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.

By Jeff Mead
Looking forward to 2021, with the COVID-19 pandemic still having a major effect on the world and our industry is not an easy task.
We lost almost 10 months of operations in 2020 due to the pandemic. We had what we considered our strongest arena line-up booked since we took over the operations of the arena in 2015. The closure of the arena by state mandate and the sudden end of the ECHL season is still being felt. The 2021 State Boys Basketball Championships have been cancelled for a second straight year. Most of our staff has been furloughed.
Unfortunately, we are like so many other businesses in our region and across the country,
We made the decision in November to opt out of the 2020-21 ECHL season due to the pandemic. The business model of the ECHL simply doesn’t afford teams to play without ticket sales revenues.
Downtown and local businesses have been negatively affected by not having our 225,000 guests come to the arena in the past 10 months. We know the economic impact we have on restaurants, bars, hotels, and retail when the arena is full.
We must keep looking forward. Realistically, we are looking to June or July as to when we will be able to resume normal operations.
Thunder hockey will be back for the 2021-22 season.

by gina mintzer
The Lake George regional business community has endured the pandemic through tremendous collaboration, innovation and responsible outreach to neighbors, colleagues, clients, visitors, and the communities served throughout the region. Leveraging business, community, industry, and research partnerships has been key to the success of all our efforts.
The pivot came quickly for the Lake George Regional Chamber of Commerce as we rapidly abandoned traditional outward-facing sales and marketing efforts in those first few days. Lightning fast, we turned inward, racing to aid our local business community, turning our considerable expertise in marketing to communicating real-time information to those we serve.
By virtue of our skill in social media and close relationships with elected officials, industry and community partners, clients, and colleagues, we were able to help each survive based on needs, from development of safety best practices to navigating state and federal relief funds, to event postponement and cancellation. Throughout the pandemic and moving forward, safe, and responsible visitation, adhering to county, state and national recommendations has been and will continue to be, the overarching message and mission internally and externally.