Friday, October 5, 2018

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Orange County’s economy remains strong, leaders say

Bachman: "We’re [the nation] creating 200,000 jobs a month"

TOWN OF WALLKILL – Economic development in Orange County remains solid as new companies have located and others are kicking the tires exploring opportunities, according to both County Executive Steven Neuhaus and Orange County Partnership President Maureen Halahan.

The two pointed to recent successful locations of businesses and anticipated future ones at the Partnership’s annual investor breakfast in the Town of Wallkill on Thursday.

Neuhaus said growth at New York Stewart International Airport is continuing and said he feels confident that Amazon will locate a new distribution center in the county.

Dr. Daniel Bachman, a US economic forecaster for Deloitte, said the national economy continues to grow with 200,000 new jobs per month.

“To give you an idea of if that is a lot or not a lot for the U.S. economy, the demographics, just demographics, would require that we create about 75,000 jobs a month to keep the unemployment constant, Bachman said. "We’re creating 200,000 jobs a month and we have been doing it for a long time. Of course, the unemployment has been coming down and we’ve been bringing people out of the sidelines; they have been reentering the labor force.”

The economy is doing well now because of tax cuts and $100 million in additional spending but Bachman said the deficit will rise to as much as $2 trillion in the long term, causing a slowdown in growth.


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