The Capital Region Sees Major Jump in Productivity
In 2019, The Capital Region hit a 14-year high in productivity, seeing its Gross Regional Productivity (GRP) grow to $76.1 billion dollars across its 8 counties. The GRP is defined as, “the market value of all goods and services produced within a given area over a specific period of time, is a good measure of the size, income, and productivity of a regional economy.”
Just prior to the COVID-19 pandemic, Warren and Washington Counties (Glens Falls MSA) ranked 46th in fastest growth out of the entire country and second among New York metropolitan areas.
In 2019, the Glens Falls MSA had the nation’s 8th fastest-growing GRP in the real estate and rental and leasing sector (16.6 percent) and the nation’s 15th fastest-growing GRP in the agriculture, forestry, fishing, and hunting sector (837 percent). The region’s private sector GRP grew at 2.8 percent, slightly above its 5 year average of 2.6 percent.
Growth in the region can be attributed in part to the following:
- Supporting startups and small businesses
- Training workers through programs such as apprenticeships
- Accelerated technology
- Strategic planning
- Marketing key industries worldwide, such as biotechnology, software development and manufacturing, clean energy, logistics and distribution, the creative economy, and tourism.