'Eds And Meds' Sector Driving Hudson Valley's Economic Growth

The concept of “eds and meds” is not a new one, but innovative developers and planners are leveraging those powerful economic sectors to fuel growth in towns and cities throughout the New York metro region.

According to the latest report from the New York State Department of Labor, education and health services was by far the strongest major industry sector in the past year.

From September 2018-19, labor department officials charted this job growth by industry sector:

• Educational & Health Services +60,300
• Trade, Transportation & Utilities +21,400
• Leisure & Hospitality +16,400
• Professional & Business Services +15,400
• Government +10,800
• Construction +8,200
• Information +5,100
• Natural Resources & Mining +100

Three industry sectors showed job losses in the same 12 months:

• Financial Activities -6,900
• Manufacturing -5,400
• Other Services -1,900

“Eds and meds are driving a large chunk of the economy,” said Joseph McGee, vice president of Public Policy and Programs at The Business Council of Fairfield County.

McGee moderated a discussion titled “Economic Development Hotspots” Oct. 10 for real estate and business leaders from New York and Connecticut to public and private developments in the region and their impacts on communities.

On the panel were Martin Berger, development manager with EFG/Saber Heritage SC, LLC of Armonk, New York; Peter Cordeau, president, Norwalk Hospital; Kenneth Kearney, founder and president, The Kearney Realty & Development Group of Carmel, New York; Thomas Madden, Director of Economic Development, City of Stamford; and Mike Oates, President and CEO, Hudson Valley Economic Development Corp.

The panel agreed on the need for more housing options in the region. Berger outlined the $300 million mixed-use project he’s developing on Route 9 in Poughkeepsie. Hudson Heritage is on a 156-acre property, formerly the site of a state psychiatric facility, and is neighbored by a solid base of eds and meds – Vassar Brothers Medical Center, Health Quest, Vassar College and Marist College.

Cordeau also cited improved rail transport as a key challenge in luring talent.

"We have 1,000 job openings within the Nuvance system," Cordeau said. "If we want to attract more talent to this area, we need to offer housing and access to more efficient transportation.”

The Nuvance system was created after Health Quest merged with the Western Connecticut Health Network to form Nuvance Health, a new network announced in August. The two were among the biggest employers in the Hudson Valley and western Connecticut.

SEE: Network Formerly Known As HealthQuest Reveals New Name, Look