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MARIST COLLEGE
Dr. Christy Huebner Caridi Marist Bureau of Economic Research School of Management Poughkeepsie, New York 12601 Edited by Leslie Bates
June 2013
This report is available on the Marist Bureau of Economic Research homepage at http://www.marist.edu/management/bureau
The support of student research assistant Sarah Greenberg and Kristen Sandberg and student intern Aidan B Clark 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.
Revised numbers
As of April 2013, the region has recaptured 3.73 percent (3,000) of the labor force lost to the recession, 14.88 percent (15,500) of the employment lost, and 55.00 percent (33,067) of the private-sector jobs lost. Overall, the regional economy remains weak.
Year over year, labor-force participation in the Hudson Valley Region was little changed (667), increasing from 1,114,567 Employment and Labor-Force Participation participants in the first Data: New York State Department of Labor quarter of 2012 to 1,115,233 in 1,140,000 1,200,000 the first quarter of 2013. In 1,120,000 1,180,000 the upper Hudson Valley 1,100,000 1,160,000 Dutchess, Orange, Sullivan and Ulster countieslabor1,080,000 1,140,000 force participation advanced 1,060,000 1,120,000 (467) from 436,900 to 1,040,000 1,100,000 437,367 while in the lower 1,020,000 1,080,000 Hudson ValleyPutnam, 1,000,000 1,060,000 Rockland and Westchesterlabor-force participation advanced (267) Labor Force Employment from 677,600 to 677,867. Over the same period, labor-force participation in New York State increased (5,500) from 9,542,767 to 9,548,267, while participation in the national (civilian) labor force posted a moderate year-over-year increase of 0.49% (770,000), rising from 154.63 million to 155.40 million. Regional employment showed little improvement, increasing less than two tenths of one percent (1,133) from 1,026,633 jobs in the first quarter of 2012 to 1,027,767 in the current quarter. Employment advanced in the lower Employment and Labor-Force Participation Hudson Valley (367) from Data: New York State Department of Labor 20,000 627,900 to 628,267 while in the upper Hudson Valley 10,000 employment increased (900) 0 from 398,633 to 399,5331. -10,000 Over the same 12-month -20,000 period, employment in New Year-Over-Year Change in York State advanced -30,000 Employment (29,000) from 8,685,033 in Year-Over-Year -40,000 the first quarter of 2012 to Change in the Labor Force -50,000 8,714,033 in the first quarter -60,000 of 2013. Nationwide, employment rose 1.05 percent (1.50 million) from 141.9 million to 143.4 million.
Employment
2013-01 2012-10 2012-07 2012-04 2012-01 2011-10 2011-07 2011-04 2011-01 2010-10 2010-07 2010-04 2010-01 2009-10 2009-07 2009-04 2009-01 2008-10 2008-07 2008-10 2009-01 2009-04 2009-07 2009-10 2010-01 2010-04 2010-07 2010-10 2011-01 2011-04 2011-07 2011-10 2012-01 2008-07 2012-04 2012-07 2012-10 2013-01
Numbers do not add to total labor force and total employment due to rounding.
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Because employment increased at a faster rate than the labor force, the regional unemployment rate posted a year-over-year decrease of 0.04 percentage points, from 7.88 percent in the first quarter of 2012 to 7.84 percent in the first quarter of 2013. The unemployment rate in the Lower Hudson Valley was unchanged at 7.33 percent while in the Upper Hudson Valley the unemployment rate decreased 0.11 percentage points from 8.76 percent to 8.65 percent. Statewide, the unemployment rate fell from 8.99 percent to 8.74 percent; nationwide, the unemployment rate fell from 8.24 percent to 7.74 percent. Region-wide, employment and labor-force participation peaked in July of 2008seven months after the start of the Great Recession Over the 20-year period at 1,128,600 and 1,189,600, respectively. Employment reached a postending in April of 2013, the recession low in February of 2012 at 1,024,400 while the labor force regional labor force and bottomed out a year later (March of 2013) at 1,109,100.2 From peak to employment grew at an trough, employment contracted 9.23 percent (104,200) and laborannualized rate of .55 percent force participation fell 6.77 percent (80,500). As of April 2013, the and .50 percent, respectively. region has recaptured 3.73 percent (3,000) of the labor force lost to the recession and 14.88 percent (15,500) of the employment. Within the region, the Lower Hudson Valley has recaptured 4.41 percent (2,300) of its labor force and 16.74 percent (11,000) of all jobs lost, while the Upper Hudson Valley has recaptured 2.46 percent (700) and 13.49 percent (5,300), respectively.
