the Hudson Valley Economy and Labor Market
It is important to understand the larger economic context you will be navigating as you plan and strategize for your professional path.
‘Economic context’ means the system of trade and labor in which wealth is made and moved within a population or system, such as a country, state, or community. As a person in the world you live in many economic contexts, or economies, ranging from your household, to your town or city, to your country, and so on.
The Economy is a system, like an ecosystem, in which resources circulate through the system, and are used, changed, and passed along through the participants in that system in a cycle. In an ecosystem the resources might be water, air, and soil, while in an economic system, the resources will include natural elements, like water, trees, solar power, and so on, but it also includes money, labor, time and much more.
We live in a multiple economies, from the local Kingston Economy, to the Ulster County Economy, the larger Hudson Valley Economy, and the American Economy. The economy is where you will get what you need to live, in return for what you give, such as your money, labor and time. When you choose a professional path, you are choosing a certain relationship to the economy.
This is an overview of the current employment landscape and economy in the Hudson Valley and what the implications are for the future of work and job training in the region.
∗ This 2019 NYC Department of City Planning report ‘The Geography of Jobs’ is an excellent study of the labor market in the New York City region, including the Hudson Valley.
Hudson Valley Job Sectors:
As of 2018, 84% of jobs in the Hudson Valley are in the Private Sector, while 16% are the Public Sector. → the Hudson Valley Nonprofit sector is a significant private employer in the region, and accounts for more than 50% of jobs.
∗ When considering what kind of training or academic focus to pursue as a young adult, it will be helpful to consider what industries there are in the Hudson Valley; which are growing, and which are declining, as this will indicate where there will be jobs available.
Professions in High Demand in Ulster County:
Nurse Practitioner
Primary and Specialty Care Provider
Data Scientist
Information Security Analysis
Financial Management
Green Jobs and Green-Collar Jobs: These are jobs from both the white and blue collar sectors which are moving toward renewable and energy efficient alternatives. The green industry is growing rapidly and will likely overtake the traditional energy industries in time. Green Jobs and Green-Collar Workers are and will continue to be in increasing demand in our changing economy.
✳ Growing Industries
Those Industries in the Hudson Valley which saw the most growth in 2022 were:
Education, Health Care, Hospitality & Food Service, and Construction.
These industries are the most robust in the Hudson Valley: they employ a significant percentage of residents, and are consistently adding jobs to the job market. ∗ Pursuing a career path in these industries, therefore, would be a strategic decision if you are planning on staying in the Region.
Education:
This industry has been growing consistently for many years as the number of Americans pursuing higher education has increased steadily since the mid 20th century. There are many robust education institutions in the Hudson Valley which are creating more jobs to support a growing student body.
Construction:
The construction industry is booming in the Hudson Valley for a number of reasons, including the population influx from New York City resulting from the pandemic. There is a high demand for new buildings and for infrastructure to support the increasing population. Skills in this industry are in high demand in the Hudson Valley.
Healthcare/ Health Services:
This is a particularly promising industry in the Hudson Valley. The strength and reputation of the health services offered in the region are such that they are beginning to attract consumers and clientele from outside of the region. This is highly promising from both an economic and employment standpoint, and is something to bear in mind.
Hospitality and food services:
This is an industry which is growing in the Hudson Valley in relation to the increase of residents, visitors, and money from New York City and so the demand for fine dining, pleasant accommodations and other recreational provisions is high. The Culinary Institute of America in Poughkeepsie provides training for those interested in skilled work in this field, ranging from kitchen and baking roles to restaurant management.
Why are these labor industries growing?
∗ Growing Industries in the Hudson Valley reflect the changes in the US economy and population at large, for example the healthcare industry is growing, which reflects the large percentage of Americans of the ‘baby boomer’ generation who are reaching old age and therefore require more health services.
∗ The growth in the construction and hospitality industries in the Hudson Valley reflects the movement of people from cities and metropolitan areas into rural areas and small towns brought on by a combination of an affordable housing crisis in cities like New York, and a change in work-lifestyles instigated by the pandemic.
Emerging and Declining Industries: In the changing U.S. economy, there are a number of emerging and declining industries, which reflect shifting consumer trends, the changing environment and the evolution of technology.
✳ Declining Industries
These Industries are Declining (as employers) in the Hudson Valley:
The manufacturing industry:
Although manufacturing and related technical skills are still relevant in the U.S. economy, due to the increase in automation, this industry is not adding many new jobs in the Hudson Valley.
The Biotech and Biochemical Industry:
This industry has been declining in the Hudson Valley and is not adding new jobs due to the development of new technology and relocations outside of the region.
Although these industries are declining as employers in the region, this does not mean that they are declining industries. These industries remain strong in and of themselves, but the nature of work within them is changing, as technology makes it possible to automate roles which would previously have been carried out by skilled workers.
∗ some industries, such as manufacturing, may be emerging or strong in the area, but this does not mean that they are large employers. This is a theme which will be important to keep in mind as you think about education, training, and employment.