Saratoga County Airport Expansion Project Nears Completion On Time and On Budget
BY SUSAN ELISE CAMPBELL
The Saratoga County Airport expansion project that began with a competitive solicitation in September 2022 is nearing completion “on time and on budget,” according to Phil Barrett, chairman of the Saratoga County Board of Supervisors.
Barrett is Supervisor for the Town of Clifton Park and has served as chairman of Saratoga’s board for the years 2007, 2024 and 2025. He said the Board “is very involved with the airport project from start to fi nish,” which began with an application for funds from Governor Kathy Hochuls’s Upstate Airport Economic Development and Revitalization Competition.
The competition encouraged such projects as state-of-the-art boarding concourse and concession areas, terminal expansion or rehabilitation, improved security screening, oppor-
tunities to move passengers more safely, and increased focus on cleanliness and disinfection.
According to Barrett, $230 million of federal dollars were split among nine winning airports that worked directly with the Department of Transportation and state officials.
Recipients were required to match 15 percent of the total to fund their projects and Barrett said all Saratoga partners approved the county’s contribution. Combined, the airport renovation budget is $35.2 million.
“We were very clear on our goals to update and upgrade the airport and what we wanted to achieve throughout the planning, application, and bidding process,” said Barrett. “The fi nal product will result in new facilities and amenities for travelers including meeting rooms and
Love Our Locals $20.24 Campaign Successful Boost For The Saratoga County Economy
The Saratoga County Chamber of Commerce’s award-winning Love Our Locals Campaign had another record-breaking year in 2024, with more than $315,243 spent supporting the local economy.
As part of the end-of-year program, shoppers and donors were encouraged to submit their receipts of $20.24 or more spent at a Saratoga County business or donated to a local nonprofit to be entered in a gift card giveaway.
Nearly 3,500 receipts were submitted over the eight-week campaign, and dozens of lucky participants were rewarded for supporting local as gift card winners. In the initiative’s past four-years, more than 10,000 receipts have been submitted totaling $843,616.
Love Our Locals $20.24 was generously sponsored by SaratogaWine.com and more than 50 area businesses that donated gift cards.
This campaign started as Save Our Locals $20.21, which resulted in more than 2,000 entries from locals whose purchases directly aided in the county’s economic rebound from COVID-19 restrictions.
In 2022, the Save Our Locals program was recognized with a New York State
The Construction Of Brookmere Is Almost Complete And Resort Is Welcoming Guests
BY ROD BACON
The initial phases of Saratoga Springs’ newest resort have been completed and it has started to accommodate guests.
Brookmere, the reimagining of the former Longfellows Hotel and Restaurant, has been under construction since 2023 and the final phase will be finished early next month.
According to Amber Mathias, director of project development for the Bonacio organization, the Regent Restaurant & Bar is open as well as 28 guest rooms in the renovated annex building. Of those guest rooms, four are spa-specific. The building also houses the Arbor Spa.
The final phase is a three-story new building that is connected to the old barn by the new ballroom and courtyard. The first floor is currently open to the public. Next month the guest rooms on the second and third floors will be available to
initiative for the Chamber,
the public.
General Manager Julian Miller said that to introduce the resort to the community some rooms are being offered for $179 a night for the next several months.
Miller brings years of experience in the hospitality business to his new position. He spent 15 years with Kimpton Hotels & Restaurants in both Boston and Manhattan before relocating to Saratoga five years ago where he has been running several Hilton properties in town.
Miller is also excited to introduce the community to the Regent Restaurant & Bar.
“The restaurant is the busiest portion of our business right now,” he said.
The restaurant is being overseen by Chef Christopher Smith, who comes to Saratoga from the Pacific Northwest. He creates French-inspired cui-
Capital Investment Is Off To An Excellent Start In Saratoga County For 2025
BY GREG CONNORS
In 2024, with just over $177M in new investment, the planned creation of approximately 650 new full-time job opportunities and the successful retention of over 200 jobs, economic development in Saratoga County has experienced a successful year.
In 2024, we also welcomed the arrival of both Regeneron and Soleno our 2 newest international companies to call Saratoga County home and the good news of the planned expansion of GlobalFoundries in Malta & Stillwater.
As we look into our 2025 crystal ball and measured by the early activity and potential projects being considered at this early date, at SEDC, the economic outlook for Saratoga County is very good.
Saratoga County’s quality of life with safe neighborhoods, internationally recognized educational opportunities, world-class arts, cultural and entertainment venues, the birthplace of thoroughbred horse racing, National Parks, 4-season recreational offerings and diverse employment opportunities each by themselves, and more valuable collectively, will support SEDC’s efforts in 2025 to create new investment, new opportunities, job creation and retention.
For the economic sectors we concentrate on, strong interest in
Rendering of the Saratoga County Airport expansion project that is nearing completion with enhanced facilities and aesthetic upgrades.
Courtesy of MacFarland Johnson (Engineer of Record)
Community members and visitors to the area alike can enjoy excellent French-inspired cuisine at Brookmere Resort’s Regent Restaurant.
Courtesy of Bonacio Construction
Tourism Excellence Award from the New York State Tourism Industry Association. The campaign was renamed Love Our Locals in 2022, and it remains a popular and purposeful
Todd Shimkus was helped by residents and business owners in Love Our Locals campaign. Courtesy of Saratoga County Chamber
J. Gregory Connors, president and CEO of the Saratoga Economic Development Corp.
Publication Date: February 13, 2025
Area Non-Profits Have Until January 31 To Apply For Share Of Stewart’s Holiday Match
BY PAUL POST
Area non-profits have until January 31 to apply for a portion of the $1.76 million raised by Stewart’s Shops’ annual Holiday Match program.
Publication Date: March 13, 2025
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Customers of the company’s more than 350 stores donated over $883,500 between Thanksgiving and Christmas Day.
The company has doubled those donations, penny for penny with no administrative fees, meaning hundreds of non-profit children’s organizations will benefit as money is distributed in coming months.
“We’re really thankful to all of our customers and thankful to all of our shop partners for doing a really great job collecting donations,” said Jennifer Frame, Stewart’s director of corporate philanthropy.
This year’s Holiday Match total was down from the more than $2 million raised last year because there were five fewer collection days, as Thanksgiving came later than normal.
“But collections per day were really strong considering how tough the economy is,” said Robin Cooper, company spokesman. “It was tough for a lot of people financially, but they still gave.”
Since its inception in 1986, Holiday Match has raised more than $39 million to support thousands of organizations focused on improving the lives of area children.
Last year alone, more than 1,800 organizations obtained amounts ranging from $250 to $20,000. To be eligible, recipients must be a registered 501C3 non-profit within Stewart’s market area and must be directly geared toward helping children and/or have children’s programming.
Examples include Little League, a YMCA with children’s programs, a library reading program, a museum arts program, Special Olympics’ Young Athletes program and Double-H Ranch in Lake Luzerne, which supports children and families living with chronic illnesses through year-round programs including summer camps and adaptive winter sports.
Since 2007, Double H Ranch has received more than $100,000 through the Holiday Match
program.
“We tell organizations to ask for what they need and we give what we can,” Frame said. “They must tell us how they plan to utilize funds. Typically, larger funding is used for organizations that benefit hundreds or thousands of children such as community centers or the American Red Cross, which really have programs that are open to the community and benefit a large number of children.”
Applicants are expected to learn how money is distributed in mid-March.
Fund-raising goes to organizations in the county where money is donated.
Last year, for example, the $271,425 raised in Saratoga County went to dozens of organizations from Waterford to Corinth.
In Warren County, $114,200 went to recipients such as Abraham Wing Elementary School, Caldwell Lake George Library and the North Warren School Parent Teacher Organization.
The $71,544 raised in Washington County went to non-profits such as the Battenkill Conservancy, Whitehall Wrestling Inc. and Hartford Food Pantry.
Regional Food Bank of Northeastern New York plans to distribute 150,000 meals in six counties from money it receives this year. Holiday Match has given $16,000 to the Food Bank during the past five years.
Money from last year’s campaign went to stores in 32 counties in New York and western Vermont that comprise Stewart’s market territory.
During the past year, however, the company made a major expansion, which included New Hampshire for the first time ever. Earlier this month, Stewart’s opened a new shop at the corner of Route 9 and Wellness Way, in Colonie; part of the company’s $50 million capital investment strategy for 2024.
To apply for funding applicants should go to: www.stewartsshops.com and click on the Holiday Match tab under the heading “Sharing With You.”
A customer donates to Stewart’s annual Holiday Match program, which helps fund non-profit organizations in the company’s market area.
Courtesy of Stewart’s Shops
Hewison Aviation To Open Th ird Location
To Train Commercial And Private Pilots
BY SUSAN ELISE CAMPBELL
For anyone north of the Capital District dreaming of learning to fly, the opportunity is now closer than ever. Husband-and-wife team Maura and Christopher Hewison have announced a third location for Hewison Aviation: the Saratoga County Airport, now under expansion and on track for a spring 2025 completion date.
“We were looking to get into Saratoga for the last two years,” said Maura, who is operations manager for the flight academy Christopher founded in 2014 upon receiving his CFII. “Two of our instructors live in Saratoga and have been training clients at the South Albany Airport in Selkirk.”
Operating out of Saratoga not only makes the commute easier for these instructors, but also opens up a clearer path for prospective pilots residing or working within a large radius around the county.
Hewison Aviation also has a presence at Griffiss International Airport in Rome, NY.
“There is no civilian flight training in Saratoga now, but there is a helicopter flight school,” said Hewison. “They send us flight students and we send them helicopter students.”
Their student base ranges in age from 12 to 83 years old right now, Hewison said. Most are high school seniors, some have purchased a plane and “just want to have fun,” and a few in their 20s are looking for a career change into the field of aviation.
Because of the convenient new location, some students will be transferring from other flight schools, she said.
“A lot of people are happy they will not have to travel to Albany,” said Hewison.
She said it’s not common knowledge, but just about any ordinary person can become a pilot.
“People think pilots come from this special place that no one knows about,” she said. “They’re pretty surprised when they learn they can train, too.”
A physical space is required at an airport to do the classroom training, as well as an FAA-approved hangar for the planes. Hewison said their classes are regulated by the FAA under Part 61 and Part 141. The Part 61 school is more relaxed and personalized, whereas Part 141 is more structured and standardized, but the tests and the certifications are the same.
“We got permanent Part 141 approval from the FAA in December,” she said. “It took four and a half years to get the status and then another two years of perfect records to prove our compliance and that we passed the required number of students.”
Saratoga County Airport was already under con-
struction when the Hewisons applied to bring their flight school to the community. She said she toured the facility and the classroom area two months ago and “really liked” what she saw.
“It looks great and the people are super friendly,” she said. “We are on the list for private hangar space because it’s better not to share hangar space.”
Hewison said that even if they were not to secure permanent hangar space there, they will still train out of Saratoga County Airport as they have been since December.
“We can just fly in and then fly out,” she said.
There are 11 experienced flight instructors serving the Albany-Saratoga area for Hewison now and business is poised for growth.
“It is going to be a great opportunity to be established in Saratoga,” she said. “Personally, if I lived in Saratoga, I would not want to drive an hour through Albany, do my two-hour flight training, and then drive back home.”
Hewison Aviation will also be offering drone training from Saratoga County Airport, a service that is absent in the area now.
“We do have a huge presence in Rome, and I think a lot more people here are getting into drones,” she said. “We haven’t advertised it, but I believe this area will be a good audience for certification so our students can operate drones safely.”
There is a pilot shortage upstate at this time, Hewison said. But she is getting calls from seniors in high school who would like to obtain their private pilot’s licenses before going off to college this fall. Some have the potential goal of a career with the airlines.
“You don’t have to go through the military to be a commercial airline pilot and you can start at any age,” she said. “But you have to be 17 to get your pilot’s license.”
“Some of these young people are flying planes even before they can drive a car,” she said.
Maura and Christopher Hewison said they are eager to see how aspiring pilots, both commercial and recreational, will respond to the Saratoga school. They have no plans to open other schools in other upstate communities at this time.
“We always want our business to have that Mom and Pop feel,” she said. “I answer all the phone calls, meet with each student, do the orientation, and then hand them off. I don’t ever want to lose that quality.”
Hewison Aviation celebrated its 10th anniversary last summer. Learn more about the company’s history, instructors, fleet, and more at hewisonaviation. com.
A New Luxury Condominium Project Is Underway In Downtown Saratoga Springs
BY ROD BACON
A mixed-use project is well on its way to completion in downtown Saratoga Springs.
A topping off ceremony marking the placement of the final steel beam was held recently at 78 Church Street Condominiums. The beam was signed by many of those involved in the project, including the company’s real estate arm Julie & Co. Realty LLC, the development group, Bonacio Construction, and Bonacio Steel.
The project, being built by Bonacio Construction, received approval September 6, 2024, and ground was broken immediately. A completion date of September of this year is targeted.
The building is replacing a single-story structure that housed storefronts, most notably Carpetland.
According to Director of Project Development Amber Mathias, the approximately 72,000-square-foot building will house 23 residential condominiums as well as two commercial units on the ground level. She noted that the commercial units are appropriate for retail or office space.
The ground level area not taken up by the commercial units will be temperature controlled covered parking with a designated parking space for tenants included in the purchase price.
There will also be a community room that the public can book with Bonacio Management for meetings at a very reasonable rate. Mathias used
the example of Habitat for Humanity using the room for planning purposes.
Condo residents can take advantage of a gymnasium and a common area rooftop deck.
Two-bedroom, two-bath or three-bedroom, two-and-a half bath units ranging in size from 1,500 square feet to 2,500 square feet will be available. All units will feature GE Cafe stainless steel appliances, quartz countertops, gas fireplaces, recessed lighting, tiled showers, and hardwood flooring throughout. It will be a five-story building with the top floor “wedding caked” in.
“Those units are really special,” said Mathias. “They’re going to have kind of an exterior patio all around the units.”
Bonacio is working with the attorney general to finalize their offering plan and once that is approved pricing will be available and they will start marketing those spaces. According to information supplied by Julie & Co., pricing will probably start at $1.17 million. Further information is available at juliecorealty.com. To reach an agent directly email Julie@Bonacio.com.
The property is owned by 78 Church Street LLC that is comprised of two investors, Bonacio being one.
Olsen Associates, Architects P.C. designed the building. Site development was done by The LA Group, and engineering was by Spring Line Design. Funding was provided by Adirondack Trust Company.
Maura and Christopher Hewison have established a flight school at the Saratoga County Airport to train aspiring pilots.
Courtesy of Hewison Aviation
The residential/commercial project currently under construction in Saratoga Springs will offer wellappointed condominium units and space for businesses when completed later this year.
Couresy of Bonacio Construction
Arrow Bank Aims For Significant Growth With Rebrand And Regional Expansion
BY PAUL POST
Arrow Bank’s newly rebranded name is taking aim at greater Capital Region market share.
The moniker replaces Glens Falls National Bank & Trust Company and its affiliate, Saratoga National Bank & Trust Company, which have operated together since the latter’s company’s formation in 1988.
The newly-named Arrow Bank is a subsidiary of Glens Falls-based Arrow Financial Corporation.
“We’ve been successful with the two brands, but in some instances the name has held us back a little bit,” said David S. DeMarco, corporation president and CEO. “If you go into a new market and you’re a strong company that’s got the name Arrow Bank it
should be well perceived versus, ‘Wait a minute, I thought your bank was in Saratoga or Glens Falls.’ ”
“We have a very small market share in the Capital Region,” he said. “That’s really where our growth will be. That’s our target.”
A crowd of company officials and wellwishers recently gathered outside Glens Falls offices to celebrate the new designation, which took effect January 1.
The leadership team is unchanged, ensuring stability and continuity and customers can continue to use all of the bank’s 38 branch locations from Albany to the Canadian border. Staffing for the bank’s 550 employees will not be affected.
“The big message to customers is that nothing’s really changing, but the name,”
DeMarco said. “When I ask customers, Why do you do business with us, inevitably everyone says because of the people. We’re a people business. In this instance, the people, the buildings, products and services aren’t changing. Literally, the only thing people are going to see is the name change.”
“We came to the conclusion a couple years ago that it’s going to really help us from an operating efficiency standpoint to have one company,” he said. “We’ll no longer have to have two sets of marketing materials or financial statements and it will really help from an accounting and finance standpoint, even with our loans and deposits.”
Glens Falls National Bank was founded in 1851.
Arrow Financial Corporation is a publicly traded company with an asset size of approximately $4.4 billion.
Last August, the company acquired a Berkshire Bank branch office in Whitehall, filling a gap in the Washington County market.
During the past decade six branches have been opened in the immediate Capital Region in places such as Troy, Schenectady, Rotterdam and Colonie.
DeMarco said Arrow Bank sees opportunities to expand to Rensselaer and Columbia counties, the Hudson Valley and perhaps even western Vermont and Massachusetts.
“We can’t go too far, but western markets that touch ours are certainly possibilities,” he said. “We believe our biggest strength is our commitment to the communities we serve. When we’ve gone into a new market we’ve really emphasized and show how we give back and support the community. A community bank is only as strong as its community.”
“Our people are going to be involved,” he said. “Financially we’re going to support the community. We’re a true community bank.”
Previously, Saratoga National Bank had advertised itself as “The Thoroughbred of Banks.”
Plans call for rolling out a new Arrow Bank marketing campaign that will cover the company’s entire territory in coming weeks, DeMarco said.
Capital Investment
Continued From Page 1
renewable energy sector and life science represent sectors not previously found at the top of the county’s economic development opportunity list. Essential to our success in 2025 will be the continuing and collaborative efforts with our partners in state, county and local government along with business development, community stakeholders, individual investors and entrepreneurs to showcase Saratoga County as a great place to live, work, raise a family and a place to make ones next capital investment.
In March, SEDC has planned a 2½ day familiarization tour that will welcome companies, organizations, investors, and economic development organizations from around the world to Saratoga County. Our plans to showcase the opportunities, quality of life and business friendly environment the county is nationally known for will hopefully inspire today’s strangers to become tomorrow’s neighbors.
Of course, predictions of the future, short or long-term are always tempered by unknown events or a series of events that can occur at any time and on any day.
As much as geography separates Saratoga County and our residents from the daily and ongoing trials and tribulations occurring today across the globe, the current geopolitical environment merits our daily attention. Make no mistake, we live, exist and benefit from the global economy.
The hope of course is that world and national events, the transition to a new administration in Washington and a stable economy together with thoughtful, helpful, consumer and economic development friendly laws, rules and regulations from federal and state legislators as well as regional and local government officials will support our economic development efforts and not hurt the success enjoyed in 2024 and the progress we will make together in 2025.
Brookmere
Continued From Page 1
sine with regional touches. These include croque madame, French omelets, and steak frites.
It features a coastal-inspired atmosphere with a bar offering an extensive cocktail menu.
It is open for breakfast, lunch and dinner daily, and on Fridays and Saturdays is open until 10 p.m. Miller noted that more than 70 staff members have been hired to date and he expects that number to exceed 100 when they are at full capacity.
The property was purchased in January 2023 for $4.9 million from Steve Sullivan and Dave Powers by 9N Medical LLC in partnership with the Bonacio organization.
Construction started in June 2023 with plans to expand the Longfellows footprint from 65,000 square feet to 90,500 square feet. When fully completed next month the resort will house an 88-room hotel, a 200-seat ballroom, the 65-seat Regent Restaurant & Bar, and the Arbor Spa.
According to Mathias, phase one started with interior demolition and reframing of the existing buildings. Crews had to demo a portion of the barn building in the ballroom and then start construction of the new building, which has been underway for about a year.
She noted that right now they’re having a soft opening until everything is up and running with a more public opening in the spring. The Saratoga County Chamber of Commerce has planned a mixer for February 6.
The resort was designed by Balzer & Tuck Architecture with landscape architecture and engineering by the LA Group. Atlanta-based Sims Patrick Studio did the interior design and marketing was handled by Love & War of New York City. The resort is managed by Hay Creek Hotels, a New York City-based firm that manages boutique properties. Rhinebeck Bank of Albany provided $28 million in initial construction financing for the $30 million project.
The Union Avenue site was once a dairy farm with a distinctive barn that has been incorporated into the reimagined resort and was also utilized by the previous owners. In 1977, a grocery store and sandwich shop called the Canterbury opened on the site. That became the Canterbury Restaurant and 50-room Canterbury Inn in 1982. In 1997, Longfellows Restaurant, owned by Saratoga Springs restaurateur Steve Sullivan and business partner Dave Powers, opened. A year later, Longfellows Hotel was built. Another building with more hotel rooms and a conference center was added in 2003.
Two local community banks have been rebranded under the Arrow Bank name with the aim of increasing market share in the Capital District. Courtesy of Arrow Bank
Economic Outlook 2025
Mixed Challenges In The Building Trades
BY DOUG FORD
As we step into 2025, I remain optimistic about what lies ahead for the construction industry, even though there is much uncertainty. The construction industry, along with companies supporting it like Curtis Lumber, faces a year that will blend both opportunity and caution. Let’s take a closer look at what we know, what we think we know, and the unknowns that could influence the year ahead.
The outlook for construction in 2025 is generally optimistic, especially for residential and multifamily projects. Nationally and locally, growth is expected, but experts predict commercial construction will slow compared to previous years. Residential and multifamily construction remains robust as demand for housing continues, despite challenges such as rising interest rates. That said, there are still plenty of unknowns that could impact the industry. Much of this uncertainty stems from the new administration and its policies. Changes in leadership can significantly impact the construction sector, especially when it comes to regulation and funding for infrastructure. We are likely to see a focus on reducing regulations and prioritizing traditional infrastructure and energy projects, which is positive for the industry. However, there may be less emphasis on renewable energy projects, and potential labor impacts due to stricter immigration policies or rising tariffs could add costs. Only time will reveal how these factors will play out.
A major concern for the construction sector is the ongoing labor shortage. According to a recent AGC survey, over 90% of contractors struggle to fill positions across all levels. Despite efforts to raise awareness and encourage more people to pursue careers in the trades, these challenges persist. Locally, the Northeast Construction Trades Workforce Coalition (www.NCTWC.org), which I co-founded with Pam Stott, is working to bridge this gap by increasing awareness of career opportunities in the construction trades. Research has shown that many young people are unaware of the trades, largely due to a lack of accurate information provided by school counselors (no fault of theirs) and parents. Through our extensive research we have realized the construction industry has done very little to engage with the schools and provide the tools and resources necessary for the counselors. Additionally, parents are basing their knowledge of the trades on what they saw growing up,
which is very different today.
While we’ve made significant progress in our region, more work remains. Our continued advocacy will help ensure that young people have the tools they need to make informed decisions about their future careers. However, this issue is not something that can be solved overnight, and it will remain a limiting factor for the industry.
The national housing market has been sluggish over the past two years. Mortgage rates have played a significant role in this, as higher rates make it more difficult for buyers and builders alike. While most economists do not anticipate a significant drop in mortgage rates, the elevated rates and continued growth in home prices will make homeownership a challenge for many.
Zillow forecasts a 2.6% increase in home values in 2025, while Realtor.com predicts a 3.7% rise in prices.
These factors will continue to influence both homebuyers and builders, as the cost of purchasing and constructing new homes remains high. Builders may have to adjust their strategies to remain competitive in this market.
Despite these challenges, there is a silver lining, particularly in the Capital Region of New York. The area remains a bright spot, showing resilience and growth despite broader uncertainties. As we move forward, it’s essential for those of us in the building materials and construction industries to continue adapting and working together to navigate the ever-changing landscape.