LaborForce Recapture Rate 3.73% 4.41% 2.46% 10.94% 0.82% 6.52% 44.00% 0% 3.57% 3.39% 0% 31.90% (b)
Recession LaborForce Loss Hudson Valley(a) Lower Hudson Valley Upper Hudson Valley Dutchess County Orange County Putnam County Rockland County Sullivan County Ulster County Westchester County Capital Region Long Island Region 80,500 52,100 28,400 6,400 12,200 4,600 10,000 5,000 5,600 41,300 41,100 88,100
Recession Employment Loss 104,200 65,700 39,300 9,800 16,300 5,600 12,300 6,100 8,900 51,200 55,500 123,500
Labor Force Recovered 3,000 2,300 700 700 100 300 4,400 0 200 1,400 0 28,100
Employment Recovered 15,500 11,000 5,300 2,300 2,100 900 5,900 300 1,600 7,600 6,700 52,200
Employment Recapture Rate 14.88% 16.74% 13.49% 23.47% 12.88% 16.07% 47.97% 4.92% 17.98% 14.84% 12.07% 42.27% 62.58%
(b) 172,900 (b) 108,200 New York City Region (a) Peaks and Troughs are not consistent across counties or regions. (b)The labor force in New York City continued to grow during the Great Recession. Data Source: New York State Department of Labor; author calculations
Revised numbers
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The job count declined (667) in the local government sector; however, local education added (267). In the Poughkeepsie-Newburgh-Middletown, NY, MSA, (Dutchess and Orange counties), the overall job count advanced (2,067) from 247,100 in the first quarter of 2012 to 249,167 in the first quarter of 2013. For the period, the private-sector job count advanced (3,700) to 201,400 in the first quarter of 2013 from 197,700 in the first quarter of 2012; public-sector employment posted a net decline of 1,633. Job gains were recorded in the leisure and hospitality sector (2,267), the education and health services sector (1,567), the trade, transportation, and utilities sector (567), the professional and business services sector (367), and the other services sector (100). The job count declined in the natural resources, mining, and construction sector (600), the manufacturing sector (200), the financial activities sector (200), and the information sector (167). Employment in the local government sector fell (800); local government education fell (1,067). In the Kingston, NY, MSA (Ulster County), the overall job count increased (600) to 59,967 in the first quarter of 2013 from 59,367 in the first quarter of 2012. For the period, the private-sector job count advanced (1,100); the public-sector job count retreated (500). Job gains were recorded in the leisure and hospitality sector (900), the trade, transportation, and utilities sector (400), and the education and health services sector (133). The job count fell in the manufacturing sector (133), the financial activities sector (33), the information sector (33), and the natural resources, mining, and construction sector (133). The job count was unchanged in both the professional and business services sector and the other services sector. Employment increased in the federal government sector (33) and the state government sector (67), but decreased in the local government sector (600). Local education declined (467). In Sullivan County the overall job count declined (167). Of this total, the public-sector job count rose (67) while the number of private-sector jobs decreased (233). Since the inter-recession peak, private-sector job growth has been sporadic and uneven. On the one hand, the job count in the education and health services sector has shown consistent growthup 13,733, from 177,333 jobs in the second quarter of 2008 to 191,067 as of the first quarter of 2013. On the other hand, the job count in both the manufacturing sector and the information sector continues to contractrelative to the trough, the job count in the manufacturing sector and information sector is down 2,800 and 1,633, respectively. Further, there has been and continues to be a significant disconnect between the sectors that shed jobs during the recession and the sectors that have created jobs post-recession. Overall, the Hudson Valley Region has recaptured 55.00 percent (33,067) of the 59,200 private-sector jobs lost Region-wide, the job count in the private sector reached an interto the recession compared to a recapture rate of 54.00 recession peak in the second percent of all private-sector jobs in the Capital Region, quarter of 2008 at 756,433 and a 82.00 percent of all private-sector jobs in the Long Island post-recession low in the first Region, and 152.00 percent of all private-sector jobs in the quarter of 2010 at 697,233. From New York City Region. peak to trough, the private-sector As of the first quarter of 2013, the trade, job count fell 59,200 (7.83 percent). transportation, and utilities sector has recaptured 83.64 percent (10,733 jobs) of the 12,833 jobs lost to the recession, the professional and business services sector has recaptured 80.80 percent (8,700 jobs) of the 10,767 jobs lost to the recession, and the leisure and hospitality sector has recaptured 83.39 percent (7,533) of the 9,033 jobs lost. Collectively these three sectors accounted for 55.13 percent of all jobs lost and as of the first quarter, 81.55 percent of all jobs recovered. The relatively insignificant sectorother servicesis the only sector that has created more jobs (3,200) since the trough than were lost to the recession (2,033).
