OUTPACING THE REGION
Economic Index reveals growing economy in Saratoga County
CLIFTON PARK, N.Y.>> Saratoga County is outpacing the region, according to the first-ever Saratoga County Economic Index released this week by the Saratoga County Prosperity Partnership.
The index, revealed to a room of more than 100 eventgoers at the partnership’s State of the Economy luncheon on Tuesday in Clifton Park, indicates a vibrant and growing economy as well as strong optimism among businesses within Saratoga County.
The luncheon was held in conjunction with National Economic Development Week, an initiative of the International Economic Development Council.
At Tuesday’s event, Saratoga County Prosperity Partnership President Marty Vanags shared the findings of the inaugural index, which highlights a series of key indicators designed to measure the state of the county’s economy.
The index showed that Saratoga County has high median household income, low unemployment and high labor force participation - all signs of a healthy economy.
Median household income, at $71,496 annually, outpaces both the Capital Region and New York State by just over 20 percent and the U.S. by 33 percent.
Saratoga County’s unemployment rate is at its lowest level since 2007, is the lowest in the Capital Region metro area, and lower than New York state.
Participation in the labor force, at 68 percent, outpaces the Capital Region, New York state, and the U.S.
The index also reviewed housing in Saratoga County, showing a strong number of housing permits and a stable value per unit.
Housing permits overall have trended up since 2006, and the total value of multifamily housing permits has risen 30 percent since 2005, more than twice that of the Capital Region
Total value of single-family housing permits has begun trending upward over the past year, reversing a 21 percent decline since 2005, which was less severe than the drop of 35 percent in the Capital Region
“Overall, Saratoga County is prospering,” Vanags said. However, he warned that challenges are on the horizon. Economic development challenges identified by the Saratoga County Economic Index were continuing to attract companies with the current labor supply, which also makes it difficult for existing companies to grow, Vanags explained.
Other challenges recognized were whether the county can overcome is distaste for multifamily housing, and if the high median household income is hindering for those just starting out.
In a recent Local Economic Pulse survey Saratoga County Prosperity Partnership found that 33 percent local business owners and managers questioned are most concerned about attracting talent and workers. Other concerns about the county’s economy were regulatory issues, cost of living and affordable housing. Following Vanags, economist and research officer for the Federal Reserve Bank of New York Jason Bram provided the audience with some insight on how Saratoga County compares with the rest of the state and country.
Bram complimented the Capital Region on its diverse mix of industries. While he credited the tech sector with boosting the state’s private sector economy in recent years, Bram emphasized that the region’s manufacturing industry is doing well in comparison to other areas in New York state and the nation.
“Keep up the good work,” Bram said while reviewing Saratoga County’s aggregate private sector wage and salary income, which is currently much higher than the national average. “Times are good,” he added.
Saratoga County’s high educational profile, among the highest in the state and region, enables the county for growth in tech and other “future industries,” Bram said, “because you have the workforce that can do that.”
Area economic growth is also aided by the fact that workers want to live in the Capital Region, Bram mentioned. Though Tuesday’s event was largely focused on Saratoga County, Bram reminded the crowd that the Capital District is a unified economy, so when cities like Albany, Schenectady and Troy do well, the Saratoga area will also succeed.
“We often talk with corporate executives and site selectors who are bullish on Saratoga County as a location that is ripe for business opportunity and growth,” Vanags said in a press release. “The Saratoga County Economic Index illustrates the strength of our economy, and serves as an additional resource to support our mission of attracting jobs, companies and investment to our community.”
More information on the Saratoga County Prosperity Partnership, including the full Saratoga County Economic Index, can be found at saratogapartnership.org. The index will be updated quarterly and made available to the public.