February 23, 2024

Albany, NY – January 2024 Jobs Report – Steady Growth in the Capital Region

While official January 2024 job reports for individual cities like Albany are typically released in the following month, available data suggests stable growth in the Capital Region’s job market. While no official unemployment rate is available for January, December 2023 reported a rate of 4.1%, indicating a healthy and recovering job market compared to pre-pandemic levels.

Highlights:

Positive signs of continued job growth, defying national trends of slowing economic expansion.
Minimum wage increase in New York to $15 statewide and $16 in New York City and suburbs, potentially impacting low-wage industries.
Growth in industries like healthcare, education, and professional & business services.

What Industries and Occupations Grew:

Healthcare & Social Assistance: Nursing assistants, home health aides, registered nurses, and physician assistants are in high demand due to an aging population and increasing healthcare needs.
Education: Teachers, teacher assistants, and special education instructors show steady growth, fueled by ongoing school district operations and potential expansion.
Professional preferences & Business Services: Computer systems analysts, software developers, and sales representatives see growth due to ongoing technological advancements and business needs.

What Industries and Occupations Shrank:

Retail Trade: Cashiers, retail salespersons, and stockpersons show slight decline, potentially reflecting ongoing shifts to online shopping.
Leisure & Hospitality: Food preparation and serving-related roles experience some decline, possibly due to seasonal fluctuations and evolving consumer .

Compare to Same Month Last Year:

Direct comparisons for January 2024 are unavailable, but December 2023 data shows the Capital Region adding 2,200 jobs compared to December 2022, indicating a positive year-end trajectory.

Compare to Previous Month:

Limited data makes month-to-month comparisons challenging. However, job board trends and local news sources suggest sustained job growth from December 2023 into January 2024.

Future Outlook:

Cautious optimism prevails concerning Albany’s job market. Continued economic recovery, infrastructure projects, and ongoing investments in healthcare and education point towards stable growth. However, national economic concerns and potential interest rate hikes could pose challenges.

10 Growing Occupations:

10 Companies Hiring Now:

Cited Resources: