I am referring to Dutchess and Orange counties, which comprise the Poughkeepsie-Newburgh-Middletown metropolitan area, and Ulster County – which is also the Kingston metropolitan area. First, what does the mid-Hudson Valley region look like from an economic standpoint? There is a lot of economic activity here. All told, about 850,000 people live here and 420,000 jobs are located here. And, over the past decade, all three counties added people more rapidly than the state. People here are, on average, more highly educated than in the nation as a whole, as measured by the over 30 percent of residents who have college degrees. So, it is not surprising that median household income in all three counties is above the national median. The industrial composition varies by county.   Ulster County employs a relatively large share of people in its hotels and resorts, reflecting the importance of tourism. And, SUNY New Paltz is a major employer in the county.   Dutchess County’s jobs are heavily weighted toward high-tech manufacturing, with growing diversification.   In Orange County, transportation accounts for a relatively large share of employment, partly due to Stewart Airport. West Point Military Academy is a major employer, and many Orange County residents commute to New York City, Westchester or Rockland for work. Now, how has the area fared during the recent recession and recovery? I will address this from three perspectives: housing, credit conditions and jobs. Unlike central and western New York, this region experienced a modest boom and bust housing cycle.
This would enable us to also seize opportunities to tackle these “twin challenges” in an integrated manner. It is my sincere hope that today’s event, along with the release of the report, will encourage broader dialogue and increase awareness around nature-related risks and opportunities, in turn paving the way for concrete action on this important front. I would like to thank the World Bank for this fruitful collaboration, and the esteemed speakers joining us today. I look forward to the engaging sessions ahead. Read Report: An Exploration of Nature-related Financial Risks in Malaysia See also: BNM’s Climate Change website 1  IPBES. 2019. “The global assessment report on biodiversity and ecosystem services: summary for policymakers.” [Link to IPBES]  2 World Economic Forum New Nature Economy Series [Link to PDF] 3 2/3  BIS central bankers' speeches  3 UN Biodiversity page [Link] 4 SDG 8. 5 SDG 3. 6 "Life on land” is SDG 15, “Life below water” is SDG 14. 7 Network for Greening the Financial System. 3/3  BIS central bankers' speeches