CARMEL, NY – Putnam County Executive MaryEllen Odell announced that recent reports indicate that Putnam County has the lowest unemployment rate and highest home sales increase in the Hudson Valley, which provide evidence of county’s economic vitality.
“The numbers validate that the efforts we are making to drive Putnam County forward are working,” said County Executive Odell. “Our residents are highly qualified and well-trained, professional and non-professional alike. People are choosing to live and raise their families in Putnam County because we have a beautiful community that provides the highest quality of services to our residents while remaining fiscally responsible for our taxpayers.”
The New York Department of Labor’s monthly labor report showed that Putnam County had the lowest unemployment rate in the Hudson Valley region at 4.4% with the region’s average being 4.7%.
The Dutchess-Putnam Metropolitan Statistical Area saw a private sector job increase of 3.1% over the past, which made it the second fastest area of private sector growth behind Sullivan County. Sullivan County increased by 9.7%, which was largely the result of the recent opening of Resorts World Catskills Casino. The Orange-Rockland-Westchester labor market area grew by 0.4%. Over the past year, private sector jobs in the Hudson Valley increased by 8,300 or 1.1%, to 786,700.
Education plays a significant role in Putnam’s high ranking for low unemployment as Putnam’s Director of Personnel Paul Eldridge pointed out.
“For many years Putnam County has enjoyed an educated and skilled workforce, with a high percentage per capita of persons with a Bachelor’s degree or highly skilled training. This makes them more attractive to employers both in Putnam County and neighboring areas. With the added advantage of availability to the Metro-North Railroad and two superhighways, our residents have easy access to employment opportunities in surrounding counties,” said Eldridge.
Putnam County also had a 7.2% increase in home sales in the first quarter of 2018 as compared to the first quarter of 2017, according to the “2018 First Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland and Orange Counties, New York” report authored by the Hudson Gateway Multiple Listing Service Inc. It was the only county in the Hudson Valley to have an increase in home sales in a quarter to quarter comparison. In addition, it had the largest percentage increase in price (9.4%) for a single-family home—for a median price of $323,750 as compared to $296,000 for the first quarter of 2017.