Newburgh.
Multi-Family Construction Permits January - June 2010 Source: U.S. Census Bureau
County
Orange
Number of
Buildings
Town/Village
Kiryas Joel Village
Montgomery Town
Montgomery Village
New Windsor Town
Newburgh Town
Wallkill Town
Value of
Construction
Permit
Number of
Units
Average Construction
Cost per Unit
5
1
3
3
30
1
43
23
2
15
29
376
15
460
$2,353,010
$338,722
$765,624
$3,207,725
$15,362,846
$2,250,000
$24,277,927
$102,305
$169,361
$51,042
$110,611
$40,859
$150,000
$52,778
3
78
$5,300,000
$67,949
2
5
20
98
$1,780,000
$7,080,000
$89,000
$72,245
Fallsburg Town
7
7
14
14
$579,842
$579,842
$41,417
$41,417
Kingston Town
Lloyd Town
Wawarsing Town
1
1
1
3
4
41
45
90
$426,764
$2,000,000
$600,000
$3,026,764
$106,691
$48,780
$13,333
$33,631
1
1
1
2
2
3
10
4
2
2
73
4
53
138
$740,000
$143,574
$200,000
$9,000,000
$400,000
$8,000,000
$18,483,574
$185,000
$71,787
$100,000
$123,288
$100,000
$150,943
$133,938.94
Rockland
Clarkstown Town
Spring Valley
Village
Sullivan
Ulster
Westchester
Greenburgh Town
Mount Vernon
Port Chester Village
Somers Town
White Plains
Yonkers
8 of 10
National and Regional Inflation
Core inflation advances 1.26% in the 2nd quarter of 2010
In June of 2010, the all item CPI-U (Urban) for the New York-Northern New JerseyLong Island metropolitan statistical area (MSA) increased 1.54% relative to June of 2009. Over
the same one-year period, the U.S. average CPI-U increased 1.07%. Both the regional and the
U.S. average index have increased in each of the last eight months. Across the region, core
inflation (all items less food and energy) recorded a year-over-year increase of 1.26%, compared
to a 1.35% increase between the 1st
quarter of 2009 and the 1st quarter of 2010. Over the same timeframes, U.S. core inflation
12 Month
Quarterto-Quarter
Percentage
Change
New York-Northern NJ-Long Island
2009
Q3
2009
Q2
U.S. City Average
2010
Q2
2010
Q1
2009
Q4
2010
Q2
2010
Q1
2009
Q4
2009
Q3
2009
Q2
Core
1.26%
1.35%
1.58%
1.40%
2.32%
1.03%
1.34%
1.74%
1.51%
1.83%
All Items
12.39%
2.11%
1.37%
-0.86%
-9.28%
1.39%
2.36%
1.44%
-1.63%
-1.15%
Food
0.75%
-0.10%
-0.16%
0.80%
3.09%
0.69%
-0.12%
-0.59%
0.37%
2.72%
Rent Primary
Residence
Owner's
Equivalent
Rent
1.32%
1.54%
2.06%
3.13%
5.11%
-0.02%
0.31%
0.94%
1.97%
2.91%
0.25%
0.80%
1.10%
2.00%
3.12%
-0.23%
0.23%
0.90%
1.57%
2.03%
Household
Energy
4.45%
0.13%
-3.79%
-13.66%
-9.98%
1.68%
-2.35%
-6.24%
Gasoline
23.01%
45.70%
-17.17%
-29.98%
-37.42%
33.63%
42.96%
12.38%
-36.64%
-43.32%
Medical
2.93%
2.10%
1.52%
0.46%
0.49%
3.50%
3.61%
3.47%
3.33%
3.13%
1.39%
1.06%
1.31%
1.13%
2.40%
0.84%
0.61%
0.90%
0.70%
1.55%
Services
-12.27%
-8.17%
advanced 1.03% and 1.34%, respectively. Regional food cost posted a year-over-year increase of
.75%. This is the first year-over-year increase since the 3rd quarter of 2009. Food costs
nationwide advanced .69%. Second quarter medical costs advanced 2.93% compared to the
2nd quarter in 2009. Medical inflation remains well below pre-recession levels.
Sales Tax Collection
An important indicator of retail sales activity and state and county revenue is sales
tax collection. In the 2nd quarter of 2010, total sales tax collection advanced 7.58% from
$286.8 million in the 2nd quarter of 2009 to $308.6 million in the 2nd quarter of 2010. The
largest quarter-over-quarter increase occurred in Dutchess County (16.26%) followed by
Westchester (11.60%) and Ulster (9.14%). Sales tax collection declined 6.70% in
Columbia County and 4.83% in Sullivan County. Greene County posted a .10% year-overyear decline. Region-wide, sales tax collection increased 8.47% between the 1st quarter of
2010 and the 2nd quarter of 2010.
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Quarterly Sales Tax Collection
2010.Q2
2009.Q2
2008.Q2
2007.Q2
2006.Q2
2005.Q2
Columbia
$7,454,435
$7,989,991
$7,989,382
$7,173,094
$8,045,872
$7,688,311
Dutchess
$39,477,391
$33,956,512
$37,500,354
$39,693,040
$36,787,857
$39,201,718
Greene
$6,235,581
$6,241,669
$6,758,862
$6,925,743
$6,379,235
$6,165,285
Orange
$56,406,398
$53,551,603
$56,724,327
$55,573,196
$53,126,815
$53,330,392
Putnam
$11,855,949
$11,371,196
$13,156,844
$11,668,367
$10,954,629
$9,353,524
Rockland
$41,468,450
$41,378,574
$39,917,549
$42,906,630
$38,647,982
$39,267,423
$8,487,915
$8,918,534
$8,895,137
$8,690,847
$8,045,921
$7,482,988
Ulster
$24,201,456
$22,174,842
$24,421,036
$22,237,209
$23,704,313
$23,655,796
Westchester
$112,996,212
$101,254,065
$116,957,617
$117,604,383
$105,795,391
$108,689,139
Hudson Valley
$308,583,787
$286,836,986
$312,321,108
$312,472,509
$291,488,015
$294,834,576
Sullivan
Ω
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