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Hudson Valley: Change in the Private-Sector Job Count Since the Recession Low
Data Source: New York State Department of Labor: CES Series, Author Calculations
Recession Jobs Lost Natural Resources, Mining, and Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services * Leisure and Hospitality Other Services Total Private
* No cyclical job loss ** Not Meaningful -16,500 -7,133 -12,833 -2,333 -5,067 -10,767 6,500 -9,033 -2,033 -59,200
Share Recovered
5.05% -39.25% 83.64% -70.00% -14.47% 80.80% -111.28% 83.39% 157.38% 55.86%
In the Rockland-Westchester-Putnam, NY, MSA (Lower Hudson Valley Region), the privatesector job count peaked in the second quarter of 2008 at 485,767 and reached a post-recession low in the first quarter of 2010 at 445,500. As of the first quarter of 2013, 49.00 percent (19,833) of the 40,267 jobs lost to the recession have been recaptured. Rockland-Westchester-Putnam, NY, MSA: Change in the Private-Sector Job Count Since the Recession Low
Data Source: New York State Department of Labor: CES Series, Author Calculations
Recession Jobs Lost Natural Resources, Mining, and Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services * Leisure and Hospitality Other Services Total Private
* No cyclical job loss ** Not Meaningful -11,867 -3,300 -8,467 -1,700 -4,033 -8,933 3,633 -4,433 -1,167 -40,267
Share Recovered
11.24% -77.78% 75.59% -72.55% 0.00% 78.73% -105.50% 66.92% 177.14% 49.25%
The largest recapture rate occurred in the other services sector at 177.14 percent (2,067 jobs recovered), followed by the professional and business services sector at 78.73 percent (7,033 jobs recovered), the trade,
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transportation, and utilities sector at 75.59 percent (6,400 jobs recovered), and the leisure and hospitality sector at 66.92 percent (2,967 jobs recovered). The job count in both the manufacturing sector and the information sector continues to decline. As of the first quarter, the job count in the manufacturing sector was down 5,867 jobs relative to peak and 2,567 jobs relative to the trough while in the information sector, the job count was down 2,933 relative to peak and 1,233 relative to the trough. As is the case throughout the region, the job count in the education and health services sector continues to expand, rising from 112,933 in the second quarter of 2008 to 120,400 in the current quarter, an overall gain of 7,467 jobs. In the Poughkeepsie-Newburgh-Middletown MSA (Dutchess and Orange counties) the private-sector job count peaked in the third quarter of 2008 at 202,833 and reached a post-recession trough in the first quarter of 2010 at 189,800. As of the first quarter of 2013, the MSA has recaptured 89.00 Poughkeepsie-Newburgh-Middletown MSA: Change in the Private-Sector Job Count Since the Recession Low
Data Source: New York State Department of Labor: CES Series, Author Calculations
Recession Job Loss Natural Resources, Mining and Construction Manufacturing Trade, Transportation and Utilities Information Financial Activities Professional and Business Services Education and Health Services * Leisure and Hospitality Other Services Total Private * No cyclical job loss ** Not Meaningful
-3,633 -3,067 -3,067 -567 -700 -1,000 3,300 -3,733 -567 -13,033
Share Recovered
-9.17% -1.09% 135.87% -70.59% -52.38% 143.33% NM** 91.96% 147.06% 89.00%
