Eight things you need to know about Saratoga County's economy.

1. Trends in Office and Industrial Parks

Allowing employees to continue to work remotely and possible moves to the less densely populated suburbs, like Saratoga County, are among the factors that will affect corporate real estate in 2021. According to Area Development, Employers will need to follow workers, and if those workers want places that are more spacious, rely more heavily on car travel, and [desire] ample access to single-family housing, then that is where business will be conducted. Low density, new infrastructure, and lack of dependence on public transit will also be attractive features. With disruptions in supply chain and an urgent need to remotely coordinate teams and keep operations running smoothly, manufacturers are seeking technology to optimize the means of production. are paying more attention to traceability of equipment uses. Manufacturers are adding agile applications that allow them to respond rapidly to changes in work environment; other improvements allow them to consolidate data platforms and add tangent functions on top of their existing model, allowing quicker reactions to future disruptions in their supply chain and workforce. The pandemic has also prompted a renewed interest in both reshoring and near-sourcing to mitigate supply chain disruptions. Investment in digital, real-time Industry 4.0 technologies will help manufacturers achieve these goals much more quickly. Click here to read more trends from Area Development.

2. SBA Update - 60,000+ Round 2 PPP Loans Already Approved + Shuttered Venue FAQ released

The second round of Paycheck Protection Program (PPP) loans is in full swing. So far, it's helped more than 60,000 struggling small businesses. Businesses seeking a second PPP loan must first exhaust the funds from their first loan. From there, applications are open to businesses with fewer than 300 employees, not 500 as in the initial round. Businesses must prove they've experienced a revenue loss of 25% or more in any quarter of 2020 to qualify for a second loan. Second round PPP loans are capped at either $2 million or 2.5 times a business's payroll costs — whichever is lower. There's an exception for restaurants and hotels, which can apply for loans up to 3.5 times their monthly payroll costs. To qualify for PPP loan forgiveness, at least 60% of those funds must be used to cover payroll expenses. The remaining 40% can be used for other operating costs, such as rent and utilities.

SBA has published an FAQ document for the Shuttered Venue Operators Grant program. You can find more information here Shuttered Venue Operators Grant (sba.gov). Frequently asked questions and answers now available here Shuttered Venue Operators Grants - FAQ (sba.gov). 

3. Despite rising salaries, the skilled-labor shortage is getting worse

There's a shortage of skilled tradespeople throughout the American economy, and it is a persistent problem that started well before the pandemic. But what's behind that gap and what can be done? PBS News Hour "Work Shift", focuses on navigating the job market in a post-COVID economy. The jobs exist and wages for plumbers, electricians, pipe fitters, carpenters and more are skyrocketing. We have prepared for the gap with an abundance of workforce training programs, apprenticeships, paid on the job training and more.

Why do we have a skilled-labor shortage? Bridging America's Gap dives into the history of why we have a skills shortage. An array of circumstances planted the seeds of the current trade shortage in the early 2000s. Several developments piled up to create the perfect storm that threatens to leave plumbing, electrical, carpentry and other skilled trades with a severe worker shortage in the years to come. As older workers retire, the crunch will get even tighter.

4. New Procurement Technical Assistance Center (PTAC) in Upstate New York Helping Small Businesses Connect With Government Contracts

Have you ever wanted your company to do business with the government, but don’t know where to begin? The IgniteU NY Procurement Technical Assistance Center (PTAC), powered by NYSTEC, is helping small businesses in a 17-county region connect with government contracts. The new center offers a wide variety of no-cost services to existing businesses that are interested in selling their goods and services to local, state, and/or federal government agencies. The IgniteU NY PTAC services include one-on-one guidance and training in areas such as identifying contract opportunities, helping prepare bids/proposals, performing market research, targeting and marketing to potential buyers, and reviewing contract terms and conditions. Besides Saratoga County, the PTAC serves businesses in Albany, Columbia, Delaware, Fulton, Greene, Herkimer, Montgomery, Oneida, Otsego, Rensselaer, Saratoga, Schenectady, Schoharie, Sullivan, Ulster, Warren, and Washington counties. The Procurement Technical Assistance Center is funded in part through a cooperative agreement with the Defense Logistics Agency. Interested in learning more and becoming a client, click here.

5. As coronavirus keeps people home, Globalfoundries faces surging demand

While countless businesses have been on hold or shut down due to the COVID-19 pandemic, computer chip maker GlobalFoundries is seeing boom times. GlobalFoundries’ success isn’t unusual for the computer industry overall, and part of that is due to the pandemic. With so many people working from home, there has been huge demand for new laptops, as well as smart phones and other electronic devices that keep one both plugged in to the workplace and entertained in off hours.The high demand for chips has led to the possibility that GlobalFoundries may expand in Malta. In June, the company, which is owned by the emirate of Abu Dhabi, said it had secured an option for 66 acres of undeveloped land adjacent to Fab 8. Click here to read more from the Albany Times Union.

6. National Grid upgrades electrical system in Saratoga County

National Grid's new $14 million substation on Lasher Road in the town of Ballston may not raise many eyebrows since it was built in a very rural area of Saratoga County. But in many ways, the project was unique in terms of local farming and future economic development in the region.Of course National Grid's main reason for building the new substation was so that it could better accommodate all of the residential and business growth in Saratoga County, which is home to the Luther Forest Technology Campus, where GlobalFoundries employs 3,000 people in its Fab 8 computer chip factory. Click here to read more from the Albany Times Union.

7. An inside look at how fiber optic glass is made

In 1970, a group of scientists working at glass manufacturer Corning, New York came up a method to make pure silica glass, allowing signals—emails, websites, Fortnite sessions—to traverse the 125 micron-thick strands as pulses of laser light with unprecedented efficiency. Fiber optics helped bring this article to whatever device you’re reading it on. The tiny strands of ultra-clear glass play a crucial role in just about everything that happens on the web—from connecting massive data centers to delivering The Mandalorian to your TV. And with broadband usage up by more than 40 percent in some areas during the pandemic, those fast pipes are more essential than ever. Popular Science offers a look at how this 50-year old technology is made.

8. The Financial Importance of Racial Equity

In August 2020, Commissioner Robin Dalton announced the formation of a Community Outreach Committee, a volunteer-driven committee organized by the Public Safety Department to address issues of bias and racism in Saratoga Springs through cultural, educational, and awareness initiatives. The Community Outreach Committee is requesting local businesses to participate in a brief, anonymous online survey. The goal of the COC is to develop a plan of action that meets the need of combating bias and racism through a sustained commitment that recognizes diversity, inclusion, and equality as being essential to the character and vitality of Saratoga Springs. If you are interested in participating, you can access the online survey by CLICKING HERE.

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.