Courtesy Saratoga County Chamber of Commerce
Submitted by
the Saratoga County Chamber of Commerce
Recently reported September county data indicates that Saratoga County is coming back stronger and more resilient than ever as we continue to emerge from the pandemic.
“Unemployment rates, sales tax collections, lodging, and real estate across the county are seeing tremendous growth when compared to this time last year,” said Todd Shimkus, Saratoga County Chamber of Commerce president. “We’re excited to see residents and tourists working, shopping, and staying throughout the county, and we hope the numbers continue to rise.”
Unemployment
As of August, the unemployment rate has decreased from 7 percent in 2020 to 4 percent in 2021. The number of employed residents has risen, adding an additional 800 laborers to our county’s workforce. Unemployment numbers have been nearly cut in half compared to last year.
Lodging
Hotel occupancy has seen a rise throughout the county in 2021 thanks to an increase in leisure demand coming out of the pandemic, and group and corporate travel is starting to rise. Revenue per available room (RevPAR) has nearly doubled since this time last year, showcasing that out-of-town visitors are beginning to explore our vibrant county again.
“Our lodging partners had a strong season with some even setting revenue records,” said Darryl Leggieri, president, Discover Saratoga. “While we didn’t break revenue records in 2021, the occupancy and average daily rate that our lodging partners were able to command shows a strong return to our historical patterns in 2019. The future looks bright.”
County sales tax
To date, sales tax collection has increased by more than $19 million in 2021 compared to 2020, showcasing that residents, businesses and visitors are beginning to spend again. The largest contributors to sales tax revenue represented in the chart comes from purchases made at restaurants, car dealerships, building/materials dealers, hotels, gas stations, and general retail.
Housing market
The median sales price of a home has increased by nearly 14 percent compared to August of last year, and the number of days a home is on the market has decreased by more than 42 percent. The housing market continues to show positive growth with 16.2 percent more closed sales in 2021 versus 2020 as the chart below indicates.
“The current real estate market continues to stay strong from the summer season,” said Julie Bonacio, owner, Julie & Co. Realty LLC. “We’re still seeing families wanting to upgrade to bigger houses that are equipped with backyards that have pools and other outdoor areas, as well as secondary homes after being home for the duration of the pandemic.”
Year to date, the health of Saratoga County’s economy is improving. The Saratoga County Chamber of Commerce anticipates trends will continue to rise and the economy will continue to grow as it bounces back from the lockdowns and restrictions imposed to slow the spread of COVID-19.
“We will continue to monitor the health of our economy and advocate for our local business owners as needed to ensure Saratoga County continues to thrive,” said Shimkus. “We thank our local residents, partners, and visitors for doing everything you could to save our locals during the past two years.”