New York’s Capital Region ECONOMIC
2021 PROFILE (Updated July 2021)
The Capital Region has 1.1 million people living in eight counties. The region spans 5,336 square miles, making it about the size of Connecticut. In addition to being the home of New York’s capital city (Albany), the region is a major talent generator with 24 higher education institutions. Key regional industry clusters include: Cleantech, Life Sciences, WARREN Advanced Electronics/Semiconductors, R&D/Commercialization, WASHINGTON BOSTON Logistics and Distribution, Software-IT/Digital Gaming. The Capital ALBANY Region is in the middle of a major geographic zone – with New York City, SARATOGA Boston and Montreal a three-hour drive away. The region is brimming
RENSSELAER with opportunities for leisure and recreation, surrounded by the Catskill, SCHENECTADY NYC
Berkshire and Adirondack mountains and filled with arts, cultural and ALBANY
food destinations in between them. COLUMBIA
GREENE INFRASTRUCTURE ASSETS HIGHWAYS AIR SERVICE PORT FACILITIES RAIL SERVICE BUS SERVICE BIKE SHARE
• NY Thruway • Albany International • Port of Albany • CSX Corp. • Capital District • CDPHP Cycle (I/87/I-90) Airport • Port of Coeymans • CP Rail Systems Transportation • Adirondack • Amtrak Authority Northway (I/87) UPSTATE NY’S GROWTH ENGINE Population Labor Force Total Employment* Total Employer Establishments* 2020: 1,078,491 2020: 542,800 2020: 487,957 2020: 30,202
1-Year Change: 0.2% 1-Year Change: = 0.0% 1-Year Change: 7.8% 1-Year Change: 0.5% 5-Year Change: 0.5% 5-Year Change: 0.5% 5-Year Change: 6.5% 5-Year Change: 1.2%
Unemployment Rate Avg. Annual Wage Real GDP Growth Closed Single-Family Home Sales 2020: 7.2% 2020: $61,149 2019: $65,502,511,000 2020: 13,155
1-Year Change: 3.6% 1-Year Change: 1.4% 1-Year Change: 2.5% 1-Year Change: 7.0% 5-Year Change: 2.9% 5-Year Change: 19.8% 5-Year Change: 8.6% 5-Year Change: 6.9%
Traveler Spending Business Formation Applications 2019: $3,164,970,382 2020: 9,456
1-Year Change: 3.6% 1-Year Change: 3.2% * All Industries 5-Year Change: 18.2% 5-Year Change: 27.6% Sources: NYS ESD, NYS DOL, US BEA, US BLS, GCAR, NYSAR, US Census, NYS OSC R&D AND EDUCATION TOP 2019-2021 RANKINGS
ADULT ADULT UNIVERSITY EDUCATIONAL EDUCATIONAL R&D SPACE ATTAINMENT, ATTAINMENT, rd (2018) 3 BA+ (2019) AS (2019) Potential Innovation 35.5% 12.1% 1.45M sf Growth Center Albany-Schenectady-Troy MSA (US = 32.1%) (US = 8.5%) (Brookings Institute)
TOTAL DEGREES STEM DEGREES UNIVERSITY R&D AWARDED AWARDED EXPENDITURES (2020) (2020) (2019) » 4th Best Place for Raising a Family as a Single Parent: (MagnifyMoney) 14,478 3,857 $599.26M » 4th Best Job Market in America: (Zippia) » 6th Best Cities for New Graduates: (ValuePenguin) PRIVATE » 7th Best Mid-Size Metros for Skilled Trade Workers: NIH AWARDS SBIR AWARDS BUSINESS R&D (College, Career, Life) (FY2020) (FY2019) EXPENDITURES* th (2018) » 7 Best City for Air Quality: (Filterbuy) » 7th Best City for Single Millennials: (Insurantly.com) $1.16B $81.5M $17.01M » 10th Hottest City for Jobs in 2019: (ZipRecuiter) » 16th Top City Where Gen Z is Moving: (TheCostguys.com) * Albany-Schenectady-Troy MSA » 19th Best Place to Raise Kids: (SmartAsset) » 21st Most Educated Cities: (WalletHub) » 23rd Safest Places to Live: (U.S. News & World Report) QUALITY OF LIFE » 24th Best Places for Millenial Mothers: (SmartAsset) » 26th Most Inclusive Metro: (Brookings Institute) AVERAGE AVERAGE COST OF LIVING th INCOME HOME SALE PRICE COMPOSITE » 29 Best Place to Live: (Livability) (2019) (2019) INDEX (2020) (Listing Albany-Schenectady-Troy MSA) $88,956 110.2 $244,023 (US=$88,607) (US = 100) LARGEST TECH EMPLOYERS
POVERTY VIOLENT CRIME AVERAGE » GE » Plug Power RATE RATE (2020) COMMUTE TIME » Regeneron » SI Group (2019) per 100,000 (2019) Pharmaceuticals » Velan Studios » 10.2% 257 23.7 minutes GLOBALFOUNDRIES » Center for Internet Security » Fluor Marine Propulsion (US=13.4%) (NYS = 365) (US = 26.9) Inc. (CIS) LLC/Knolls Atomic Power » Auto/Mate Laboratory » Precision Valve & Automation HOUSEHOLDS WITH CABLE/FIBER/DSL » Momentive Performance » Espey Mfg. & Electronics Corp. INTERNET SUBSCRIPTION RATE (2019) Materials » CMA Consulting » AngioDynamics 73.5% » Zones Source: Albany Business Review, EMSI (US=68.9%) Sources: U.S. Census Bureau ACS/CBB, NCSES, NYS DCJS, NYS DOE, IPEDS, NIH RePORT, SBIR.gov DID YOU KNOW? • Stability: For more than 30 years, the region’s • Beauty: The region contains more than 60 waterfalls, unemployment rate has never been above the national including New York’s tallest two-tiered waterfall: average. Kaaterskill Falls. • Resilience: The region emerged from the pandemic with • Connections: The region houses Amtrak’s 11th busiest New York’s lowest unemployment rate in 2020. station in Rensselaer. Albany International Airport offers • R&D Hub: Albany is 1 of only 51 US metros where private about three dozen non-stop routes. businesses spend more than $1 billion annually on R&D. • Gateway: The region is home to North America’s northern- most, year-round water port: the Port of Albany.
More detailed information can be provided. Contact Marketing Manager Taryn Farewell at [email protected].