While the year ahead is filled with both opportunities and challenges, one thing is clear: we must stay agile, informed, and committed to overcoming the obstacles that come our way. Here’s to a productive and successful 2025.
Saratoga County Well Positioned For 2025
BY TODD SHIMKUS
As we head into 2025, Saratoga County is extremely well-positioned for the future.
Let’s take a look at what we already have marked on the calendar for the new year.
Major employers Regeneron and GlobalFoundries are expanding in our county. These investments indicate growth for our local economy, and we hope it will attract talented employees to our one-of-a-kind region where its truly possible to “Live Like You’re On Vacation.”
With one year of experience under our belts, the area is set to host the 2025 Belmont Stakes Racing Festival in early June. The event will feature five days of racing at Saratoga Race Course (one more than in 2024) - and we are thrilled to present another Belmont on Broadway concert to kick off the festivities in Saratoga Springs.
Plus, a special July 4th Racing Festival will serve as a prelude to the traditional summer meet. These extra four days of racing are sure to bring some added vibrancy to Saratoga for Independence Day, and we hope that folks from near and far will join us for Saratoga’s All-American Celebration, an annual tradition organized by our Chamber that features live music and a spectacular fireworks display in the City’s downtown business district.
The 2025 Saratoga Performing Arts Center entertainment schedule, which will run from May to September, is also shaping up to be an extraordinary season. Appearances by Avril Lavigne, Thomas Rhett, Rod Stewart, Weird Al Yankovic, Goo Goo Dolls, Styx and Shania Twain have already been announced by our friends at Live Nation, along with the return of the Saratoga Jazz Festival as well as the New York City Ballet and the Philadelphia Orchestra for their 2025 seasons in their summer home at SPAC.
Tree House Brewing Company’s highly anticipated new Saratoga Springs location, which recently started offering beer-to-go, is slated to open its taproom to the public in 2025. This will be the brewery’s seventh location and its first in New York state, and it will certainly be a popular destination for beerlovers.
The new Bass Pro Shops store, currently under construction in Clifton Park, will also serve as a destination for shoppers who enjoy outdoor recreation.
To help welcome all of the new employees and residents, racing fans, concertgoers, beer enthusiasts and outdoorsy types, Saratoga’s hospitality offerings are increasing. The new Brookmere Saratoga, an 88-room luxury hotel on the former site of Longfellows, is now accepting guests and the Marriott AC
Hotel, with 120 rooms, is being constructed on South Broadway.
While all of these factors are promising, Saratoga County has three issues where action is needed for economic success. Our community leaders must focus on building more workforce housing, expanding public transportation, and, given our labor shortage, implementing immigration reform that allows people already working here to remain and to move more quickly toward becoming U.S. citizens. If we work together to address these areas of concern, Saratoga will be more than ready to succeed, grow and thrive in 2025!
At the Saratoga County Chamber of Commerce, one of the numerous ways we aim to enhance our region in 2025 is through helping the City of Mechanicville to organize an application for a Downtown Revitalization Initiative/New York Forward grant to support local projects that would transform the City’s downtown. This follows our efforts in 2023 to secure a $4.5 million grant for Schuylerville and, in 2024, serving on the Schuylerville Local Planning Council, which helped the residents, businesses, and leaders of Schuylerville to recommend 15 transformational projects approved to start as soon as 2025. If you’d like to stay in the know about these initiatives and more, every month the Chamber publishes what we call the “Insider’s Report,” a collection of current statistics and trends that tell us how Saratoga’s economy is performing. This report is now among our most popular emails with thousands of opens every month and an ever-increasing subscriber base. While the name suggests one thing, the reality is that anyone who is interested in this exclusive information can subscribe to receive the report at www.saratoga.org/insider.
Todd Shimkus, president of the Saratoga County Chamber of Commerce.
Doug Ford is vice president of Curtis Lumber Company.
Courtesy Saratoga County Chamber of Commerce
Courtesy Curtis Lumber
AI Is A Helpful Tool In Market Research
BY NEAL SANDIN
AI continues to permeate into society, spreading to every corner of our homes and workplaces. People are using it to help make emails more professional and resumes more appealing. Unfortunately for market research, some are using it to answer questions.
This is a significant issue. The entire purpose of qualitative market research is to understand people’s unique wants, needs, and desires, as well as the issues and barriers they struggle against. If respondents provide us with AI-generated responses instead, we are failing on a fundamental level. After all, AI generates answers that are compiled from huge amounts of data from millions of users. While undoubtedly useful, it cannot accurately reflect the unique circumstances of the individual. AI can tell us where the rents are rising, but it cannot tell us the feelings, emotions, and hopes of a specific tenant.
One obvious solution is to simply rely less on methodologies such as online bulletin boards, which allow users to reply to questions at their leisure. Face-to-face interaction, either in-person or via Zoom or Teams, precludes using generative AI like Chat GPT. Direct connection would seem to make for more engagement and better results. However, sometimes online bulletin boards are the best tool for the job, such as when people try a product over the course of several days. Nor has there been a significant drop in the use of online bulletin boards, or similar forms of market research, since the advent of Chat GPT or other AI tools.
Another solution is to simply disregard AI generated answers and replace those respondents. This is possible when the AI is obvious, but as teachers and professors around the world can attest, no person or program can infallibly identify AI-generated responses.
So, the question becomes, why? Why do people use generative AI instead of giving their own opinion? It is easy to fault the respondents, saying that they are lazy or in it for the money. That may occasionally be the case, but the answer is hardly that simple. After all, most people want to have their opinions and frustrations heard and taken seriously. Yet, some turn to AI to generate a response. It is disheartening to find that when asking for a personal opinion (in a confidential and safe setting), people do not feel empowered to give it.
Instead, it is more fruitful to look at what is being asked of the respondents. The best research projects are collaborative. They invite participation and discussion. If someone understands why the research is being done in the first place (e.g., designing new products/services, determining the benefits for a rewards program, etc.), the
more interested and engaged they will be. It also reinforces those admirable qualities mentioned earlier – a willingness to help and a desire to be heard. Hence, it is vital that the respondents see how their feedback and answers can affect the real world.
On the other hand, if the researcher plays their cards too close to their chest, it can result in confusion, frustration, and disconnection. There also needs to be a strong respect for the respondents’ time. As with any business, market research is competing for attention, and if the work is too long, arduous, or irrelevant, it is no wonder that people look to AI to take the load.
Another issue relates to the types of activities or questions. Just as people have different learning styles, the same is true with self-expression. Only allowing for one type of answer, such as a text response, can lead to burnout or frustration. It is vital to find other ways for respondents to give feedback and to interact with the research, especially in ways that generative AI cannot. Examples include drawing, video responses, picture selection, collages, or even games. Not everyone will feel comfortable writing, so it is up to the researcher to find other ways for them to interact with the research.
People are more interesting and creative than anything AI could compile; it is our job to allow them to be so. In the face of the increasing sophistication of generative AI, market research must actively find ways to stand out and engage in a world of countless distractions. AI is a tool, and a very helpful one at that, but it is not specific. It generalizes and summarizes, while qualitative market research strives to uncover unique moments or circumstances in people’s lives. Lack of genuine engagement when setting up a project tends to result in lack of genuine engagement on the part of respondents. The more we meet this challenge, the more customers’ needs and wants are heard, and the better the marketplace becomes.
More Headwinds Than Tailwinds In Economy
BY STEPHEN KYNE, CFP®
The markets in 2024 were dominated, largely, by AI/IT and the Fed.
The S&P 500 and the NASDAQ 100 were up 23% and 25%, respectively. On the surface that may appear to suggest that stocks, in general, did very well, however a deeper dig shows that a huge share of returns were limited to a very few stocks.
The “Magnificent 7” stocks make up nearly 33% of the S&P 500 that you often see quoted, and nearly 50% of the NASDAQ 100, the other 493 and 93, respectively, make up the rest. Weighting in these indices is proportional to the size of the companies. If you flatten it out and take all 500 companies in the S&P at equal weight, you’ll find a return of only about 12% for the year, which paints a very different picture. Investors have plowed funds into these few names, at the expense of the broader market.
