{"id":16193,"date":"2015-01-15T12:45:51","date_gmt":"2015-01-15T17:45:51","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/01\/economic-outlook-2015---deanna-derway.html"},"modified":"2015-01-15T12:45:51","modified_gmt":"2015-01-15T17:45:51","slug":"economic-outlook-2015-deanna-derway","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/01\/economic-outlook-2015-deanna-derway\/","title":{"rendered":"Economic Outlook 2015 – Deanna Derway"},"content":{"rendered":"
\n
\n\"deannaderway-hsc.jpg\"\n<\/div>\n
Deanna Derway, president, Washington County Local Development Corp.\n<\/div>\n<\/div>\n

BY DEANNA DERWAY<\/p>\n

At the close of each year, we analyze
\nthe changes that have occurred in our key
\neconomic sectors during the past year, and
\nevaluate the opportunities and challenges
\nthat will shape the overall economy in the
\nupcoming year.<\/p>\n

At the Washington County Local Development
\nCorp., we have seen a year of steady
\nprogress ending with a strong finish approving
\nseven loans totaling almost $500,000.<\/p>\n

This is significant to our prognosis of the
\neconomy as it represents approximately
\na 50 percent increase in activity from the
\nprevious year.
\nOther positive economic indicators we
\nsaw in 2014 include increased business
\ninvestments, stronger balance sheets and
\nfurther recovery of real estate prices. To
\nsome extent, the economic uncertainty that
\npersisted following the recession seems to
\nhave subsided, leaving increasing consumer
\nconfidence and a willingness to invest in
\nits wake.<\/p>\n

Overall, we forecast a stronger local
\neconomy for 2015 that is likely to make
\nfurther positive progress throughout the
\nupcoming year.<\/p>\n

The New Year brings with it new opportunity
\nand trends are looking positive for the
\neconomic climate in our region. The steady
\nprogress in the job market along with falling
\ngasoline prices seems to have brightened
\nconsumer’s spirits. In the coming year, we
\npredict continued job growth and falling
\nunemployment rates for Washington County
\nand the Capital Region as a whole.<\/p>\n

Meanwhile, businesses are poised to
\nexpand as the economy performs better
\nproviding opportunities to invest in equipment,
\nfacilities and for an increased work
\nforce. Employers in the U.S. are creating jobs
\nat the fastest rate since the 1990s and the
\neconomy finally looks ready to expand at a
\nhealthy rate. Looking ahead, consumers will
\nsee greater discretionary income, and the
\nresulting increases in consumer spending
\nwill be an integral part of the recovery.<\/p>\n

One prevalent trend that will continue
\nto be an economic driver in terms of investment
\nand job creation in our region is the
\nincrease in craft beverage producers (beer,
\nwine and distilled spirits). The prospects
\nfor New York agriculture that have been
\ncreated from this boom continue to expand,
\nin turn providing jobs in our local economy
\nand fueling economic growth throughout
\nWashington County and New York state as
\na whole.<\/p>\n

This sector not only creates jobs but also
\nsupports our farmers and brings in tourism
\ndollars across the state as well. Statistics
\nshow that both the number of farm based
\nbusinesses manufacturing craft beverages
\nusing locally grown ingredients and the
\ntotal number of manufacturers producing
\nalcoholic beverages have more than doubled
\nsince 2011.<\/p>\n

The efforts of Gov. Andrew Cuomo and
\narea legislators to provide new support and
\nfunding resources to encourage the purchase
\nof locally made products and attract
\nvisitors is ultimately expected to lead to
\ncontinued growth in this sector.<\/p>\n

While we are optimistic about the economic outlook for 2015, economic factors
\noutside the U.S. could impact 2015 as many
\nof the world’s economies are experiencing
\nslowdowns and turmoil. But for the U.S.
\neconomy, the most critical unknown is
\nwhether the Federal Reserve will begin to
\nraise the federal funds rate which has been
\nlocked since 2008.<\/p>\n

A Federal Reserve hike, whenever it
\ncomes, could affect growth, inflation and
\nexchange rates around the world. Higher
\ninterest rates are on the horizon as we also
\nexpect that the Federal Reserve will bump
\nup short term rates at some point in 2015
\nwhich in turn will raise lending institutions
\nrates.<\/p>\n

The primary service offered by WCLDC
\nis lending. Financing entrepreneurs, supporting
\ncompany expansions, equipment
\npurchases and real estate investments are
\njust a few of the services available. Another
\npriority is partnerships. The WCLDC frequently
\nworks with financial institutions
\nto assist businesses, as well as offer community
\ndevelopment investment programs
\nfor developers.<\/p>\n

The WCLDC consistently collaborates
\nand engages with strategic regional economic
\ndevelopment agencies and statewide
\norganizations to ensure resources, programs
\nand funding streams are available to best
\nserve existing businesses and start-ups.<\/p>\n

Whether it is upgrading existing machinery\/
\nequipment, adding production lines,
\nbuying or building a facility, acquiring
\nworking capital or job creation\/retention;
\nthe WCLDC has programs with funding options
\nto encourage growth across all sectors
\nthroughout the county.<\/p>\n

The good news is that exciting things
\nare happening in Washington County and
\nwe anticipate another busy year in 2015.
\nUnique new businesses and expansions of
\ncurrent companies are appearing regularly
\nand the WCLDC is committed to helping
\nthese employers receive the services they
\nneed to be successful.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deanna Derway, president, Washington County Local Development Corp. BY DEANNA DERWAY At the close of each year, we analyze the changes that have occurred in our key economic sectors during the past year, and evaluate the opportunities and challenges…<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[66,137],"yoast_head":"\r\nEconomic Outlook 2015 - Deanna Derway - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/01\/economic-outlook-2015-deanna-derway\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Economic Outlook 2015 - Deanna Derway - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Deanna Derway, president, Washington County Local Development Corp. 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