While warning of “dark clouds” over the economy, New York State Comptroller Thomas P. DiNapoli last week reported strong economic growth in Westchester County that outpaced most of the state in recent years.
Employment here increased by 9,400 jobs over a three-year period up to 2007, and the pace of job growth accelerated and exceeded the statewide rate through the first half of last year, the comptroller reported.
That growth was spurred by the financial services sector, which accounted for 3,900, or 14.4 percent, of new jobs. The construction industry grew by 1,300 jobs, or 5.2 percent, from 2003 to 2006 and led the county”™s job growth in the first half of 2007 with a 6 percent increase. Education and health services grew by 3,400 jobs, or 4.7 percent, during the three-year period and by 3.3 percent in the first half of last year. The leisure and hospitality industry showed a 5.5 percent employment gain in the first half of 2007.
The 2007 unemployment rate in the county averaged 3.6 percent, 1 percent lower than the statewide rate. Unemployment in the county ranged from 3.3 percent in White Plains to 4.5 percent in Yonkers, DiNapoli reported.
Other highlights of the comptroller”™s “economic snapshot” of Westchester:
Ӣ Wages in the county rose 20.1 percent between 2003 and 2006 to $24.2 billion. Financial services led wage gains with a 44.5 percent increase in that period, followed by a 30.4 percent increase for professional and business services, which accounted for one-fifth of wages paid in 2006.
Ӣ The average salary in Westchester in 2006 was $58,630, up 17.3 percent from 2003 and above the statewide average salary in 2006 of $55,480.
Ӣ Financial services had the highest average salary in 2006 at $95,150, up 26.3 percent from 2003. High-tech manufacturing had the second highest average salary at $93,640.
Ӣ Nearly 90 percent of businesses in the county employ 20 or fewer people. Twenty businesses reported 1,000 or more employees.
Ӣ The county trails only Manhattan in real estate values in the state. The median value for a single-family home was $630,000 in 2006, more than 25 percent higher than Rockland County, second in median value. Real property values increased 75 percent between 2000 and 2006, though the rate has slowed.
Ӣ Subprime mortgages in the county have increased as a percentage of approved mortgages, from 7.5 percent in 2004 to 19 percent in 2006.
Ӣ The countyӪs population grew 2.5 percent between 2000 and 2006, well above the statewide growth rate.
