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SARATOGA BUSINESS JOURNAL

Economic Outlook Shows Tourism As Key Engine For Saratoga County In 2026

BY DARRYL LEGGIERI PRESIDENT AT DISCOVER SARATOGA

As we look ahead to 2026, Saratoga County’s visitor economy is entering a period of both opportunity and responsibility. Tourism has long been a cornerstone of our local economy, but its role today extends well beyond attracting visitors—it is a powerful driver of economic development, workforce vitality, and community sustainability.

Reflecting briefly on 2025, the year reinforced resilience and adaptability. Demand for authentic experiences, cultural attractions, outdoor recreation, and vibrant downtowns remained strong.

When we look at the numbers for our lodging partners, through November of 2025 year over year, Saratoga County saw steady overall growth. Over the previous 12 months, demand increased by .7 percent, Occupancy was down 2.1 percent, Average Daily Rate (ADR) was up 4.0 percent, and Revenue Per Available Room (REVPAR) was up 1.8 percent. Our lodging partners were able to command year over year rate growth that showed a strong willingness to spend money on leisure and corporate travel, as well as meetings and events.

From a destination marketing perspective, tourism is demand generation for the local economy. Every overnight stay supports jobs, fuels small businesses, and generates local and state tax revenue that helps offset the cost of services for residents. In Saratoga County, visitor spending supports thousands of jobs across hospitality, retail, arts, transportation, and recreation. Meetings, sports, and group travel remain particularly high-value segments. These visitors generate consistent overnight stays, support local businesses, and introduce new audiences to

the region. In 2026, destination readiness and strategic group sales will remain essential to maximizing this opportunity.

The past year also highlighted the economic power of signature events. The Belmont Stakes Racing Festival, hosted in Saratoga Springs, delivered global visibility and positive economic impact for the region. As we look to 2026, the upcoming Belmont Stakes Racing Festival will mark the final time the event is hosted in Saratoga Springs—making it both a celebratory moment and a capstone for a remarkable chapter in our region’s event history.

In addition, the Saratoga Race Course contin-

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Response Extremely Positive To The Opening Of Bear’s Cup Bakehouse In Saratoga Springs

BY ROD BACON

Living above the New York City Bagel & Coffee House in Astoria, Queens, for 10 years inspired a couple to become entrepreneurs and launch what has quickly become a fast-growing bakery business.

Louis and Danielle DeSantis opened Bear’s Cup Bakehouse on Broadway in Saratoga Springs last month and were immediately inundated with customers.

“We had the most insane two weeks of winter break,” Danielle said. “The line went out the door and wrapped around the building every day and we could barely keep up. Now we’ve ramped up production and have more pastry available each day.”

When the DeSantises first moved to the region, they settled in Bolton Landing, where Danielle’s parents, Dawn and Bob O’Keefe, owned The Huddle Kitchen & Bar. The couple had spent summers there since 2014, visiting and helping at the restaurant.

“We had always dreamed of being in business together, and we came to love Lake George so we decided to settle here,” Danielle said.

They opened Bear’s Cup Bakehouse on Lake Shore Drive in 2019, living above the shop for several years. The location operates seasonally from Memorial Day to Columbus Day.

“I knew we wanted something yearround,” Danielle said. “We’ve lived in Saratoga for nearly two years, including a year spent searching for the right space, which we secured last December.”

The space, the former location of Ja -

cobsen Rugs, was completely refitted with new ovens and customer service areas.

The business was completely self-funded.

“We have no investors and no bankers,” Danielle said. “We’re really proud of that.”

Louis is the baker in the family, creating treats from scratch that include bagels, scones, cinnamon buns, donuts, muffins, cookies, breakfast sandwiches and the shop’s specialty, bear claws, along with a selection of hot and cold drinks.

An open kitchen allows customers to

Saratoga Casino Holdings Granted License For Pennsylvania’s Happy Valley Casino

BY LEE COLEMAN

Saratoga Casino Holdings LLC has been granted a gaming license by the Pennsylvania Gaming Control Board to operate the Happy Valley Casino, which is under construction in State College, Pa.

“As a third-generation, family-run business with more than 80 years in the horse racing industry and 20 years in casino, hotel and entertainment operations, we are extremely proud to receive our Pennsylvania gaming license,” said Sam Gerrity, CEO of Saratoga Casino Holdings.

Gerrity said his grandfather and later his father,

Dan, operated the Saratoga harness racing track in Saratoga Springs beginning in the early 1940s. That track later became part of the Saratoga Casino Hotel complex in Saratoga Springs.

Gerrity said the Happy Valley Casino is expected to open in April.

“We’ve been working on this for over a year,” he said. The Pennsylvania license was granted in late December.

The total cost of the project is estimated at $120 million. Upon completion of the transaction,

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Local Writer Authors Book About Corrections Official Who Reformed Prison Practices

BY ROD BACON

A local freelance writer has collaborated with a criminal corrections professional on a book detailing an innovative approach to reducing recidivism within the prison system.

Christine Graf, a longtime resident of Malta, partnered with Randall Liberty, commissioner of the Maine Department of Corrections, to coauthor “Liberty’s Prison: The Inmate’s Son Who Radically Reformed an American Prison.”

Graf first learned about Liberty in 2017 while working part time for a nonprofit that served veterans with post-traumatic stress disorder. She was also a regular contributor to the PTSD Journal.

Liberty grew up in extreme poverty with his mother and three brothers in a trailer in Clinton, Maine. His alcoholic father abused his mother and served multiple prison sentences, including time at the Maine State Prison in Thomaston — a facility that would later play a pivotal role in Liberty’s career.

While still in high school, Liberty enrolled in the U.S. Army’s delayed entry program and served on active duty from 1982 to 1985. He had three assignments as a military policeman, trained as a paratrooper and later served in a corrections capacity at Fort Riley, Kansas. He remained in the Army National Guard for 21 years.

“While I was a military policeman, I enjoyed it, but I always longed for the infantry,” he said.

Liberty later joined a Maine-based mountain infantry unit, serving worldwide for seven years. He went on to serve as a drill sergeant and chief instructor at the U.S. Military Academy at West Point.

In 2004, Liberty volunteered for a mission led by Gen. David Petraeus to train Iraqi soldiers and fight alongside them. He helped recruit and train

772 Iraqi soldiers before fighting with the 1st Marine Division during the Second Battle of Fallujah.

After returning with PTSD, Liberty became the subject of what Graf initially envisioned as a magazine article.

“The more I learned about him, the more I thought this wasn’t an article — it was a book,” she said.

Graf’s research revealed Liberty’s extensive law enforcement background, including service as a front-line officer, prison warden and commissioner of corrections.

After completing his Army service, Liberty be-

Pickleball Popularity Sparks Opening Of New Indoor Club In Clifton Park

BY SUSAN ELISE CAMPBELL

Pickleball has become so popular that Steve Frye, owner of the new, indoors, FryeGuys Pickleball Club in Clifton Park suggests it will become an Olympic sport.

“Pickleball is popular because it’s fun and very social,” said Frye. “People at the club are down-toearth and are not necessarily playing to win, but to meet people and have a good time.”

Publication Date: February 12, 2026

Bank / Asset Management

Women In Business Economic Development Corp

Publication Date: March 12, 2026

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The game is comparable to table tennis, badminton, or any racquet sport, said Frye. But unlike tennis, the game goes fast and competitors can play a quick challenge or an all-day tournament.

Participants need not be athletes like Frye to enjoy the sport, he said. He was a math teacher and a coach for 30 years and the athletic director for the Candor, NY school system the last seven years of his career.

After he and his wife Ann retired, she as a STEM teacher in the Newark Valley schools, they relocated to Corinth. This was in the early days of the Covid 19 pandemic and as Frye was “getting bored in the house, thoight pickleball could be a good business,” he said.

There are many outdoor courts around Saratoga, but FryeGuys fills an underserved market. Now enthusiasts can play inside in the comfort of a former warehouse at 1319 Route 146.

The location was not Frye’s first choice or his first obstacle.

“I was one step away from buying a residentially and commercially zoned property I could develop in Ballston Spa, but I needed 12 more feet on one side to have the required one full acre,” he said.

So Frye started shopping for lease space. Ryan Taylor of Continuum Commercial Realty showed him a few vacant warehouses with a landlord in Clifton Park.

“The newest of these spaces looked best to me. Then three days before I was to sign, I learned we would could not get financial assistance through an IDA program,” he said. “We were unable to prove consumers would visit from a wider area to support the local economy.”

The next warehouse space proved “just the right fit,” he said. “And it was a little lower rental because it’s an older building.”

The high ceilings in the warehouse were one of the first requirements to host pickleball. Second, the courts needed to be configured in a wide enough area so that players don’t run into support columns or other fixed obstacles.

“Our builder was MR2 Construction Services out of Malta,” said Frye. “They covered up all the walls, built an office, a kitchenette, and two bathrooms and changing rooms.

Final step was to install security cameras and a new HVAC system.

“Air conditioning over the summer is a huge thing for pickleballers, instead of roasting in 95 degree temperatures,” he said.

Frye is offering two monthly memberships. The Blue Membership is $40 per month, which allows booking court time several months out. The Green Membership is $20 per month and these members can book up to three weeks out, but in the long run will pay a little more for court time than Blue mem-

bers.

