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)
NEW: Early Benchmarked Employment Data
Albany Metro Area Household Debt & Credit Snapshot (Q4 2018)
New York Household Debt & Credit Snapshot (Q4 2018)
Albany Access to Capital Workshop (Jun 12, 2019)
Labor Markets in the Region Are Exceptionally Tight (Dec 4, 2018)
New York State's Community Colleges are Successfully Partnering with Employers (Nov 14, 2018)
Upstate New York's Expansion Is Losing Steam (Oct 13, 2017)
A Tale of Two States: The Recession's Impact on N.Y. and N.J. School Finances (Feb 2017)