Looking ahead to the new year, we are cautiously optimistic about US stock markets providing positive returns for 2025. Much will depend on the governing policies and priorities of the new administration, which we believe we’ll learn in rapid succession in the third week of January.
It was announced by the Presidend-elect that we’ll be re-naming the Gulf of Mexico the “Gulf of America”, as well as putting “substantial” economic pressure on Canada to surrender its sovereignty and become the 51st state. Once those very pressing issues are settled, maybe everything else will fall into place, and we can end this piece here.
If only that were true…
Sideshows like these create unnecessary distractions and uncertainty for businesses and the markets. If there is one thing financial markets crave, it’s certainty. Volatility arising from this uncertainty is likely to affect domestic and international markets, as investors vacillate between bullish sentiment and defensive posturing.
Word is beginning to circulate about a possible emergency declaration by the incoming President, which would give him extraordinary power to enact economic measures, which would continue to create uncertainty
It’s widely expected that we will see tariffs placed on imports from Canada, Mexico, China, and several other trading partners. The severity of these tariffs will determine to what degree they are inflationary and impact prices. In general, tariffs would be passed on to the consumer, and we believe companies will largely maintain their margins. If tariffs are too high, however, and the consumer capitulates, we have concerns about the longevity of the current bull market.
Tariffs will likely be met with retaliatory tariffs, which could make US-made products comparatively more expense on foreign markets, exacerbating a situation already created by the strength of the US Dollar. The knock-on effect here may be cuts in production and a loss of US jobs.
As discussed in last month’s piece, an immigration policy that would see the wholesale collection and deportation of undocumented workers would be incredibly disruptive to vital areas of the economy, especially agriculture and construction, and
could weigh further on US markets.
The election of Donald Trump has many assuming that the 2017 tax cuts will be renewed, as many are due to sunset and revert to their 2017 levels at the end of this year. We think this is probably a simplistic view, as the narrow majority in the House is comprised partially of fiscal hawks who are unlikely to blindly sign off on a set of tax laws which is expected to add more than $4.5 trillion to the nation’s $36.2 trillion debt.
This debate will happen, of course, only if and when Congress avoids default this year by raising the debt ceiling even further. The debt ceiling was temporarily suspended in June 2023, by the aptly named “Fiscal Responsibility Act.”
The Fed, which had the market waiting with bated breath for a rate cut for more than a year, finally gave in last year and reduced rates by 1% by year-end. It’s our belief that the Fed is unlikely to take any further action around rates until it has a firm understanding of the effects of new legislation and economic policies. We do not expect rates to come down dramatically in 2025, barring some economic or geopolitical calamity which necessitates it.
In general, we believe there are more headwinds than tailwinds and that this year will be volatile, but overall positive for the US stock markets. We hope to see a healthy broadening of the market away from the “Mag 7” stocks; prudent fiscal, foreign, and domestic policy; and a Fed that continues to loosen. If those don’t materialize, we are optimistic that the US economy is on sound enough footing that it will win in spite of it all, but at the expense of international markets.
Remember that this piece contains forwardlooking statements which are opinion, based on information currently available, and subject to change. As always, work closely with your Certified Financial Planner® professional to help ensure your financial strategy reflects your needs and the realities of the economic landscape, whatever they may be.
Stephen Kyne, CFP® is a Partner at Sterling Manor Financial, LLC in Saratoga Springs.
Sterling Manor Financial, LLC is an SEC Registered Investment Advisor and does not provide tax or legal advice, nor is it a third-party administrator. Consult your attorney or accountant prior to implementing any tax or legal strategies.
Neal Sandin, President of 643 Research is a fullservice qualitative market research company.
Stephen Kyne, partner, Sterling Manor Financial LLC in Saratoga Springs.
BY SARA MANNIX
Looking back at 2024, I’ve seen the digital marketing industry undergo remarkable changes. It’s been a year of rapid technological advancements, evolving consumer expectations, and the ongoing influence of global economic uncertainties. For me—and so many of us navigating this field—the new year has been a mix of challenges, exciting opportunities, and groundbreaking innovation.
As I reflect on the past year, one thing remains clear: no matter the state of the economy—whether tightening, as we saw in 2024, or expanding, as many predict for 2025—digital marketing continues to play a vital role. It’s where businesses connect with people in the spaces they spend the most time: online. From social media to search engines, digital platforms are where brands thrive—or fall behind.
Key Trends Defining 2024 That Shed Light on 2025
Artificial Intelligence: Moving Beyond the Hype AI has shifted from being a buzzword to an essential digital marketing tool. I’ve seen how platforms like ChatGPT and AI-driven personalization have transformed how we connect with audiences and tailor experiences. But there’s a fine line here. In conversations with industry peers, especially in groups like the Bureau of Digital Agencies, the focus has been thoughtfully leveraging AI. Those who use AI simply as a shortcut to manipulate systems may see fleeting success, but that approach is unsustainable. The real winners in 2025 and beyond will be those who balance automation with authenticity—using AI as a tool, not a crutch.
Content’s New Frontier: Video and Interactive Media
Video content is still king, but I’ve noticed a growing interest in interactive formats like live streaming, polls, and augmented reality. TikTok, Instagram Reels, and YouTube Shorts continue to dominate, but the push for immersive experiences is opening up new opportunities. For us, the challenge is in finding creative ways to integrate these formats into campaigns that engage audiences and keep them coming back for more.
Evolution of Social Media
Social media platforms have evolved from a way to stay connected to a trusted information source. 54% of U.S. adults get news from social media at least sometimes, and 67% of U.S. social media users leverage social platforms to conduct product research before making a purchase. In 2025, social media apps could drive higher ROI than ever as they evolve into easy-to-use shopping platforms.
The Privacy Pivot: First-Party Data Strategies
With third-party cookies phasing out, first-party data collection is no longer optional. Businesses must build direct customer relationships through email, text, loyalty programs, and personalized offers. This shift demands transparency and trust, which are essential for consumer confidence.
Challenges on the Horizon
While the opportunities are exciting, the road ahead isn’t without hurdles.
Increase in Paid Advertising Strategies: In 2024, we saw an 11.8% increase in advertising spending. More businesses are adopting paid advertising than ever, which leads to more competition and increased ad costs. These increased costs put pressure on getting strong returns on the ad dollar, and the increasing competition means marketers must be more creative than ever to stand out.
Data Privacy Regulations: As data privacy regulations, such as GDPR and CCPA, continue to evolve, businesses must stay vigilant about compliance. Navigating these challenges will require agility and a commitment to customer-first practices.
Increase in Search Engine Algorithm Updates: I often get asked, “How long do I need to invest in SEO?” The answer is simple. Search engines are continuously evolving. Google search alone is changing 13 times per day on average. These changes make it essential to constantly invest in SEO so your business can continue to adapt as search evolves.
Seizing the Opportunities
In 2025, businesses that adapt their strategies to stay on top of changes in search and emphasize long-term gains over short-term wins will position themselves for growth. Hyper-personalization, leveraging AI and data insights, offers unparalleled opportunities to connect with customers in ways that resonate. The key to success lies in a balanced approach: leveraging innovation while staying grounded in the timeless principles of trust, transparency, and meaningful connection.
BY DOROTHY ROGERS-BULLIS
As we step into 2025, the question on everyone’s mind remains: “What’s going on with Return to Office RTO)?” My answer? It depends.
I’ve been asked this question so many times, I should probably print it on a t-shirt. As the president of drb Business Interiors and co-founder of Saratoga CoWorks, I’ve seen the challenges and opportunities from every angle—whether it’s a business owner trying to coax employees back to the office or an employee wondering if they can work from home in their pajamas just one more day. Spoiler alert: It’s complicated.
Making the Office Worth the Commute
When business owners ask, “How do I get my employees back in the office?” My first response is simple: Make the office worth coming back to. Let’s face it, if your office looks like a scene from a 1990s sitcom (complete with beige cubicles and fluorescent lights), why would anyone trade their home office— where the coffee is free, the dress code is sweatpants, and there’s a dog under the desk?
