Capital Region Leads Upstate for Per Capita Income Growth
The Capital Region had upstate New York’s fastest-growing per capita income in 2023, boosted by gains in Albany, Saratoga, Greene and Schenectady counties, according to a Center for Economic Growth (CEG) analysis of new data from the U.S. Bureau of Economic Analysis.
In 2023, the gross personal income for the eight-county Capital Region was $78.3 billion. Taking its population into account, that meant the region had a per capital personal income of $70,737, which was up 6.1 percent from the previous year. That was the fastest annual growth rate among the eight upstate economic development regions, with the Hudson Valley and Western New York regions both trailing at 6.0 percent.
Among New York’s 62 counties, Greene County ranked fourth for per capital income growth (6.7 percent), Albany County ranked fifth (6.4 percent), and Columbia County ranked 10th (6.2 percent). Factors driving the region’s personal income growth included:
- Albany County: 1st Government compensation growth (8.4 percent)
- Greene County: 1st Nonfarm proprietors’ income growth (12.8 percent)
- Rensselaer County: 4th Wages and salaries growth (10.0 percent)
- Rensselaer County: 2nd Manufacturing compensation growth (27.1 percent)
- Saratoga County: 1st Beverage manufacturing compensation growth (42.2 percent)
- Saratoga County: 1st Miscellaneous manufacturing compensation growth (54.1 percent)
- Schenectady County: 2nd Dividend, interest and rent growth (14.6 percent)
- Schenectady County: 3rd wages and salary growth (10.1 percent)
- Schenectady County: 3rd Manufacturing compensation (14.5 percent)
- Schenectady County: 2nd Food manufacturing compensation growth (35.3 percent)
CEG INITIATIVES
As a New York State MEP center, CEG’s Manufacturing Solutions also helps Capital Region manufacturers train workers for highly skilled, high-paying jobs. CEG oversees the Capital Region’s Manufacturing Intermediary Apprenticeship Program, which includes New York State Registered Apprenticeship Program. Trades covered under the program include Nanotechnology Engineering Technician, Software Developer, Brewer/Distiller, CNC Machinist, and others.
As a group sponsor, CEG handles the administrative duties required by the New York State Department of Labor and oversees apprentices’ progression through each program. Since launching its apprenticeship program in 2018, CEG has sponsored 18 signatories (employers), 122 apprentices, and supported 17 trade titles.
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