Visitors pay no up front fees but must book reservations three to five days out, not earlier. Members get priority when reserving court time and classes, he said, but anyone can come in for open play.

“Blue members will play most often, usually five or six times a week for two hours a day,” he said. “Green members may play once or twice a week and usually one weekend day.”

Pickleball is popular among young and old, with leagues and tournaments on the rise everywhere. Frye said he has seen 80-year-olds on the court and has signed up new members in their 70s.

“There is so much momentum that there is serious talk of adding pickleball as an official Olympic sport,” said Frye. “More than 100 countries have pickleball clubs, so there is a lot of support and interest.”

Pickleball is in schools and Frye plans to have programs for “Juniors” and clinics to help young ones progress in their skills, he said.

“Phys Ed starts them and we would like to improve them because we think pickleball will be a high school sport soon,” he said. “Clubs are forming already for kids to learn and do well.”

FryeGuys has three coaches contracting to give classes for beginners, advanced beginners, intermediate, and higher level club members.

The Fryes have family that transplanted to Saratoga and wanted to be closer to them in their retirement years. Through the pickleball business, the couple hopes to give back to the community by sponsoring food drives, clothing drives, and the like.

Fighting food insecurity, alzheimer’s research, and cancer research are at the top of the Fryes’ charitable causes. Ann volunteers at the children’s museum in Saratoga.

Frye has developed an app to reserve court time and sign up for classes. Learn more about membership at fryeguyspb.com.

From Ashes To Excellence: Haney’s Automotive Rebuilds After Devastating Fire

BY CAROL ANN CONOVER

When lightning struck a power line on July 9, 2023, Jay Haney watched helplessly as flames consumed the building that had housed his family’s automotive business since 1960. But even as the fire raged, Haney was already planning his next move.

“The building’s on fire and I’m like, what am I gonna do? I gotta do something.Where am I gonna work?,” Haney recalled. Within 24 hours, he was moving cars and calling friends to line up temporary workspace. “We had no tools like everything was gone, but we were still cranking away.”

The second-generation owner of Haney’s Automotive faced more than just the loss of a building—he was navigating the end of a 65year presence in Mechanicville. Founded by his father Jack in 1960, the shop had built its reputation on trust and generational relationships.

“Before we moved, 90% of my customers started out with their grandparents,” Haney said. “It was generational.”

Jack Haney, a Navy veteran and jet airplane mechanic who had opportunities with major airlines, chose instead to build his own business in our small upstate New York community. He passed away in 2005, but his legacy of service continues through his youngest son.

After the fire, the path forward proved treacherous. Haney spent considerable money on plans and engineers to rebuild in Mechanicville, only to face zoning obstacles that made reconstruction impossible at the original location. The family spent months driving around town searching for alternatives, encountering roadblock after roadblock.

“Everybody’s like, oh, it’s just a building. But I grew up in that building,” Haney said. “I can’t even be in this thing. It’s like literally losing a family member.”

Throughout the ordeal, the community rallied. Customers and neighbors brought meals for weeks. People offered to take days off work to help move equipment. Others provided leads on potential locations and temporary workspace.

“It was the total community thing coming together,” Haney said.

Eventually, Haney found a two-acre property in Half Moon, just a mile from the origi-

nal location. He rented a former body shop two doors down from his burned building and operated there for 2½ years while planning the new facility, which opened Nov. 9, 2025.

The new 32 Route 146 location in Half Moon features state-of-the-art equipment, air conditioning for the shop floor, radiant floor heating, and expanded capacity. But Haney’s focus remains on people—both his team and his customers.

“I didn’t just build a building with the best stuff for my guys,” Haney explained. “I worked in the shop, so I know what it feels like not to have the best stuff.”

The business now employs four people, including a 19-year-old service advisor whom Haney has been mentoring. His wife Stephanie, a teacher in the Shenendehowa school district, noted her husband’s commitment to education extends beyond the classroom.

“He always wants people to know how it works,” Stephanie said. “I remember years ago, we had a young tech and Jay said to him, ‘If your mom was getting in this car when you pulled it out, what would you do? That’s how I want you to treat every single car.’”

Haney has implemented digital vehicle inspections, providing customers with photographic documentation of their car’s condition—a practice that builds transparency and helps people plan for future maintenance.

“It’s not like if I just say you need new brakes. If I can show you a picture of what we’re seeing versus me just saying it, it builds a lot of transparency,” Haney said.

The business now sees 10 to 15 new customers weekly while maintaining its loyal base. Haney envisions expanding by four more bays within five years, though he admits his oldschool approach makes it difficult to turn anyone away.

“I’m only 47, but I’m kind of old school and my dad was like, you never say no,” he said.

Those who knew Jack Haney believe he would be proud. “Your dad would be so proud,” multiple community members have told Jay. “There’s something that he would never think could be done.”

For information, visit Haney’s Automotive at 32 NY Route 146, Mechanicville or visit https:// www.haneysautomotive.com/

After Strong Turnout, Saratoga Officials Look To Build

BY PAUL POST

On New Year’s Eve Event

With another successful New Year’s Eve celebration still fresh, Spa City officials are already looking ahead to ways to build on the event in 2027.

More than 3,000 people braved freezing temperatures to close out 2025 with activities and entertainment for both children and adults.

“What I love most is seeing familiar faces from the community and how happy people are to be there,” said Ryan McMahon, executive director of the Saratoga Springs City Center. “Everyone takes something different from it, but there are always things we can improve on.”

McMahon, who also serves as treasurer of the Downtown Business Association, said the group works with the Saratoga County Chamber of Commerce, Discover Saratoga and Proctor’s Collaborative to stage the event.

“They now secure the performers, manage ticketing, and help with event supervision and staffing,” said Todd Shimkus, president of the Saratoga County Chamber of Commerce. “This transformed the event into one that is professionally run and managed from start to finish.”

Because of extreme cold, organizers opted not to stage outdoor music before the fireworks this year, Shimkus said. Performances were held at the City Center, Universal Preservation Hall and Caffe Lena.

“The cold weather meant a later-arriving crowd for the fireworks,” he said. “That’s always hard to measure because shooting fireworks from the top of the City Center parking garage means they can be seen throughout downtown and even in residential areas. We don’t have final ticket numbers, but we were tracking close to last year.”

Shimkus said future calendar placement could help boost attendance. Next year’s event falls on a Thursday, followed by a Friday the year after that.

“Thursdays and Fridays tend to be more convenient for people to spend a night out,” he said. “Hotels did well this year for a winter Wednesday night, and it certainly looked like people

were out for dinner and drinks downtown. The crowds were good inside each venue.”

Children’s activities were hosted at the YMCA, and more than 700 people participated in the First Day 5K on Jan. 1.

Before the pandemic, Saratoga Springs hosted a large-scale First Night celebration featuring dozens of performers at venues throughout the city. That model came to an end during COVID and was replaced by a smaller, rebranded Saratoga Springs New Year’s Eve Celebration.

“The truth is that the old model had run its course and was no longer financially viable,” Shimkus said. “None of the organizations that ran that event planned to bring it back after COVID.”

He said the current model allows organizers to generate revenue from multiple sources, including sponsorships and VIP ticket pricing tied to the caliber of performers.

“We did expand offerings this year thanks to the Saratoga YMCA, the Children’s Museum and the Saratoga Springs Recreation Center,” Shimkus said. “We’re always willing to talk with other venues that see a benefit to hosting free, familyfriendly activities.”

The current New Year’s Eve celebration costs about $140,000 and featured 14 performers, headlined by the Allman Betts Band at the City Center.

“We really worked hard to bring it back four years ago,” McMahon said. “We’re growing it a little bit every year. Performers cost more than they did five or eight years ago, and everything has gone up. We do this with as little money as we can.”

McMahon said organizers would like to expand to additional locations but not at the expense of artistic quality.

“Every bar and restaurant is doing something already on New Year’s Eve,” he said.

While officials do not expect future celebrations to match the size of the former First Night, they are focused on making the event feel special and relevant.

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Economic Outlook 2026

Local Numbers Signal A Strong Economic Outlook Stories Create Loyalty In Tough Economies

BY TODD SHIMKUS PRESIDENT/CEO OF THE SARATOGA COUNTY CHAMBER OF COMMERCE

Don’t worry, I’m one of you. I love numbers, seeing data, trends, and trying to analyze what’s really going on in our economy. Mostly, I’m interested in our local economy and there’s no doubt Saratoga County’s economy has been on a roll. The pandemic hurt us and challenged us, but our resilience can be seen everywhere.

So here we go with some numbers to back this up…

In 2025, the Saratoga County Chamber of Commerce delivered 811,429 emails to a wide range of contacts in our database of members and consumers. Our emails were opened 376,633 times which means we had an open rate of 46%. This was up 4% versus our 2024 open rate and it is 11% higher than the industry average.

One of the most popular emails is our monthly Saratoga Insider’s Report, sponsored by Saratoga Financial Services. This report provides data, and charts regarding Saratoga County’s sales tax collections, labor force, home sales, hotel revenue per available room, and a local stock market watch.

From 2022 to 2025, median home sales prices in Saratoga County went up $75,000 in total from January through November of each year, representing a 19.2% increase over this time. During this same three-year time span, Saratoga County’s lodging properties saw Revenue Per Available Room jump 18%, and sales tax collections increased 12.2%. In each of these three cases, there was an increase in home sale prices, RevPAR, and tax collections each year, so the trend line is up on all accounts.