Today’s offices need to offer more than just a place to work. Think ergonomic chairs that don’t scream “chiropractor visit pending,” collaborative spaces that spark creativity, and yes, even some creature comforts like good coffee and snacks. In 2024, we redesigned countless offices to include these features, helping businesses create environments that employees actually want to be in.
The Flexibility Factor
But it’s not just about the furniture. Flexibility is the name of the game. For decades, the 8-to-5, Monday-to-Friday schedule was the gold standard. Now, employees want hybrid schedules that let them balance work and life without sacrificing either. Business owners who adapt—offering staggered schedules or remote work options—often find that productivity improves along with morale.
That said, flexibility must be carefully managed. Many employees have shared that working from home often comes with higher expectations for productivity. Without clear boundaries, this can lead to burnout. Striking the right balance is crucial. Instead of offering one work-from-home day each week, some businesses find that a few days a month makes more sense. Again, it depends on the business and the team.
The Shift in Employee Sentiment
Interestingly, the once-universal love affair with remote work is cooling off. When I ask employees if they enjoy working from home, many now say, “No. I miss the energy of the office.” This shift presents an opportunity for businesses to redefine what the office means: a space for connection, collaboration, and culture.
There’s also a mentorship gap to consider. When employees aren’t in the office, they miss out on organic opportunities to learn from senior staff. Those spontaneous moments—sharing ideas over coffee or receiving advice in a hallway conversation—are critical for professional growth. Being in a professional environment not only improves your skill set and helps with networking, but it’s also better for your mental health than working alone at home. In industries like finance, tech, and creative fields, these interactions foster innovation and skill development, laying the foundation for long-term business growth.
Coworking: A Creative Solution
For some businesses, traditional office spaces aren’t the answer. That’s where coworking comes in. At Saratoga CoWorks, we’ve seen everyone from solopreneurs to Fortune 500 teams embrace coworking as a flexible, cost-effective alternative. It’s the best of both worlds: professional space without the overhead.
We’ve even worked with companies who maintain coworking memberships for their teams and gather the whole crew for retreats a few times a year. It’s a model that fosters both collaboration and community—without breaking the bank.
The Future: Embracing Adaptability So, where does this leave us in 2025? The truth is, there’s no one-size-fits-all solution. Whether it’s redesigning office spaces to make them irresistible or embracing hybrid and coworking models, the key is adaptability.
At DRB Business Interiors, we specialize in creating customized work environments that meet the unique needs of your business and team. If you’re ready to transform your workspace into a hub of productivity and collaboration, let’s talk. After all, in the ever-evolving world of work, the best approach depends on your specific goals—and we’re here to help you achieve them.
Sara Mannix, president and CEO of Mannix Marketing.
Dorothy Rogers-Bullis, owner of drb Business Interiors in Saratoga Springs.
BY CECIL PROVOST
Well, 2024 was pretty similar to 2023 in Saratoga real estate and home building... great if you’re a seller, and tough if you’re a buyer.
Although mortgage rates were predicted to drop in 2024, that didn’t happen. Mortgage rates were around 6.5 percent in January 2024, climbed to about 7 percent by May, briefly dropped to about 6 percent in September, and ended the year back in the 6.5 percent range. Saratoga County home prices continued to climb, because the demand is still much greater than the listing inventory. Most homeowners aren’t selling, due to the “lock-in” effect; if they have a 3 percent fixed rate mortgage and current rates are over 6.5 percent they aren’t selling unless necessary - and that won’t change anytime soon. So, inventory was low, demand was very high, and prices continued to climb. When a new listing came on the market in 2024 we saw immediate activity, multiple offers, rapid sales, and higher prices. Although the number of closed sales was lower than normal due to limited inventory, our median sale price increased nearly 6 percent in 2024, the average market time was only 11 days (historically speaking, 90 days is “normal” in our area, and I’ve seen it as high as 130 days), and most sellers got full price or more (our historical average is 96.5 percent). In a “normal” year the higher prices and interest rates would have made selling a home more difficult, but demand is so overwhelming in our area that the only listings that don’t sell in 45 days are the ones that are grossly overpriced. In 2024, as in past years, many potential home buyers that were frustrated in their home search turned to my new construction. As a result, every good builder and subcontractor in our region is buried with work. Our construction companies, Saratoga Construction and Saratoga Modular Homes, received a record number of new customer inquiries in 2024 and shattered our previous records for both number of home sales and total sales volume, despite much higher construction prices and interest rates. (Construction costs were up about 6 percent in 2024). Thankfully most of the supply chain issues that we experienced during the pandemic have been resolved, but there’s still a huge shortage of skilled workers in our area. So what’s ahead for us in 2025 and beyond? In my opinion, more of the same. If mortgage rates drop below 6 percent as predicted, that will stoke even greater demand - but probably won’t convince most
homeowners sitting on a 3 percent mortgage to sell, so resale inventory will remain tight and bidding wars/price escalation will continue. The recently announced significant expansions of both Albany Nanotech and Global Foundries will bring another wave of affluent home buyers into Saratoga County. As a result, demand for resale homes and new construction will continue to be “off the chart”. As I write this on January 2, Saratoga Construction is nearly booked for 2025, and we already have several projects in planning for 2026 - and prices are going nowhere but up. NAHB predicts overall costs to increase 6 percent-7 percent in 2024. (Historical average is 3 percent-4 percent per year). Customers are always asking me if/ when I think the construction costs will come back down, and my response is “probably not in my lifetime, certainly not in the next 10 years around here”. So as we begin 2025, we continue working in the “new normal” for our region. My advice to our customers is don’t be in a hurry to sell, but if you’re hoping to buy then sooner is better than later. Prices are going to continue climbing, inventory is going to remain tight, and housing demand is going to outpace supply locally for years to come.
Cecil Provost has been active in Saratoga County real estate and construction since 1985. He is a Graduate of the Realtor’s Institute, a NYS Certified Real Estate Instructor, the Broker/Owner of ProRealty of New York Inc., and also is the owner of Saratoga Construction LLC and Saratoga Modular Homes LLC, and a six-term Board of Directors member of the national Modular Home Builders Association.
BY PETE BARDUNIAS
In some of the social circles I inhabit, “DEI” can be considered a bad word. This is unfortunate. If we can get past the political machinations, we might well find that 2025 is the year for a big DEI breakthrough in Saratoga County and the greater Capital Region. One of the reasons: Neurodiversity. A big word which means “individual differences in brain functioning regarded as normal variations within the human population,” according to Webster.
Consider these statistics. One out of every 36 children is estimated to be somewhere on the autism spectrum. One out of every 28 children has an incarcerated parent. One out of every 20 suffer from Fetal Alcohol Spectrum Disorder (FASD), a category which isn’t even considered an “official” disorder, and is totally preventable. One out of every four women (and one out of seven men) will endure some form of domestic violence in their lifetime, and 22 veterans commit suicide every day.
Better understanding of how both these biological and societal factors contribute to the emotional stability and mental health across our population can be beneficial. Just think of the statistics mentioned above, and what they might do to inhibit people from reaching their full workplace potential. Think of the impact it can have, if we could resolve them to any great degree. It would be the single biggest workforce development initiative the Capital Region has ever seen. A sensitivity to neurodiversity can help move us in the right direction. It is exciting to see some of this already in action.
For example, Assemblywoman Mary Beth Walsh promotes ThinkDIFFERENTLY, launched by then-Dutchess County Executive Marc Molinaro in 2015, which advocates consideration for people with sensory, hearing, mobility or visual issues. The Saratoga County Fair turns down the noise for a few hours on one of its days, to provide a more welcoming environment for sensory-impacted guests. At St. Christopher Fitness in the Clifton Park Center Mall, owners Jomilson and Theresa Alvarez provide a smaller space, different, often subdued, lighting, elements of mood, and sensory stimulation to help people with autism or other challenges get their exercise regimen in a comfortable setting. People who wouldn’t otherwise get to exercise have the chance to do it in a way that suits them.
