CLIFTON PARK – On Thursday, the Saratoga County Prosperity Partnership released its exclusive Saratoga County Economic Index, according to a statement provided by The Janack Group Principal Steve Janack. The index portrays a robust economy that is fueling revenue and employment growth among businesses and generating strong optimism for the future.
“The Saratoga County Economic Index makes crystal clear what we promote on a daily basis: Saratoga County is among the nation’s most desirable places to start, locate and grow a business,” said Prosperity Partnership President Marty Vanags. “Our strategic and proactive approach to economic development is essential to ensuring our economy remains vibrant and delivers long-term, sustainable results.”
The Economic Index revealed that businesses are bullish on Saratoga County’s economy. Of more than 130 business leaders across all industries who responded to a Pulse Survey, 64 percent said their businesses are doing better today than they were a year ago. Additionally, 58 percent reported increased revenue last year, and 56 percent expect another rise in sales this year.
Also, 41 percent of businesses expect to create jobs in 2018, on par with the 47 percent who said they created jobs in 2017.
The index captures a host of key economic indicators that illustrate the strength of Saratoga County’s economy, including:
Labor force participation, at 68 percent, continues to exceed the Capital Region (64 percent), New York State (63 percent), and the United States (64 percent).
The unemployment rate has remained low, at or below 5 percent, for several years.
There is a diversity of industries in Saratoga County and employment within these industries is growing, with 114,800 total jobs representing a 29 percent increase since 2000.
Median household income, at $74,080, rose 3.6 percent from a year ago and 14.5 percent since 2010. That figure outpaced the Capital Region by 17 percent ($63,080), New York State by 22 percent ($60,741), and the United States by 34 percent ($55,322).
The workforce is highly educated, with 40 percent of residents earning bachelor’s degrees, a figure that compares favorably with the nation’s largest semiconductor areas.
With estimated population growth of 4.5 percent since 2010, Saratoga County leads upstate New York – and is one of only two counties to see both domestic and international migration rise – and is also one of the fastest growing in the Northeast.
The 853 single- and multi-family housing permits issued in 2016 (the most recent statistics available) represented a 28 percent increase from five years earlier.
The value of housing permits issued, at nearly $280 million in 2016, has risen 33 percent over the past five years.
The average median value of an owner-occupied housing unit, at $259,600, was up more than 3 percent from last year, and is expected to rise another 3 percent this year.
“As a private-sector business owner and resident of Saratoga County, I am encouraged to see sustained economic growth that benefits both businesses and families,” said Prosperity Partnership Board Chairman Kevin Hedley. “The Saratoga Partnership has the right strategy, the right team, and the right resources in place to ensure that expansion continues.”
“The Saratoga County Economic Index illustrates once again that Saratoga County is the gold standard when it comes to economic health and well-being,” added Board of Supervisors Chairman Edward Kinowski. “I commend the Saratoga County Prosperity Partnership for their efforts in driving an economy that keeps businesses humming, residents working, and families proud of the place they live.”
In terms of challenges, 76 percent of businesses expect costs to increase this year. Asked about their biggest concerns, 25 percent said local taxes; 24 percent named attracting talent; and cost of living and affordable housing were each cited by 21 percent of businesses.
The index was presented during a luncheon on March 29 at Van Patten Golf Course in Clifton Park, which also featured a panel discussion involving leaders from the region’s business, finance and government sectors.
Panelists included Charles Wait, Chairman and CEO of Adirondack Trust Company; David N. Deutsch, Founder and President of David N. Deutsch and Company; Saratoga County Treasurer Drew Jarosh; and Saratoga County Administrator Spencer Hellwig.
The Economic Index is at http://saratogapartnership.org/2018/03/economicindex/.
