October 20th, 2009 Grim Outlook For Orange County
 New York State Comptroller Thomas DiNapoli |
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Albany - Orange County is battling a sharp rise in unemployment and an equally rapid drop in home values despite having the fastest growing population in New York State, according to a report released today by New York State Comptroller Thomas P. DiNapoli.
“Orange County has the highest foreclosure rate in the state—that’s a sign of how hard the recession has hit this county in particular, and the Hudson Valley in general,” DiNapoli said. “While we have seen some encouraging investments in transportation infrastructure, we will still need to create more jobs and end the slide in home prices to restore growth to the area.”
DiNapoli’s report found that the region experienced an impressive growth rate from 2000 to 2008, adding 11,250 jobs during that period, unemployment rose by nearly three percent during the first nine months of this year. The greater Orange County metropolitan area, which includes Poughkeepsie, Newburgh, and Middleton, has added jobs in the educational and health services sectors, offsetting some of the losses in manufacturing, utilities and construction.
Efforts to revive the area’s flagging economy include a 10-year, $500 million investment from the Port Authority of New York and New Jersey in Stewart International Airport. DiNapoli also noted other initiatives, including 171 new single- and multi-family homes for families of service members at Stewart Air National Guard Base, and a waterfront revitalization project along the Hudson River in Newburgh. That project will include a mix of housing, retail, parks and open spaces.
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