April 20, 2017 State of the Economy — Saratoga County, NY
Saratoga County Prosperity Partnership Unveils Economic Index, Reveals Vibrant and Growing Economy, Strong Optimism Among Businesses
Economic data shows Saratoga County’s labor market, income levels, and housing sector are outpacing the Capital Region, while survey portrays strong optimism among businesses
Clifton Park, NY – Saratoga County is outpacing the Capital Region – and in some cases, New York state and the nation – in several key economic indicators that portray a strong economy well positioned for growth, according to a first-ever report released by the Saratoga County Prosperity Partnership, the county’s designated economic development agency.
Additionally, the inaugural Saratoga County Economic Index included the results of a Pulse Survey that showed strong optimism among businesses located in the county. Of 83 business owners and executives that responded, 61 percent reported higher sales over the past year; 78 percent expect sales to increase over the next year; and 68 percent said their business is doing better today than it was at this time last year.
“Economic growth in Saratoga County, now led by the exceptional work of the Saratoga Partnership, is ensuring that our residents have access to good jobs, strong wages, and an excellent quality of life,” said Jack Lawler, Chairman of the Saratoga County Prosperity Partnership and Supervisor of the Town of Waterford. “I commend Marty Vanags and his team on the release of this vital tool for measuring our economy, and for the work they are doing to make Saratoga County a preferred destination for business expansion and growth.”
“There is no question that Saratoga County is setting the pace when it comes to economic strength in New York state,” said Edward Kinowski, Chairman of the Saratoga County Board of Supervisors. “With the Saratoga County Prosperity Partnership leading our business development efforts, we look forward to further growth that will keep taxes low and our county a great place to live, work and play.”
The Saratoga County Economic Index includes key indicators such as unemployment levels, labor force participation, household income, and the strength of the housing sector. The vibrancy of Saratoga County’s economy is illustrated by a host of data contained in the index, including:
- Saratoga County’s unemployment rate is at its lowest level since 2007, is the lowest in the Capital Region metro area, and lower than New York state.
- Participation in the labor force, at 68 percent, outpaces the Capital Region, New York state, and the U.S.
- Median household income, at $71,496 annually, outpaces both the Capital Region and New York State by just over 20 percent, and the U.S. by 33 percent
- Housing permits overall have trended up since 2006
- Total value of multi-family housing permits has risen 30 percent since 2005, more than twice that of the Capital Region
- Total value of single-family housing permits has begun trending upward over the past year, reversing a 21 percent decline since 2005, which was less severe than the drop of 35 percent in the Capital Region
“We often talk with corporate executives and site selectors who are bullish on Saratoga County as a location that is ripe for business opportunity and growth,” said Marty Vanags, President of the Saratoga County Prosperity Partnership. “The Saratoga County Economic Index illustrates the strength of our economy, and serves as an additional resource to support our mission of attracting jobs, companies and investment to our community.”
The index was unveiled during the Partnership’s “State of the Economy” luncheon at the Hilton Garden Inn in Clifton Park, held in conjunction with National Economic Development Week, which runs from May 8-13 and is an initiative of the International Economic Development Council. The event also featured an overview and analysis of the regional and statewide economies from Jason Bram, economist and research officer for the Federal Reserve Bank of New York.
The results of the Saratoga County Economic Index can be found here. The index will be updated quarterly, made available to the public, and will include the economic indicators presented at this event as well as the Pulse Survey.
Below are links to stories from the event.
News Coverage: Saratoga County Prosperity Partnership State of the Economy — Saratoga County
“Economic Index reveals growing economy in Saratoga County” The Saratogian [Link]
“State of the economy? Very good in Saratoga County” Daily Gazette [Link]
“New index will measure strengths, weaknesses of Saratoga County economy” Business Review [Link]
“New view of economy sees positive outlook” Times Union [Link]
“Report shows a strong economy in Saratoga County” WAMC [Link]