After the 1990-91 recession, the Regional economy experienced a strong growth phase in 1994, with all-time high employment and low unemployment. In 1995, employment was down 3,100, unemployment rose by 200, and the Region entered a local recession which persisted through 1996. For 1997, the economic data portray an economy in a modest recovery phase which is expected to continue throughout 1998.
- Average Regional employment rose by 2,000 or 0.5% in 1997 after two years of declines.
- Average Regional unemployment for 1997 fell by 2,067 or 11.6%, and the average annual unemployment rate declined from 4.3% to 3.8%.
- Total public and private sector employment in the Albany-Schenectady-Troy MSA rose by 5,300 jobs or 1.2% between 1996 and 1997.
- Low-paying Service and Trade jobs experienced the largest gains in MSA employment. Service sector jobs were up by 3,700 (2.9%) and Trade employment increased by 800 (0.9%).
- The high-paying State Government and Manufacturing sectors showed job declines in the MSA. State employment was down 900 (1.6%) and Manufacturing declined by 600 (1.5%).
- The number of persons collecting unemployment benefits in the Region showed a sharp, 1,828 (23.3%) decline in 1997, while persons exhausting benefit rights fell by 903 (9.3%).
- 1996 Average annual constant dollar pay for the Region rose by $231 or 0.8%.
- For the period March 1996 through February 1997, Regional constant dollar taxable sales increased by $106.5 million or 1.3% over the previous 12-month period.
- Enplanements at the Albany County Airport rose 59,515 or 5.9% in 1997.
- Total tonnage handled by the Port of Albany declined by 481,020 tons or 59.2% in 1997.
- Total commercial office space in the Capital District increased 4.7% in 1997, while total occupied space increased 2.2%.
- Commercial Office vacancy rates rose in 1997, fro
- 8.3% to 10.5%.
- Average days to sale for existing homes declined by 3.4%, the first decline in a decade.
- For 1997, sales of existing homes in the Capital District were down 270 units or 4.6%.
- The mean and median constant-dollar selling prices of existing homes fell to new ten-year lows of $121,085 (down 1.8%) and $108,881 (down 3.8%), respectively.
- Continued uncertainty about the local economy and the large stock of existing housing available for sale will likely keep the Region's housing market depressed in 1998, despite expectations for a continuation of a modest recovery in the economy and low home mortgage interest rates.
CDRPC's 1998 Economic Outlook for the Capital District and individual County 1998 Economic Data Chartbooks contain additional economic data and information. For more information, see CDRPC Publications.
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