Other, similar practices can help our workforce grow to its full potential. Many area businesses, both large and small, report that they are operating at about 85 percent capacity versus what they could be doing, simply because they can’t find enough employees. How many times have you been frustrated trying to get services taken care of because the call wait time is too long, or it takes weeks to get an appointment?
The time is now to see how we might help alleviate this problem, and the growing emphasis on the trades, technology, and “STEAM” educa-
tion coupled with dedicated efforts to increase the diversity, equity and inclusiveness of our business community could pay big dividends going forward. For those interested in finding out more about DEI programs and practices, please visit capitalregionchamber.com.
Incidentally, we are now five years into the affi liation between the Chamber of Southern Saratoga County and its Capital Region Chamber parent, so here’s a status report. In 2024, the Chamber of Southern Saratoga County was recognized for historic preservation and stewardship by the Town of Clifton Park, and I received the “Agriculture Promoter of the Year” award from The Saratoga County Agricultural Society (which would not have been possible without the chamber’s ability to promote and support farming in our county).
“Inside Clifton Park/Halfmoon”, “Inside Malta” and “Inside Milton & Galway” set an attendance record this year of 238, the largest audience for our southern Saratoga business event since the 2020 affi liation. We increased distribution of several key publications at The Clifton Park Visitor Center by 30 percent, we helped the Southern Saratoga County Chamber Angels set a record for holiday gift giving by supporting 487 children, and we held a ribbon cutting for Centrotherm Eco Systems in Waterford that never would have happened five years ago because all the organizations coordinating it were separate.
Thanks to the connection with the regional chamber, a giant powerhouse with 2,500 members serving over 160,000 employees, our ribbon cuttings and other important events were the subject of hundreds of articles on social and legacy media, radio, and TV. In fact, the Capital Region Chamber set a record of 136 ribbon cuttings in 2024. A large percentage of those took place throughout Saratoga County. Saratoga County businesses were also able to partake in regional events through the Chamber and its Center for Economic Growth affi liate. And this is just in one year. I’m confident that we achieved what we were hoping for when we agreed to combine. Let’s make this a great 2025, together!
Cecil Provost, is the owner of Saratoga Construction and Saratoga Modular Homes.
Peter Bardunias, senior vice president, Capital Region Chamber.
Courtesy Saratogaphotographer.com
Capital Region Chamber
New Federal Regulations Are Getting Tougher
BY MARK SHAW
When it comes to technology the outlook for 2025 is split between compliance and AI utilization. What do we mean by this? We mean if you are in a HIPPA (Medical Records) medical records or in any line of contracting for the federal government (CMMC) you will be impacted by some new regulations on your business. You may not even be aware of them.
For example, passed in the final hours of 2024, companies that fall under the HIPPA guidelines are now required to do two more things to protect their patient data. One they must have their computer systems scanned for vulnerabilities every quarter. This means four times a year you are expected to have a complete scan of your system to understand the current state of your IT health. Secondly you are expected to do annual penetration testing. This is where an outside firm tries to access your systems and data without being given permission. Once completed this report is shared with you and your technology provider to give a list of recommendations on how to remediate any shortcomings.
Interestingly HIPPA was created in 1995 and to date there has been very little “teeth” in the law and many practices are simply just saying “It is not for me, I’m too small, too specialized, not important enough, don’t have enough data to report on” We see this quite regularly. Medical firms are focused on their main jobs and not the technology side.
This is expected to no longer be the case. The new guidelines are letting regulators to get tougher on everyone. If you are not considering this and you have a medical practice, you should consider talking to your technology provider today to ensure you meet the requirements.
If you are in any industry touched by federal government, from a direct contractor for services, manufacturing for them or
even being janitorial services with clients in the government space, you are being forced to adopt stronger guidelines and comply with the new CMMC rules.
Cybersecurity Maturity Model Certification (CMMC) 2.0 program is a set of requirements that contractors must meet to protect sensitive information for the Department of Defense (DoD). The program is designed to protect the Defense Industrial Base (DIB) from cyberattacks. This is being rolled out through the entire supply chain.
This is a lot to digest for a business and it’s here and it may apply to you. Work with your IT firm to find out, if they are not sure, find a new IT firm. Your business is too important.
When we speak of utilization, we are talking about business objectives to increase your organizations productivity. Businesses of all size have large investments into technology. Your IT is critical to your business, you cannot run without it. BUT are you using it to maximize the costs you have incurred to put it in place?
This is the year that businesses get serious about using technology to solve problems. From AI to workflows, your business
BY STEVEN LUTTMAN
U.S. homeowners are sitting on approximately $35 trillion dollars of home equity. While rising values have been great for some, simultaneous higher prices and mortgage rates continue to leave many out in the proverbial cold. Should relief come, many expect it would not be in the form of falling prices, but instead in lower borrowing costs. We’ve seen the Federal Reserve lower rates on the short end of the curve with little/no impact to housing, so where else can we look? Spreads.
When we say ”spread”, we’re not referring to your favorite sports team catching six points determined by Las Vegas against a rival. Instead, it’s the difference between two benchmark rates. From a mortgage loan perspective, the significance of the 10-year U.S. Treasury yield can’t be overstated. On the surface this may not make a lot of sense. According to online lender Homebuyer.com roughly 9 out of 10 applications in 2022 were for a fi xed rate mortgage spanning 30 years. With that in mind, why not focus on a 30-year instrument for a true apples to apples comparison? When taking into account refi nances along with property sales, the average mortgage lifespan is actually only 8 years long. Turns out your “forever home” is rarely ever that. Keep this in mind when deciding if buying down your mortgage rate is in your best interest.
Mortgage rates trade above their Treasury counterpart due to several factors. These include servicing costs, secondary market appetite and duration risk. Equally important however, is default. While unfortunate, the chances of a household not making payments (1.73% of mortgages were delinquent as of Q3 2024 according to the Federal Reserve System) does exist. Compare this with U.S. government debt, which is viewed globally as “risk free”. The belief in repayment is in large part why there is a discrepancy.
While a strong correlation in movements between the two does exist, differences do occasionally occur. Economic conditions play a
role in the discrepancy. As explained by Grey Gordon, Senior Economist with the Federal Reserve Bank of Richmond in his 2023 research paper “Mortgage Spreads and the Yield Curve”, spreads increase during times of fi nancial uncertainty. The thesis is money flows into long dated government bonds for security, inverting the yield curve. Refi nance activity from owners chasing a lower rate shortens expected term duration, causing mortgage prices to become more sensitive to short-term Treasury rates. Ultimately this leads to higher mortgage rates relative to the 10-year Treasury yield and creates wider mortgage spreads. A very complicated way of saying that evidence shows forces push up mortgage rates during times of economic slowdown.
Assuming the above is correct, we should focus our attention on where we stand today and how it ranks historically. At time of writing, the U.S. ten year is yielding 4.79%, whereas a 30-year fi xed could be had for 7.05% according to Bankrate. For context, in the early 2000s the gap tended to hover near 1.75%, as it also was leading up to 2020. Generally these periods are viewed as times of economic expansion. Conversely, the spread grew as large as 3% following the fi nancial crisis and pandemic. With a
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Mark Shaw, CEO of Stored Technology Solutions Inc. (StoredTech).
Steven Luttman, broker/owner of SJ Lincoln Realty, host of The Expected Returns podcast.
Courtesy Steven Luttman
State Of The Economy And Markets For 2024
BY MICHAEL BRODT,
As I write this final State of the Economy and Markets for 2024, we are just days away from the winter solstice. However, the cooling off of the broader U.S. stock markets has preempted the official start of winter. The Dow Jones Industrial Average recently fell for the 10th straight day—its longest losing streak in 50 years—and on Wednesday, December 18, stocks suffered their worst trading day since August. Wednesday’s drop came in response to the Federal Reserve forecasting more stubborn inflationary pressures and fewer rate cuts in 2025 than had previously been discussed. Over these several days, the Dow dropped 6%, the S&P 500 3.5%, and the Nasdaq 1.8%.
