Saratoga Business Journal

Economical Outlook 2019: Darryl Leggieri

January 10, 2019January 11, 2019

Darryl Leggieri is president of the Saratoga Convention and Tourism Bureau.

By Darryl Leggieri

Saratoga Springs continues to be a vibrant, historic and growing city with a bright future.

Discover Saratoga is fortunate to have amazing partners like the Saratoga County Chamber of Commerce, the City Center Authority, the Downtown Business Association, and many other community organizations to help navigate its growth. These organizations serve different purposes but are all on the same page when it comes to putting Saratoga Springs, Saratoga County, local businesses, and serving residents and visitors of Saratoga first.

As a key economic development engine for this community, the mission of Discover Saratoga (also known as the Saratoga Convention & Tourism Bureau) is to contribute a positive impact on the local economy by promoting and marketing Saratoga Springs and Saratoga County as a world-class destination for meetings, conventions, special events and group travel. The bureau team (one of the best around), is deployed to target each of these markets proactively to drive business into our county and city.

I feel so fortunate to be promoting such a great destination. With so many neighboring destinations becoming more competitive, we need to stay relevant by showcasing our current value propositions like walkability, safety, convenience and culture.

Economical Outlook 2019: Janet Besheer

January 10, 2019January 11, 2019

Janet Besheer is a real estate broker who runs the independent Equitas Realty firm.

By Janet Besheer

Last year was quite the year for the United States economy. We have seen unemployment go to record lows, businesses reestablishing themselves here at home and the stock markets have hit record highs.

Although economists are predicting we are moving toward the end of the record-breaking, 9.6-year, bull market, we are not there yet. The economy in 2019 should continue to grow, albeit at a slower rate than 2018, but the good news is the next recession will probably not arrive in 2019.

Home prices around the country rose throughout 2018 with limited inventory and low mortgage rates. According to the National Association of Realtors, “The imbalance between supply and demand is squeezing entry-level housing the hardest.”

Pundits suggest the housing market will slow down well into the year. 2019 looks to bring a stabilization of supply of homes for sale and vacancy rates for rentals, both of which are inching up again. Mortgage interest rates will rise in 2019 which will impact buyers and lower sales prices of existing homes.

First-time home buyers will be most affected. The good news here is that mortgage interest rates should remain below 6 percent, which is still an historically low rate. So what does mean this for real estate in our area?

According to the recently released Saratoga County Real Estate Index, Saratoga County led the entire Capital Region in single-family home sales and was the only local county to see an increase in single family home inventory over the past year along with the most single-unit building permits issued.

Business Report: Put Investment Performance In Perspective

January 10, 2019January 11, 2019

Rob Snell, financial advisor, Edward Jones Financial in Saratoga Springs.

By Rob Snell

How can you assess your investment portfolio’s performance in 2018? The year was full of wild swings in the financial markets, so your own results may well have bounced around quite a bit, too.

But you can still get a clear picture of how you did if you keep your investments’ returns in the proper perspective by making sure your expectations are relevant, realistic and reviewed.

Let’s look at how these terms can apply to a meaningful evaluation of your investment progress:

Relevant. Many investors compare their portfolio returns to a popular market index, such as the S&P 500. But this comparison is not really valid for a variety of reasons. For one thing, indexes are typically not diversified across different types of investments—the S&P 500, for instance, only tracks large U.S. companies.

Skidmore College Is Now Smokeless On All Of Its Properties, Including Outdoor Areas

January 10, 2019January 11, 2019

Skidmore College became a smoke-free and tobacco-free campus on Jan. 1. Smoking and tobacco use —including the use of all e-cigarettes and vaping device —is prohibited throughout all of the college property, including outdoor areas.

“The smoke-free and tobacco-free policy promotes a culture of wellness and provides the community with a healthy, respectful working and learning environment by limiting the potential exposure of students, faculty, staff and visitors to the effects of secondhand smoke and by reducing the risk of fires,” said Cerri Banks, dean of students and vice president for student affairs. “In addition, the policy is in alignment with the college’s strategic goals which support health and wellness initiatives throughout our campus community.”

“We included e-cigarettes and vaping devices in the policy because nicotine in any form is highly addictive,” Banks said. “Our health and wellness staff are trained to advise those who are interested in breaking the dependency on nicotine products.”

Wearable Tracking Devices Help People Get Heart Rate, Other Info, During Workouts

January 10, 2019January 11, 2019

Holly Zelenkewich, owner of Healthy PhysZeke, a personal training business.
©2019 Saratoga Photographer.com

By Susan E. Campbell

Fitness trainers have found that while wearable devices are fun and useful tools for tracking progress, there is nothing like the personal touch for motivating clients to meet their goals.

Fitness tracker devices count steps walked, calories burned, heart rate, sleep patterns, and more. Many sync data to cell phones or other devices though mobile apps that can be shared with friends and personal trainers.

Some believe “wearables” have led to better health or greater weight loss, although results can vary among different age and lifestyle groups when compared with the old-fashioned methods. A study published by the JAMA Network in 2016 concluded there was less weight loss among 471 adult users when compared to a control group.

