The unemployment rate has decreased in various regions of New York State since 2011. The state currently has over 8 million jobs in the private sector – more than at any other time in the area’s history. This is positive news for buyers who intend to relocate to NY.
New York’s various Regional Economic Development Councils help strengthen communities, which leads to increased investment in the area. The Councils also proactively support tens of thousands of jobs.
Governor Andrew Cuomo has implemented a $100 billion infrastructure plan to make the local economy more competitive. The government also spends an estimated $8 billion on job-creation programs each year.
The state is the third largest economy in the United States, behind California and Texas. Local government has kept property taxes under control, which helps keep communities affordable not just for renters and homeowners, but for businesses as well.
Here are some of the economic indicators detailed in the Capital Region Economic Development Council’s 2017 Progress Report:
- Jobs in the region grew by 5.8% from 2011 to 2016
- Unemployment dropped by 3.1% from 2011 to 2016 (from 7.3% to 4.2%)
- The number of employer establishments rose by 4.9% from 2011 to 2016
- Average wages in the region increased by 12.6% from 2011 to 2016
Those who plan to relocate to the Capital Region can apply for jobs in education, healthcare, retail, and other industries.
Some of the largest private employers in the area include:
- Albany Medical Center
- Bechtel Marine Propulsion/Knolls Atomic Power Laboratory
- Center for Disability Services Holding Corp
- Ellis Medicine
- Empire Blue Cross
- General Electric
- Glens Falls Hospital
- Golub Corporation
- Hannaford Supermarkets
- Rensselaer Polytechnic Institute
- Saratoga Hospital and Nursing Home
- Stewart Shops
- St. Mary’s Healthcare
- St. Peter’s Health Partners
Meanwhile, some the fastest-growing private companies in the region include:
- G&G LED Lighting
- Trusted Nurse Staffing
- Complete Network Support