Occasionally because again I’m a left brainer and so are the subscribers to this email, we include other local data just for fun. One month, we documented how the price of coffee beans went up 58% in 2025 versus 2024, and one month we created charts to show how the price of health insurance premiums in the small business market have skyrocketed, especially in the last three years. We also shared charts that showed how much more money was spent over the last three years buying horses at the Fasig-Tipton Saratoga Sale and cars as the Saratoga Auto Museum Auction. In January of 2026, we included charts

documenting the results of our Love Our Locals 2025 campaign which showed how both the number of receipts and the total value of them increased in the last four years. This award winning promotion incentives local people to spend money at locally owned businesses across Saratoga County in November and December. From 2024 to 2025, the number of receipts we received increased by nearly 1,500, and the amount spent purchasing goods and services from local businesses was up $100,000, reaching a record $440,726 in 2025.

My take is that our Love Our Locals success in 2025 is a sign of consumer confidence as we head into 2026. Each receipt submitted for at least $20.25 spent at a local establishment was a vote of confidence. Sure those who submitted a receipt was proud to show their support for locals and they wanted to win a weekly gift card, but the numbers would have declined or remained flat without a sense that things are good here economically.

One final number to share - - the Saratoga County Chamber of Commerce took part in 92 ribbon cutting and ground breakings in 2025. That’s a big number too and one that also must be a sign of confidence in our future as each is a celebration of a dream come true and a new investment in our economy.

That’s why if you want my outlook on where our local economy is headed in 2026, all signs that I see and the data we share points to continued success.

BY NEAL SANDIN PRESIDENT, 643 RESEARCH

Economic uncertainty reigns, with concerns about tariffs, rising unemployment and inflation, and the possible “AI Bubble” spilling out from social media feeds and news outlets. With higher costs for groceries, utilities, as well as at the gas pump and seemingly everywhere else, people are becoming more discerning about where to spend their hardearned money. The challenge for brands and market researchers that work for them is not to focus too much on one single factor: price.

Many companies when faced with economic hurdles immediately reduce prices. This is understandable. After all, a typical question that the market researcher asks is if there is anything preventing someone from buying something. Not surprisingly, the first answer is always cost. If things were only a little less expensive, they would buy. Yet ironically, reduction of prices can actually cause people to not buy from a brand.

For example, if Rolls-Royce suddenly started selling their vehicles at a Honda Civic price point, many people would wonder about the brand and if the quality was truly there. The true appeal of Rolls-Royce is that it is exclusive. These vehicles belong to a rarefied group, one that is full of brand-loyal customers. The more exclusive, the more exciting the brand, the more it captures the imagination on both an emotional and social level. All of this creates and reinforces customer loyalty.

Some may conclude from this that a higher price is required to create exclusivity. While it is true that a Rolls-Royce at $30,000 is not nearly as remarkable as a Rolls-Royce at $300,000, it is the stories we tell about the brand that truly makes them something special. Rolls-Royce played a key role in royal weddings, including between Princess Diana and Prince Charles. Yet, that Honda Civic that can last 200,000 miles also tells a story, one that Rolls-Royce never could, that of road trips and memories with loved ones. These stories give people a reason to buy from that brand. They make the customer want to spend their money with a specific company and not anyone else. Stories create loyalty.

In other words, being unique is not enough. To be exclusive, a brand needs to be distinctive while also being evocative. The mechanic who stayed late to fix the car so that the college graduate could reach that job interview, the jacket that inspires dreams of travel because of the claim that it can keep you warm even on Mt. Everest, the honest and competent tax professional who finds a way to save the client from severe penalties, all of these inspire

emotion. They are also social, all moments or hopes that people can share with others. In essence, they are exclusive. They are moments and experiences that other brands cannot (or do not) recreate. A compelling story creates a reason to buy and a reason to be loyal, more so than any change in price. The challenge for the market researcher is to find those stories in a world of anxious clients and brands.

Exclusivity can work the other way too. A story of being overcharged, of dishonest workmanship, of rude after-sales service, all undercut customer loyalty and create a type of exclusivity that works against the brand. At that point, the company will be forced to lower prices because there is no other reason for customers to purchase their products and services. In other words, lowering prices can signal to customers that the brand has nothing special to offer and might be a liability. There are times that offering discounts can help brands, as we see during Black Friday and the holiday season. Individualized discounts for loyal customers can also evoke loyalty if done with sincerity and personalization. However, cutting costs across the board can make a customer go from “I want to shop there” to “I guess it is good enough.” “Good enough” does not evoke loyalty, especially when economic tides eventually change for the better.

Doors open for brands when they are specific. Being all things to all people means there is, by definition, no exclusivity, no reason for consumers to be excited or loyal. Market researchers need to push beyond a fixation on cost to find the story that evokes a strong and compelling emotion, that is different from all others, and work with brands to bring that to the market.

A More Balanced Market Takes Shape

BY TOM ROOHAN OWNER OF ROOHAN REALTY IN SARATOGA SPRINGS

Looking ahead to 2026, the real estate market—both residential and commercial—is settling into a more balanced rhythm after several years of dramatic swings. Here in Saratoga County and across the Capital Region, where people choose to live and where small businesses choose to locate are more closely connected than ever. At Roohan Realty, with a residential team of roughly 50 agents and a small commercial team focused on local businesses, we see this relationship play out daily.

Residential Market: Steady Demand, More Opportunity

Nationally, experts expect mortgage rates to ease slightly in 2026, improving affordability and encouraging more buyers to re-enter the market. Existing home sales are projected to increase, while price growth is expected to remain modest—likely under 2% nationally. Locally, Saratoga County continues to experience strong demand.

With median home prices hovering around $435,000, homes are still moving quickly, particularly in desirable neighborhoods. As more millennials reach prime homebuying age and many homeowners choose to renovate rather than relocate, we expect steady activity in both home sales and improvement projects. Kitchen and bathroom renovations, along with energy-efficient upgrades, remain popular, allowing homeowners to modernize while keeping neighborhoods vibrant. For buyers, 2026 should feel like a market with more choices and less pressure than in recent years.

Commercial Market: Local Businesses Lead the Way

Commercial real estate is also finding its footing, especially at the local level. While office demand continues to adjust to hybrid work patterns, small retail and service businesses remain a major driver of economic activity in our region. In Saratoga County, independent restaurants, shops, and locally owned services aren’t just filling space— they’re shaping neighborhoods and influencing where people want to live.

Over the past year, we’ve seen strong momentum across the county. In 2025, an escape room opened at 63 Putnam Street, adding another experiential destination downtown. Noah’s Italian, which opened on December 2 at 43 Phila Street, completed major interior renovations and has quickly built a strong following, earning outstanding reviews for both its food and atmosphere. Just a block up the street closer to Broadway, Standard Fare also underwent significant renovations, transforming the space into a chic dinner-anddrinks destination that continues to draw steady interest.

New openings are adding to the area’s energy as well. Elody Bar opened two weeks ago on Phila Street, contributing to the growing dining and nightlife scene, while HI-note is set to open soon on Putnam Street, further strengthening the downtown corridor.

Ownership and leasing activity have been equally notable. High Peaks Canna Inc. purchased its location at 137 Maple Avenue, and a property on West Avenue was sold and will soon become a cannabis dispensary. On South Broadway, Tru Cutz Barber Shop is relocating and is expected to open in the coming month, supporting continued

revitalization along that corridor. One of the year’s larger local transactions was the sale of Gaffney’s, which closed just a week before the New Year and was sold by Dan Roohan, marking a significant moment for the famous Caroline Street.

Beyond small business growth, major employers are also shaping the region’s future. Regeneron recently purchased the former Quad Graphics site, where it plans to invest more than $2 billion and create 1,000 new permanent jobs. This development will have a lasting impact on housing demand, infrastructure, and the broader local economy.

With the exception of Regeneron, a Roohan Realty agent represented the buyer, seller, or tenant in each of these transactions—a point of pride for our team as we continue supporting local entrepreneurs and helping people turn their goals into reality.

How Residential and Commercial Markets Connect

The relationship between people and businesses is a two-way street. Growing neighborhoods attract restaurants, shops, and services to meet local needs. At the same time, vibrant commercial corridors make neighborhoods more appealing, driving residential demand. Jobs remain the foundation—areas with stable employment and economic growth attract both residents and businesses, creating a healthy cycle of development.

At Roohan Realty, our dual perspective— tracking where buyers move and where small businesses open—allows us to guide clients on both sides of the market. Understanding these patterns helps us anticipate change rather than simply react to it.

Looking Ahead

2026 is shaping up to be a year of steady growth and opportunity. Residential activity should remain healthy, particularly in neighborhoods supported by strong local businesses. Small commercial spaces will continue to play a vital role in supporting community life and influencing where families choose to live.

For agents, owners, and investors, the takeaway is clear: local knowledge matters more than ever. By paying attention to both residential trends and small business activity, smarter decisions can be made—whether buying a home, leasing a storefront, or planning future development.

At the end of the day, Saratoga is thriving because people and businesses grow together. 2026 offers an opportunity to lean into that synergy and help our communities grow stronger—one home and one business at a time.

