When will our economy recover?

He didn't bring a crystal ball but J. Alan Day, a TD Banknorth economist, did give us some hope. While talking candidly about our nation's economic challenges, he balanced these opening remarks with some other facts that suggest a recovery is inevitable and that we're perhaps better positioned than other areas of our nation to expand economic opportunity.

Here's the facts...

Good - our productivity continues to improve. We're all getting more efficient and capable of doing more work because of our use of technology.

Bad - our nation's personal debt is too high. This means we are less likely to buy bigger priced items like cars, homes, appliances, etc. That is why car and home buying is down even with low interest rates.

Good - our consumer confidence is on an upward trend. We, as consumers, seem to believe that the worst is over. There's a new consumer normal where we are optimistic but still conservative opening our wallets again but not as much as before.

Bad - state income tax collections are down throughout the nation and in New York, especially. Our state continues to spend too much and we will some day need to pay the bill either through cuts or even higher taxes.

Good - our region has the luxury of Canada as our neighbor. New York welcomes 469,000 visitors from Canada into our state every year. These tourists spend $855 million annually in our state. Now that's a great neighor.

Bad - our recovery at first may be a jobless one. Unemployment is likely to remain high as our productivity and technological gains enable our economy to grow without having to hire new workers right away.

Good - locally the tourism economy seems to be stable. People are still visiting the Lake George and Lake Champlain region.

Good and bad - our "misery index" which measures unemployment, interest rates and other factors is at 11% right now. That's high compared to a year or two ago largely because of rising unemployment. However, the misery index in 1981 was over 20% because we then faced both high unemployment and high interest rates.

To catch a glimpse of J. Alan Day's remarks, please click here.

Grand Opening of the Mill Condominiums in Glens Falls

The Mill Condominiums in Glens Falls announces their Grand Opening and Keller Williams Realty Saratoga Springs as their listing broker.

The Mill is an upscale condominium project built by Bruce Levinsky and his company Merlin Development, consisting of 52 residential and 12 commercial units with prices from the $200’s to $1.3 million,

On Friday June 19th, 8-10am The Mill will be hosting an exclusive Realtor’s Grand Opening. Agents from both the Warren County Association of Realtors and Greater Capital Association of Realtors are invited to view the completed project.

On Friday June 19, 4-7pm and Saturday June 20th from 10-3pm the Mill will open their doors to the public. Visitors will be able to tour several model units, the work-out atrium, office atrium, lounge atrium, rooftop common areas available to all residents, and more.

For more details, please visit www.TheMillOfGlensFalls.com.

Warren-Washington County region named to Top 10 List

The Top 10 Housing Markets for the Next 10 Years
Home prices in these 10 cities will appreciate handsomely over the next decade
By Luke Mullins
US News and World Report
Posted June 4, 2009
With home prices at the national level down a painful 32 percent from their 2006 peaks, it's easy to overlook real estate's benefits as a long-term investment
. But the truth is, despite the ongoing housing bust, the overwhelming majority of America's real estate markets will appreciate over the next 10 years—although some more handsomely than others. "In the long run—subtracting from the ups and downs of the business cycle—house prices should grow at the rate of household income," says Mark Zandi, chief economist at Moody's Economy.com. "If people's incomes are rising, then they will buy more housing and house prices will rise." Income growth, in turn, is linked to the strength of the area's economy. Moody's Economy.com sifted through employment and population data and analyzed geographic and industry trends to generate 10-year home price projections for each of the nation's 384 distinct metropolitan statistical areas—everywhere from Abilene, Texas, to Yuma, Ariz. Using these data, U.S. News compiled a list of the top 10 housing markets for the next 10 years.

At the foot of the Adirondack Mountains of New York you'll find Glens Falls. With attractions like beautiful Lake George just a short drive away, tourism has long played a key role in the local economy. But the area, which has about 130,000 residents, is also considered "the catheter valley" on account of its thriving medical device manufacturing industry. Companies like Covidien, AngioDynamics, and C. R. Bard have outposts in the area, which has also become a popular lower-cost alternative to nearby Saratoga County, N.Y., and a bedroom community for the state capital of Albany. In recent years, downtown Glens Falls has attracted an impressive amount of private-sector investment, says Todd Shimkus, president and chief executive of the Adirondack Regional Chamber of Commerce. "It is staggering to see $65 million for a new wing of a hospital, $17 million for new library, $25 million for a downtown townhouse project, $4 million for a corporate headquarters for Barton Mines, $3.5 million for a theater downtown, [and] $500,000 for a downtown park," he says. The 2008 median home sale price was $185,000 for Warren County, where Glens Falls is located. Home prices in the area will increase an average of 4.7 percent a year over the next 10 years, Moody's Economy.com projects.

Collyer smokes the duck

Steve Collyer's day job is as the communications director at the ARCC. But like all of our professional staff, he also uses his talents to help others. In this case, he's helping the Rogers Island Visitor Center to educate young and old about the travels of Henry Hudson 400 years ago and our region's fascinating history. Learn more about Steve's volunteer efforts by reading this article in the Post Star.

ARCC Supports Regional Stimulus Efforts

On Monday and Tuesday, May 18th and 19th, ARCC President Todd Shimkus joined Glens Falls Mayor Jack Diamond, City Councillors Dan Hall and Judy Villa White, and Larry Bulman, a local union leader, on a series of visits in Washington D.C. The delegation traveled to DC in an effort to show solidarity for the City's list of capital improvement projects, many of which if implemented would have positive economic benefits for our entire region. The delegation met personally with US Senators Kirsten Gillibrand and Charles Schumer as well as Congressman Scott Murphy - - all of whom are pictured below. The ARCC applauds City leaders and Mayor Diamond, in particular, for their willingness to develop a priority list of capital needs and to travel to Washington DC personally to advocate for the City and our region. At a time when the federal government is spending billions of dollars to stimulate economic growth, this type of effort may be instrumental in making sure that this region gets its fair share of such assistance.

Peach Tree Daycare LLC

Peach Tree Daycare owner Heather Harrington and members of the ARCC's Ambassador Committee celebrate the center's ribbon cutting in February.

Opportunity in the Sky

Win a FREE Hot Air Balloon Ride!

Here’s how to be entered to Win!
Kelly DelSignore from Paychex is running a Referral Campaign with Ballooning Adventures. For every Sold Referral your name will be entered in for a drawing to Win a FREE Hot Air Balloon Ride for two.
For more information call: Kelly DelSignore (518) 817-7293

Rules: The payroll must run by May 28, 2009. Your name will be entered for every sold referral given. The more sold referrals you give will increase your chances to win! You will receive a Gift Certificate (not redeemable for cash) from Ballooning Adventures for two people. The Gift Certificate is good for one year from date of issue. Drawing will be held on Friday, 5/29/09. Check out Ballooning Adventures at www.ballooningadventures.net