The Hudson Valley has a direct and significant impact on the economic progression of New York State. Statistics show that the Hudson Valley yields an unprecedented “$227 billion dollars” to assist the state’s economy (newyorktimes.com). This phenomenon is driven by the International Business Machine Corporation (IBM) providing numerous benefits due to its vast employment rates; thus both positively and negatively affecting local real estate and commercial markets in the Hudson Valley.
The IBM Corporation has a growing workforce of approximately 14,000 employees. The majority of these employees occupy the Hudson Valley. Averaging a salary of $75,000 and producing approximately $22,500 in income tax, $4,987.50 in state income tax, and $13,500 …show more content…
The real estate market, for example, is an area that is impacted by the acquiring financial changes that transpire each fiscal year. In the article "Hudson Valley Reels Under Impact of I.B.M. Cuts," the author postulates that "I.B.M. headquarters in Armonk and now the executive director of the Westchester Housing Forum . . . provided a cushion of well-paid people buying homes in the $300,000 to $400,000 range” (newyorktimes.com). IBM employees are buying homes in the Hudson Valley ranging from moderate to high-priced. As a result, the total amount of money earned in the real estate market due to the consumption of IBM employees ranges from $4,200,000,000 to $5,600,000,000. Other benefits come from nonprofit organizations that issue miscellaneous support to those employed in large corporations. These organizations provide incentive programs in areas such as real estate and healthcare. As noted, there are many benefits induced from working or living near large corporations. Aside from the positive outcomes, IBM brings to the communities in the Hudson Valley, it also has the potential to negatively affect the economy. In the article "Hudson Valley Reels Under Impact of IBM Cuts," the author postulated that "the housing market has suffered since I.B.M. -- whose initials, employees used to say, stood for ‘I've Been Moved’ -- has slowed the practice of rotating staff through the …show more content…
In any community, commercial real estate increases opportunities to achieve profitable financial status. In the article "Hudson Valley Reels Under Impact," the author revealed that "years ago, builders would put up offices on speculation, knowing that I.B.M. would eventually rent it, ‘said Lucille P. Pattison, the Dutchess County Executive” (newyorktimes.com). IBM is a major consumer in the commercial office market of the Hudson Valley. The company provides benefits extending to those owning properties available for rent, and financial support to the local communities. However, not all has been positive since IBM underwent phases of change and uncertainty. Shifts in large organizations come with tremendous difficulties. In the case of IBM, the corporation was not always able to offer the expected financial contributions to the community. In an article "Hudson Valley Reels Under Impact of IBM Cuts," the author proclaimed that ‘I.B.M. has vacated 500,000 square feet of office space.’ Consequently, it forced "a major landlord to seek protection under Chapter 11 of Federal bankruptcy laws just before I.B.M. left a 212,000-square-foot building in Rye Brook in October" (newyorktimes.com). IBM vacated many of their office space in the Hudson Valley, as a way to reduce expenses. This decision, specifically affected those dependent on this profit to secure their finances. Moreover, the situation lead to local
The IBM Corporation has a growing workforce of approximately 14,000 employees. The majority of these employees occupy the Hudson Valley. Averaging a salary of $75,000 and producing approximately $22,500 in income tax, $4,987.50 in state income tax, and $13,500 …show more content…
The real estate market, for example, is an area that is impacted by the acquiring financial changes that transpire each fiscal year. In the article "Hudson Valley Reels Under Impact of I.B.M. Cuts," the author postulates that "I.B.M. headquarters in Armonk and now the executive director of the Westchester Housing Forum . . . provided a cushion of well-paid people buying homes in the $300,000 to $400,000 range” (newyorktimes.com). IBM employees are buying homes in the Hudson Valley ranging from moderate to high-priced. As a result, the total amount of money earned in the real estate market due to the consumption of IBM employees ranges from $4,200,000,000 to $5,600,000,000. Other benefits come from nonprofit organizations that issue miscellaneous support to those employed in large corporations. These organizations provide incentive programs in areas such as real estate and healthcare. As noted, there are many benefits induced from working or living near large corporations. Aside from the positive outcomes, IBM brings to the communities in the Hudson Valley, it also has the potential to negatively affect the economy. In the article "Hudson Valley Reels Under Impact of IBM Cuts," the author postulated that "the housing market has suffered since I.B.M. -- whose initials, employees used to say, stood for ‘I've Been Moved’ -- has slowed the practice of rotating staff through the …show more content…
In any community, commercial real estate increases opportunities to achieve profitable financial status. In the article "Hudson Valley Reels Under Impact," the author revealed that "years ago, builders would put up offices on speculation, knowing that I.B.M. would eventually rent it, ‘said Lucille P. Pattison, the Dutchess County Executive” (newyorktimes.com). IBM is a major consumer in the commercial office market of the Hudson Valley. The company provides benefits extending to those owning properties available for rent, and financial support to the local communities. However, not all has been positive since IBM underwent phases of change and uncertainty. Shifts in large organizations come with tremendous difficulties. In the case of IBM, the corporation was not always able to offer the expected financial contributions to the community. In an article "Hudson Valley Reels Under Impact of IBM Cuts," the author proclaimed that ‘I.B.M. has vacated 500,000 square feet of office space.’ Consequently, it forced "a major landlord to seek protection under Chapter 11 of Federal bankruptcy laws just before I.B.M. left a 212,000-square-foot building in Rye Brook in October" (newyorktimes.com). IBM vacated many of their office space in the Hudson Valley, as a way to reduce expenses. This decision, specifically affected those dependent on this profit to secure their finances. Moreover, the situation lead to local