A recent report by The Office of New York State Comptroller found that the "Hudson Valley has a vibrant economy that is the strongest of any region within New York State…the fastest employment growth within the State, an expanding tourism sector, and a high concentration of jobs in the relatively well-paying professional and business services sector." In October of 2007, private sector employment in the Hudson Valley Region increased year over year by 8,500 jobs or 1.1 percent, lowering unemployment rates to 3.6 percent, below the state average (NYS Unemployment rate, October = 4.4%). In Orange County alone, jobs grew to nearly 130,000 in 2006, a six-year increase of 7.9 percent.1
Increasing property tax rates, housing costs and commercial rents in the lower Hudson Valley, Northern New Jersey, Long Island and New York City, as well as increased security concerns for the metropolitan area, provide particular impetus to a northern progression to Orange, Dutchess, and Ulster counties, increasing demand for housing and commercial services. Orange County had the fastest growing population of any county in the State between 2000 and 2006, gaining 10.3 percent, and just across the Hudson Dutchess County had the fourth-fastest population growth, with a 5.4 percent gain2 during the same period.
The mid-Hudson Valley is a region of economic vitality. Dutchess County alone enjoys a median household income well above the national average at $65,9653 and employment growth in key "industries of the future", (i.e. biotech, pharmaceuticals, electronics, business and financial services) outpacing that in the larger tri-state region by nearly double4. According to the 2000 U.S. census, Orange County was not far behind with a median household income of $63,834.5 Between 2000-2006, wages in the county increased by a total of 33.5 percent! 6
Recent reports of the Mid-Hudson Multiple Listing service indicate that any softening in residential housing market is turning around. In Dutchess County the average selling price in February for single-family free-standing homes was $389,540, 3.9 percent higher than February, 2007, and sales volume was up by 15.8 percent. For attached homes the average price increased by 14.9 percent to $244,439.7 In Orange County, sales for the third quarter of 2007 were up 7.1 percent over the prior quarter, with an average selling price of $350,220 for single family homes, an increase of 1.2% over the 3rd quarter of 2006. 8
Stewart International Airport (SWF), located in Newburgh, provides air transportation services to the area. At the present time, SWF is experiencing monumental expansion as its lease was taken over by the Port Authority of New York and New Jersey on November 1, 2007.
In January, 2008, airport management announced near-term infrastructure renewal programs would total $15 million to $20 million. Passenger traffic at the airport nearly tripled in 2007, to 920,000 travelers, positioning SWF as the fourth major airport servicing the New York metropolitan area. Recently, Jet Blue, Air Tran and Delta have all added daily flights, joining Northwest and US Air in servicing SWF passengers. In addition to increased passenger traffic, SWF is also expanding cargo capacity with the addition of a 112, 500 square foot cargo facility.
Many area residents commute to New York City. Metro-North commuter trains have frequent service from Beacon, NY in Dutchess County, as well as several stations in Orange County utilizing New Jersey Transit connections at Secaucus and Hoboken stations. Shortline also provides express bus service from Newburgh and Monroe to New York City's Port Authority Terminal.
__________________________________________________ 1 Times Herald Record, April 22, 2008
2 U.S. Census, Hudson Valley Business Journal, July 16, 2007 3 US Census Bureau 2006, Poughkeepsie Journal 8/29/07 4 Central Hudson Gas & Electric Co. Hudson Valley business demographics 5 http://www.muninetguide.com/states/new_york/Orange.php 6 Times Herald Record, April 22, 2008 7 Poughkeepsie Journal, March 6, 2008 8 Orange County Real Estate Market Report 3rd. quarter 2007
Regional Overview:
