The Capital Region added 8,000 private sector jobs over the past year, which is a 2.4% gain that outpaced both the stateâ€™s 2.1% rise and the nationâ€™s 2% increase. Meanwhile, public sector employment fell by .4% or 400 jobs over the same period.
Online PR News – 04-June-2012 – Albany – The private sector is thriving in the Capital Region, even though government jobs may be struggling, according to the latest report from the state Department of Labor.
The Capital Region added 8,000 private sector jobs over the past year, which is a 2.4% gain that outpaced both the stateâ€™s 2.1% rise and the nationâ€™s 2% increase. Meanwhile, public sector employment fell by .4% or 400 jobs over the same period. The Capital Region Multiple Listing Service including Albany NY Realtors has seen increased activity in both the amount of showings and sales contracts as a result of the job growth.
State government has been shrinking, with state employees now numbering just 48,000 â€“ a tenth of the nearly 440,000 workers in the Capital Region. Commercial real estate listings and Saratoga commercial real estate have seen an increase in the number of listings due to the consolidation of several government offices.
Manufacturing added 1,700 jobs â€“ up 8.2%, while leisure and hospitality increased 1,900 jobs â€“ up 5.8% and business services added 2,500 jobs â€“ up 5%. The construction sector was up 2,000 jobs â€“ a 13.9% increase.
In all likelihood, the mild winter boosted leisure and hospitality employment as well as construction, while the technology sector which includes Global Foundries in Malta and the expansion of the Albany Nanotech complex, boosted manufacturing and professional and business services figures.
The Capital Region has regained 95% of the private sector jobs it lost since its March peak in 2008. According to the Capital Region Multiple Listing Service, the increase in jobs throughout the area is expected to also increase the number of existing home sales by approximately 7% - 10% in 2012 â€“ the highest level in the past 5 years.
For more information on Falvey Real Estate Group in Albany, NY, visit www.falveygroup.com or call 452-3912. The Falvey Real Estate Group, Ltd is an independently owned and operated real estate brokerage company offering a full compliment of residential, commercial and development services. Our Capital Region group of Realtors are knowledgeable, experienced residential and commercial professionals. They are recognized experts in the areas of real estate pricing, the buying and selling of residential property, the sale and lease of office and industrial space, as well as commercial land and development transactions.