SUMMIT RECAP: Economic Outlook for Saratoga County

Economic Outlook for Saratoga CountyThe Saratoga County Prosperity Partnership held their inaugural economic development summit on November 10, 2016. Over 100 leaders attended the event, which covered a variety of topics from the state of economic development to community preparedness. Hugh Johnson of Hugh Johnson Advisors provided a snapshot of the Saratoga County economy and how it relates to the regional and national economy.

With economic drivers like GLOBALFOUNDRIES and a historic racetrack, economist Hugh Johnson believes Saratoga County’s economic outlook remains positive.

scps_2016_045“I am just astounded at what I see, and I have been doing this a long time,” said Johnson. “One thing that Saratoga(County) has that other places don’t have is they have an influx of labor, not an outflux of labor. They have people that want to move here, that’s number one. Number two is they’ve got jobs; this is all about jobs.”

Nationally, Johnson said the economy has been experiencing a bull market for 90 straight months and he expects a slower pace moving into the new year. A bear market could be right around the corner.

As for how Saratoga County compares to other counties in New York State, Johnson said “…with exception of the downstate economies, (the Saratoga County) economy is good and it’s going to continue to be good through 2017 and 2018.”

T keep the local economy strong as new technology advances, Johnson said he would advocate for strengthening education, funding infrastructure, and research and development.

You can find a copy of Hugh’s presentation here.