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Quarterly Economic Report

JANUARY 2014


Q

HVEDC-JONES LANG LASALLE

UARTERLY E C O N O M I C R E P O RT January 2014

4Q

Hudson Valley News & Notes 32 9W

th 28

CATSKILL PARK

Total Labor Force 17 (November)

22

199

Laurence P. Gottlieb President and CEO HVEDC

kR

.

ir rvo Ashokan Rese

in

Neve rs

Even with 1.1M in EOY 2012 52

ver

Ri

42 97

0.9%

209

84

44

22

n

87

Growth from fourth quarter a year 84 ago

Unemployment Rate (November) AY

UW

THR

NYS

32

684

6

5.8%

9W

87

WESTCHESTER

+6,131

Job Gains (last 12 months) & Industry Drivers

9

ds o

55

9W

44

Employment 209 52 Growth (Fourth Quarter) 17

97

32

Hu

Delaware

55

209

River

1.1M 52

95

jobs

Education and healthcare; Trade, transportation and utilities

ROCKLAND-ORANGE ROCKLAND ORANGE

+2,215

jobs

Trade, transportation and utilities; Education and healthcare

DUTCHESS-PUTNAM

+20

jobs

Leisure and hospitality; Trade, transportation and utilities

SULLIVAN-ULSTER

-32

jobs

Leisure and hospitality; Professional and business services

Total Jobs +8,334

from 7.4% in 2012

Regional Economy Making Steady Progress The Hudson Valley economy remains in a pattern of slightly upward progression. The seven-county unemployment rate continued to contract, as the November figure reached 5.8 percent, compared with 7.1 percent a year ago. This figure, however, is affected by discouraged jobseekers who have stopped looking for work and others in their later years preferring to retire rather than finding new employment. Therefore, the Hudson Valley is reflecting the overall U.S. economy. Here, the labor force is actually 0.5 percent smaller than it was a year ago and employment growth is little more than flat at 0.9 percent. In the past 12 months, a diverse range of industries created jobs with education and health services adding a combined 2,500 and the trade, transportation and utilities industries adding a total of 3,300. Other news of note: • In a November referendum, voters authorized casino gaming for New York State. One or possibly two resorts will be approved for the Catskill Region. • NY BioHud Valley Founding Member, Regeneron Pharmaceuticals, broke ground in October on an expansion of its headquarters and laboratory space in the towns of Greenburgh and Mount Pleasant, totalling more than $100 million. The company currently has 700,000 square feet of space and is building 300,000 square feet more with two new buildings. The expansion will create an additional 400 jobs in Westchester County.

Learn More About the Regional Economy HVEDC will host the first State of the Hudson Valley Economy event in June, featuring renowned labor analyst Dr. Paul Harrington of Drexel University and a panel of regional economic leaders and experts. For more information, call HVEDC at 845-220-2244


• Occupancy levels showed mixed trends in the region during the last quarter of 2013.

Westchester

Things to watch

About Hudson Valley Economic Development Corporation (HVEDC) HVEDC is the leading economic development agency for the sevencounty region of Westchester, Putnam, Dutchess, Rockland, Orange, Ulster and Sullivan counties. The public-private partnership markets the region as a prime business location to corporate executives, site selection consultants and real estate brokers. HVEDC created the branding and promotional efforts for industry cluster initiatives Hudson Valley 3D Printing, the Hudson Valley Food & Beverage Alliance and NY BioHud Valley. For more information or to review available business sites, visit www.hvedc.com or call CEO Laurence P. Gottlieb at 845-220-2244.

Westchester

23.8%

15.0%

22.8%

20.7% Orange-Rockland

Dutchess-Putnam

$10.13

Sullivan-Ulster

About Jones Lang LaSalle Research Jones Lang LaSalle’s research team delivers intelligence, analysis, and insight through market-leading reports and services that illuminate today’s commercial real estate dynamics and identify tomorrow’s challenges and opportunities. Our 300 professional researchers track and analyze economic and property trends and forecast future conditions in over 60 countries, producing unrivaled local and global perspectives. Our research and expertise, fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions. Leasing Chris O’Callaghan

Hudson Valley Economic Development Corp.

chris.ocallaghan@am.jll.com

4 Crotty Lane, Suite 100 New Windsor, NY 12553

Research

845.220.2244

erin.patterson@am.jll.com

Erin Patterson

Laurence P. Gottlieb, President and CEO lgottlieb@hvedc.com

Sullivan-Ulster

$12.37

A positive outlook for the Hudson Valley continues to hinge on job recovery and industry diversification – a common thread among many secondary markets across the U.S.

Dutchess-Putnam

$18.97

$25.74

In line with education and health services driving employment, the health services sector is a major player in local office markets. One of the few construction projects under way is an 80,000 square-foot build-to-suit for the expanding WestMed Group along the I-287 corridor.

Orange-Rockland

Asking commercial rent (cost per square foot) by market n 2012 n 2013

• Persistent lackluster office-using employment growth will likely keep rents flat during the course of 2014. •

13.9%

Despite weak employment growth, Dutchess-Putnam recorded the lowest vacancy at 15.0 percent in the fourth quarter while vacancy in Sullivan-Ulster was down marginally.

$21.67

20.2%

Much of Westchester’s increase in vacancy is attributed to MBIA’s space at 113 King St., Armonk, coming online. In Orange-Rockland, large blocks came online at Blue Hill Plaza.

$26.53

18.5%

• Vacancy rates were elevated in Westchester, Orange and Rockland counties.

24.4%

Office vacancy rate by market n 2012 n 2013

$19.97

Overview

Hudson Valley News & Notes

$22.96

4Q th

www.us.joneslanglasalle.com www.us.joneslanglasalle.com/ct-westchester

WINTER 2014 | HVEDC-Jones Lang LaSalle Quarterly Economic Report


Quarterly Economic Report | Winter 2014

HVEDC - Jones Lang LaSalle - Quarterly Economic Report  
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