BY STEPHEN KYNE, CFP® STERLING MANOR FINANCIAL, LLC

I’ve been writing an annual economic outlook piece for the last fifteen years, and this year’s is by far the most difficult. As the largest and most diverse economy in the world, the US has immense potential, but there are serious headwinds which make a positive 2026 outlook anything but assured.

I put a great deal of effort into writing from a purely economic perspective, but politics and the economy have become inextricably linked.

For the first time since the Great Recession, the European markets grew faster than the United States’. Take it for what you will, but we view it largely as a flight of capital due to the perceived instability of the United States: ever-fluctuating trade policy, self-defeating immigration policies, inconsistent foreign policy, and now adventuring in regime change and serious discussions around the annexation of a fellow NATO member’s territory. Regardless of the long-term outcome, the perception of the United States as a stable and reliable trading partner and ally is in question, leading the international community to reassess its relationship to, and dependence on, the US.

We don’t expect the volatility to subside this year. First, consider that it’s becoming more likely that the democrats will take at least one house of Congress. That matters because it creates a shortened timeline for the administration to achieve some of its more controversial objectives. The resulting instability may serve to exacerbate the flight of capital to other markets and further erode the value of the dollar.

The dollar index fell nearly 11% in 2025, which was the greatest decrease in over fifty years. A weaker dollar makes US goods less expensive in foreign markets, but it also makes foreign goods more expensive in the US. Combine that with price increases due to tariffs, and the trend of rising inflation could be likely to continue.

Through December, the ISM Manufacturing Index has signaled contraction for the last ten months, meaning that US manufacturing is, broadly, in recession. This trend directly contradicts the case for tariffs, especially since ISM respondents blame the contraction, in part, on tariff-related uncertainty.

Employment numbers have shown a worrying trend, as unemployment has risen to 4.6% from 4% at the start of 2025. It will be crucial to monitor this trend, as maintaining full employment is one of the Federal Reserve’s dual mandates, and will help determine the direction of interest rates in the new year.

Jerome Powell will be ending his term in May of 2026, and will be replaced by a yet-unnamed appointee of the President, who has indicated a strong desire for a direct role in the setting of interest rate policy. Given that, and the republican majority in the Senate, we believe that the next Fed Chair will be amenable to the President’s influence. That said, the Fed Chair, alone, does not set interest rate policy; that is set by the FOMC (Federal Open Market Committee), of which the Fed Chair is a member and gets one vote.

Since interest rates are essentially the cost of money, in the event that we see bargain basement rates, we expect markets to respond positively in the short-term, as businesses take advantage of cheap borrowing costs to expand and invest in their operations. We’d also likely see a dramatic increase in inflation, especially in certain sectors. Homes

that are already unaffordable to many could, become increasingly out of reach as buyers flood the market, as they did during Covid.

I’ve written about AI in the past, and it continues to drive growth in US indices. Whether AI represents a bubble is yet to be seen, however it should be noted that, at least from a pure diversification standpoint, the dependence on these relatively few companies for growth is, itself, a major risk. Of the 500 companies represented in the S&P 500, ten companies make up 40% of the index, and almost all of those are tech companies. The last time we saw this kind of concentration in technology was just before the dot-com bubble burst, when many of those companies saw their values drop by upwards of 80%, and many more went out of business altogether.

In 2025, corporate bankruptcies reached the highest level since just after the Great Recession, with more than 717 companies filing; a nearly 15% increase year-over-year. The industrial/manufacturing sector was most affected, as many manufacturers crumbled under the weight of increasing costs due to tariffs. Personal bankruptcies also increased by more than 10% year-over-year.

While this all may sound very doom-andgloom, it’s important to remember that the United States accounts for roughly 4% of the world’s population, but produces roughly 25% of the world’s GDP. In other words, our economy is incredibly broad, our workers are incredibly productive, and our businesses are incredibly resilient. While all indicators may not be trending the right direction, one cannot underestimate the possibility that the US economy could pull off a win in 2026.

We don’t believe that it’s time to run for the hills, but we do believe that the current environment underscores the paramount importance of broad diversification in your portfolio, the need to understand your risk profile, and the value of the relationship you have with your Certified Financial Planner® professional. Make adjustments as your needs change, and as the world around you dictates. Stephen Kyne, CFP® is a Partner at Sterling

BY RENEE WALRATH, CEO WALRATH RECRUITING, INC

As we enter 2026, the Capital Region labor market continues to stand apart from larger metropolitan areas across New York state. Anchored by health care systems, state government, higher education, professional services and steady private-sector development, the regional economy remains fundamentally stable.

From my perspective as a recruiter specializing in accounting, finance, legal, manufacturing, construction and health care, the year ahead will not be defined by aggressive hiring or contraction. Instead, it will be shaped by measured growth, persistent skills gaps and data-driven workforce decisions.

The Capital Region enters 2026 with relatively low unemployment and moderate job growth. Hiring demand remains consistent, but employers are becoming increasingly selective. Organizations are scrutinizing roles more carefully, prioritizing positions that directly support revenue, compliance, operational efficiency and long-term growth.

This trend is particularly evident among mid-sized employers, health care organizations, construction firms and professional services companies. Hiring timelines have lengthened, approvals are more deliberate, and decision-makers are relying more heavily on market data and recruiter insight to guide compensation and role design.

While candidate availability has improved compared to prior years, the Capital Region continues to experience a mismatch between open roles and qualified talent. The most persistent challenges remain concentrated in specialized, technical and leadership positions.

In accounting and finance, employers are seeking professionals with experience in automation, ERP systems, regulatory compliance and data-driven reporting. Demand is strongest for candidates who can operate beyond transactional functions and contribute strategically.

Engineering and construction hiring remains constrained by a limited supply of experienced professionals. Project engineers, estimators, construction managers and skilled supervisory talent remain in short supply as infrastructure projects, public-sector investment and private development advance across the region.

Health care remains one of the Capital Region’s most consistent employment drivers. While clinical roles are always in demand, organizations are increasingly focused on revenue cycle, finance, compliance and operational leadership positions that support financial sustainability and patient access.

Recruiting technology and AI-enabled tools are now widely used across the region, particularly for applicant tracking, resume screening and workflow management. These tools have improved efficiency, especially for employers with lean HR teams. However, recent hiring data shows technology alone does not resolve talent shortages. Passive candidates continue to be reached primarily through relationship-driven recruitment and targeted outreach.

One of the clearest signals heading into 2026 is the moderation of wage growth. While compensation increases have slowed from recent peaks, candidate expectations remain elevated, particularly for specialized roles. Successful employers are approaching compensation more holistically, with flexibility, leadership accessibility and career development weighing heavily in decisions.

Based on current hiring patterns, longer hiring timelines, persistent skills gaps, retention challenges and employer brand will continue to shape outcomes. Organizations that plan ahead, benchmark roles accurately and align workforce strategy with long-term business goals will be best positioned for sustainable success.

Construction Outlook Labor Limits Growth

BY DOUG FORD CURTIS LUMBER CO. & NORTHEAST CONSTRUCTION TRADES WORKFORCE COALITION

As we look ahead to 2026, the Saratoga, Warren, and Washington County region continues to stand out as one of the stronger construction markets in upstate New York. While 2025 delivered steady but cautious growth, the year ahead makes one thing increasingly clear: opportunity alone will not drive success. Our ability to meet demand, deliver projects, and sustain economic growth will depend largely on whether we have the workforce to do so.

Construction activity in 2025 reflected resilience across much of the region, even as growth came in slower than many originally anticipated. Residential development remained strongest in communities such as Saratoga Springs, Malta, and Clifton Park, where demand for multifamily housing, townhomes, and mixed-use projects continued to rise. Population growth, qualityof-life amenities, and proximity to employment centers helped support activity despite higher interest rates and a more disciplined lending environment.

At the same time, economic and political uncertainty caused some private projects to remain on the sidelines. Developers were more cautious, delaying starts while monitoring fi nancing costs, regulatory conditions, and broader market signals. Tourism — particularly in the Saratoga market — continued to serve as a stabilizing force, driving renovation and expansion projects tied to hospitality, entertainment, and seasonal housing.

Beneath these market dynamics, however, a more pressing issue came into even sharper focus in 2025: the shortage of skilled labor. Across the construction trades, workforce availability increasingly dictated project schedules, costs, and overall capacity. While demand for construction services remained relatively stable, the lack of skilled workers limited how much work could realistically be delivered.

As we enter 2026, the region’s construction outlook remains favorable, and in many ways stronger than a year ago. The region continues to attract new residents, families, and professionals drawn by strong schools, community amenities, and expanding employment opportunities. That growth supports ongoing demand for residential construction, particularly multifamily and workforce housing that is affordable and attainable. Public infrastructure and municipal investment will remain important stabilizers, providing consistent work across multiple trades.

Confidence in the region’s long-term fundamentals remains strong. However, the construction industry’s workforce challenge has shifted from a background concern to a strategic priority that will defi ne how much of this opportunity can be realized in 2026 and beyond.

As experienced tradespeople retire and fewer young people traditionally enter the trades, the gap between project demand and available labor continues to widen. Left unaddressed, this gap threatens housing availability, infrastructure delivery, business expansion, and long-term community growth.

That is why organizations like the North-

east Construction Trades Workforce Coalition are playing such a critical role in shaping the future of construction in our region. Now operating as a not-for-profit organization, the coalition was founded by the Saratoga Builders Association and Curtis Lumber Co. with a clear mission: to drive awareness about the rewarding and lucrative opportunities available in the trades and to rebuild the talent pipeline from the ground up.

