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County’s economy continues growth

Posted 12/13/19

Growth of Oneida County’s economy slowed slightly in 2018 from the pace it had been on for two years, according to statistics released Thursday by the U.S. Bureau of Economic Analysis, but the …

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County’s economy continues growth

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Growth of Oneida County’s economy slowed slightly in 2018 from the pace it had been on for two years, according to statistics released Thursday by the U.S. Bureau of Economic Analysis, but the upswing continued for a third consecutive year.

The county’s real gross domestic product, the value of goods and services produced within a place, grew to about $10.13 billion. That’s a growth rate from 2017 of .9% down from 1.5 and 1.4% the preceding two years.

The county’s GDP is the 17th largest in New York state, according to the BEA. Its growth rate was 20th of 62 counties.

The estimates are adjusted to account for inflation and seasonally adjusted to account for such things as weather, holidays and factory production schedules.

The agency also reports on how sectors and industries contributed to the change in the economy. Declining areas in Oneida County during 2018 included utilities; retail trade; transportation and warehousing; finance and insurance, arts, entertainment, recreation, accommodation and food services; and government.

Areas with the greatest contribution to growth were private services, real estate rental and leasing, health care and social assistance, manufacturing and information and professional business services, natural resources and mining.

Separately, the U.S. Census Bureau reported on estimated poverty rates and household income. The estimated number of Oneida County residents in poverty declined slightly last year from 2017, according to the annual Small Area Income and Poverty Estimates released Thursday by the U.S. Census Bureau.

The bureau estimated 14.8% of county residents were in poverty, compared to 16.1% in 2017 and down from recent high of 17.7% in 2014. Nationally, it’s 13.1%.

The rate of children age 5 to 17 in poverty in Oneida County was put at 19.6%, down from about 23% the past two years and as high as 26% in 2014; it was 20% in 2009.

By school district: Oneida, 19.5%; Camden, 12.3%; Clinton, 10.8%; Holland Patent, 12.4%; Oriskany, 10.3%; Rome, 20.6%; Vernon-Verona-Sherrill, 8.6%; and Utica, 35.2%. For the 2018 estimates, the official Census Bureau poverty threshold for a family of four containing two related children under age 18 was $25,465. It is not the same as the cutoff for free and reduced school lunch, according to the Census Bureau.

The same program provided updated estimates of median household income in Oneida County in 2018 of $54,096, up from $53,234 in 2017. That compares to the 2018 estimates for United States of $61,937 and for New York state, $67,648.

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