Quarterly Economic Report
HVEDC-JONES LANG LASALLE
UARTERLY E C O N O M I C R E P O RT October 2013
32 9W 28
Total Labor Force (August)
Employment 97 Growth (Q3/Q3)
Unemployment Rate (August)
from 1.1M in EOY 2012 dson Valley Employment Q3 2013 1.4% 1.2 M
abor Force st)
Employment Growth (Q3/Q3)
Laurence P. Gottlieb President and CEO HVEDC
Hudson Employment Q3 2013 HudsonValley Valley Labor Market 52
Unemployment Rate (August)
WESTCHESTER COUNTY from 1.3%jobs in 2012 +2013 7,765 1.4% 1.2 M 6.6% Hudson Valley Q3 2013 alley Employment Q3 Hudson Valley Q3 2013 Professional and business services; education and healthcare ROCKLAND-ORANGE Total LaborEmployment Force Employment Unemployment Unemployment
Hudson Valley Continues Job Growth
From 1.1M in 2011 From 1.3% growth in 2012 From 7.4% in 2012 as This past quarter, the Hudson Valley more people are experienced a healthy actively looking for degree of employment growthjobs at 1.4 percent, with a total labor force
of about 1.2 million workers — up slightly from the end of last year. This growth was From 1.1M in 2011 about equal From 1.3% growth in to what the region saw in the Rockland & quarter. 2012 second
Job Gains (last 12 months) & Leading Industry Drivers
From 7.4% in Westchester 2012 as Among counties, Westchester gained the strongest overall more people are most jobs in the third quarter as 7,765 were empl. growth at 2.2% actively looking for and 1.8% Q2/Q2. added, with the areas of professional services, jobs education Labor force and is down Hudson Valley oﬃcehealth care seeing the biggest Labor force is down slightly fromempl. 2012.growth using increase. Westchester eclipsed Rocklandslightly from 2012. Total Labor Force Employment Unemployment Unemployment jobs slowed towas 0.4% (June) Growth (Q3/Q3) Rate (June) Unemployment was From 1.1M in 2011 Growth (Q3/Q3) Rate (August) Orange with the strongest overall employment (June) Growth (Q3/Q3) Rate (June) unchanged compared Q2/Q2. compared Education and healthcare ; leisure and hospitality From 1.3% growth ingrowth Rockland &unchanged with Q2, but down from rate at 1.8 percent in the third quarter Oﬃce-using empl. with Q2, but down from 2012 7.6%a inyear 2012.ago. Westchester over 7.6% in 2012. was up growth 1.4% in 2012. 7.4% Fromin 7.4% in 2012 as Employment from 2012 jobs strongest overall Employment growth Westchester oﬃcemore people are stable at 1.4% Q3/Q3. Other news of note: empl. growth at 2.2% jobs stable at 1.4% Q3/Q3. Professional and business services; education and healthcare using employment on Gov’t contrac actively lookingand for1.8% Q2/Q2. • The Gov’t contrac on Regional Economic Development Mid-Hudson Leisure and hospitality; trade, transportation and utilities grew 1.3% Q2/Q2. driving down growth jobs Hudson Valley oﬃcedriving down growth Council has included the Hudson Valley Advanced across all coun across Education & all coun Center at the State University of using empl. growth Manufacturing healthcare and jobs slowed to 0.4%York at New Paltz as a top priority project New leisure eclipsed & hospitality jobs Westchester Q2/Q2. Education and healthcare ; leisure and hospitality recommended Westchester eclipsed for state funding. The funding for driving empl. growth. Rockland-Orange with Trade, transportation and utilities; leisure and hospitality Rockland & Oﬃce-using empl. Rockland-Orange with this HVEDC-led initiative will allow SUNY New Paltz strongest overall empl. Westchester was up 1.4% strongest overall empl. in 2012. jobs to construct a 7,500-square-foot facility on campus growth rate at 1.8% jobs jobseducation and healthcare growth rate at 1.8% strongest overall Westchester oﬃceand purchase additional 3D printing equipment. Professional and business services; Q3/Q3. jobs Professional and business services; education and healthcare Q3/Q3. empl. growth using at 2.2% sional and business services; education and healthcare employment Hudson Valley oﬃce• Communications – the eighth-largest Mediacom Hudson Valley oﬃceLeisure and hospitality; trade, transportation and utilities and 1.8% Q2/Q2. grew 1.3% Q2/Q2. using empl. grew 0.4% the U.S. – held its grand usingcompany empl. grew in 0.4% Hudson Valley oﬃce- cable Education in & last 12 mos. in last 12inmos. opening late September for its new $43.9 using empl. growth health Eduand on & healthcare on & healthin Orange County. The new million Edu complex jobs jobs services and leisure & slowed to 0.4% jobs leisure & hospitality jobs services and leisure & office building is home to 110,000-square-foot Education and healthcare; leisure and hospitality hospitality expanding. Q2/Q2. driving empl. growth. EducationTrade, and healthcare ;transportation leisure and hospitality Education and healthcare; and hospitality hospitality expanding. and utilities; leisure andleisure hospitality corporate staff, which Sullivan & Ulster300-person hit by Oﬃce-using empl. Mediacom’s Sullivan & Ulster hit by includes full-time positions added since June. pullbacks in50 trade, was up 1.4% in 2012. pullbacks in trade, manufacturing. manufacturing. Westchester oﬃce• The Hudson Valley is emerging as a major hub for jobs Oﬃce-using empl. was jobs jobs Oﬃce-using craft empl. was world-class breweries, distilleries, wineries using employment up 1.4% in 2012. and hospitality; transportation and utilities up 1.4% infarms. 