How Construction Points to a Strong Hudson Valley Economy
By Guest Blogger Amy Greiner
Good news! Economic activity in the lower Hudson Valley continues to flourish and move solidly forward. New multi-family buildings, medical, biotechnology and healthcare projects remain as the primary market-drivers, helping the spur a rate of construction in the region that’s not only out-pacing other industries, but also affecting them.
A look at multi-family construction projects shows they’re focused mainly in commuter transit centers in towns such as Yonkers, New Rochelle, White Plains, Tarrytown, Portchester, Beacon and Poughkeepsie. Other expansive residential projects include Sleepy Hollow’s Edge-On-Hudson development in Westchester County, which is transforming the former GM manufacturing site into a residential community, including a proposed 1,177 units of condominiums, townhouses and apartments; a 140-room hotel; 135,000-square-feet of retail space and 35,000-square-feet of office space. The $1 billion, multi-phase development broke ground in May 2016, and, with most of the site and infrastructure completed, the initial phase of building construction is expected to begin shortly.
As well, large and small medical/healthcare/biotechnology projects are happening throughout the region, including Dutchess County’s new 752,000-square-foot, $545-million patient pavilion on eight floors that currently is underway at the Vassar Brothers Medical Center campus in Poughkeepsie.
There’s more good news. Construction isn’t the only industry on the rise. The region’s housing market is on the upswing, too, with sale prices up and inventory levels, down. Additionally, the jobs market remains strong, with the Dutchess-Putnam unemployment rate of 3.6 percent in May 2018 dropping .5 percent from the 4.1 percent it held in May 2017, and the Westchester unemployment rate down to 3.8 percent from the 4.3 percent it hit in the same period.
The construction of multi-family living spaces and health centers, as well as the strong housing market and decreased unemployment rates not only show that the Hudson Valley is performing economically, but also that the region continues to offer a prime quality of life for young professionals, families and seniors.
Amy Greiner is vice president, business development officer, of Tompkins Mahopac Bank, and a member of the Council of Industry’s Workforce Advisory Committee.
