Construction in the Hudson Valley
The construction sector which had been decimated by the collapse of the housing market has rebounded nicely. All three industries from this sector make the “significant industries” list, and combined to add almost 2,000 jobs from 2009–2014. Construction of buildings (NAICS Industry
236) gained 1,300 jobs, specialty trade contractors (NAICS Industry 238) added 400, and heavy and civil engineering (NAICS Industry 237) rounded out the group with a gain of 200 jobs. While funding issues that plagued the sector during the economic downturn have lessened, access to capital remains a challenge, as the government exercises more stringent control over lending practices.
The outlook for the sector is very bright, with a slew of mega projects on tap for the year. Job opportunities will arise from the construction of the $3.9 billion new Tappan Zee Bridge; the $1.1 billion Adelaar Destination Resort; and the $100 million Hudson Valley Loop
retail complex. Combined, these three projects are expected to add several thousand jobs to the region. Impending retirement of the baby boomers will also contribute to more job opportunities.
Labor Statistics for the Hudson Valley Region Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster and (Westchester) Counties
For the 12-month period ending in February 2016, private sector employment in the Hudson Valley increased by 18,900 or 2.5 percent, to 766,800. Jobs were added in educational and health services (+8,000), natural resources, mining and construction (+8,000), professional and business services (+3,100), other services (+2,500), trade, transportation and utilities (+1,000), and financial activities (+500). Job losses were centered in leisure and hospitality (-3,600), and manufacturing (-700). The government sector added 1,500 jobs over the period.