percent (11,600) of the 13,033 jobs lost to the recession. Overall, the other services sector, the professional and business services sector, and the trade, transportation, and utilities sector have created more jobs (6,433) since the trough than were lost to the recession (4,634). The leisure and hospitality sector has recovered 91.96 percent (3,433) of the 3,733 jobs lost, while the job count in both the information and the financial activities sectors continues to contract, falling below the inter-recession trough. As is the case throughout the region, the job count in the education and health services sector continues to expand, rising from 47,367 in the second quarter of 2008 to 53,533 in the current quarter. In Ulster and Sullivan counties the private-sector job count peaked in the third quarter of 2008 at 69,100 and reached a post-recession trough in the first quarter of 2010 at 61,933. As of the first quarter of 2013, 22.79 percent of all private-sector jobs lost (7,167) to the recession had been recovered (1,633): the lowest recovery rate in the region. The job count has risen above the trough in leisure and hospitality, professional and business services, trade, transportation and utilities, and other services and has fallen below the trough in natural resources, mining, and construction, manufacturing, and financial activities. The job count in the information sector is unchanged relative to the trough while the job count in the education and health services sector continues to advance.
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Ulster and Sullivan Counties: Change in the Private-Sector Job Count Since the Recession Low
Data Source: New York State Department of Labor: CES Series, Author Calculations
Share Recovered
-13.16% -33.33% 17.86% 0.00% -78.57% 63.64% NM** 32.69% 64.29% 22.79%
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of all primary jobs, respectively. Since 2010, the number of Hudson Valley residents who work in NYC has increased 1.48 percent (3,027).
Primary Jobs Held by Hudson Valley Residents (2011) by Place of Employment Data Source: LED; Author Calculations Dutchess Home County Hudson Valley New York City Region Manhattan Long Island Region Fairfield, CT Bergen County, NJ Albany All Other 47.30% 26.00% 11.50% 7.20% 3.70% 1.90% 0.00% 1.70% 7.30% Orange 44.80% 20.40% 16.20% 10.00% 3.30% 0.00% 4.00% 1.40% 9.60% Putnam 20.10% 42.30% 21.50% 13.50% 4.30% 6.10% 0.00% 0.70% 4.60% Rockland 42.00% 13.00% 22.30% 13.70% 3.70% 0.00% 9.00% 0.00% 9.70% Sullivan 45.30% 28.50% 8.70% 4.90% 2.50% 0.00% 0.00% 2.20% 12.50% Ulster 43.30% 30.80% 10.00% 5.90% 3.50% 0.00% 0.00% 2.20% 10.40% Westchester 46.40% 4.40% 34.10% 21.80% 4.60% 4.50% 1.20% 0.00% 4.30% Hudson Valley 44.12% 15.66% 23.33% 14.71% 3.95% 2.41% 2.39% 0.73% 7.42%
Primary Jobs Held by Hudson Valley Residents (2011) by Place of Employment Data Source: LED; Author Calculations Dutchess Home County Hudson Valley New York City Region Manhattan Long Island Region Fairfield, CT Bergen County, NJ Albany All Other 48.50% 25.60% 11.70% 7.30% 3.60% 1.90% 0.00% 1.40% 6.90% Orange 45.60% 19.90% 16.30% 10.10% 3.10% 0.00% 4.20% 1.20% 9.40% Putnam 20.50% 41.60% 21.90% 13.70% 4.10% 5.90% 0.00% 0.60% 5.00% Rockland 42.10% 12.70% 22.60% 13.90% 3.70% 0.00% 9.10% 0.00% 9.60% Sullivan 48.30% 27.40% 8.60% 4.80% 2.40% 0.00% 0.00% 1.70% 11.60% Ulster 43.70% 31.40% 10.40% 6.00% 3.60% 0.00% 0.00% 1.80% 9.00% Westchester 47.50% 4.50% 33.60% 21.60% 4.40% 4.40% 1.20% 0.00% 4.10% Hudson Valley 45.05% 15.46% 23.29% 14.71% 3.85% 2.37% 2.44% 0.60% 6.95%
