Saratoga.com logo
Saratoga.com logo
  • Places to Stay
  • Things To Do
  • Food & Drink
  • Events
  • Businesses
  • Travel Guides
Saratoga Business Journal
  • Home
  • New Businesses
  • Business News
  • Business Reports
  • Business Briefs
  • Business Registrations
  • Personnel Briefs
  • Contact Us
Home  »  Business News  »  2014 Economic Forecast – Steve Egna
Business News

2014 Economic Forecast – Steve Egna

Posted onJanuary 9, 2014
steve egna.jpg
Steve Egna, director of business advisory services, Teal, Becker & Chiaramonte CPAs, PC.

By Steve Egna

Have you heard people say that the busier they are, the faster time goes by? Well, in our business valuation practice we could use that cliché to describe how quickly the entire year of 2013 came and went.

We stayed so busy that the last 12 months literally flew by. And, if our instincts are correct, 2014 will be another busy year as well.

While traditional CPA firms have their core business – tax and audit – Teal, Becker & Chiaramonte, CPAs, PC (TBC) saw more opportunities coming in last year from our advisory service offerings. The growth in additional consultation work that slowed during the economic downturn is a significant reflection of the steady growth and opportunities that our area’s businesses are experiencing.

With the economy growing stronger each year, the need for advisory services including business valuations, succession planning, buy-sell consulting and related projects is in higher demand than the year before.

As someone who leads the TBC practice that performs business valuations every day, my team members and I must constantly have our eyes on what the near term and long term economic trends mean for all kinds of businesses. Often times, I’m asked to write about how the economy is going to affect a specific business, not how it will affect all businesses. This makes writing a bit more challenging so Alex Kuchis of my team helped me sort through the abundance of economic data and information we have access to on a regular basis.

As part of our work performing business valuations, we are required to understand not only the current economic conditions of a particular geographic area, but we must also have an understanding of what the near term future holds for businesses as well.

What we’ve been hearing from all of our research sources is that global economic growth is expected to be positive, albeit moderate. This “moderate” growth is anticipated to be much lower than what has historically been experienced such as the late ’80s, most of the ’90s and the recovery from the post-dot com “bubble” (2001-2007). Locally, however, the economy has been put on a course not entirely in line with the national or world economies.

It’s not surprising that so many people in our region point to the development of the Luther Forest Technology Park and the impact of the College of Nanoscale Science incubator program as a driver for our stability and growth. But living in a high-tech economy, which can be the foundation for a healthy recovery, can also make our region more susceptible to seeing greater fluctuation than the state or national economy on average.

Health care, education and municipal employment, although challenging in today’s economy, still anchors the Capital District’s economic base. Commercial service-oriented businesses continue to see growth as large capital improvement projects are delayed in favor of stretching maintenance and repair budgets over longer periods of time. Add to the mix the fact that Congress has finally reached an agreement on the budget, and the broader picture becomes hopefully brighter for regional economies.

Some experts however, believe the stock and real estate markets are once again, overvalued, and think a correction is impending. This sentiment is not shared by the majority, and while we should all be aware of the more national trends and issues I do not believe it has a direct, one for one impact on the regional economy.

While state government used to provide a cushion for the local economy, since 2008 the number of public jobs has actually declined by about 8,300, according to the state Department of Labor. This results in private sector employers having a greater impact on the success of the local economy.

Approval of a second microchip fab rication facility for GlobalFoundries was positive, although their announcement of staff cutbacks dampened some enthusiasm, regardless of the reasons.

Further dampening the local area’s prospects was the announcement that New York state is looking to develop the nanoscale consortium concept in other parts of the state, focusing funding for high tech research into SUNY Utica (“Nano-Utica”), Syracuse, and Buffalo. Economic development in the region received a boost from the governor’s regional economic development awards, with both the capital region and Mohawk valley each receiving over $82 Million of economic development funds.

On the whole, given that most of the news for the region continues to be positive, albeit perhaps in a cautionary way, it is likely that 2014 will continue along the measured recovery path for the regional economy.

From the business valuation and consulting side of our business, 2014 has started off fast and looks like it may fly by with the blink of an eye as well, and we couldn’t be happier.

Egna is director of business advisory services at Teal, Becker & Chiaramonte, CPAs, PC. Alex Kuchis contributed to this column.

Previous Article 2014 Economic Forecast – Dhianna Yezzi
Next Article 2014 Economic Forecast – Barry Potoker
Subscribe to Our Newsletter View the Latest Virtual Edition

Categories

  • 50-Plus
  • Banking
  • Banking / Asset Managment
  • Building Trades
  • Business Briefs
  • Business News
  • Business Registrations
  • Business Reports
  • Commercial / Residential Real Estate
  • Community Services
  • Construction
  • Construction Planning
  • Corporate Tax / Business Planning
  • Cyber / Tech
  • Dining Guide
  • Economic Development
  • Economic Outlook 2016
  • Economic Outlook 2017
  • Economic Outlook 2018
  • Economic Outlook 2019
  • Economic Outlook 2020
  • Economic Outlook 2022
  • Economic Outlook 2023
  • Economic Outlook 2024
  • Economic Outlook 2025
  • Education/ Training/ Personal Development
  • Entrepreneurial Women
  • Entrepreneurship
  • Environment / Development
  • Financial Planning / Investments
  • Fitness / Nutrition
  • Health / Community Services
  • Health & Fitness
  • Health & Wellness
  • Healthcare
  • Holiday Guide
  • Holiday Shopping
  • Home / Energy
  • Home / Insurance
  • Home & Real Esate
  • Insurance / Employee Benefits
  • Insurance / Medical Services
  • Leadership Development
  • Legal / Accounting
  • Meet The Chef
  • New Businesses
  • Non-Profit
  • Office / Computer / New Media
  • Office / HR / Employment
  • Office/ Technology/ E-Commerce
  • Outlook 2021
  • Personnel Briefs
  • Retirement Planning
  • Senior Living / Retirement
  • Summer Construction
  • Uncategorized
  • Wellness
  • Women In Business
  • Workplace / Security / Legal
  • Year-End Tax Planning

Archives

  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
Connect With Us

Follow, like and subscribe to Saratoga.com on social media

Account Sign In Submit An Event
Saratoga.com logo
  • Home
  • Places To Stay
  • Things To Do
  • Food & Drink
  • Events
  • Real Estate
  • Businesses
  • Guides
  • Contact Us
  • Blogs
  • Sweepstakes
  • Advertising
Visit Saratoga.com For Everything Saratoga
Full-Service Internet Marketing: Search Engine Optimization, Website Design and Development by Mannix Marketing, Inc.
Mannix Marketing, Inc. is headquartered near Saratoga Springs in Glens Falls, New York
Saratoga.com All Rights Reserved © 2025
Disclaimer & Privacy Policy / Terms of Use / Copyright Policies
[uc-privacysettings]

We strive to insure accuracy on Saratoga.com however accuracy cannot be guaranteed. Information is subject to change.
Please alert us if there is any inaccurate information here.

Having trouble using this site? Accessibility is our goal, please contact us with site improvements.