Category Archives: Business News

The newly approved New York state budget includes a minimum wage increase that is the result of several compromises.

Gov. Andrew M. Cuomo on April 4 signed legislation enacting a statewide $15 minimum wage plan and a 12-week paid family leave policy.

For workers in New York City employed by large businesses (those with at least 11 employees), the minimum wage would rise to $11 at the end of 2016, then another $2 each year after, reaching $15 on Dec. 31, 2018.

For workers in New York City employed by small businesses (those with 10 employees or fewer), the minimum wage would rise to $10.50 by the end of 2016, then another $1.50 each year after, reaching $15 on Dec. 31, 2019.

By R.J. DeLuke

The Saratoga Economic Development Corp. (SEDC) has launched Advance Saratoga, a five-year action plan that continues to accelerate economic growth in our county.

Advance Saratoga, SEDC said in a statement, “is our private-sector-driven plan for continuing to accelerate economic growth in Saratoga County.” It is a five-year plan with a budget of $3.5 million for which the agency is raising funds to support the effort.

A kickoff reception was held April 6 at the Holiday Inn in Saratoga Springs.

“In putting together the Advance Saratoga initiative, we first looked back at the economic development success stories that helped make Saratoga County the hub of activity it is today,” said SEDC President Dennis Brobston. “You tally up the numbers and see that SEDC has played a role in the creation of more than 17,500 jobs. Projects we’ve been involved in generate over $34 million in tax revenues every year. And the cumulative investment of these projects total more than $13 billion.

“That’s the environment Advance Saratoga comes out of. But this is about more than our rich past. It’s about the future of Saratoga County. This is the private-sector plan that takes our economic development success and elevates it to the next level.”

SEDC projects it could generate 9,460 new direct and indirect jobs, $352 million in new payroll and more than $15 billion in capital investment.

“Through our Advance Saratoga initiative, we are asking private-sector SEDC members to commit to continuing their investment, taking our economic development efforts to the next level,” the agency said.

“Since our founding in 1978, SEDC has positioned Saratoga County as an ideal place to grow a business, invest in the future and create jobs. In that time, SEDC has assisted with more than 200 successful business attraction, retention and expansion projects, accounting for more than 17,000 new jobs, millions of dollars in annual tax revenue and $12 billion in business investments.”

SEDC said its plan is targeted to five industry sectors “that have proven track records of success in our region and/or complement existing businesses. These success stories — combined with SEDC’s worldwide relationships, bold new marketing strategies and tactics, and the financial and intellectual capital of our private-sector partners — will ensure that Saratoga County remains a premier destination to invest and grow a business for years to come.”

The agency said the aim of Advance Saratoga is to aggressively sell Saratoga County’s world-class assets with a new, highly targeted marketing campaign; accelerate highly strategic and targeted job creation and retention program to generate the highest possible return on investment; and build and strengthen Saratoga County’s capacity to expand economic opportunity.

Targeted industries are semiconductor manufacturing and supply chain, light manufacturing, corporate headquarters and warehousing/distribution.

SEDC said those sectors “will be made vividly aware of our many advantages: a highly educated and skilled workforce, build-ready real estate, in-place infrastructure and competitive incentives.”

Demand for hotel rooms, and hotel occupancy rates, were both at higher levels in 2015 than the years before, officials of the Saratoga Convention & Tourism Bureau said at its 31st annual meeting and dinner held on March 16 at the Saratoga Springs City Center.

In addition to highlighting the successes of 2015 and their initiatives for 2016, the bureau welcomed new members of the board of directors and Executive Committee.

A crowd of 175 members, government officials and others attended.

Bureau officials highlighted the 2015 annual report, noting that despite Saratoga County seeing a slight decrease in occupancy percentage because of new hotel inventory in Saratoga Springs and the county, overall demand and revenue were up significantly.

In Saratoga County, according to the report, demand for rooms was up 7.2 percent in 2015, over 2014. Revenue from hotel night stays was reported at $106.5 million in 2015, versus $96.5 million in 2014.

Occupancy rates, the report said, were at 68.7 percent in 2015, down 1.6 percent from 2014.

In Saratoga Springs, demand was up 10.2 percent from the previous year, according to the report. Revenue was as $71.3 million in 2015, 12.4 percent higher than the $63.5 million in 2014. Occupancy rates reached 69.2 percent, 4.9 percent above 2014, when the rate was 66 percent.

At the Saratoga Springs City Center, the report said the number of conventions/events held in 2015 was 420, versus 326 in 2014. That translated to an 80,185 room nights, compared to 66,191 in 2014. Estimated economic impact was reported at $29.5 million for last year, compared to $23.7 million in 2014.

By Maureen Werther

Mark Shaw, president of Stored Technology Solutions, has a simple and straightforward business philosophy.

“When clients ask for a product or service, we don’t like to say ‘no,'” he said.

So, when his company, Stored Technology Solutions, began receiving repeated inquiries from their customers for a training space, he decided it was time to give them one.

Storedtech offers clients a “comprehensive portfolio of voice, data, and video solutions,” according to its website, and the company’s rapid expansion is a result of being responsive to the needs of its customers.

The U.S. Department of Housing and Urban Development and Saratoga Springs Mayor Joanne Yepsen will host the third annual Strengthening Cities, Communities, and Homes Summit, a day-long gathering of housing and economic development professionals.

Also hosting will Albany Mayor Kathy Sheehan; Amsterdam Mayor Mike Villa, Glens Falls Mayor John “Jack” Diamond, Schenectady, Mayor Gary McCarthy, Plattsburgh Mayor James Calnon and Troy Mayor Patrick Madden.

The summit is schedule for 7:30 a.m. to 6 p.m. Monday, April 11, at the Hilton Saratoga, 534 Broadway.

“This year’s summit is targeted toward introducing and enhancing working partnerships focused on housing and community development,” said Yepsen. “The agenda for this important summit promises to be outstanding, with exceptional keynote speakers and multiple break-out sessions.”

“This summit truly exemplifies a model of federal, state and local governments partnering with the private sector to create stronger and more vibrant communities,” she said. “It is partnerships such as these that not only allow us to present a successful summit but to tackle national issues on a local level, such as ending veteran homelessness.”