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SARATOGA COUNTY — The Saratoga County Industrial Development Agency this week released the results of a commissioned study to analyze the far-reaching economic effects of the Saratoga Race Course, Saratoga Performing Arts Center, Saratoga Casino Hotel, and the Saratoga National Historical Park.
The study examines the economic impacts of the four Saratoga County major tourism drivers to a nine-county study region that includes Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren, and Washington counties. The analysis provides a comparative breakdown of economic impacts such as jobs, attendance, and spending, and includes the direct impact of each destination, as well as the indirect and induced spillover impacts.
In total, these destinations contributed 5,770 jobs, $266.9 million associated employee earnings, and $647.6 million in annual sales in 2021, according to the report.
The “direct impacts” include the on-site operations of the destinations, as well as visitor spending. Indirect and induced impacts capture the spillover impact from the activity, including supply chain and employee spending-related impacts.
“The results of the Economic Analysis of these tourism sectors provide a positive forecast that indicates Saratoga County will continue to grow and thrive as one of Upstate New York’s most desirable counties in which to live, visit, and do business for the foreseeable future,” Saratoga County Industrial Development Agency Chairman Rod Sutton explains in his introductory remarks of the 83-page report, prepared by Camoin Associates, which is based in Saratoga Springs.
The breakdown, according to the report:
Saratoga Race Course -2,937 Jobs; $157.8 m Earnings; $371. m Sales
SPAC - 1,362 Jobs; $26.9 m Earnings; $78.2 m Sales
Saratoga Casino Hotel - 1,388 Jobs; $77.1 m Earnings;$185.2 m Sales
Saratoga Nat. Hist. Park - 83 Jobs; $4.8 m Earnings; $13 m Sales
*Earnings, Sales rounded off.
As far as Fiscal Impact Results, the destinations in total contribute nearly $5.7 million in total property, sales, and occupancy tax revenue to Saratoga County and almost $18.2 million in total income and sales tax revenue to New York State, according to the report. In addition to these tax revenues, the Saratoga Race Course makes nearly $6.9 million in additional statutory payments to municipalities and other entities.
Prior studies – which were held in 2006, 2011 and 2015 - looked solely at the economic impact of Saratoga Race Course.
To read the full report, go to: www.saratogacountyida.org.
