Not really worse, just not much better

albany metro jobs recovery recessions brookings

The yellow line is for the most recent recession. Yeah, not so great.

The Albany metro area is in the the second-weakest quintile for economic performance in the latest MetroMonitor report from Brookings Institution (tracking through December 2011).

That's not actually as bad as it sounds. In part, the report measure how well each metro has rebounded during the recession, and this area didn't fall that far compared to many other metro areas. For example: Detroit is among the top 20 metros in the report -- and we'd probably rather not trade with Detroit. (Also in the top 20: Austin. Foiled again!)

As it happens, the Albany metro area is doing pretty well in terms of housing prices (15th for change in housing prices from peak (2007Q1)) and "gross metropolitan product" (9th for change in GMP from peak (2007Q4)). It's not so hot for jobs -- the number of employed people here is only up .4 percent compared to the low point (2011Q1).

The graph above gives you some sense of how hard the recession has hit the local job market, compared to past recessions. We didn't get knocked down, but we're still just sort of staggering forward because whatever gains there have been (example: GlobalFoundries) have been blunted by losses (example: local school districts, governments).

The profile for the Albany metro -- with a bigger version of the graph -- is embedded after the jump.

Speaking of jobs: The state Department of Labor reported today that the Albany metro area had about 5,500 more job last month compared to February 2011.

graph: Brookings Institution

Earlier on AOA: This is a good place to find a job, Forbes says

Brookings Metro Monitor Albany 2011Q4

Comments

"[B]ut we're still just sort of staggering forward because whatever gains there have been (example: GlobalFoundries) have been blunted by losses (example: local school districts, governments)."

In addition to employment, another factor affecting our economic well-being is family income. The salary freezes, furloughs, and health insurance cost increases for state employees over the next several years will most likely depress spending for a significant segment of the region's population, and further extend our stagnating local economy. And it's unlikely this lowered spending would be offset by any state income or other tax decreases we might experience.

Put on your seatbelts; it's going to be a bumpy, and lengthy, local "recovery."

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

What's All Over Albany?

All Over Albany is for interested and interesting people in New York's Capital Region. In other words, it's for you. It's kind of like having a smart, savvy friend who can help you find out what's up. Oh, and our friends call us AOA.

Search

Recently on All Over Albany

Thank you!

When we started AOA a decade ago we had no idea what was going to happen. And it turned out better than we could have... (more)

Let's stay in touch

This all feels like the last day of camp or something. And we're going to miss you all so much. But we'd like to stay... (more)

A few things I think about this place

Working on AOA over the past decade has been a life-changing experience for me and it's shaped the way I think about so many things.... (more)

Albany tightened its rules for shoveling snowy sidewalks last winter -- so how'd that work out?

If winter ever gets its act together and drops more snow on us, there will be sidewalks to shovel. And shortly after that, Albany will... (more)

Tea with Jack McEneny

Last week we were fortunate enough to spend a few minutes with Jack McEneny -- former state Assemblyman, unofficial Albany historian, and genuinely nice guy.... (more)

Recent Comments

My three year old son absolutely loving riding the train around Huck Finn's (Hoffman's) Playland this summer.

Thank you!

...has 27 comments, most recently from Ashley

Let's stay in touch

...has 4 comments, most recently from mg

A look inside 2 Judson Street

...has 3 comments, most recently from Diane (Agans) Boyle

Everything changes: Alicia Lea

...has 2 comments, most recently from Chaz Boyark

A few things I think about this place

...has 13 comments, most recently from Katherine