Capital Region Economic Insights
Access economic data from government sources that highlight the economic health of the greater Capital Region area.
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Regional GDP, Labor & Income Summary
Gross Domestic Product
U.S. Bureau of Economic Analysis
$29.7T
2024 US
+2.4% YOY
$2.3T
2024 NYS
+2.8% YOY
$69.4B
2023 Albany MSA
+2.5% YOY
Civilian Labor Force
U.S. Bureau of Labor Statistics
168.5M
US
+0.7% YOY
9.8M
NYS
+0.4% YOY
452K
Albany MSA
-2.0% YOY
Unemployment Rate
U.S. Bureau of Labor Statistics
4.0%
US
vs 3.7% Q4 2023
4.4%
NYS
vs 4.2% Q4 2023
3.7%
Albany MSA
vs 3.7% Q4 2023
Per Capita Personal Income
U.S. Bureau of Economic Analysis
$73K
Q4 2024
US
+4% YOY
$86K
Q4 2024
NYS
+5% YOY
$72K
Q1 2023
Albany MSA
+6% YOY
US, NYS & Capital Region GDP (YOY % change)
Percentage year-over-year change in Real GDP. Bureau of Economic Analysis. Capital Region is the Albany-Schenectady-Troy MSA. Capital Region 2024 is TBU.
2023 Capital Region GDP by Sector (% of Total)
U.S. Bureau of Economic Analysis
Small Business Administration Lending
Loan Volumes
Albany-Schenectady-Troy MSA SBA 7(a) Dollar Loan Volume
Albany-Schenectady-Troy MSA SBA 7(a) Loan Volume
Average SBA 7(a) Initial Interest Rate on Albany MSA Loans
Lowest and Highest Spreads Above Prime Rate for 7(a) Loans
Based on analysis of 69,000+ loans in the TTM period ending 9/30/24 across the entire US. Controls for loan size; industries all have at least 100 loans. Average across SBA 7a program for the period is 2.9%. Spread may appear to be above statutory maximum due to intra-month changes in Prime.
Lowest Spreads
Highest Spreads
Top Industries by Loan Volume
Restaurants: 13 loans
HVAC & Plumbing: 5 loans
Beauty: 5 loans
Janitorial: 5 loans
Landscaping: 5 loans
U.S. Small Business Administration
Commercial Real Estate Insights
New York State Office of Real Property Tax Services. Excludes 1-3 family property transactions.