The coalition emphasizes early exposure, education, and opportunity. It works to reach students as early as elementary school, while also engaging parents, school counselors, educators, and supporting businesses along the way. Th is early and inclusive approach is essential to changing long-held misconceptions about the trades.

Th rough hands-on classroom activities, industry presentations, and direct engagement with construction professionals, the coalition shows students that modern construction careers involve problem-solving, technology, and teamwork — not just physical labor. These programs reposition the trades as respected, rewarding, and fi nancially viable career paths. The trades are not a default from college; college is simply one of many paths to a successful future.

Equally important, the coalition serves as a bridge between education and industry. By partnering with contractors, suppliers, trade associations, and community organizations, it supports job shadowing, site visits, and internship opportunities that allow young people to experience construction fi rsthand. In a region where employers are actively seeking skilled workers, these connections are essential.

The construction outlook for our region in 2026 can be summed up simply: opportunity rich, but workforce dependent. Residential and mixed-use development is expected to continue, driven by population growth and an ongoing housing shortage. Infrastructure investment will remain a stabilizing force. But growth will only materialize if we invest in people.

Buildings, roads, and infrastructure are essential — but skilled workers are the true foundation of our industry’s future. By supporting workforce development and organizations like the Northeast Construction Trades Workforce Coalition, our region is not just responding to today’s labor challenges. It is proactively building a talent pipeline that will support construction, economic vitality, and community growth for years to come.

Designing Better Work It Starts With Space

BY DOROTHY ROGERS-BULLIS FOUNDER & PRINCIPAL, DRB BUSINESS INTERIORS

FOUNDER, SARATOGA COWORKS

I know space.

I know it not as a trend, but as a force. A well-designed environment shapes behavior, influences culture, and directly impacts performance. When people are in good space, they think more clearly, collaborate more naturally, and show up with greater energy and purpose. When space is misaligned, even the strongest teams struggle.

At drb Business Interiors and Saratoga CoWorks, I see this play out every day. I watch businesses transform—not because they changed their mission or their people, but because they changed the environment in which work happens. Space, when done well, becomes a strategic advantage.

Over the last several years, nearly every business leader I speak with asks some version of the same question:

“How do we get people to want to be in the office again?”

After COVID, we experienced what many leaders quietly refer to as the office rebellion. Employees proved that work could happen elsewhere. Business owners and managers were forced to adapt quickly, often without the tools or frameworks to do so thoughtfully. The result was tension, experimentation, and in many cases, frustration on both sides.

What we have learned since is critical: people did not reject the office—they rejected outdated offices.

The last five years accelerated what was already coming. The traditional workplace model, built on hierarchy, permanence, and uniformity, no longer reflects how work actually gets done. Today, thoughtful design is not aspirational; it is expected. And yet, there is no single formula for success.

Every business operates differently. Every industry has its own rhythms, pressures, and workflows. The era of “one-size-fits-all” and “one-and-done” office design is over. Successful workplaces are now iterative, adaptable, and deeply informed by how teams truly function—not how we think they should.

The Office Reboot

One of the most significant shifts is the growing demand for team-centric environments. Space designed to reinforce hierarchy—private offices, status symbols, and rigid layouts—is fading fast. In its place, we see environments that prioritize collaboration, visibility, and connection.

That does not mean individual work has disappeared. On the contrary, effective offices now intentionally balance teamwork spaces with task-focused zones. Employees move throughout the day, choosing spaces that support their immediate needs—focused work, small-group collaboration, larger team sessions, or informal conversations. Choice is no longer a perk; it is fundamental to productivity.

Another defining trend is the emergence of activity-based spaces—environments designed to energize people and spark better ideas.

Research continues to reinforce what many of us instinctively know: physical activity is

directly linked to creativity, learning, and cognitive performance. Movement fuels thinking. Engagement fuels innovation. When workplaces incorporate opportunities for motion and interaction—through flexible layouts, social hubs, walking paths, and dynamic furniture—ideas flow more freely.

This is not about novelty or amenities for their own sake. It is about designing environments that support the full human experience of work.

New Work. New Rules.

The most effective organizations understand that work is no longer defined by a desk or a schedule. Work is an activity, and space must support a wide range of behaviors throughout the day. The office’s role has shifted—from a place people are required to be, to a destination people choose because it makes their work better.

When leaders ask how to bring people back, my answer is straightforward: design spaces worth coming back to.

People want workplaces that reflect trust, flexibility, and intention. They want environments that support both performance and well-being. They want to feel energized, connected, and valued—not constrained.

Better space drives better work.

Better work strengthens teams.

Stronger teams build resilient businesses.

This is the opportunity in front of us.

The organizations that thrive in the years ahead will be those willing to rethink their environments—not as static real estate, but as living systems that evolve alongside their people. Investing in better space is not about aesthetics alone; it is about aligning culture, strategy, and performance.

When space works, everything else works better.

And when people are in good space—they thrive.

About the Author

Dorothy Rogers-Bullis is the Founder and Principal of drb Business Interiors, a womenowned design and construction firm, and the Founder of Saratoga CoWorks, a flexible workspace community based in Saratoga Springs, New York. She partners with business leaders to create high-performing environments that support collaboration, innovation, and growth.

Market Outlook 2026 Growth With Volatility

BY DAVID M. KOPYC, CRPC PRESIDENT OF RETIREMENT PLANNING GROUP LLC

As forecasts for 2026 take shape, the consensus view is cautiously optimistic. The U.S. economy is expected to remain resilient, supporting continued gains in both stock and bond markets, even as investors adjust to higher volatility and a gradual shift away from the AI-driven tech dominance of recent years.

Most economists anticipate a “soft landing” scenario in which the economy avoids recession, inflation continues to moderate—though remaining above the Federal Reserve’s 2 percent target—and interest rates trend lower as the Fed continues cutting in response to a softening labor market.

For equity investors, Wall Street strategists are largely aligned in their outlook for another solid year. Major indexes such as the S&P 500 are projected to post double-digit gains, with year-end targets ranging roughly between 7,400 and 8,100. Strong corporate earnings growth, ongoing capital spending tied to artificial intelligence, and a generally marketfriendly policy environment are expected to underpin the bull market’s momentum.

Artificial intelligence remains a central driver of growth, with expectations that S&P 500 earnings could rise 14 to 15 percent in 2026. At the same time, analysts expect market leadership to broaden. While mega-cap technology stocks have carried much of the rally to date, value stocks, small- and mid-cap companies, and international developed markets are increasingly viewed as more reasonably priced opportunities.

Underlying these projections is a steady economic backdrop. U.S. gross domestic product growth is forecast in the 2.0 to 2.4 percent range, supported by strong consumer spending and continued business investment.

Still, risks remain. Elevated valuations— particularly in parts of the technology sector—leave markets vulnerable if earnings fail to meet expectations. Policy uncertainty could also emerge with the appointment of a new Federal Reserve chair in May 2026. Geopolitical tensions and shifts in trade policy, including tariffs, add another layer of potential volatility.

On the fixed-income side, the outlook is also constructive. Bonds are positioned to deliver solid returns driven largely by coupon income. The Federal Reserve is expected to continue its rate-cutting cycle, potentially bringing the federal funds rate into a 3.00 to 3.25 percent range by the end of 2026.

As short-term rates fall, long-term yields

are likely to remain relatively elevated due to lingering inflation concerns and high levels of government debt issuance. That dynamic points toward a steeper yield curve. In this environment, investors are advised to emphasize high-quality investment-grade corporate bonds and intermediate-term U.S. Treasuries with maturities in the two- to 10-year range.

One notable shift is that both cash and fixed-income investments are expected to deliver positive real, inflation-adjusted returns—something investors have not consistently seen in recent years. However, inflation is projected to remain “sticky,” hovering around 3 percent, which could limit the pace and scope of future rate cuts. Corporate credit spreads are also tight, raising the possibility of widening and reinforcing the importance of careful credit selection.

For the general public, the takeaway for 2026 is balance. The environment suggests continued growth, but also ongoing volatility and structural uncertainty. Diversification across asset classes, sectors, and geographies remains essential, as does periodic rebalancing—particularly after strong gains in areas such as AI.

With bond yields offering meaningful income, fixed income may once again play a dual role as both an income source and a stabilizing force during equity market swings. Investors should also be prepared for periodic pullbacks and sector rotations, keeping a long-term perspective as conditions evolve.

As always, these broad trends serve as a framework rather than a prescription. Individual financial decisions are best made in consultation with a qualified financial advisor who can tailor strategies to specific goals, timelines, and risk tolerance.

Marketing In 2026 Lean In, Don’t Hide

BY SARA MANNIX FOUNDER & CEO OF MANNIX MARKETING

As we look forward to 2026, the economic narrative is split. On one hand, many growthminded businesses in the Saratoga and Glens Falls regions are entering the first quarter with record-breaking volume. On the other hand, a “wait-and-see” attitude has taken hold at the enterprise level, with major corporations slowing spending as they anticipate a potential market correction or the bursting of the “AI bubble.”

For local business owners, this contradiction represents a rare window of opportunity. While large-scale competitors hesitate, local businesses can use their agility to claim market share that’s currently being left on the table.

