{"id":39130,"date":"2026-06-22T15:44:26","date_gmt":"2026-06-22T19:44:26","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=39130"},"modified":"2026-06-22T15:44:26","modified_gmt":"2026-06-22T19:44:26","slug":"regional-leaders-discuss-development-and-the-multibillion-dollar-lake-george-economy","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2026\/06\/regional-leaders-discuss-development-and-the-multibillion-dollar-lake-george-economy\/","title":{"rendered":"Regional Leaders Discuss Development And The Multibillion-Dollar Lake George Economy"},"content":{"rendered":"
\"\"
Panelists discuss tourism, development, housing and the region\u2019s multibillion-dollar economy during the Spring Economic Outlook Breakfast at the Courtyard by Marriott Lake George on June 16.
Courtesy Lake George Regional Chamber<\/figcaption><\/figure>\n

By Ann Donnelly<\/p>\n

The Lake George region boasts a thriving, multibillion-dollar economy, but sustaining that momentum requires tackling affordable housing shortages, navigating complex development regulations and expanding the year-round experiential economy.<\/p>\n

Gina Mintzer, executive director of the Lake George Regional Chamber and CVB, moderated the Spring Economic Outlook Breakfast at the Courtyard by Marriott Lake George on June 16. Themed \u201cWhere Tourism Meets Development,\u201d the event featured a panel of finance, real estate and economic experts who provided key insights into the region\u2019s fiscal health.<\/p>\n

Jim Siplon, president of EDC Warren County, set an optimistic tone, noting that the region\u2019s economic base is historically and quantitatively spectacular.<\/p>\n

\u201cOur economy is a $5 billion GDP economy,\u201d Siplon said. \u201cMore than a billion of the $5 billion of value that gets produced here is directly attributed to what we call the experiential economy.\u201d<\/p>\n

Siplon, who has led the EDC for six years, added that Warren County is one of the few places in New York seeing a net influx of taxpayers, with 3,000 more people filing returns in 2023 than the previous year.<\/p>\n

Dave DeMarco, who has served as president and CEO of Arrow Financial Corp. for the past three years, echoed this sentiment. \u201cIt\u2019s been a very stable period for us, for our history, which speaks to the economic growth trends here,\u201d DeMarco said. \u201cWe don\u2019t see the high highs or the low lows that other parts of the country do.\u201d<\/p>\n

<\/span><\/span><\/strong><\/span><\/b>Despite the economic stability, panelists highlighted shifting consumer trends and pressing local challenges. Victoria Duley, executive director of the Adirondack Economic Development Corp., pointed out that inflation is altering how visitors spend.<\/p>\n

\u201cThe travel market has become a little bit more bifurcated,\u201d Duley said. \u201cThe folks of more modest means are really tightening up, and luxury markets are still killing it,\u201d Duley emphasized that small, independent businesses are struggling to keep pace with rising costs, straining the mom-and-pop establishments that define the area\u2019s character.<\/p>\n

To offset seasonal fluctuations, Siplon argued the region must leverage its position as the gateway to the Adirondacks and build year-round infrastructure. He cited a recent surge in investment in North Creek following the installation of a new wastewater system. \u201cWithin six months of the construction of the wastewater system, more than $25 million showed up in that community,\u201d Siplon said.<\/p>\n

Mitch Muroff of Muroff Hospitality Group emphasized that property modernization is the region\u2019s primary opportunity, noting, \u201cThe biggest opportunity is repositioning these older hotels and motels, or frankly, tearing them down and building new properties.\u201d He cautioned that financing hurdles make strategic planning essential, warning, \u201cYou just can\u2019t go in, buy a hotel, and just fall in love with it and think the numbers are going to work.\u201d<\/p>\n

For small, independent properties, Muroff argued that \u201cManagement is key.\u201d While he advised hiring experienced third-party management for higher-end properties, this is not feasible at the lower end of the market: \u201cIf you\u201dre going to pay a third party a management fee for a small property, you put in too much overhead cost, and the economic viability is just not going to happen.\u201d Despite these operational challenges, he remains confident in the region\u2019s long-term appeal, asserting, \u201cLake George has continued to sustain itself successfully because of its location, because of its drive-to-market.\u201d<\/p>\n

Meanwhile, Dan Davies of Davies-Davies & Associates Real Estate described a historic housing boom, stating, \u201cThe market in the last year was really the best I\u2019ve seen in 36 years.\u201d However, he warned that this success has created significant affordability issues for the local workforce, noting, \u201cThe consequences are affordability. The average first-time home buyer in the country, pre-COVID, was 33; now it\u2019s 40, and here it\u2019s probably closer to 43, 44. What we need is some affordable housing.\u201d<\/p>\n

The housing shortage directly affects local businesses\u2019 ability to staff their operations. Duley added that a lack of midlevel housing forces younger workers to commute long distances, stalling community growth.<\/p>\n

Davies also sounded the alarm on potential state legislation, specifically a pied-\u00e0-terre tax that could levy a 1% to 10% annual tax on luxury second homes. While the tax is currently applied only to properties in New York City, Davies warned that expanding it to upstate areas would have a massive effect on real estate and could cap the region\u2019s market growth.<\/p>\n

For entrepreneurs looking to navigate these hurdles, DeMarco offered straightforward advice on securing capital. \u201cThe best starting point, in our opinion, is to talk to a lender before you even get started,\u201d DeMarco said. \u201cWe want to be partners, not owners. So, equity contribution is critical. If you don\u2019t have equity skin in the game, the loan stops right there.\u201d<\/p>\n

Ultimately, the panel agreed that collaboration among private businesses, lenders and municipalities is the only way to safeguard the region\u2019s future.<\/p>\n

\u201cNot every community in New York, in our region, in America is going to solve this problem,\u201d Siplon said regarding housing and development. \u201cBut the communities that do better at solving this problem are the ones that will thrive for the next 50 years.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

By Ann Donnelly The Lake George region boasts a thriving, multibillion-dollar economy, but sustaining that momentum requires tackling affordable housing shortages, navigating complex development regulations and expanding the year-round experiential economy. Gina Mintzer, executive director of the Lake George Regional Chamber and CVB, moderated the Spring Economic Outlook Breakfast at the Courtyard by Marriott Lake […]<\/p>\n","protected":false},"author":89,"featured_media":39131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-39130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"\r\nRegional Leaders Discuss Development And The Multibillion-Dollar Lake George Economy - 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\/2026\/06\/regional-leaders-discuss-development-and-the-multibillion-dollar-lake-george-economy\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Regional Leaders Discuss Development And The Multibillion-Dollar Lake George Economy - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Ann Donnelly The Lake George region boasts a thriving, multibillion-dollar economy, but sustaining that momentum requires tackling affordable housing shortages, navigating complex development regulations and expanding the year-round experiential economy. 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