By Sara Mannix

Many business leaders are predicting a recession to come our way soon, and the majority of those we have spoken with are at least preparing for an economic slowdown in 2023. 

You wouldn’t think this would inspire positive vibes, right? 

Not necessarily. If there is one thing that I have learned about economic downturns, it is that when they happen, those who invest in marketing are usually the ones that come out of the recession the strongest.

This is true for both of Mannix Marketing’s focuses: digital marketing and tourism marketing.

The digital marketing industry has been growing since the 1990s, and that should continue into 2023. As always, businesses will need to invest advertising and marketing dollars where their customers are – and now more than ever that’s online and on apps.

From SEO to PPC to social media marketing, industry leaders know that during economic dips they need to focus on their core business and their people. They will partner with marketing experts to handle the digital marketing. Failure to successfully market during these times can be devastating to companies for several reasons, including a) losing customers and market share during the recession and b) not being ready when the economy starts buzzing again.

By Janet Besheer

It was an interesting year in real estate in the Capital Region. There were several shifts in our market. Interest rates went up, home prices started to come down, and inventory remained tight. 

On the bright side, homes are now staying active on the market longer. Rather than selling in a matter of days, properties are on the market for many weeks and in some areas for months. 

There are fewer bidding wars. Buyers can take a breath when making offers on properties. Price reductions are starting to be a daily occurrence, something we did not see in early 2022.

Real estate is regional and varies across the country. Markets that saw a radical increase in prices over the past few years (such as Arizona, California, and Idaho) are currently experiencing the greatest decrease in prices as we move into 2023. However, the Capital Region has been fairly insulated from the extreme highs and lows. Prices will be somewhat steady this year, growing at a rate of approximately 3 percent according to Realtor.com. 

The average home sale price in the Capital Region in late 2022 was $279,000.

By Doug Ford

What a wild and crazy year 2022 turned out to be. I for one went into 2022 optimistic after coming off the COVID experience and thought we were headed back to a more stable business climate. 

I could not have been more wrong and I’m sure many others would say the same. Being part of the construction industry for more than 46 years I can attest it was the most challenging year of my career for many reasons, labor being the biggest factor. Unfortunately, many of those same challenges will carry over into 2023.

 According to the National Association of Homebuilders (NAHB), the housing industry will likely see a double digit decrease in 2023. Locally it may not be as bad, but down from the past few years. Multifamily construction remains strong both nationally and locally and that trend will likely continue into 2023. Remodelers remain active with a backlog of work to complete partially due to the country’s aging housing stock.

As we start the new year the big question is what’s lies ahead? There are many opinions, and the signals are mixed much like the previous year. Inflation continues to be a major concern fueled by ongoing supply chain snarls brought on by pandemic stresses as well as the Russia/Ukraine war. 

BY PETE BARDUNIAS

In the 12 years I’ve been involved in community leadership here in Saratoga County, one oft-overlooked consideration is the issue of mobility. The future generation may be at risk of being, in a practical sense, less mobile than their predecessors, and that will have significant impact on economics.

Have you ever driven along a major thoroughfare and come across someone on a bicycle, riding with you in the traffic? Watching that person pedal along, mere inches in some cases from the cars passing at 40-50 miles per hour, can be pretty scary. 

Darlene McGraw from Halfmoon, a local advocate for mobility issues for those unable to use conventional transportation, was struck on her special tricycle last year as she traveled on Route 146 in Clifton Park. In an age where we hear so much about using alternative means of transportation to get to work or play, it still seems rather dangerous to actually do it. Bicycle trails, especially in Clifton Park, are excellent, but sometimes one must go onto the main roadway. The roads themselves are busy places these days, not particularly safe for bicycles or even for cars. Impatient drivers often pass on the double yellow lines, a practice that gets even more dangerous on rural roads when a farm tractor is being passed.  Many serious accidents have happened due to this behavior and other bad habits.

In talking to people about the problems, the consensus seems to be that roads need upgrades, better alternative means of transportation need to be developed, or both.  During the past couple of years, some had hoped that the rise of remote work would alleviate such issues, but the reality seems to be that the flexible schedules involved today only shuffle things around a bit, moving traffic to different roadways or other times of the day, while also increasing the demand for services which aren’t quite there yet.  

By Gina Mintzer

Last year was quite a year to live, work and play in the Lake George region as we emerged from the pandemic, yet still reeling from various side effects.  

Looking ahead for 2023 we are planning for much of the pre-pandemic typical cyclical business highs and lows that the tourism industry realizes due to seasonal travel patterns and annual events, yet still on guard for staffing and supply chain challenges and managing what we can for the best outcomes for our businesses, employees, and the community at large.  

As we know, the tourism sector is crucial to our Lake George regional economy. The health of this industry affects all who live in the area, whether directly working in hospitality or not. Tourism dollars spent in the area help to offset the local tax burden by thousands of dollars each year. A robust tourism sector also means more attractions, dining, shopping and more to offer to residents as well.

 The collaborative efforts that began among many cross-sections of our business community have continued to make our region stronger, nimble and safer. As customer service will continue to be a strong focus of business, we will see more focus on in-house training as each guest, for lodging, dining and retail are more important than ever to keep our business sustainable.