The data behind the “Downturn Dividend” tells a clear story. It is a common reflex to cut marketing budgets at the first sign of uncertainty. However, history proves this is often a brand’s most expensive mistake. Research into the 1981–82 recession found that businesses that maintained or increased their advertising saw sales growth 256% higher by the time the economy recovered than those that cut their budgets.

We saw a modern version of this “Downturn Dividend” right here in our own backyard during COVID-19 in 2020. While much of the country was closing its doors and going quiet, leaders in Lake George pushed forward to aggressively market the region as a safe outdoor destination. By being the first movers to lean into the uncertainty rather than retreat from it, Lake George outpaced all of its competitive markets that summer and the following summer.

When competitors go quiet, your share of voice becomes exponentially louder and cheaper to acquire. In 2026, marketing is not an expense to trim; it is the strategy that ensures you gain ground while others simply hope to survive.

AI strategy in 2026 is about execution, not hype. In 2024, AI was a novelty. In 2026, it is a teammate that an expert must manage. At our agency, we utilize “agentic AI” to eliminate administrative friction, allowing our team to focus on being the true authorities and experts our clients need.

If the AI bubble pops, it’s just the market catching up to reality. We’ll stop focusing on what AI might do and start focusing on what it actually delivers for your bottom line. For a business, this is good news. It means the “trick” SEO that has cluttered search results will fail, and excellence will be rewarded once again. To win the current search wars on Gemini and ChatGPT, you must implement generative engine optimization (GEO). This requires moving beyond generic optimization and focusing on utilizing schema coding (JSON-LD) and creating a technical roadmap that tells AI engines exactly why your business is the source of truth for a specific query.

The boat dealer market illustrates the shift toward authenticity. Nowhere is the need for

excellence clearer than in the boat dealer market. Every dealer can list a generic boat description. However, AI engines now prioritize the “heart” of what you sell. Only an authoritative dealer can answer the nuanced questions customers actually ask:

“Which boat is perfect for the specific depths and traffic of Lake George?”

“How does the long-term valuation of a used pontoon compare to a new one over five years?”

If you haven’t been clear about your unique selling points, you will be invisible to generative search. People buy from brands that represent their values and answer their hardest questions with transparency.

Local authority is becoming the safest growth strategy. In an era of big-tech distrust, the safest bet for any business’s bottom line is a hyperlocal authority strategy. We see even nationally competitive brands doubling down on local markets because the cost to acquire a local customer is lower, and their loyalty is significantly higher.

We leverage our city hubs: Saratoga.com, Albany.com and LakeGeorge.com to provide our clients with immediate regional authority. True authority in 2026 also requires being where your customers are. For instance, being a helpful expert on platforms like Reddit is now a legitimate search strategy, as these communitydriven spaces are being heavily sourced by AI engines.

Here is my practical advice for 2026. If your marketing dollars are being spent poorly, don’t wait; change and test a new agency or strategy. But if you have a partner who can ensure a positive return on ad spend (ROAS), now is the time to be aggressive.

2026 will reward the brave, those who embrace AI to amplify their human expertise, and those who understand that being a local authority is the best defense against global volatility. Do not throw your head in the sand. Answer your customers’ hardest questions, clarify your brand identity, and use today’s prosperity to build a foundation that is untouchable by the next economic cycle.

Upstate Outlook 2026 Growth With Purpose

BY ASSEMBLYMEMBER CARRIE WOERNER 113TH ASSEMBLY DISTRICT

When asked to offer my perspective on trends in New York’s economy, I will say upfront that I am bullish on New York’s economy, and on our part of the Upstate economy particularly. Which is not to say that there are not challenges we must confront and solve, but I am convinced that we have the necessary mix of talent, energy and commitment among the private and public sector to realize the potential that is 2026.

The groundwork was laid for growth in 2026 with significant private sector investments in semiconductor and biomedical manufacturing, supply chains, and logistics. Traditional industries like agriculture are also seeing investment with Chobani’s plans to construct a significant new production plant requiring milk from 1500 more cows that we currently have in the state. Tourism remains a strong component of the upstate economy, and certainly Saratoga Springs and Lake George both had strong summer seasons. The start of the 250th Commemoration of our nation’s founding will drive heritage tourists to our area. While we don’t yet have the statistics for 2025, the number of small business openings exceeded the number of closings in 2024; as small businesses are the source of 98% of jobs statewide, this is a truly positive sign that our economy is strong. In last year’s state budget, the Legislature and the Governor allocated funds to pay off the residual pandemic unemployment insurance debt to the federal government. That change is anticipated to save businesses about $250 per employee this year - dollars that businesses can now invest in growing their business.

Good paying jobs, in growth industries, makes our part of the state a highly desirable place to work; low property taxes, recreation, good schools, and entertainment make it a highly desirable place to live. Yet, attainable housing, particularly for young people just starting out in the workforce and for the people who work in service jobs in our hospitals, nursing homes, restaurants, and schools, remains elusive. Apartment projects, including affordable apartment projects in Saratoga Springs and Glens Falls, are fi lled as soon as they are constructed. And rents keep going up, pricing many out of the market and forcing them to move further from their employer. Th is has been a long-term problem, and one that I believe must be addressed, as it impacts the ability of employers to fi ll open positions, and if allowed to continue, will ultimately

Tourism Key Engine

Continued From Page 1

ues to be a defining economic engine. A record 51-day racing season reinforces Saratoga’s position as a premier thoroughbred destination and drives sustained visitation, lodging demand, and spending throughout the summer. These events do more than fill hotels—they elevate the brand of Saratoga County on a national and international stage.

Cultural tourism will play a significant role in 2026. The Saratoga Performing Arts Center will celebrate its 60th anniversary in 2026, marking six decades as one of the country’s most respected outdoor performing arts venues. SPAC’s impact extends far beyond performances, supporting restaurants, hotels, and retail while contributing to the creative identity and livability of the region.

Cultural institutions like SPAC are increasingly recognized as economic assets. They attract visitors, enhance quality of life, and help communities differentiate themselves in a competitive marketplace. As Saratoga County continues to invest in arts and culture, these assets will remain central to tourism growth.

Saratoga County’s strength as a four-season destination continues to be a competitive advantage. Summer racing and performing arts, fall foliage and cultural travel, winter recreation and downtown experiences, and spring outdoor offerings create a diversified tourism calendar.

Discover Saratoga is also working closely with the Capital-Saratoga Region and regional partners to promote visitation tied to the FIFA World Cup soccer tournament next summer.

limit our region’s economic capacity.

Residential and industrial development requires reliable and affordable energy, in adequate supply. To meet the needs of our growing region, we need to embrace a common sense and comprehensive energy strategy. Policy choices that drive up demand for electricity must consider the impact on reliability that the resulting increase in demand will have. And while future technological innovation will make appliances like air source heat pumps truly efficient and effective in the stretches of a deep freeze that we often experience, today’s electric heating technology falls short of the mark, in terms of cost and efficiency. I will be advocating in the legislature to recalibrate our state’s approach to reducing greenhouse gases and other emissions to ensure adequate supply of reliable and affordable energy, as well as a cleaner environment. We need to continue to invest in workforce development programs that support the industries that are fi nding a home in New York and in the Capital Region. Community colleges like SUNY Adirondack and Hudson Valley Community Colleges are key, as are the BOCES and apprenticeship programs offered by the skilled trades. Without enough skilled workers, we will have a hard time continuing to attract and retain growth businesses.

In summary, I think the economic outlook for New York’s Capital Region is positive. Past investments have provided the conditions for continued strong growth. While there are some challenges that must be addressed, I have confidence that working collaboratively with the leaders in the private and public sector can solve those challenges.

While matches will not be hosted locally, global attention and increased travel present a unique opportunity to capture extended stays and international visitation. This type of regional alignment allows our destination to benefit from major global events while showcasing our unique assets.

Heritage tourism will be a major focus in 2026 as Saratoga County ramps up awareness ahead of the 250th anniversary of the Battles of Saratoga in 2027. Widely regarded as a turning point in the American Revolution, the Battles of Saratoga are central to our nation’s history and identity.

Aligned with the mission of Saratoga250. com, efforts in 2026 will focus on education, storytelling, and building awareness leading into the commemorative year. Heritage travelers tend to stay longer, spend more, and engage with museums, historic sites, dining, and retail. Beyond visitation, heritage tourism fosters community pride and reinforces Saratoga County’s role in telling an important American story.

From a marketing standpoint, 2026 will continue to demand targeted, data-driven strategies. Travelers are more intentional and discerning than ever. Discover Saratoga’s efforts focus on attracting high-value visitation—travelers and groups who stay longer and spend more.

As we move into 2026, the visitor economy’s role as an economic engine for Saratoga County is clearer than ever. It supports jobs, drives investment, enhances livability, and strengthens the region’s competitiveness. With thoughtful planning, and regional collaboration, tourism will continue to be a foundational pillar of economic development—now and into the years ahead.

Affordability Breakdown

Why New Yorkers Leave

BY STATE SEN. JAMES TEDISCO R–GLENVILLE, 44TH DISTRICT

New York has an affordability problem. We all know it.

After being part of the problem for many years, it has finally dawned on our Governor that people can’t afford to live here.

It’s no wonder people are escaping New York in droves, leading the nation in out-migration.

Our previous governor blamed the exodus on the weather.

