SARATOGA COUNTY — The Saratoga County Chamber of Commerce has released insights from January to November of 2022, saying the county collected “a record amount of sales taxes when compared to the last three years.” The report also states that unemployment rates in the county “remains consistently lower than ever before” even with limited local workforce reductions.
Saratoga County collected $144.6 million in sales taxes from January to November, the report states. This is a 5.3% increase from the same period in 2021, and a 23.5% increase from 2019. Tax collections in the City of Saratoga Springs also increased to $15.2 million, up 16.3% from the previous year ($13.1 million).
In comparison to other local counties, Saratoga County’s sales tax collections increased at a higher rate than Schenectady County (4.2%), but at a lower rate than Albany and Warren Counties (11.2% and 8.3%, respectively).
The unemployment rate in Saratoga County in November 2022 was 2.1%, the report says, with 2,600 people considered to be unemployed. There were 120,900 people employed in the county in November, which the report states is the highest number of people employed in the county in the month. The report also states that the labor shortage is expected to continue into 2023, saying “there are still so many local jobs unfulfilled,” despite limited workforce reductions.
In terms of lodging, the report states that the county’s revenue per available room was $103.70, a 25% increase from the same period in 2021 and an 11.7% increase from 2019. Total occupancy for local hotels increased nearly 13% from 2021, says the report, and were 2% lower than in 2019.
The Greater Capital Association of Realtors reported that Saratoga County saw 2,776 closed real estate sales from January through November 2022. The report says this figure is “nearly identical” to numbers from 2019 and 2020, but is a 10% decrease from 2021 figures.
The overall number of new listings has also decreased, “and as a result,” the county’s median sales price was $388,000, a 10% increase. Through the first eleven months of 2022, the report states that the amount of days a home is on the market continues to decline, and the percent of the original list price received is over 102%.