Dutchess and Putnam Counties are located in the Mid-Hudson Valley and have a combined population of about 400,000, with Dutchess County comprising three-quarters. The largest cities in the area are Poughkeepsie and Beacon. While Putnam County has always been a largely residential county with little industry, Dutchess County had been a major tech manufacturing hub in the 1970s and 1980s when it was anchored by the presence of IBM. However, the Dutchess manufacturing sector has been hit particularly hard in recent decades, seeing an employment decline of nearly 70 percent since 1990, which ranks among the most substantial manufacturing declines in the country. Over the same period, employment in health and education has doubled, and that sector now employs a much larger share of workers in the area than nationally. Academic institutions like Vassar, Marist, and Bard Colleges, the Culinary Institute of America, and Dutchess Community College have been strong contributors to Dutchess County’s economy. Growth in leisure and hospitality jobs has also been robust.

Economic and Demographic Trends
Dutchess-Putnam Orange-Rockland-Westchester* Kingston* New York State USA
Population1 393,000 1,675,000 179,000 19,542,000 327,167,000
Pop growth, 10-year change1 -0.8% 3.9% -2.5% 1.7% 7.6%
GDP, billions2 $16 $118 $6 $1,598 $19,485
Job growth, 5-year change1 4.1% 6.7% 5.4% 8.0% 9.3%
Median household income2 $81,000 $83,000 $63,000 $64,000 $60,000
Median home price2 $285,000 $320,000 $200,000 $300,000 $200,000
Pop share age 25+ with BA+2 35.6% 43.0% 32.7% 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; New York Fed calculations. Data retrieved through American FactFinder, Moody's Economy.com, or directly from source.

Reports & Analysis
Dutchess-Putnam 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)
Dutchess-Putnam 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)
New York State's Community Colleges are Successfully Partnering with Employers (Nov 14, 2018)