Remember the 1990s hit “Blame it on the Rain”? We may get our share of precipitation in New York, but when 16 percent of people fleeing our state head for the “warm and balmy” state of New Jersey, you can’t credibly “blame it on the rain!”

One of my all-time favorite movies is the film classic “Casablanca” with Humphrey Bogart, Ingrid Bergman and Claude Rains, among a stellar cast.

In a famous scene from the film, Claude Rains’ character, Captain Renault, expresses his mock outrage that there is gambling taking place at Humphrey Bogart’s establishment, saying “I’m shocked, shocked to find there’s gambling going on in here” as someone hands him his gambling winnings!

I was shocked that the Governor attempted to illustrate that she was “shocked” when she came out after being in charge for five years having super majorities in both houses and suddenly saying that we have an affordability problem in New York State!

None of our constituents are shocked because they’ve been living with this affordability problem for a while.

The reality is this has been an issue for a while now and it relates to an agenda that is simply holistically not working.

In the Empire State, over the last seven years, who has controlled all levers of power?

Who controls the present agenda which is sent taxpayers scurrying from New York State?

If your answer is the previous governor and this Governor, Kathy Hochul, and her allies in the Senate and Assembly Majorities, you’d be correct.

Who really believes a $200 election eve check will solve the affordability problem that ails New Yorkers?

No, it’s the holistic failed agenda which has demographers predicting the loss of two and possibly even three members of Congress from New York in the 2032 census. In other words, less representation to stand up for New Yorkers at the federal level.

Crime, taxes, insurance costs, daycare, healthcare, unrealistic energy mandates, and the lack of affordable housing are all to blame for New York’s affordability crisis.

An obvious example of poor decision making when it comes to affordability for New Yorkers is the Governor’s push for the “All Electric Buildings Act” which she signed into law in 2023 that requires all new construction to be electric by 2026 for smaller buildings and all buildings having to

comply by 2029.

At the end of 2025, the Governor announced a “pause” on the implementation of this bill which would ban the use of natural gas including gas stoves and heating, Don’t be fooled.

The Governor’s “pause” on her “All Electric Buildings Act” is only a bait and switch to try and get her through the next election.

Once that’s over, she will again seek to ban all gas heating and new construction, increasing the cost to homeowners and businesses in our state.

No one is against investing in alternative fuel energy solutions, as I’ve long sponsored legislation to study a transition to it. But it must be developed based on deliverable metrics over a reasonable period that does not make it more difficult for people to build a home and business.

It should not be based on political rhetoric on the eve of an election year.

Under the governor’s gas ban, it will cost between $5,000 and $10,000 more to go electric to build a new home for homeowners who are already struggling to afford to buy a home in our state.

I am a sponsor of legislation (S.1167) to repeal the gas ban and bring back some common sense to this issue.

The Empire State is a beautiful state with amazing and talented citizens.

Unfortunately, under one-party rule, it’s become too expensive for many people to afford to live and work in, which has led to a mass escape from New York over the past few years. Nothing illustrates this clearer then the fact that a recent National Taxpayers Union Foundation study ranks New York number two for interstate migration with someone permanently leaving the Empire State every 2 minutes and 23 seconds. --- only California is seeing greater loss of taxpayers.

As the new 2026 legislative session begins this month, I’m ready to work, as I’ve always done, in a bipartisan fashion to help turn this economy around and make our state a more affordable and safer place to live and work so we can get New York on the right track again.

Strong Economic Signals Point To Growth In 2026

BY J. GREGORY CONNORS, PRESIDENT, CEO SARATOGA ECONOMIC DEVELOPMENT CORPORATION

Building on the economic development investments, job creation, and job retention successes achieved in 2025, Saratoga Economic Development Corporation is positioned to expand that momentum in 2026. Saratoga County offers a strong product to market and promote and is recognized across the region, state, nation, and world for its blend of history, thriving communities, one of the lowest tax structures in the state, and a collaborative, cooperative environment among government, business, and community development stakeholders.

The county’s labor market is expected to remain strong, continuing the momentum of recent years. The Capital Region benefits from a diverse workforce, low unemployment compared to state averages, and a growing population. Job growth is projected to continue in healthcare, tourism, advanced manufacturing, agriculture, and the equine industries. Continued investment in workforce development will be critical, with local educational institutions and training programs playing a key role in preparing residents for emerging full-time job opportunities.

Several key sectors are expected to drive economic growth. The healthcare sector is anticipated to expand, fueled by population growth and aging demographics. New facilities under construction and in the planning stages, combined with ongoing innovation, are expected to create additional jobs and attract new investment. Advanced manufacturing and technology will remain a major economic driver, supported by the county’s proximity to hightech corridors, the presence of GlobalFoundries in Malta/Stillwater, and a growing network of related supply-chain businesses.

Tourism and hospitality will continue to be a cornerstone of the local economy. Internationally recognized attractions such as Saratoga Race Course, Saratoga Performing Arts Center, and Saratoga National Historical Park—playing a role in the nation’s 250th anniversary—will continue to draw visitors from around the world. The hospitality industry is expected to expand further, support-

ed by increased travel demand and tourism-related spending. Agriculture and the equine industry also remain vital, with local farms adopting sustainable practices and agritourism initiatives that support rural economic vitality.

Saratoga County continues to offer an exceptional quality of life, making it a great place to live, work, and raise a family. Efforts to support small businesses and startups, enhance public safety, and promote environmental sustainability, combined with cultural events, recreational opportunities, and a four-season economy, reinforce the county’s reputation as a place to stay, play, and live.

Challenges remain, particularly in workforce housing affordability and labor availability. These issues remain top priorities for government, economic, and business development leaders. Continued collaboration between the public and private sectors, with targeted investments in innovation and education that leverage the county’s unique assets, will be essential.

Overall, Saratoga County’s economic outlook for 2026 is positive, with strong fundamentals and diverse growth opportunities firmly in place. Saratoga County is open for business, and Saratoga Economic Development Corporation, with 48 years of experience, is ready, willing, and able to help.

Saratoga Dessert & Food Bar Provides Customers With Popular Culinary Options

BY ROD BACON

A local business that started out serving delectable sweet treats has expanded its offerings to include breakfast and lunch items.

Owner Darren De Vietro, the son of a chef who grew up creating Italian baked goods with his mother and grandmother, was director of restaurant operations at the Adelphi Hotel in Saratoga Springs from 2018 until last April. In 2021 he launched Saratoga Dessert Bar, which he operated part time out of a commissary kitchen at 41 Washington Street.

“We were doing online only and I wanted to move to a retail store for more opportunity, so I completely shut down that kitchen and moved,” he said.

He left his position at the Adelphi to open his storefront in the Wilton Mall, originally continuing to offer a large variety of cookies, cheesecakes, brownies, and other dessert selec-

tions. Last month he added breakfast sandwiches, New York-style bagels, and cinnamon rolls, which are served all day. Lunch items include tomato soup, grilled cheese sandwiches, BLTs, and turkey clubs. There is also coffee, espresso, and iced drinks. This prompted a name change to Saratoga Dessert & Food Bar.

“When we first opened we weren’t really busy until the afternoon or evening so we had to evolve,” he said. “There are a lot of employees in the mall, especially with the satellite offices of Saratoga Hospital, and they’re looking for other options.”

De Vietro is assisted in food preparation by his store manager, Sarah Himmelwright, who has been with him for two years.

“She knows all my recipes and is a tremendous help,” he said.

He has four employees who are primarily responsible for the front of the house. They wait

on customers at the counter, take online orders, make the coffees and espressos, and do light prep.

He said he looked for quite a while for an appropriate location for his expanded business. He explored opportunities at the Wilton Mall, among other places, and new owner Faraz Kahn reached out to him about joining the shops in the food court.

“Faraz is in the process of creating a food court with local owners representing international cuisine, he said. “I wanted to be part of that.”

De Vietro said the 600-square-foot space was

in pretty good condition. He just had to clean it up a little and install the proper equipment to create his baked goods.

Wilton Mall hours are 10 a.m.-9 p.m. Monday-Saturday and 11 a.m.-6 p.m. Sunday. Saratoga Dessert & Food Bar typically stays open an hour or two longer. Online orders are accepted until 8:45 p.m. to give employees time to fill them.

“We get a late night rush, which is one of the busiest times of our day,” said De Vietro. “People enjoy getting a sweet dessert after dinner.”

To peruse the selections at Saratoga Dessert & Food Bar go to saratogadessertbar.com.

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watch the food being made.

“The ovens go on in the middle of the night while people are still sleeping, and by the time the front-of-the-house staff arrive, everything’s coming out of the ovens. It’s a beautiful way to wake up,” Danielle said.

The business employs 24 people, some of whom also work at the Bolton Landing shop during the season. Danielle cited Team Leader Alexis Gordon and Administrative Assistant Gareth Kaedy, who transitioned from Bolton Landing. Louis is assisted by a team of four bakers.

The inspiration for the business name came from several sources. In 2019, while Danielle was pregnant with the couple’s son, they were also working on a name.

Danielle chose the name Theodore in honor of her grandfather, one of her “favorite people on Earth.” As the family prepared to move north, bears came to mind, leading to teddy bear and ultimately Bear’s Cup.

The couple welcomed a daughter, Stella, in 2022.

Both owners bring varied professional backgrounds. Louis worked in finance for many years in Stamford, Connecticut. Danielle has been a singer since age 16 and has performed “The Star-Spangled

Banner” at sports venues throughout the tri-state area. She also led a band, The New Millennials, performing at weddings and celebrity events.

