As the healthcare, biotech, and financial industries continue to expand in Westchester, the county’s cities have seen a sharp increase in population since 2000, according to data presented by Sterling National Bank at the WCA’s 2016 Economic Outlook Breakfast in early January. The overall growth of the county’s urban sectors is up 7%, with New Rochelle and White Plains showing the fastest growth of all. In White Plains, 47% of its working population arrives via reverse commute. Even millennials are starting to put Westchester in play.
“While we're not attracting many Millennial singles—who clearly prefer to be in the city [NYC]—once they marry and have kids, Westchester is where they want to be,” noted Jack Kopnisky, President & CEO, Sterling National Bank who delivered the breakfast’s keynote address.
The past decade has brought modest growth in small to medium sized businesses. Since 2000, we’ve seen a three percent increase, from 30,700 in 2010, to 31,552 in 2013, the latest available data. Westchester is a great place to relocate, and enjoy the Work. Live. Play. lifestyle that the county is known for..
The county also boasts an educated population: 47 percent of those over 25 hold bachelors degrees; 24 percent of all residents hold advanced degrees; and a diverse population, which is on the rise.; since 2000, our Hispanic population has increased from 15.6 percent to 21.8 percent; Asian, from 3.7 percent to 5.4 percent; African American, from 14.2 percent to 14.6 percent. At the same time, our demographics are changing. The number of children under the age of five has dropped significantly, from 64,242 to 29,319; seniors (over 65) have increased from 128,964 to 139,122. Westchester’s median household income is higher than the national average, $71,115 as compared to $65,910. Our unemployment rate is currently at 4.7 percent.