Eight things you need to know about Saratoga County's economy.
8 @ 8 is a newsletter filled with eight things you need to know on topics related to the economy in Saratoga County, New York. You can expect to see 8 @ 8 in your inbox twice a month. If you have content you'd like us to share or have a topic you'd like to see more of, let us know and we'll work to include it in a future edition! - The Saratoga Partnership Team
1. Victory Workforce Housing Project on Track for 2021
Developer Larry Regan wants to transform the abandoned textile and packaging plant at 42 Gates Ave. in the village of Victory into a five-story apartment building. The project, located on the eastern edge of Saratoga County in a community with a population of fewer than 600, would sit on a 6.5-acre site that has been vacant for more than 20 years. The developer is working with Saratoga County Prosperity Partnership to amend a tax incentive package that was approved by the industrial development agency two years ago If project financing is approved in June, construction could begin the same month with completion anticipated for January 2023. The project is expected to help resolve two main problems, Schneider said. There is a need for more affordable apartments in Saratoga County and the existing building is deteriorating with every storm. "It is putting a property, which every day is becoming more of a liability, back into very productive use," Schneider said of the project. Click here to read more from Albany Business Review
2. Saratoga County: A Post COVID-19 Plan for Economic Development
Saratoga County has a new business website covering county news, information and events.The Saratoga Business Report (SBR) launched February 1, and Saratoga Partnership President, Shelby Schneider was honored to be one of their first contributing writers with her first post, Saratoga County: A Post COVID-19 Plan for Economic Development to discuss market opportunities that could affect the Saratoga economy as our economy recovers from the economic impact of COVID. SBR is operated by Spa City Digital owners Chad Beatty and Mike Nelson. They are looking for story ideas, contacts, press releases, emerging trends, technology innovations, etc.…so go to their website and enter your contact info to subscribe or contribute your business news. SaratogaBusinessReport.com
3. 2021 Manufacturing CFO Outlook Survey - INGENUITY THROUGH CRISIS
According to the 2021 BDO Middle Market CFO Outlook Survey, CFOs anticipate the new year will bring recovery and new opportunities. A majority forecast economic recovery (60%) and revenue increases (56%) in 2021.
While financial forecasts vary, industries like technology, life sciences and healthcare that helped to power business continuity and advance COVID-19 care are particularly optimistic for growth in 2021. Middle market manufacturers went above and beyond in 2020 to protect jobs, produce goods vital to the economy and help fight COVID-19. Manufacturing CFOs have bold plans for meeting the difficulties ahead while capitalizing on new opportunities. Crisis breeds innovation—and there is no better proof of that than 2020. As they once did during World War II, American manufacturers of all kinds stepped up to help the nation in its hour of need. According to the survey, this year manufacturers will shift their supply chain strategy from mitigating crises to making long-term investments. Risk mitigation remains a priority, but manufacturers will be more focused on transformation and driving competitive advantage. Click here to download the 2021 BDO Middle Market CFO Outlook Survey.
4. CBRE 2021 Capital Region MarketView 2021
The industrial and capital real estate sectors are strong in the Capital Region, with office and retail space poised to make a rebound midyear, said local members of the commercial real estate firm CBRE at their video conference attended by 200 regional stakeholders. The Times Union reported that the annual Capital Region MarketView, hosted by CBRE-Albany, was led by Baltimore-based Spencer Levy, chairman of Americas Research and senior economic advisor at CBRE. Post-pandemic recovery, Levy said, will be led by consumer demand."Pent up demand will save the world. People want to spend, they want to stay in hotels, they want to buy stuff," Levy said. Click here to watch the entire CBRE MarketView event.
5. New Interactive Tool by the Federal Reserve Bank Helps Workers Chart Pathways from Lower-Wage to Higher-Paying Jobs
The Federal Reserve Banks of Philadelphia and Cleveland launched an interactive online tool to help workers without a bachelor’s degree transition to occupations that require similar skill sets and provide a meaningful increase in pay. The Occupational Mobility Explorer is a resource for workers to identify pathways from a lower-paying occupation to a similar, higher-paying occupation in the same labor market. The Explorer can also be used by workforce development practitioners, community colleges, and employers to help inform their reskilling programs and employee recruitment and hiring practices as millions of workers seek to reenter the job market during the pandemic. Click here to launch the Occupational Mobility Explorer.
6. SUNY ADK New Professional Development Course Offerings
SUNY Adirondack Saratoga is positioned to offer higher education and workforce development support to the growing economic center of Saratoga County. CCAR Recovery Coach Academy© 30-Hour Training which prepares individuals seeking the Certified Recovery Peer Advocate (CRPA) credential. View information about the CRPA role, work environment, certification requirements, process and fees at the New York Certification Board. Wastewater Treatment: Basic Laboratory Course fulfills laboratory proficiency for DEC certification and is appropriate for operator renewal credit. Learn more about professional development opportunities for both you and your team on their online course catalog. Call 518.743.2238 or email to register today. Need customized workforce training for your team? Contact Erin Krivitski, PsyD, Assistant Director for Workforce Innovation & Training at 518-832-7604.
7. How will 'chipageddon' affect you?
For the most part they go unseen but computer chips are at the heart of all the digital products that surround us - and when supplies run short, it can halt manufacturing. There was a hint of the problem last year when gamers struggled to buy new graphics cards, Apple had to stagger the release of its iPhones, and the latest Xbox and PlayStation consoles came nowhere close to meeting demand. Then, just before Christmas, it emerged the resurgent car industry was facing what one insider called "chipageddon". New cars often include more than 100 microprocessors - and manufacturers were quite simply unable to source them all. Since then, one technology company after another has warned they too face constraints. Click here to read more from the BBC News about how surging demand for semiconductor chips is causing "chiipageddon."
8. Coronavirus child-care crisis will set women back a generation
As we know, COVID-19 has massively disrupted American life. Beginning in March, non-essential businesses closed their doors, workers were furloughed or laid off, and schools and daycares sent children home. At its peak, 95% of the U.S. population was under stay at home orders. COVID-19 has also increased the pressure on working mothers, low-wage and otherwise. In a survey from May and June, one out of four women who became unemployed during the pandemic reported the job loss was due to a lack of childcare, twice the rate of men surveyed. A more recent survey shows the losses have not slowed down: between February and August mothers of children 12 years old and younger lost 2.2 million jobs compared to 870,000 jobs lost among fathers. We are long overdue in realigning our labor market policies, schools, and daycare system with the modern reality faced by working parents; these interventions should be considered as part of the solution. Click here to read more from The Brookings Institute.
As more parents are returning to work compared to the onset of the pandemic months ago, a study released in October by the U.S. Chamber of Commerce shows childcare remains a barrier for parents who want to return to work. The Saratoga County Prosperity Partnership, Saratoga County Employment & Training, Warren County Employment & Training, Brightside Up, and the Southern Adirondack Child Care Network are conducting two separate surveys to assess the marketplace for future child care needs. Any data collected will be aggregated and your individual responses will remain confidential.

  • Whether you are a parent who currently has children in child care, are seeking care, or have used childcare in the past, please take a moment to complete this survey.
  • If you are a business located in the Capital Region, please fill out this survey.