Before flowing into the Atlantic at New York City, the Hudson River passes through a number of New York communities, collectively known as the Hudson Valley. With Westchester County to the south, just above the Big Apple, and well known cities such as state capital Albany to the north, the Hudson Valley area is a diverse region, including waterfront towns, urban areas, rural villages, farmlands and forests. However, it does have some unifying features too.
Intellect and accessibility
As is to be expected from the Empire State, the valley has good transport and infrastructure links – whether by land, water or air. The Hudson River is connected to the global trade hubs of the Great Lakes and the Port of New York via the New York State Canal System. Easy access to surrounding metropolitan zones is facilitated by a number of highways that pass through the area.
The valley has a well-educated workforce. Nearly half of the region’s population aged 25 or over has an associate degree
or higher
The region is served by five rail lines to NYC, operated by the MTA, as well as an Amtrak service that runs along the eastern shore of the Hudson River, connecting the region to other parts of the North East. The area is home to six local airports and, of course, the international airports of New York City, including JFK, are nearby.
Workers from the Hudson Valley are in high demand. Many counties, cities and towns in the region have experienced a rate of private job growth higher than most other places within the state (outside of New York City) as a result. In general, the valley has a well-educated workforce. Nearly half of the region’s population aged 25 or over has an associate degree or higher. The area includes over 20 universities or colleges, some of which offer specialised work-support training.
The Hudson Valley Economic Development Corporation (EDC) claims that these places of higher learning are “armed with a myriad of job training, internship and direct consultation programmes, designed to maximise workforce development opportunities for local companies”.
Encouraging entrepreneurship
As important as it is to supply local businesses with highly educated graduates, the region’s universities do much more than this. One of the most attractive business prospects in the Hudson Valley is a new initiative to foster technological entrepreneurship in the area, with a view to creating a Silicon Valley on the East Coast. New York State Governor Andrew Cuomo launched a programme called Start-Up New York in late 2013, which allows new businesses to operate tax-free if they locate their business near certain eligible universities and colleges, provided they’re “aligned with or further the academic mission of the college or university”.
This zero-tax status covers business, corporate, sales, property, state and local taxes, as well as exempting the company from income tax for itself and its employees for five years, with a qualified five-year extension possible. Start-Up New York firms will also be able to partner with the institution in question, allowing them to make use of advanced research facilities, tap into development resources and draw upon high-level expertise in key industries.
The State University of New York (SUNY), which has a number of campuses stretching across the region, is one of the eligible universities in the Hudson Valley. Recently, SUNY partnered with two firms in the region – Mid-Island Aggregates and Sustainable Waste Power Systems.
According to the Hudson Valley EDC, through which Start-Up New York is managed in the region, “the programme is an excellent opportunity from New York State for entrepreneurs looking to create a business, or for current businesses wanting to expand.”