Courtesy Saratoga County Chamber of Commerce
By Todd Shimkus
As we begin 2022, Saratoga County has seen tremendous economic growth throughout the last year, indicating that the county is recovering strongly from the impact of COVID-19. We continue to see data trending upwards, nearing, or exceeding, pre-pandemic rates across sales tax, unemployment, lodging, and housing as individuals begin to buy, travel, and support their local community again.
County Sales Tax Collection
Year to date (January to November) 2021 county sales tax collection is 21.3 percent higher than the same time frame in 2020. Collections are also 14.8 percent higher than 2019 collections during the same period.
In total, Saratoga County collected more than $20 million additional revenue in 2021 versus 2019. What does this mean? There has been tremendous growth for taxable sales by local businesses, residents, and visitors. Consumers have shown a clear willingness to spend money in Saratoga County throughout 2021, helping businesses recover from the 2020 shutdown and continued government restrictions in 2021.
County Unemployment
It has been more than 20 years (May 2011) since Saratoga County’s unemployment rate was as low as it currently stands at 2.8 percent. The labor force—the total number of people employed or looking for a job—declined by 2,800 people last year, driving this decrease in unemployment. In November 2021 alone, both the number of people working and the number of people looking for work in Saratoga County has declined.
County Lodging
The revenue per available room (RevPAR) for hotel rooms sold from January through November 2021 indicates recovery in the leisure when compared to the same time frame in 2020 amidst significant travel restrictions. The hospitality sector continues to be challenged by the pandemic, especially within the group market.
The average daily rate year to date in 2021 is higher than it was in both 2020 and 2019, demonstrating a willingness for individual consumers and families to spend money on travel.
County Housing Market
Closed sales were up 8.8 percent year to date 2021 compared to the same time frame in 2020. Median sales price also saw an increase – up 11.1 percent compared to January through November 2020. The county continues to see rapid growth in the real estate market as individuals take advantage of a seller’s market.
As vaccinations continue to increase and more boosters become available across the county, we’ll begin to see our community bounce back in many additional ways as this data already shows. Data currently indicates a strong correlation between the percentage of fully vaccinated individuals rises and a strong boost in the county’s economy. We continue to all do our part to bring Saratoga back stronger—and healthier—than before.