Saratoga Partnership Releases Saratoga County Economic Index: Economy is Robust, Businesses are Optimistic About Continued Growth

Exclusive measure of Saratoga County’s economic health reveals region’s highest median household income and labor force participation; 2 in 3 businesses are outperforming last year

Clifton Park, NY – The Saratoga County Prosperity Partnership, the county’s designated economic development agency, today released its exclusive Saratoga County Economic Index, which 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 Marty Vanags, President of the Saratoga County Prosperity Partnership. “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 nearly the same number, 56 percent, expect another rise in sales this year. And, 41 percent of businesses expect to create jobs in 2018, on par with the 47 percent who said they created jobs in 2017.

Key economic indicators also illustrate the strength of Saratoga County’s economy, including:

  • Median household income, at $74,080, rose nearly 4 percent from a year ago. That figure outpaced the Capital Region by 17 percent ($63,080), New York state by 22 percent ($60,741), and the U.S. by 34 percent ($55,322).
  • Labor force participation, at 68 percent, continues to exceed the Capital Region (64 percent), New York state (63 percent), and the U.S. (64 percent).
  • The 853 single- and multi-family housing permits issued in 2016 (the most recent statistics available) represented a 28 percent increase from five years ago.
  • 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 is benefiting both businesses and families,” said Kevin Hedley, Chairman of the Saratoga County Prosperity Partnership. “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,” said Edward Kinowski, Chairman of the Saratoga County Board of Supervisors. “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, more than three-quarters of businesses expect costs to increase during the coming year. Asked about their biggest concerns, 25 percent said local taxes; 24 percent named attracting talent; and the cost of living and affordable housing were each cited by 21 percent of survey respondents.

The index was presented during a luncheon at Van Patten Golf Course in Clifton Park. The event also featured a panel discussion in which leaders from the region’s business, finance and government sectors added perspective to the numbers. Panelists included Charles Wait, Chairman and CEO of Adirondack Trust Company; David N. Deutsch, Founder and President of David N. Deutsch & Company; Saratoga County Treasurer Drew Jarosh; and Saratoga County Administrator Spencer Hellwig.

Click below to view the Saratoga County Economic Index Presentation

ECONOMIC INDEX PRESENTATION 3.29.18

MEDIA COVERAGE

Diversity is key to Saratoga County’s economy, panel says, Times Union, 3.29.18
County Economic Index Released, Saratoga Today, 3.29.18
Look TV News Headlines, LookTV, 3.29.18
Business Leaders Discuss Strong Saratoga County Economy, WAMC News, 3.29.18
Economic index for Saratoga County shows it continues to do well, The Saratogian,  3.29.18
Prosperity Partnership releases economic study, Times Union, 4.1.18

About the Saratoga County Prosperity Partnership

The Saratoga County Prosperity Partnership is Saratoga County’s designated Economic Development organization, leading the public and private sectors to achieve economic success for its businesses and residents. The Saratoga Partnership is the first point of contact for business retention, expansion, and attraction, providing a seamless delivery of economic development and workforce development assistance for businesses seeking to expand in Saratoga County, New York. For more information, visit www.saratogapartnership.org or @saratogaecondev.