“People are tech savvy today and rely on their gadgets,” said Laurie Romand who operates Full Circle Fitness NY with two small boutique studios in Colonie and Saratoga. “People may be hooked on the technology, but it does help people track what they are looking to measure. “

Eden Compton Studio & Art Gallery Opens In Saratoga’s Beekman Street Arts District

January 10, 2019January 11, 2019

Artist Eden Compton has opened a studio and art gallery in the Beekman Street Arts District. She is
also planning to form the Beekman Street Arts District Association.
©2019 Saratoga Photographer.com

Eden Compton Studio & Gallery, became the most recent fine art gallery to open in the Beekman Street Arts District in Saratoga Springs, holding an open house for its 2018 holiday show and sale in December.

The event featured the work of five established and well known artists in the upstate New York including Ann Larsen, Takeyce Walter, Matt Chinian, Kate Edwards, Rita DiCaprio and Eden Compton.

Eden Compton Studio is both the personal workspace of artist Eden Compton and a fine art gallery. The artist’s landscapes, cityscapes and portrait commissions are available at the gallery as well as the work of other established artists.

She said the studio plans on hosting several big exhibits throughout the year.

Prosperity Partnership Real Estate Index: County Markets Strong, Inventory Needed

January 10, 2019January 11, 2019

The Saratoga County Prosperity Partnership in December released its inaugural Saratoga County Real Estate Index, which it said portrays the county as having strong residential, commercial and industrial markets, but with a need for additional inventory in each sector.

The index was unveiled during a luncheon event attended by more than 100 business executives and professionals at the Hyatt Place Saratoga/Malta.

The index also presented the results of a Pulse Survey that signaled an optimistic view of Saratoga County’s real estate sector. Among real estate professionals surveyed, 94 percent describe the residential sales sector as strong, very strong or stable; 88 percent see the commercial leasing market as strong, very strong or stable; and 78 percent characterize the commercial sales market as strong or very strong.

“Saratoga County’s vibrant real estate market is critically important because its reach extends into all sectors of our economy,” said Marty Vanags, president of the Saratoga County Prosperity Partnership.

Small Business Index: Economic Outlook Is High Despite Experiencing Hiring Difficulties

January 10, 2019January 11, 2019

A Q4 MetLife and U.S. Chamber of Commerce Small Business Index released in December reflected general optimism from the small business community about the economy.

Optimism on the health of the national economy has continuously increased since the second quarter and is at a new high with 58 percent of small business owners believing the U.S. economy is in good health, the Chamber said.

Optimism on the local economy also improved this quarter to 56 percent of small business owners noting their local economy as good, up six points from he third quarter 2018.

“Small businesses are the growth engine of the American economy, employing half of the nation’s private sector workforce,” stated Jessica Moser, senior vice president, Small Business Solutions in MetLife’s Group Benefits business. “The owners of those businesses make crucial decisions about expansion and hiring every day, so their level of optimism is a good indicator of future growth. The findings of this quarter’s Index show they are still bullish, which bodes well for our economy as a whole.”

Nonprofit Brewers Association Says Small Breweries Continue To Find Market Success

January 10, 2019January 11, 2019

As 2018 drew to a close, the Brewers Association—a nonprofit trade association dedicated to small and independent American brewers—said that while the brewing landscape is shifting, small and independent breweries continue to find market success.

Julia Herz, craft beer program director for the Brewers Association which represents more than 4,800 U.S. breweries, said brewers are “finding ways to differentiate themselves in a competitive market, become pillars of communities, and embrace new experiences and occasions to connect with beer lovers.”

A report by the association covered a variety of topics as it looked back at 2018.

NYRA Inks Deal Making FOX Sports The TV Home For Saratoga, Belmont Horse Racing

December 6, 2018December 12, 2018

FOX Sports will be the national television home for NYRA racing from Saratoga Race Course.
Courtesy NYRA

The New York Racing Association, Inc. (NYRA) and FOX Sports have agreed to a long-term television programming deal that will make FOX Sports the year-round national television home for NYRA racing from Saratoga Race Course and Belmont Park.

NYRA and FOX Sports began their collaboration around the launch of the critically-acclaimed “Saratoga Live” during the 2016 summer meet at Saratoga, which offered 80 hours of live coverage to a national audience on FS2.

In 2019, FOX Sports is scheduled to televise 500 hours of NYRA racing including coverage of nearly every race day at Belmont and Saratoga. The broadcast schedule will then expand to over 600 hours annually in 2020. Officials said the agreement builds upon the prior deal between NYRA and FOX Sports that resulted in more than 100 hours of NYRA coverage on FS2 in 2018.

“NYRA has been a terrific partner and we are looking forward to presenting more horse racing on a national stage than ever before,” said Michael Mulvihill, executive vice president of league operations, research and strategy for FOX Sports. “With this commitment, FOX Sports has taken the lead in developing content in the fast-growing area of sports gaming by expanding our relationship with the most prestigious name in horse racing, the New York Racing Association.”