Change in Primary Jobs Held by Hudson Valley Residents (2010-2011) by Place of Employment Data Source: LED; Author Calculations Dutchess Home County Hudson Valley New York City Region Manhattan Long Island Region Fairfield, CT Bergen County, NJ Albany All Other -1.20% 0.40% -0.20% -0.10% 0.10% 0.00% 0.00% 0.30% 0.40% Orange -0.80% 0.50% -0.10% -0.10% 0.20% 0.00% -0.20% 0.20% 0.20% Putnam -0.40% 0.70% -0.40% -0.20% 0.20% 0.20% 0.00% 0.10% -0.40% Rockland -0.10% 0.30% -0.30% -0.20% 0.00% 0.00% -0.10% 0.00% 0.10% Sullivan -3.00% 1.10% 0.10% 0.10% 0.10% 0.00% 0.00% 0.50% 0.90% Ulster -0.40% -0.60% -0.40% -0.10% -0.10% 0.00% 0.00% 0.40% 1.40% Westchester -1.10% -0.10% 0.50% 0.20% 0.20% 0.10% 0.00% 0.00% 0.20% Hudson Valley -0.93% 0.20% 0.03% -0.01% 0.10% 0.04% -0.05% 0.13% 0.47%
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Quarter-over-Quarter Change
2013
Across the Hudson Valley, the number of residents who received monthly Temporary Assistance (TA) benefitswhich includes Family Assistance (FA)4 and Safety Net Assistance (SNA)5increased 227 from 33,244 in the fourth quarter of 2012 to 33,471 in the first quarter of 2013. The number of TA recipients increased in four of the seven counties. Recipients increased in Ulster (163), Westchester (113), Sullivan (52), and Putnam (23); fell in Dutchess (-109) and As of the first quarter of 2013, one Rockland (-16); and were unchanged in Orange. The out of 9.90 persons in the Hudson largest percentage change occurred in Putnam County Valley received food-stamp with a gain of 15.98 percent, followed by Ulster at 4.15 benefits; one out of every 69 percent. Over the same three-month period, total TA received Temporary Assistance expenditures rose 4.51 percent from $13.38 million per benefits. month to $13.99 million per month. The average monthly per-person SNA and FA benefits were $478.37 and $365.55, respectively, up from $450.49 and up from $362.61 in the fourth quarter. Within the region, Sullivan County is the most dependent on monthly TA benefits at one out of every 33.69 persons, Temporary Assistance Recipients: Data Source OTDA NY followed by Ulster and Orange Change 2013.1 over 2012.4 Change 2013.1 over 2012.1 counties at one out of every 44.36 Dutchess -109 -3.75% -9 -0.31% Orange 0 0.00% -245 -3.36% persons and one out of every 53.19 23 15.98% 28 19.81% persons, respectively. Putnam County Putnam Rockland -16 -0.47% -10 -0.30% is the least dependent at one out of Sullivan 52 2.33% -9 -0.38% every 588.23 persons, followed by Ulster 163 4.15% 414 11.24% Dutchess, Rockland, and Westchester 113 0.84% -595 -4.17% Westchester counties at one out of Hudson Valley 227 0.68% -425 -1.25% every 106.25 persons, one out of every New York City 6,514 1.85% 11,779 3.40% 92.78 persons, and one out of every New York State 10,315 1.79% 16,853 2.96% 69.00 persons, respectively. Year over year, TA recipients decreased 1.25 percent from 33,896 persons per month in the first quarter of 2012 to 33,471 persons in the first quarter of 2013. Over the same one-year period, the monthly expenditure for TA decreased 3.36 percent from $14.50 million per month to $13.99 million per month. Quarter over quarter, the number of Hudson Valley residents who received home-energy assistance6 increased 30.94 percent from 80,302 persons per month in the fourth quarter of 2012 to 105,148 persons in the first quarter of 2013. The average benefit paid in the first quarter of 2013 was $229.11 per recipient per month, up from $183.84 per recipient per month in the fourth quarter of 2012. Within the region, the number of home-energy recipients increased in each county, including Putnam (1,556), Rockland (6,498), Sullivan (9,731), Dutchess (11,187), Westchester (14,554), Orange (14,593), and Ulster (16,418). The largest percentage increase occurred in Sullivan County at 67.28 percent. Over the same three-month period, home-energy expenditures increased 63.18 percent from $14.76 million per month in the fourth quarter of 2012 to $24.09 million per month in the first quarter of 2013.
