Month: January 2021

By Michael Bittel
As we leave 2020 and move into 2021, I believe that everyone in our beautiful region came to the same conclusion, we need each other more than ever. We have been blessed to see and experience collaboration on a scale not seen in our lifetime. Through adversity has come strength, caring and support.
These characteristics not only will continue to get us through this pandemic, but it will carry us to new heights as we look forward into the year 2021.
Let us remember all of the businesses and families effected through temporary or permanent shutdowns of their livelihood. With small businesses being the backbone of our region, this past year has had a profound effect on many long-time businesses, their employees and their families. There are also many businesses who are still open, but whose sales are a fraction of what they once were.
This year brings in a new wave of challenges. Challenges like how fast the vaccine will be distributed. When will we fully open again as a society and economy? How will shortages in sales tax revenue and lower income tax revenue effect local and state government spending in 2021? What regulations will be here to stay or be rolled back once we fully open again?
The year 2021 will also usher in a new wave of opportunities. Opportunities in the form of there being a lot of money on the sidelines. Bank deposits are way up year over year.

By Doug Ford
As I prepare to write this article regarding the construction outlook for 2021, I can’t help but think about all that has transpired since I wrote last year’s column. At that time, no one could have predicted what lay ahead just a few short weeks after the story went to print.
As we move into this much anticipated new year, many of the challenges I outlined for 2020 still exist and have only become more complicated due to COVID-19. Despite all the obstacles the construction industry endured, they stilled fared better than most. In the Northeast, and even closer to home, construction has been strong throughout the pandemic, in part driven by new home construction and remodeling.
Unfortunately, we cannot look forward without at least looking back briefly. It all started in March when the COVID-19 infection rates escalated and Gov. Cuomo shutdown construction for the entire state, lumping Upstate New York in with New York City.
Most industry affiliated organizations and legislators understand that upstate and the city are very different so much debate ensued to handle them differently. As a result of being shut down, most of the skilled laborers were laid off and joined many others in the unemployment pool. There were several weeks of uncertainty as builders and remodelers tried to make sense of what was unfolding in front of them.

By Kenneth J. Entenmann
This past year was an interesting one, to say the least. Though some may prefer to use other adjectives to describe 2020. COVID-19 provided a vast disruption of economic activity, with U.S. GDP declining 31.7 percent in the second quarter.
However, the U.S. economy demonstrated remarkable resiliency and rebounded 32.7 percent in the third quarter. While the economy continued to grow in the fourth quarter, activity did slow, particularly in the labor markets. It is estimated that the full year 2020 U.S. GDP will decline around 3-5 percent.
As we flip the calendar to 2021, great uncertainty surrounding COVID-19 remains. Nonetheless, our 2021 economic outlook remains optimistic.
There is no doubt that the COVID-19 economic disruption has endured longer than most anticipated. The hope of a short duration event prompted by the quick “flattening of the curve” in the spring soon dissipated as COVID spiked in the summer and again during the holiday season. Portions of the country remain in lockdown with severe economic consequences.
However, the vaccines are slowly making an impact and it is widely expected that the vaccination process will accelerate. This provides hope that a return to economic normalcy is coming although the timing is still uncertain. COVID will negatively impact the economy at least through the first quarter, probably into the second. However, the economy is poised for a very strong second half of the year.

By Thomas Albrecht
Most would agree that looking in the rear view mirror would be a very nice way of saying goodbye to 2020. It has created some unprecedented challenges.
However finding ways to be creative and staying positive has carried us through the year. The challenges include COVID-19, material shortages and the escalation of material cost.
The year was very promising in the building industry back in February with many projects signed for. Then along came the virus. We took the approach to follow CDC guidelines, which wasn’t received by everyone very well. Most have conformed over time.
The saving grace for Hilltop included having four essential projects under construction, which allowed us to keep about 75 percent of our workforce. Another blessing was the Payroll Protection Plan that helped with paying employees whether they worked or not.
There have been a number of things that have altered the construction process including employee shortages. There is a lack of those who would like to join a construction team and to make it a career choice. This has been a problem for a couple years and continues to be as we move forward.
As we continued through 2020, unexpected surprises included lumber shortages where one might expect to pick up some common items, only to find out that they are back ordered.
Shortages lead to a major increase in material costs. Some items increased as much as 30 percent, which made it difficult to maintain profitability.

By Jim Siplon
As we say farewell to 2020 and put a year like no other in our rear-view mirror, we are taking some time to recognize the opportunities, as well as the challenges, that are emerging from the most challenging year in recent history.
As the leader of strategic economic development in Warren County, the Economic Development Corp. is proud to be positioning local businesses and municipalities for success in a post-COVID world. Our mission has always begun with attracting, retaining and growing business in our county and has expanded with the advent of the pandemic to include several additional roles fundamental to our long-term economic vitality.
Our business community has demonstrated remarkable resilience and strength. Our large manufacturers have largely weathered the storm and have done all they can to contribute to supporting the community’s needs during this crisis. The medical device industry, paper and general manufacturing have shown that resilience.
Our hospital and healthcare entities, led by Glens Falls Hospital and Hudson Headwaters, have been heroes and leaders providing us all with priceless care and support. The locally produced documentary “Behind the Mask,” available on YouTube, provides a glimpse to that remarkable work and is worth watching for all to appreciate the remarkable work of our medical community.
Our small businesses have struggled but many have persevered, working diligently to modify their business practices almost daily to stay afloat. Our tourism economy, in particular, rallied together with a collation of public and private leaders to rebound beyond expectation.

By Mark Shaw
Over the past few years, we have discussed several different yearly topics on what to watch. In 2018 we discussed everything as a service. Servers, email, everything heading to the cloud. This was a long discussion on how to change your current hardware and software spend from a capital expense to a monthly service model.
In 2019 we talked about security. Why it’s so important and why doing the basics is the most critical thing you can do for your business. Employees are firm’s biggest asset and weakest link. Starting with a plan that allows you to help educate and train your team is the first step in Cyber Security 101.
And finally, last year in 2020, we discussed how your cyber security company should NOT be your internal or external IT resources. They hold different functions, require different skills, and much like in accounting – one person should not have all the keys to the financial kingdom. This is not dissimilar from your technology.
Now in 2021, everything is coming together. All the technology changes that we have been preaching since 2018 are culminating into this great “work-from-home” event called COVID-19. The slow pace of migrating your environment to the cloud and educating on security separating business functions in technology, have been thrust into the spotlight of the current pandemic environment.
If your business has not been following the technology path as quickly as you would have liked and you are stuck with the pain of servers in an office, an office you might not need anymore, then now is the time to consider the move to the cloud. This guidance in 2018 is still a path that is viable today.