Albany’s MFG Sector Has 10th Strongest Net Job Creation among Mid-Sized Metros
Among mid-sized metros, the manufacturing sector of Albany-Schenectady-Troy metropolitan statistical area (MSA) was the 10th strongest in the country for net job creation between 2015 and 2019 – and it was No. 1 in the Northeast, according to a Center for Economic Growth (CEG) analysis of new data from the U.S. Census Bureaus Business Dynamics Statistics (BDS) program.
While manufacturers such as GlobalFoundries in Malta and Regeneron in East Greenbush helped drive the creation of 11,291 jobs1 during the five-year period in the Albany-Schenectady-Troy MSA, the area’s manufacturing sector sustained a job destruction2 of 7,213. That resulted in a five-year net job creation3 of 4,078 jobs during the five-year period.
Among 137 mid-sized metros with populations between 250,000 and 999,999,4 the Albany-Schenectady-Troy MSA’s manufacturing sector had the 10th highest net job creation total for the 2015-2019 period. During that period, the Albany-Schenectady-Troy MSA’s manufacturing sector exhibited less volatility than many higher-ranking metros. For example, it ranked 31st for job creation but 58th for job destruction.
Meanwhile, the Greenville-Anderson, South Carolina MSA led mid-sized metros in manufacturing job creation (29,213), but it also had the second highest job destruction (19,993). That left it with the second highest net job creation (9,220). At 9,483, the Toledo, Ohio MSA had the highest job creation (9,483). The Worcester, Massachusetts MSA ranked 11th for net job creation (4,064) among all mid-sized metros and second among those in the Northeast.
CEG’s Business Growth Solutions (BGS) offers technical services to help Capital Region manufacturers with optimal improvement, strategic growth, sustainability and energy efficiency, and technology acceleration. Recent examples of manufacturers supported by BGS include Blasch Precision Ceramics (sales training) and Precision Valve and Automation (ISO certification). CEG is also serving as the administrator of several apprenticeship programs for manufacturers such as GlobalFoundries.
1 The Census Bureau defines “job creation” as “Count of all jobs created from the prior year (year t–1) to the selected year (year t). This is the sum of jobs created from continuers as well as births. Note, the contribution of firm births can be measured by using the job creation from establishments with firm age equal to zero.”
2 Job destruction is defined as “Count of all jobs destroyed from the prior year (year t–1) to the selected year (year t). Includes all employment losses from contracting establishments as well as establishment shutting down”
3 Net job creation is defined as “A measure of overall net job creation from the prior year (year t-1) to the selected year (year t-1).”
4 BDS data was not available for two mid-sized metros: Dayton-Kettering, Ohio MSA and Poughkeepsie-Newburgh-Middletown, New York MSA.
Don’t miss these insights into the trends that are shaping the Capital Region’s economy. Sign up for CEG’s e-news and follow us on: