Hudson Valley's Economy Poised for Future Expansion

When asked to assess the business environment in the Hudson Valley for their industry, 76% of finance and insurance companies, 55% of biotechnology and pharmaceutical companies, 55% of information technology companies, and 41% of microelectronics companies said that the Hudson Valley is "the best place to grow a business," HVEDC officials say.

Furthermore, 68% of finance and insurance companies, 49% of information technology companies, 49% of microelectronic companies, and 48% of biotechnology and pharmaceutical companies rate the business climate in the region for their industry as superior or above average.

Among the Hudson Valley business environment's top strengths, respondents named "the overall quality of life," "proximity to New York City," "the scenic, cultural and recreational opportunities in the area," "the communications infrastructure," "the availability of water," "the quality of the elementary and secondary schools," and "the colleges and universities." Rankings of these qualities varied slightly by industry cluster, but overall showed consistency across industry clusters, the study stated.

Many companies reported plans to grow locally in the next three years, HVEDC officials add. In terms of employment, 71% of financial and insurance companies, 67% of microelectronics companies, 66% of biotechnology and pharmaceuticals companies and 55% of information technology companies plan to increase employment at their Hudson Valley locations in the next three years. Furthermore, 37% of finance and insurance companies, a third of biotechnology and pharmaceuticals companies, 30% of information technology companies and one in four microelectronics companies plan to expand their Hudson Valley plants or facilities in the next three years.

Anthony Campagiorni, president of HVEDC, notes, "This study confirms that we're on the right track. The region's unique selling propositions are strong for the industries that we've been aiming to attract." He notes that companies such as New York Life, Cadbury Schweppes Motts, Endurance Reinsurance, Schott Glass and Oxford Health are among those that have recently established new facilities in the region. "Another sign that interest in the region is strong is the fact that over 1.6 million sf of office space has been occupied since June 2003."

Major decision makers in a total of 405 Hudson Valley companies participated in the survey, including 65 biotechnology and pharmaceutical companies, 51 microelectronics companies, 150 financial and insurance companies and 140 information technology companies. A representative sample was drawn from Dutchess, Greene, Orange, Putnam, Rockland, Sullivan, Ulster and Westchester counties. Most respondents held the title "Business Owner, President, CEO or Partner," HVEDC officials say.