BY LAURENCE GOTTLIEB
Following on the success of the recent Digital Health event, the Hudson Valley Economic Development Corp. will host its first-ever State of the Hudson Valley Economy forum Tuesday, June 24, at the SUNY New Paltz Student Union ”“ an event that promises to be a much-needed, thought-provoking discussion on the regional economy.
The State of the Economy keynote speaker is Paul Harrington, a renowned labor expert, and director for the Center of Labor Market and Policy at Drexel University. Harrington will provide an in-depth analysis of labor issues facing the Hudson Valley, as well as how tackling the region”™s labor pool challenges can accelerate economic growth.
This event will give businesses and individuals the opportunity to gain insight and hear expert commentary on the prospects for positive economic change in the Hudson Valley, as well as the short- and long-term risks to achieving sustainable economic growth within various industries in the region.
The event comes at a positive time for the Hudson Valley regional economy. Recent numbers indicate that unemployment rates in the region fell drastically throughout April 2014, with three counties ”“ Orange, Ulster and Sullivan ”“ posting their lowest unemployment rates since the beginning of the recession in 2008.
The Hudson Valley”™s most updated jobless rate is 4.8 percent, down from almost 8 percent last year. However, participation in the regional labor force has also seen a decline during the same period, which is a similar trend across the U.S. About 1 percent fewer people are working (or in search of work) in Orange and Ulster counties, with three percent fewer in Sullivan County.
There will also be plenty of other research findings to discuss beyond unemployment and labor force rates. According to event co-sponsor JLL, the Hudson Valley region has experienced somewhat unchanged vacancy rates for office space, while some locations saw a slight increase in their vacancy rates. Other key points of interest include:
”¢Â Much of the office product throughout the region is aging, which only amplifies the difficulty in attracting new companies.
”¢Â There is also a need for diversification to help propel the recovery of the office market. Developments ”“ such as the North 60 Corridor ”“ are helping to diversify the base with an expansion of life sciences and biotechnology companies, but it is important to discuss other potential opportunities.
”¢Â There is a need for more sophisticated technology across the region, as well as improved power infrastructure and parking.
The State of the Hudson Valley Economy forum promises to be an engaging event for business owners, organization leaders and executives who wish to have a role in shaping the future of the region”™s economy. The Hudson Valley remains among the fastest-growing areas of New York, and the findings of the first Hudson Valley Business Climate Survey will help keep the region on pace for continued growth and economic success now and in the years to come.
Laurence Gottlieb is president and CEO of the Hudson Valley Economic Development Corp. in New Windsor. Email him at lgottlieb@hvedc.com.