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. 5 Safety Net Assistance has a lifetime limit of two years. 6 The Home Energy Assistance Program (HEAP) is a federally funded program that assists low-income households in paying for the cost of home heating and the repair and replacement of home heating equipment.
4
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262 $ 265,000 315 $260,000 88 $342,450 190 $408,750 96 $124,750 128 $190,560 427 $530,000
289 $ 249,900 312 $250,000 124 $310,000 211 $390,000 108 $128,500 193 $215,000 754 $600,000
294 $ 246,500 356 $240,000 139 $349,000 233 $389,000 103 $115,000 171 $207,500 721 $552,500
294 $ 235,000 348 $240,500 112 $277,500 230 $373,500 100 $110,000 202 $172,750 730 $505,500
334 $ 224,750 380 $225,000 115 $281,900 255 $357,000 89 $104,000 209 $197,000 774 $515,000
(trough). Ulster County reported the highest relative selling price at 14.04 percent above the trough, followed by Westchester County and Putnam County at 1.88 percent and 1.59 percent, respectively. Sullivan County witnessed the biggest relative decline at 5.45 percent below the trough, followed by Orange County at 3.85 percent, Rockland County at 3.51 percent, and Dutchess County at 2.28 percent.
Median Housing Values Peak/Trough/2013.1
County Year Quarter Peak Price Dutchess Orange Putnam Rockland Sullivan Ulster Westchester 2006.3 2007.3 2006.2 2007.3 2007.2 2007.3 2007.3 Peak Median Price $352,000 $330,000 $437,140 $517,000 $202,500 $265,000 $729,000 Year Quarter Trough Price 2011.4 2012.4 2012.1 2011.4 2012.1 2012.1 2012.1 Trough Median Price $230,000 $234,000 $277,500 $370,000 $110,000 $172,750 $505,500 Dollar Change Peak and Trough ($122,000) ($96,000) ($159,640) ($147,000) ($92,500) ($92,250) ($223,500) Percent Change Peak and Trough -34.66% -29.09% -36.52% -28.43% -45.68% -34.81% -30.66% Median Price 2013.1 $224,750 $225,000 $281,900 $357,000 $104,000 $197,000 $515,000 Dollar Change 2013.1 and Peak ($127,250) ($105,000) ($155,240) ($160,000) ($98,500) ($68,000) ($214,000) Percent Change 2013.1 and Peak -36.15% -31.82% -35.51% -30.95% -48.64% -25.66% -29.36% Dollar Change 2013.1 and Trough ($5,250) ($9,000) $4,400 ($13,000) ($6,000) $24,250 $9,500 Percent Change 2013.1 and Trough -2.28% -3.85% 1.59% -3.51% -5.45% 14.04% 1.88%
In all cases, the median selling price remains well below the peak evaluations witnessed during the housing boom.
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Year over year, the demand for single-family construction permits rose 28.19 percent, from 149 construction permits with an average cost of $$257,714 per permit during the first quarter of 2012 to 191 construction permits with an average cost of $320,700 per permit during the first quarter of the current year. Total construction costs for single-family homes advanced $22.85 million from $38.40 million in 2012 to $61.25 million in 2013.
