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Dear Chamber Member,
Several members shared with me that Q1 seemed more challenging economically than perhaps we've experienced recently. In some ways, this report supports this observation with sales tax collections down in the City of Saratoga Springs and RevPAR taking a hit as well. On the other hand, our labor force increased with both employment and unemployment up slightly. Saratoga County also remains an attractive place to live, which continues to drive our median home sales price up.
As noted below in the Saratoga County Stock Watch provided by Saratoga Financial Services, the stock market declined in Q1, but our nation's economic backdrop remains solid. That's what we hope is true for Saratoga County as the weather finally warms up, but if you need promotional support, advice, a connection, help with a permit or license, or to fill a key position, please let me know via email, a phone call, or text.
With Kindness,
Todd Shimkus, President, Saratoga County Chamber
tshimkus@saratoga.org
518-222-9363
| | Q1 sales tax collections up in County, down in City | | Saratoga County's sales tax collections increased again in the first quarter of 2026 versus the prior year. Across the full four-year span shown in the chart above, the county's sales tax collections rose $4.58 million, an 11.8% increase. The same was not the case for the City of Saratoga Springs where sales tax collections in Q1 of 2026 dipped 1.1% versus Q1 2025. | | RevPAR takes an early hit in 2026 | | |
Saratoga County's lodging operators reported revenue-per-available-room of just $58.76 in Q1 of 2026, lower than RevPAR in 2025, 2024, and 2023. From 2023 to 2025, Q1 RevPAR grew consistently at a healthy 7.4% cumulative gain, but 2026 erased those gains and then some. Likewise, RevPAR in the City of Saratoga Springs in Q1 of 2026 was down 11.3% versus the same time in 2025. Both the County and City have seen an increase in the supply of hotel rooms and a decline in demand in Q1 of 2026 versus 2025 which helps to explain this change in the first three months of 2026.
| | Home Sales Price Continues to Climb | |
Through Q1 of 2026, the median sales price of a home in Saratoga County is $487,200, up 5.9% versus the same time in 2025. During this same time, the number of new listings declined 5% and closed sales dropped slightly from 447 in 2025 to 432 this year.
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Markets Decline in Q1 2026, but Economic Backdrop Remains Solid
• The Fed in March held its benchmark overnight interest rate steady in the 3.50% 3.75% range while nodding to the fresh uncertainty the war had introduced to the economic outlook. At the meeting, the Fed signaled it was unlikely to change its policy rate until it was clearer whether the impact on inflation or the job market seemed to be the greater risk. In new economic projections issued alongside its policy statement, officials penciled in higher inflation for the year, but little change in the unemployment rate.
• U.S. inflation surged in March to 3.3% annually, up from 2.4% in February, driven primarily by a 21.2% spike in gasoline prices due to the Iran conflict. However, core prices rose much less – just 0.2% for the month and 2.6% from a year ago, both 0.1 percentage point below forecast, indicating that underlying inflation was contained.
• Markets declined in the first quarter, weighed down by geopolitical tensions and higher oil prices, but corporate earnings growth remained strong and the economic backdrop remained solid.
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Robert Schermerhorn, CFP®
www.SaratogaRetire.com
(518) 584-2555
18 Division St.-Suite 305, Saratoga Springs, NY 12866
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Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Jamie Isabella is a registered representative with, and securities offered through, LPL Financial, Member FINRA/SIPC.
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*Data sourced from Morningstar
**Stock investing includes risks, including fluctuating prices and loss of principal. This is for informational purposes only and not intended to provide specific advice or recommendations for any individual. All performance is historical and is no guarantee of future results.
Q1 2026 at a Glance: Figures for S&P 500 Index, Blomberg U.S. Aggregate Bond Index, and Bloomberg Commodities Index are total returns from 12/31/2025 – 03/31/2026 (Q1). All indexes are unmanaged and cannot be invested into directly. The returns do not reflect fees, sales charges, or expenses. The results don’t reflect any particular investment. Past performance is not indicative of future results.
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