Her restaurant experience began at The Valley Pub in New Jersey, owned by her parents, and continued with formal training through the Hillstone Restaurant Group in Phoenix, Arizona. She continues to sing and is mentored weekly by New York City vocal coach John Lawrence.

“Singing is a big part of who I am,” she said.

Not content with two bakeries, the couple has contracted with BBL Construction Services for space in a building under construction in Wilton. The location is expected to employ about 10 people, with occupancy anticipated later this year.

The Saratoga County Chamber of Commerce hosted a ribbon cutting at the Broadway location on Jan. 7. Hours are 8 a.m. to 2 p.m., Tuesday through Sunday; closed Mondays. Online ordering is not offered.

“Our intention is to take care of guests in the shop and provide the freshest product possible,” Danielle said. “Online ordering doesn’t make sense for us.”

For more information, visit bearscupbakehouse.com.

Real Estate Outlook Pressure Eases Slowly

BY STEVE LUTTMAN BROKER/OWNER OF SJ LINCOLN REALTY

Depending on who you ask, 2025 was either a step forward financially, or two steps back. The past twelve months shone a light on the existence of two very different economies within the United States. Asset prices continued their upward trajectory, with stock indexes, precious metals and cryptocurrencies reaching new highs. For those on the other end of the economic spectrum, stubbornly high inflation and rising unemployment disproportionately impacted the middle class and below. GDP remained solid, supported by strong consumer spending and A.I. data center build out. The job market began to show signs of weakness, as both the unemployment rate and the number of long term unemployed increased sharply towards year end.

The Federal Reserve experienced a uniquely noisy year including surprise resignations and allegations of fraud. Housing price growth moderated, experiencing a slight uptick versus the year prior. Mortgage rates spent most of the year trending downwards, albeit double where we were just five years ago. Home sales experienced back to back lackluster years, with affordability concerns and many not willing to give up their existing low rates hindering transaction volumes.

As we begin 2026, a theme for the year has already started to emerge: Affordability. The newly sworn in Mayor of NYC ran on a platform heavily focused upon the high cost of living. This is not a uniquely metropolitan problem however. A recent survey by Resume Now found only 12% of workers reported their wages have kept up with inflation. Goldman Sachs’ Q4 report on housing found the nationwide home price-to-income ratio to be at historic highs.

Various policies to address housing insecurity have been proposed which include freezing rents, banning investor purchases as well as a resumption of quantitative easing in the mortgage backed securities market. Governor Hochul’s plan to mandate local housing construction failed in large part due to opposition from municipalities over the fears of what comes with higher density. Recent legislation in Albany legalized Accessory Dwelling Units (ADUs) with offering property tax exemptions for their construction.

The Capital Region continues to be an attractive place to live, which is reflected in housing prices. Local employment headlined by health care and state agencies should hold up well against any macroeconomic downturn, plus planned expansions at Regeneron and Global Foundries acting as additional draws for new higher income earners.

Big picture, housing experts are anticipating modest home value appreciation in 2026. Fannie Mae, Zillow and The National Association of Realtors all forecast prices rising roughly 2.0% over the next twelve months, a significant cooling off from the periods of 10%+ seen post 2020. Should wage growth be in line with economist’s expectations of 3.5%, buyers will experience slight improvement in overall affordability.

An additional benefit to buyers in 2026 would

Courtesy Steven Luttman

be interest rates continuing the downward trend seen late last year. Current consensus is the Federal Funds Rate will be cut twice between now and next January. For a buyer purchasing at the Capital Region’s median price, a 50 basis point drop would translate into nearly $100 in monthly savings. Recent history has shown mortgage rates to be impacted, but not directly correlated to, actions taken by the Federal Reserve. Long range inflation expectations, geopolitical events and labor markets all play a role in what we pay as borrowers. The National Association of Home Builders, Mortgage Bankers Association and Wells Fargo all project the 30 year fixed rate mortgage to spend 2026 between 6.0% and 6.50%. Given the level of uncertainty surrounding what goes into a mortgage rate, timing the market is generally considered a fool’s errand.

Easing of rates will hopefully lubricate what has been a stagnant home sale market. Nationwide home sales have hovered around four million over the past several years, 20% less than pre-pandemic. Owners who bought or refinanced during the historical low rate environment of 2020-21 have been reluctant to sell and relinquish such a privilege. The pain of trading out becomes more palpable the lower current rates go. Low transaction volumes are not bad only for consumers, but for all involved in the real estate ecosystem. Real estate agents like myself along with lenders, attorneys, title companies, home inspectors, appraisers and moving companies all rely on people buying and selling homes to stay in business. Roughly 1 in 6 U.S. jobs is directly or indirectly connected to real estate.

Overall, 2026 is shaping up to be a year defined less by rapid growth and more by gradual normalization. Modest home price appreciation, easing mortgage rates, and steady wage gains should offer incremental relief to affordability, though still challenging by historical standards. For buyers and sellers alike, realistic expectations will matter more than perfect market timing. In a housing market still constrained by supply and shaped by broader economic forces, progress is likely to be slow, but heading in a positive direction.

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Saratoga Casino Holdings will acquire a majority interest in the property.

With the addition of Happy Valley, Saratoga Casino Holdings will own and operate casinos in four states: Saratoga Casino Hotel in Saratoga Springs; Saratoga Casino Black Hawk in Black Hawk, Colo.; Magnolia Bluffs Casino Hotel on the Mississippi River in Natchez, Miss.; and the new State College facility.

Gerrity said the Happy Valley Casino, located at the Nittany Mall in State College, will employ more than 300 team members. More than 100 students are currently training to work at the casino.

“The objective is to be a good community partner, a community leader,” Gerrity said. He said the casino training school, also located at the Nittany Mall, prepares students to operate table games and handle other aspects of casino operations.

The Happy Valley Casino is a partnership between SC Gaming and Saratoga Casino Holdings.

“After years of delays, we’re overjoyed to be finally moving into active construction,” said Eric Pearson, CEO of SC Gaming.

“After an intensive evaluation process, we’ve found the right partner with Saratoga Casino Holdings, who shares our core values and a strong focus on guest experience,” Pearson said. Pearson, who has headed the project since its inception, will continue overseeing development and opera-

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Discover Saratoga President Darryl Leggieri said the emphasis should be on evolving rather than recreating the past.

“It’s less about getting back to what First Night was and more about fitting today’s audience,” Leggieri said. “Tastes have changed, expectations are different, and people like experiences that are flexible and walkable.”

Leggieri said feedback from both attendees and business owners was positive, particularly

Local Writer

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gan his civilian career as a police officer and corrections officer at the Somerset County Jail, where he once guarded his own father. He later earned degrees from the University of Maine at Augusta and Liberty University.

Liberty rose through the ranks at the Kennebec County Sheriff ’s Office, eventually serving as chief and later as elected sheriff for nine years.

In 2015, he became warden of Maine State Prison, where he began implementing reforms inspired by Norway’s rehabilitation-focused cor-

tions.

Gerrity said Happy Valley will feature 600 slot machines, 30 table games and two food-andbeverage amenities, Aces Social and Lucky Break Cafe. The casino will be similar to the Saratoga Casino Hotel, which opened in 2004 and was the first casino in New York state.

Gerrity is based in Saratoga Springs but travels regularly to other Saratoga Casino Holdings locations.

“I’m always on the road,” he said, noting the Pennsylvania casino is the closest to Saratoga, about a five-hour drive away.

In October 2023, Gerrity was named to the Emerging Leaders of Gaming 40 Under 40 list, recognizing professionals under age 40 making an impact on the gaming industry. Honorees were recognized at the Global Gaming Expo in Las Vegas.

Gerrity joined Saratoga Casino Holdings in 2018 as vice president of business development, focusing on new acquisitions and improving existing properties. He has served on the company’s board of directors for more than five years.

His previous experience includes work with New York state’s largest lobbying and government relations firm. He also represented Delaware North Companies Gaming and Entertainment in Panama and held senior executive positions with Arcos Dorados, the world’s largest McDonald’s franchisee.

Gerrity earned a bachelor’s degree in political science from Hobart College in Geneva, N.Y., and an MBA from Duke University.

regarding the 6 p.m. fireworks, which helped draw people downtown earlier in the evening.

“Restaurants and bars reported strong traffic throughout the night,” he said. “Many appreciated having a New Year’s Eve that brought people downtown without feeling overwhelmed.”

He said the event also helps build momentum for other winter programming, including Saratoga Snow Day, Chowderfest, winter restaurant week and seasonal downtown events.

“Events like this help drive overnight stays, dining and retail spending during a traditionally quieter time of year,” Leggieri said. “It reinforces that Saratoga Springs is active and open yearround.”

rections model.

Those reforms included veterans’ housing, service dog training, gardening and college programs, and remote work opportunities that dramatically reduced recidivism rates.

In 2019, Gov. Janet Mills appointed Liberty commissioner of the Maine Department of Corrections, a role in which he continues to advocate for rehabilitation over punishment.

“Liberty’s Prison” is scheduled for publication Feb. 4 and will be available on Amazon and in local bookstores.

Graf has also authored numerous articles for the Cobblestone educational magazine group, the PTSD Journal, and the Saratoga and Glens Falls Business Journals.