Capital Region GDP Increased by 2.4% in 2024

Gross Domestic Product (GDP)

GDP measures the total value of goods and services produced within an economy during a given period. At the county level, GDP provides a way to compare the size and growth of local economies over time. This visualization compares economic trends across Albany, Saratoga, Schenectady, and Rensselaer counties using three different measures of GDP: Real GDP, current-dollar GDP, and chain-type quantity indexes.

Real GDP is measured in 2017 dollars, which removes the effects of inflation by expressing economic activity in terms of 2017 purchasing power. This shows whether the economy is producing more goods and services over time, rather than simply reflecting higher prices.

Current-dollar GDP shows the dollar value of each county’s economy using prices from each year measured. Unlike Real GDP, it is not adjusted for inflation, so changes over time reflect both economic growth and price changes. This measure provides another way to compare economic growth across counties of different sizes.

The Chain-Type Quantity Index for Real GDP shows changes in economic output relative to the base year, with 2017 set equal to 100. Values above 100 indicate that a county’s real economic output has grown compared with 2017, while values below 100 indicate a lower level of economic output.

Utilizing the data provided by the U.S. Bureau of Economic Analysis (BEA), the Capital District Regional Planning Commission (CDRPC) has created an interactive display showcasing key GDP metrics such as Real GDP, Current-dollar GDP, and Chain-type Quantity Index for Real GDP for the capital region counties: Albany, Saratoga, Schenectady, and Rensselaer.

Regional Trends

The four-county Capital Region experienced overall economic growth in 2024, with combined real GDP increasing approximately 2.4% from 2023. Of the four counties, Albany remains the region’s largest economy, in part because it serves as a center for state and local government operations. Growth was generally gradual over the long term, but Albany experienced a notable increase in real GDP between 2020 and 2021, when output rose by approximately 7.5%, from $32.6 billion to $35.1 billion. This increase may be attributed in part to the economic reopening following the COVID-19 pandemic, as businesses and other economic activities resumed. However, growth moderated after 2021, suggesting that the sharp increase was largely part of the post-pandemic economic recovery rather than the beginning of a sustained period of faster growth. Since then, growth has continued at a more moderate pace, reaching $36.7 billion in 2024.

Between 2023 and 2024, out of the Capital Region counties, Rensselaer County had the largest year-over-year increase of 5.2%, jumping from $11.86 billion to $12.48 billion. The county also experienced strong growth during the late 2010s and early 2020s, coinciding with major investments in biotechnology, manufacturing, and distribution. In 2018, Regeneron committed approximately $800 million to expand its Capital Region facilities and create 1,500 jobs (Fierce Pharma, n.d.), while Amazon opened a one-million-square-foot fulfillment center in Schodack in 2020, representing an investment of approximately $100 million and an expected 1,000 jobs (Times Union,2020). During this period, Rensselaer’s real GDP increased from $7.76 billion in 2018 to $8.83 billion in 2019, $9.57 billion in 2020, and $11.22 billion in 2021, suggesting that these major investments contributed to the county’s rapid economic growth.

Saratoga County’s real GDP shows a pattern of steady long-term growth, with several periods of stronger increases rather than one sustained acceleration. Real GDP rose from $7.7 billion in 2001 to $13.0 billion in 2024, with notable growth in the early 2000s and another strong rebound from 2020 to 2021. Although the development of GlobalFoundries in Malta began in 2009 and production started in 2012, its effect on GDP appears to have been reflected more gradually through the county’s expanding manufacturing base than through one sharp increase in annual GDP (GlobalFoundries, n.d.; Center for Economic Growth, 2024c). The county’s real GDP continued to increase over the following decade, reaching $13.0 billion in 2024, illustrating Saratoga’s sustained economic expansion.

Although Schenectady County experienced strong growth in recent years, its overall real GDP trend has been relatively flat compared with the other Capital Region counties. From 2001 to 2024, Schenectady’s real GDP increased by approximately 22.6%, compared with 43.3% in Albany, 68.8% in Saratoga, and 139.7% in Rensselaer. However, the county has experienced periods of stronger growth, most notably in 2023, when Schenectady had the fastest real GDP growth of any New York county at 5.0%. Manufacturing grew 4.0%, while professional, scientific, and technical services grew 12.2% (CEG, 2024b). Its real GDP increased again in 2024, reaching $9.8 billion, while its chain-type quantity index rose from 112 to 115. Schenectady’s economy has historically been anchored by manufacturing and research, including GE Research, GE Vernova, and Knolls Atomic Power Laboratory. The county also has a growing software sector and more than 3,500 scientific research and development workers (CEG, 2024a). These industries have helped support recent growth, although the county’s relatively modest long-term GDP increase suggests that its periods of rapid expansion have not yet translated into the same sustained growth seen in Rensselaer and Saratoga counties.

The difference between Rensselaer County and the other three Capital Region counties is evident in the Chain-Type Quantity Index for Real GDP. Using 2017 as the base year (100), Rensselaer’s index climbed to 155.5 by 2024, meaning real economic output was approximately 55.5% higher than in 2017. In comparison, Albany reached 115.7, Schenectady 115.2, and Saratoga 111.2. While the other three counties experienced relatively modest growth of roughly 11-16% over the same period, Rensselaer’s real economic output increased by more than half. This sharp divergence highlights Rensselaer as the clear economic growth leader in the Capital Region during the post-2017 period.

Explore the Data

The GDP data used in this analysis are from the U.S. Bureau of Economic Analysis (BEA). BEA’s Interactive Data tool allows users to explore county-level GDP by geography, industry, and measure, making it possible to examine economic trends beyond the four counties highlighted here.

Explore the BEA Interactive Data Tool: BEA Interactive Data Application

References

Center for Economic Growth. (2024a). Rensselaer County economic profile 2024. Center for Economic Growth.

Center for Economic Growth. (2024b, December 13). Schenectady, Rensselaer, Warren among NY’s top for productivity growth. Center for Economic Growth.

Center for Economic Growth. (2024c). Saratoga County economic profile 2024. Center for Economic Growth.

Fierce Pharma. (n.d.). Regeneron continues New York expansion with $800M project, 1,500 jobs. https://www.fiercepharma.com/pharma/regeneron-continues-new-york-expansion-800m-project-1-500-jobs

GlobalFoundries. (n.d.). Malta, New York manufacturing. https://gf.com/manufacturing/malta/

U.S. Bureau of Economic Analysis. (2026, February 5). Gross domestic product by county and personal income by county, 2024. U.S. Department of Commerce.

Times Union. (2020, September 9). Massive Amazon distribution center opens in Schodack https://www.timesunion.com/news/article/Massive-Amazon-distribution-center-opens-in-15554061.php