Albany is the capital city of the U.S. state of New York.Albany sits on the west bank of the Hudson River, about 10 miles (16 km) south of its confluence with the Mohawk River.
Albany has been a center of higher education for over a century,supported by the economy promoted by the state government and health care services.Because of these typically steady economic bases, the local economy has been relatively immune to national economic recessions in the past. More than 25 percent of the city's population works in government-related positions. The current recession has been more difficult to deal with because of the many issues on Wall Street, from which the state government receives much of its tax revenue. In March 2010, the Albany area had the lowest unemployment rate of any major metropolitan area in New York, at 7.8%, compared to 9.4% in New York as a whole.A growing fourth sector of the area's economic base is the emerging high-tech industry in and around Albany.Albany is increasingly seen as a leader in nanotechnology, with the University at Albany's College of Nanoscale Science and Engineering being respected as a national leader in the field.The city is focal point of a 19-county region in eastern New York self-branded as "Tech Valley".