{"id":16135,"date":"2015-01-07T19:05:05","date_gmt":"2015-01-08T00:05:05","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/01\/economic-outlook-2015---deanna-derway.html"},"modified":"2015-01-07T19:05:05","modified_gmt":"2015-01-08T00:05:05","slug":"economic-outlook-2015-deanna-derway","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/01\/economic-outlook-2015-deanna-derway\/","title":{"rendered":"Economic Outlook 2015 – Deanna Derway"},"content":{"rendered":"
\n
\"deanna\n<\/div>\n
Deanna Derway, president, Washington County Local Development Corp\n<\/div>\n<\/div>\n

BY DEANNA DERWAY<\/p>\n

At the close of each year, we analyze the
\nchanges that have occurred in our key economic
\nsectors during the past year, and evaluate the
\nopportunities and challenges that will shape
\nthe overall economy in the upcoming year.<\/p>\n

At the Washington County Local Development
\nCorp., we have seen a year of steady
\nprogress ending with a strong finish approving
\nseven loans totaling almost $500,000. This is
\nsignificant to our prognosis of the economy
\nas it represents approximately a 50 percent
\nincrease in activity from the previous year.<\/p>\n

Other positive economic indicators we saw
\nin 2014 include increased business investments,
\nstronger balance sheets and further recovery of real estate prices. To some extent,
\nthe economic uncertainty that persisted following
\nthe recession seems to have subsided,
\nleaving increasing consumer confidence and a
\nwillingness to invest in its wake.<\/p>\n

Overall, we forecast a stronger local economy
\nfor 2015 that is likely to make further positive
\nprogress throughout the upcoming year.<\/p>\n

The New Year brings with it new opportunity
\nand trends are looking positive for the economic
\nclimate in our region. The steady progress
\nin the job market along with falling gasoline
\nprices seems to have brightened consumer’s
\nspirits. In the coming year, we predict continued
\njob growth and falling unemployment
\nrates for Washington County and the Capital
\nRegion as a whole.<\/p>\n

Meanwhile, businesses are poised to expand
\nas the economy performs better providing opportunities
\nto invest in equipment, facilities
\nand for an increased work force. Employers
\nin the U.S. are creating jobs at the fastest rate
\nsince the 1990s and the economy finally looks
\nready to expand at a healthy rate. Looking
\nahead, consumers will see greater discretionary
\nincome, and the resulting increases in
\nconsumer spending will be an integral part of
\nthe recovery.<\/p>\n

One prevalent trend that will continue to be an economic driver in terms of investment
\nand job creation in our region is the increase
\nin craft beverage producers (beer, wine and
\ndistilled spirits). The prospects for New York
\nagriculture that have been created from this
\nboom continue to expand, in turn providing
\njobs in our local economy and fueling economic
\ngrowth throughout Washington County and
\nNew York state as a whole.<\/p>\n

This sector not only creates jobs but also
\nsupports our farmers and brings in tourism
\ndollars across the state as well. Statistics show
\nthat both the number of farm based businesses
\nmanufacturing craft beverages using locally
\ngrown ingredients and the total number of
\nmanufacturers producing alcoholic beverages
\nhave more than doubled since 2011.<\/p>\n

The efforts of Gov. Andrew Cuomo and area
\nlegislators to provide new support and funding
\nresources to encourage the purchase of locally
\nmade products and attract visitors is ultimately
\nexpected to lead to continued growth in this
\nsector.<\/p>\n

While we are optimistic about the economic
\noutlook for 2015, economic factors outside the
\nU.S. could impact 2015 as many of the world’s
\neconomies are experiencing slowdowns and
\nturmoil. But for the U.S. economy, the most
\ncritical unknown is whether the Federal Reserve
\nwill begin to raise the federal funds rate
\nwhich has been locked since 2008.<\/p>\n

A Federal Reserve hike, whenever it comes,
\ncould affect growth, inflation and exchange
\nrates around the world. Higher interest rates
\nare on the horizon as we also expect that the
\nFederal Reserve will bump up short term rates
\nat some point in 2015 which in turn will raise
\nlending institutions rates.<\/p>\n

The primary service offered by WCLDC is
\nlending. Financing entrepreneurs, supporting
\ncompany expansions, equipment purchases
\nand real estate investments are just a few
\nof the services available. Another priority is
\npartnerships. The WCLDC frequently works
\nwith financial institutions to assist businesses, as well as offer community development investment
\nprograms for developers.<\/p>\n

The WCLDC consistently collaborates and
\nengages with strategic regional economic
\ndevelopment agencies and statewide organizations
\nto ensure resources, programs and
\nfunding streams are available to best serve
\nexisting businesses and start-ups. Whether it
\nis upgrading existing machinery\/equipment,
\nadding production lines, buying or building a
\nfacility, acquiring working capital or job creation\/
\nretention; the WCLDC has programs with
\nfunding options to encourage growth across all
\nsectors throughout the county.<\/p>\n

The good news is that exciting things are
\nhappening in Washington County and we anticipate
\nanother busy year in 2015. Unique new
\nbusinesses and expansions of current companies
\nare appearing regularly and the WCLDC is
\ncommitted to helping these employers receive
\nthe services they need to be successful.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deanna Derway, president, Washington County Local Development Corp BY DEANNA DERWAY At the close of each year, we analyze the changes that have occurred in our key economic sectors during the past year, and evaluate the opportunities and challenges…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,129],"class_list":["post-16135","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-washington-county"],"yoast_head":"\r\nEconomic Outlook 2015 - Deanna Derway - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/01\/economic-outlook-2015-deanna-derway\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Economic Outlook 2015 - 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