Real Estate Market in Albany, NY
Real estate value in the Capital District is at an all time high thanks to the continued positive economic growth since recovering from the “Great Recession”
Recently, the technology sector has been having a positive impact on Albany’s growth thanks to several tech startups in the area in the last 5 years. Along with Albany’s economic strength from government, health care, and education.
The tech boom in Albany has helped real estate value escalate. “Tech Valley” is a popular name among marketing circles for the eastern part of New York State, encompassing Albany, the Capital District, and the Hudson Valley. In March 2010, the Albany area had the lowest unemployment rate of any major metropolitan area in New York, at 7.8%, compared to 9.4% in New York as a whole. Trans World Entertainment is headquartered here and is a major employer.
Computer hardware, nanotechnology sector, digital electronics design, and water- and electricity-dependent integrated microchip circuit manufacturing are just some of the areas of business technology that thrive in Albany.
In 2012, the Albany-Schenectady area was listed fourth on Forbes Magazine’s annual “Best Cities for Jobs” list, noting that job losses in state and local government were overcome by expansion of the high-tech field