By Marty Vanags, CEcD

In 2018, Saratoga County continued to be one of the fastest-growing counties in New York state, and for good reason. With an educated workforce, companies from diverse industry sectors, and a vibrant quality of place, we possess all the attributes that make our community a great investment for businesses and residents.

Our future is bright, but it is important that we continue to work with the public and private sectors to promote and plan for long-term growth. This means investing in economic development infrastructure, developing our workforce, attracting talent, and encouraging our companies to innovate and invest in Saratoga County.

Laying the foundation for future growth is the key to maintaining our economic prosperity today and long into the future.

Throughout 2018, the Saratoga Partnership marketed Saratoga County to businesses and site selectors throughout the world. We met with more than 75 companies and 60 site selectors to educate them on why Saratoga County is the ideal location for expansion. The Saratoga Partnership is why Saratoga County was successful in siting New York state’s largest battery storage project, Key Capture Energy project in Stillwater.

Through assistance by the Partnership, Proctors-Universal Preservation Hall is transforming a former church in Saratoga Springs into a year-round, world-class arts and cultural venue in downtown Saratoga.

By Mark Shaw

Last year we spoke about everything as a service. That is absolutely the case today. From phone systems to access control you can truly have access to all the latest technology in a monthly service fee.

This eliminates the need to purchase anything. Your business can gain access to the same technology used by the Fortune 500 without any major capital outlay.  This model will continue for the foreseeable future and if you have not already been reaping those benefits, talk to your technology department or company today.

In 2019 the focus is going to be hyper-active around security—security at every level in your business. From physically on the doors and entry points backed up by cameras, to your data on every device. We have been bombarded by news of firms being hacked, held at ransom, or even shut down due to breaches.

The government is taking notice and the same GDPR (rules for personal data use and security in the EU) are being considered here. New York is starting to crack down on vendors selling and installing security and camera systems. It is not often known, but to even touch a camera in a business workplace, the vendor must be licensed to do so. Combine this with talks about a New York State version of the EU rules for data privacy and you have a tornado of new laws set to make security the focus.

By Mayor Meg Kelly and Commissioner of Finance Michele Madigan

We are encouraged that 2019 will build off the economic successes of 2018, due not only the traditional economic indicators that reflect the dynamic economy of our city, but also the specific steps taken by Saratoga Springs City Council to drive future prosperity.

As of mid-December, the city had generated 10.1 percent more sales tax than during the same period last year. Moreover, 2018 is trending to be the best year of sales tax in city history, potentially exceeding $13 million.

Occupancy tax that was generated through the first three quarters of 2018 has also been at a record pace, a fact made more impressive given that it does not include units rented through sites like AirBNB.

The city is exploring ways to bring these rental units in line with traditional lodging establishments to ensure both a level playing field and the safety of renters, though accomplishing this requires the cooperation of the county and/or state, which is taking longer than expected.

One economic indicator that has lagged is mortgage tax, which is expected to fall roughly 20 percent below what was budgeted for 2018. This is largely driven by factors outside the city’s control such as rising interest rates and low inventory.

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.

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.