Gross Domestic Product (GDP) Regional Update 2023

The Real GDP (chained to 2017 dollars) in the Albany-Schenectady-Troy MSA remained flat between 2017 and 2018. Subsequently, there was a slight upturn in Real GDP from 2018 to 2019, followed by a decline the following year. However, from 2020 to 2022, the Real GDP has demonstrated consistent growth, signaling a positive trajectory for the regional economy. From 2020 to 2021, Real GDP has increased by 6.69%, which is a larger increase than the most current period, 2021 to 2022 which has an increase of only 2.40%.

Real Per Capita Personal Income (chained to 2017 dollars) in the Capital Region has shown a notable increase, rising from $54,499 in 2017 to $62,200 in 2021, marking a substantial growth of 14.13%. This upward trend signifies a positive development for individuals in the region, indicating an overall increase in real income levels, even after adjusting for inflation. However, from 2021 to 2022, there was a decline of 3.66% in Real Per Capita Personal Income, suggesting a decrease in individual income during this period.