2012. HVEDC’s Hudson Valley Food & Leisure and hospitality; Leisure trade, transportation andtrade, utilities cider grew 1.3% Q2/Q2. and Leisure and hospitality; trade, transportation and utilities Westchester oﬃce Beverage Westchester oﬃce- is hosting its first Beer, Wine Alliance Education & using employment using employment and Summit grew Spirits 0.9% Q3/Q3 – a from 7:30 to 10:30 a.m. Oct. healthcare and grew 0.9% Q3/Q3 – a slightly lowerCulinary rate than Institute of America. Contact at The jobs leisure & hospitality 31 jobs slightly lower rate than jobs last quarter. Trade, transportation and utilities; leisure and hospitality Domenico at firstname.lastname@example.org. driving empl. growth. Gina last quarter. Trade, transportation and Trade, utilities;transportation leisure and hospitality and utilities; leisure and hospitality
& Leading Industry Drivers
+ 3,885 WESTCHESTER COUNTY DUTCHESS-PUTNAM + 7,765 1.4% 1.4% M 1.1M 6.6% 1.4% 1.1M + 1,074
Job Gains (last 12 months) Job Gains (last 12 months) & Industry Drivers & Industry Drivers
ROCKLAND-ORANGE SULLIVAN-ULSTER + 3,885+ 160 WESTCHESTER STCHESTER COUNTY COUNTY WESTCHESTER COUNTY + 7,765 DUTCHESS-PUTNAM + + 7,765 7,765
ROCKLAND-ORANGE OCKLAND-ORANGE ROCKLAND-ORANGE SULLIVAN-ULSTER + 3,885 ++3,889 3,889
DUTCHESS-PUTNAM DUTCHESS-PUTNAM DUTCHESS-PUTNAM
+ 1,074 ++1,074 1,074
SULLIVAN-ULSTER SULLIVAN-ULSTER SULLIVAN-ULSTER + 160
Hudson Valley Q3 2013
Overview Total Labor Force (June)
Hudson Valley Q2 2013 Oﬃce Marke Hudson Valley Q2 2013 Oﬃce Marke
Employment Growth (Q3/Q3)
• Vacancy rates were slightly elevated for all submarkets when compared with the second quarter.
Unemployment Office vacancy rate by market Rate (June) 2012 Office vacancy rate by market Q3 20122013 Q3 2013
• The Orange-Rockland submarket maintains the lowest vacancy rate but increased slightly to 14.7 percent in the third quarter of 2013.
• The vacancy rate declined the most since year-end 2012 in the Dutchess-Putnam submarket due to the sales of 600 and 640 Auditorium Drive to Linuo Solar Group for full occupancy.
Labor force is down slightly from 2012. Unemployment was unchanged compared with Q2, but down from 7.6% in 2012. Employment growth stable at 1.4% Q3/Q3. Gov’t contraction driving down growth across all counties.
Job Gains (last 12 months) & Industry Drivers
Westchester eclipsed Rockland-Orange with strongest overall empl. • Westchester County recorded just more than 300,000 jobs Westchester Orange-Rockland Dutchess-Putnam growth rate at 1.8% Sullivan-Ulster square feet transacted, down nearly 50 percent from the Q3/Q3. professional & business svcs., education & healthcare Westchester Orange-Rockland Dutchess-Putnam Sullivan-Ulster Hudson Valley officesecond quarter. using empl. grew 0.4% Asking commercial rent ($PSF) by market 2012 in last 12 mos. Asking commercial rent ($PSF) by market Q3 2013 Education & health 2012 jobs services and leisure & Q3 2013 education & healthcare, leisure & hospitality hospitality expanding. • Commercial rental rates were up in all submarkets with Sullivan & Ulster hit by the exception of Dutchess-Putnam. pullbacks in trade, manufacturing. jobs • There has been a recent firming in rental rates in spite of Office-using empl. was an elevated vacancy, leisure which &could indicate thetransportation start of a & utilities hospitality, trade, up 1.4% in 2012. shift toward a neutral market. Westchester officeusing employment • More than 1 million square feet in office-building grew 0.9% Q3/Q3 – a jobs repurposing continues to help firm supply-side slightly lower rate than leisure & hospitality Westchester fundamentals. There trade, is the transportation possibility of&autilities, mass rezoning last quarter. Orange-Rockland Dutchess-Putnam Sullivan-Ulster along the Westchester Avenue/Interstate 287 Corridor Westchester Orange-Rockland Dutchess-Putnam Sullivan-Ulster that could lead to more conversions.
Things to watch + 3,889
DUTCHESS-PUTNAM + 1,074 SULLIVAN-ULSTER + 160
• The Orange-Rockland submarket bottomed, but transactions are still dominated by renewals.
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.
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.
4 Crotty Lane, Suite 100 New Windsor, NY 12553
Laurence P. Gottlieb, President and CEO email@example.com
FALL 2013 | HVEDC-Jones Lang LaSalle Quarterly Economic Report
Quarterly Economic Report | Fall 2013