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Home  »  Business News  »  2013 Economic Forecast – Tori Riley Washington County LDC
Business News

2013 Economic Forecast – Tori Riley Washington County LDC

Posted onJanuary 7, 2013November 8, 2017

By Tori Riley

tori-riley-bw.jpg
Tori Riley, executive director, Washington County Local Development Corp.

Washington County is ripe and ready with
a wide selection of possibilities and locations
to spring investment, business ventures and
ideas to life. That’s our story and we’re sticking
with it.

The primary service offered by our LDC is
lending. We finance start up endeavors, equipment
and real estate investments just to name
a few. We partner with financial institutions
to make deals work for businesses, as well as
offer community development investment programs
for developers. Whether its equipment
for upgrading existing machinery or adding
production lines, buying or building a facility,
working capital or job creation; we have the
lending programs with the funding available to
encourage growth, across sectors, throughout
the county.

We suspect, much like last year, 2013 will find us providing services, resources and connections to businesses, developers and investors above and beyond lending. We are extremely fortunate to have an impeccable rapport established with both “decision makers and program shakers” throughout the region and state; in both private and public sectors that partner with us to get the deal done.

There is no “I” in team and fortunately, the LDC has had the distinct pleasure and opportunity to meet with, learn from and be welcomed to partner with the leading economic development organizations throughout the region.

In 2013, The Washington County LDC will continue collaborating, celebrating, engaging and strategically aligning with other regional economic development partners as well as our colleagues representing statewide organizations that have the resources, programs and funding streams to best serve existing businesses.

Additionally, we will keep ourselves current with what is available to pull a package deal together that will land new ventures. Our priority is to attract, retain and expand business while balancing the “quality of life” Washington County is infamous for and in order to accomplish these goals, these relationships are imperative.

Last year, we visited with over 560 existing businesses in our county, met with over 40 relocation inquiries, as well as attended multiple meetings with elected officials and business leaders from each town and village as well as with regional and state representatives.

As we reflected on the successes and challenges noted during those meetings, the LDC team put forth a strategy for 2013 that continues serving the businesses throughout the county as a priority. Our team is well equipped with a perspective of what the needs of companies doing business here are; whether it’s to remain successful, expand possibilities or capture additional opportunities.

Additionally, we have designed a portfolio that is readily available for inquiries to relocate, expand or start a business in Washington County.

We have an approach which incorporates the programs offered by the state and couples it with what we are able to bring together on a local level. For instance, if an expansion is projected to be built out over a three year period; collectively working with our local and state partners, we work with the business to obtain a definitive understanding of the overall project.

At that point, we’ll determine if it fits within the confinements of the consolidated funding application process and if not, we identify possible tax abatements, incentives and lending streams available to collectively package a deal to present to the business using alternative programs available.

A majority of the expansions that occurred last year were projects that didn’t fall within the time lines to apply for funding through the CFA process. However, if the project presented was “in addition to” or had the flexibility to happen “when and because” we worked with that company to put an application in to be considered.

The year will offer the third round of lending competitions for regions throughout the state and we’re hopeful our regional council members will take the time and have the interest in understanding the plethora of exciting opportunities that are very much “real project” hot buttons in each one of the counties represented and take into consideration the impact for that community to keep our individual assets implemented in the overall regional plan.

Our region will continue to benefit by working with and accepting guidance and support from Empire State Development. It should be mentioned, the ESD team (Jessica, Arnie, Suzanne, Linda) have a wealth of knowledge and experience to help economic developers, businesses, developers and investors.

They are an instrumental component to any project and use their expansive network and myriad of resources to determine that we’ve equipped the individual project with every possible option so the business not only happens in New York, but stays alive, thrives and continues to succeed here.

We suspect our manufacturing sectors will continue to grow as we evaluate the influx of business coming back stateside. This is forcing New York state to be more efficient; which makes us more competitive.

Even as we see various types of manufacturing, including “agri-production” facilities continue to show growth patterns; it will not be without challenges. The lack of skilled labor, natural gas access and capacity, coupled with taxes and regulatory compliance continue to be concerns. Our economic development partners, from counties throughout the Capital Region, work harmoniously to unite concerns, address issues and support businesses regardless of their physical address.

Collectively, by gathering regional support throughout industry sectors and across county lines, the issues and specific situations are being relayed to a larger audience with a stronger voice on local, regional, state and federal levels. Now that’s productivity and that is exactly the kind of teamwork that is required in 2013 to help us to make upstate New York all it can be.

Being a member of the Workforce Investment Board and playing our part, we see this organization playing an instrumental part in assisting economic developers in addressing the workforce issues this year. We will also continue to engage in conversations with area educational organizations to determine ways to better inform students, starting in the elementary schools, of the many career opportunities that exist right here.

Because we all share the workforce in this region, it will be imperative for us to communicate with students, teachers and parents to make them aware of the many career paths that are available for children to train into or come back to. Collectively, we need connect business needs with workforce outlets and vice versa.

Without a crystal ball (or a handy dandy magic 8 ball) it’s hard to forecast what will and won’t be in 2013. However, based on factors, conversations and trends; you can be assured we are moving in the right direction. One thing I do know for sure, we will be ready, willing and able to assist should an opportunity present itself. The Washington County LDC will continue to make it our priority to be there, when a business and/or developer needs us, with information, resources, possible financing and contacts they’ll need to put investment dollars into our local economies; resulting in more jobs being created, in multiple industries, all over this region.

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