Albany Metro Area

Albany serves as the capital of New York State, and the metropolitan area is home to roughly 900,000 people. It is among the most well-educated, affluent, and fastest-growing areas in upstate New York, buoyed, in part, by the presence of state government, which has helped attract skilled workers and insulate the regional economy during economic downturns. Albany has also partnered with local academic institutions and New York State to successfully develop a high-tech cluster, largely focused on nanotechnology microchip circuits. As a result, the Albany area has also experienced a significant increase in manufacturing jobs in recent years, bucking the trend seen in most other parts of upstate New York.

Economic and Demographic Trends
Albany Glens Falls* Utica* New York State USA
Population1 883,000 125,000 291,000 19,542,000 327,167,000
Pop growth, 10-year change1 1.9% -2.8% -2.5% 1.7% 7.6%
GDP, billions2 $54 $5 $11 $1,598 $19,485
Job growth, 5-year change1 5.8% 1.6% 1.3% 8.0% 9.3%
Median household income2 $68,000 $56,000 $50,000 $64,000 $60,000
Median home price2 $200,000 $169,000 $120,000 $300,000 $200,000
Pop share age 25+ with BA+2 37.2% 25.5% 22.5% 36.0% 32.0%

1 2018

2 2017

* Neighboring Metros

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota. Data retrieved through American FactFinder, Moody's, or directly from source.

Reports & Analysis
Albany Economic Indicators (detailed data and timely updates)
Early Benchmarked Employment Data (Sep 3, 2020)
Finally, Some Signs of Improvement in the Regional Economy (Jun 16, 2020)
New York Fed Surveys: Business Activity in the Region Sees Historic Plunge in April (Apr 16, 2020)
Businesses in the Tri-State Region Struggling to Weather the Coronavirus Outbreak (Mar 30, 2020)
Albany Metro Area Household Debt & Credit Snapshot (Q4 2018)
New York Household Debt & Credit Snapshot (Q4 2018)
Jaison Abel’s January 2020 Briefing on the Regional Economy with a Focus on Central New York
Press Briefing on Economic Conditions in the Region (Dec 17, 2019 Webcast)
Growth Has Slowed across the Region (Dec 17, 2019)
President Williams's Visit to Albany & Hudson Valley (Jul 2019)
Albany Access to Capital Workshop (Jun 12, 2019)
New York State's Community Colleges are Successfully Partnering with Employers (Nov 14, 2018)