Quarter over Quarter, Single-Family Housing Permits: U.S. Census Bureau: *Preliminary Numbers January-March 2012 January-March 2013*
Area Permits Dutchess Orange Putnam Rockland Sullivan Ulster Westchester Hudson Valley 21 65 12 13 27 9 44 191 Total Construction Costs $5,713,804 $13,913,167 $3,706,163 $5,600,468 $3,302,092 $1,794,639 $27,223,282 $61,253,615 Average Construction Cost per permit $272,086 $214,049 $308,847 $430,805 $122,300 $199,404 $618,711 $320,700 Permits 17 45 11 13 13 23 27 149 Total Construction Costs $4,881,204 $7,425,302 $3,184,392 $5,172,100 $1,591,543 $3,858,098 $12,286,684 $38,399,323 Average Construction Cost per Permit $287,130 $165,007 $289,490 $397,854 $122,426 $167,743 $455,062 $257,714
For the period, Orange County issued the largest number of single-family permits at 65, followed by Westchester and Sullivan counties at 44 and 27, respectively. Ulster County issued the least Multifamily Construction Permits JanuaryMarch 2013*
Source: U.S. Census Bureau: Preliminary Numbers
County Orange
Town/Village
Number of Buildings 5 4 4 13 5 5 8 1 9 1 3 1 5 32
Value of Construction Permit $7,490,834 $1,020,832 $5,684,773 $14,196,439 $5,537,582 $5,537,582 $4,135,790 $310,000 $4,445,790 $143,574 $10,343,284 $425,000 $10,911,858 $35,091,669
Average Construction Cost per Unit $110,159 $51,042 $101,514 $98,586 $158,217 $158,217 $98,471 $155,000 $101,041 $71,787 $164,179 $212,500 $162,864 $1,1643,576
Kiryas Joel village Montgomery village New Windsor town County-Total Putnam Carmel town County-Total Rockland Ramapo town Spring Valley village County-Total Westchester Mount Vernon New Rochelle Yonkers County-Total Hudson Valley Total
at 9. The largest year-over-year increasenumber of permitsoccurred in Orange County at 20 followed by Westchester County at 17. The demand for multifamily permits increased from 17 multifamily permits with 96 units in 2012 to 32 permits with 290 permits in 2013. The total budgeted construction cost in 2013 rose 341.00 percent
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($27.13 million) from $7.96 million in 2012 to $35.09 million in 2013 while the average cost per unit increased 45.99 percent ($38,118) from $82,888 per unit in 2012 to $121,006 in 2013.
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 3.56 percent, from $301.28 million in the first quarter of 2012 to $311.99 million in the first quarter of 2013. The largest year-over-year dollar increase occurred in Westchester County at $5.91 million (5.08 percent), followed by Orange and Rockland counties at $3.21 million (5.46 percent) and $2.80 million (6.66 percent), respectively. Salestax collection declined -5.10 percent ($381,720) in Sullivan County, -2.39 percent ($950,518) in Dutchess County, and -1.51 percent ($369,624) in Ulster County. Sales-Tax Collection Data Source: New York State Department of Finance
2013.Q1 2012.Q1
$39,768,149 $58,870,621 $12,214,802 $42,034,814 $7,485,811 $24,442,956 $116,463,697 $301,280,852
2011.Q1
$39,954,403 $54,429,832 $11,261,667 $42,469,069 $7,189,369 $23,216,744 $109,573,303 $288,094,387
2010.Q1
$33,237,422 $51,822,130 $10,639,164 $39,637,960 $6,934,099 $22,423,983 $106,834,560 $271,529,318
2009.Q1
$34,133,431 $52,442,111 $10,740,232 $41,073,424 $7,587,668 $22,305,160 $104,718,131 $273,000,157
2008.Q1
$34,761,227 $53,429,206 $12,212,491 $44,647,633 $7,897,302 $23,751,832 $118,490,760 $295,190,451
2007.Q1
$35,412,351 $50,788,201 $9,776,773 $38,990,075 $6,810,755 $23,285,987 $111,123,998 $276,188,140
8.00% 6.00%
5.46% 4.02%
6.66%
0.19% 3.56%
4.00% 2.00% 0.00%
-$2,000,000 Putnam Rockland Westchester Dutchess Orange Ulster Hudson Valley Sullivan
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