Despite this recent weakness, the broader markets appear to be well on their way to wrapping up a second-consecutive banner year. The three previously mentioned stock indices are each still near their all-time highs reached in early December. With the Nasdaq at nearly 33% for the year—followed by the S&P 500 at 26% and the Dow at 14%—stocks have surpassed the majority of 2024 forecasts. A healthy rally taking place today, December 20, is recouping much of the decline realized on December 18.
A positive takeaway from the Federal Reserve meeting is its projection for stronger economic growth and lower unemployment for 2025 than previously thought. This, followed by real gross domestic product (GDP) growing at an annual rate of 3.1% compared to the previous estimate of 2.8%, indicates that the U.S. economy is in good shape, with no recession in sight as we head into 2025.
A strong U.S. economy and increasing corporate earnings could very well set the stage for a continuation of this current bull market, which began in October 2022.
Two impediments to a third-consecutive year of gains for the stock markets would be (a) higher-than-expected inflation, and/or (b) weakness in the narrow group of stocks that continues to fuel a large portion of the market’s gains. While 2024 saw increased participation compared to 2023, artificial intelligence (AI) and the stocks that have come to be known as the Magnificent 7 (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla) led the charge once again.
The questions on people’s minds as we began 2024 were likely to do with the strength of the economy (soft landing or recession); inflation; interest rates; and the next steps for the Federal Reserve, the U.S.
Michael Brodt, Senior Vice President, Wealth Management Director at Adirondack Trust. Courtesy Adirondack Trust
labor market, and the presidential election.
What have we learned? We have a resilient economy—and one much stronger than forecast—led by consumers, who, despite higher prices, continued to spend at a healthy rate. Inflation remains above the Fed’s target rate of 2%, but is well down from the 9% seen in June 2022. In July 2023, after its last in a series of rate hikes, the Fed left rates unchanged for much of 2024, until lowering rates by 0.50% in September and twice again by 0.25%. Two additional reductions currently are predicted for 2025.
The U.S. labor market remains healthy, with unemployment at 4.2%. The November election results saw the Republican Party gaining control of the White House, Senate, and House of Representatives, the first time since 2017, when President-elect Trump took office for the first time.
What lies ahead is never certain, and where we are 12 months from now will depend on a multitude of factors, many of which are unknown. Based on what we do know today, the economy is in a good place heading into the new year; corporate earnings are expected to continue to grow; and the Fed is projecting additional rate cuts but in a less aggressive fashion than previously thought.
I am often jokingly asked what my crystal ball tells me.
My answer, lately, has been, “It looks more like a freshly shaken snow globe.”
As always, we value your relationship and the confidence you have placed in Adirondack Wealth Management by choosing us as your financial partner. I hope everyone enjoyed a wonderful holiday season and wish you a happy, healthy and prosperous 2025.
Business Report
Goal Setting 2025
BY RENEE A. WALRATH
Goal setting is crucial in 2025, as it helps individuals and organizations navigate an increasingly fast-paced, complex, and interconnected world. Here are several reasons why goal setting is especially important in 2025:
The world in 2025 is marked by rapid technological advancements, such as AI, automation, and Web3, as well as global challenges like climate change and geopolitical shifts. Setting goals With AI, robotics, and renewable energy innovations, staying competitive requires clear objectives to adapt and upskill. Goal setting ensures you're not just reacting to change but The sheer volume of distractions, from social media to endless information streams, can derail focus. Setting specific, measurable, and time-bound goals (SMART goals) helps individuals and People increasingly prioritize personal well-being, mental health, and life balance. Goals aligned with values and passions promote self-improvement and a sense of purpose, helping individuals lead more fulfilling lives.
With sustainability being a key focus in 2025, goal setting allows individuals and businesses to take actionable steps toward reducing carbon footprints and conserving resources. The post-pandemic world and ongoing global uncertainties have underscored the importance of resilience. Setting goals fosters a growth mindset, encouraging people to overcome setbacks and keep moving forward.
Organizations and individuals must innovate to stay relevant in a competitive global economy. Goal setting fosters a culture of creativity encourages pushing boundaries to achieve Goals and provides benchmarks for tracking progress. This
helps people and organizations stay accountable, adjust strategies, and celebrate achievements, boosting motivation and morale.
Collaborative goal-setting fosters teamwork and collective problem-solving. In 2025, when global challenges require shared solutions, setting goals together can unite communities and organizations around common purposes.
In short, goal setting in 2025 is not just about personal ambition but about thriving in a world that demands adaptability, innovation, and responsibility. Whether you're an individual or a team, setting and achieving goals is the key to effectively navigating this dynamic era.
long term average of 2.0%, today’s rates reverting to the mean would decrease households’ mortgage expense. If we are headed into a period of economic prosperity however, the shift could be more substantial.
Accurately predicting the trajectory of Treasury yields is a nearly impossible task, as no one can foresee future geopolitical events, tariff and immigration policy impacts tied to the incoming administration, foreign buyer appetite and Federal Reserve quantitative easing (tightening anyone?), just to name a few of the influences. That doesn’t mean folks don’t try however. Wells Fargo, Fannie Mae and Mortgages Bankers Association anticipate 2025 year end mortgage rates in the low 6s, whereas the National Association of Realtors chief economist is a touch below six. We Realtors tend to be a “half glass full” group of people! Given the median home sale price in our country is approaching $410,000, even a quarter point lower would provide roughly $125 of monthly savings to American households. While spreads retreating to more historical levels won’t cure our housing woes, it would offer moderate relief. For some renters, it could be just enough to fi nally start building home equity of their own.
will need to get the best out of the business tools you are currently using. If you think Microsoft 365 is just email, you are being left behind. If your technology company isn’t helping you leverage the power of tools like these your company is at risk.
The current philosophy is if you are not using AI to better run your business, you won’t be replaced by a fancy AI, but you will be replaced by a company using it. AI is being built into everything from helping you write emails, to producing marketing materials and even helping us better interact with our customers.
Don’t be left behind this year! Know the compliance rules in your industry and leverage your technology to produce a better experience for customers.
Renee A. Walrath is the president of Walrath Recruiting Inc.
Courtesy Walrath Recruiting Inc.
Retirement Planning
Business Report Business Report
How the Economy Affects Your Retirement Plan
BY DAVID KOPYC
Retirement planning is a critical aspect of ensuring financial security in later years. While individuals often focus on personal savings, investments, and pensions, the broader economy plays a pivotal role in shaping their retirement plans. Economic factors such as inflation, interest rates, stock market performance, and governmental policies profoundly influence how much individuals can save and how effectively they can manage their retirement funds.
Inflation is one of the most insidious economic factors affecting retirement planning. It represents the rate at which the general level of prices for goods and services rises, eroding purchasing power. For retirees, especially those relying on fixed income sources like pensions or Social Security, high inflation can severely diminish their standard of living. When planning for retirement, individuals must consider the expected inflation rate over their retirement years. For example, if inflation averages 3% annually, a retirement nest egg needs to grow at a rate that at least matches inflation to maintain its real value. Investors often seek assets that tend to outpace inflation, such as stocks or real estate, but these come with their own risks. As a result, a sound retirement strategy must include a diversified investment portfolio that considers inflation risk.
Interest rates, determined largely by the economic environment and actions of central banks, directly influence the cost of borrowing and the return on savings. Low interest rates may seem appealing for borrowers; however, they can negatively affect savers and retirees who depend on interest yield from fixed-income investments for support.
When interest rates are low, the returns on savings accounts, bonds, and similar instruments decrease. This scenario forces retirees to seek riskier investments to secure adequate returns, which can increase the likelihood of losses during market downturns. Conversely, higher interest rates can benefit retirees; they encourage savings, increase yields on fixed income, and stabilize the economy. Therefore, understanding interest rate trends is essential for effective retirement planning.
The stock market’s performance is another critical economic factor affecting retirement plans. Many individuals invest a significant portion of their retirement savings in stocks through employer-sponsored 401(k) plans, IRAs, and personal brokerage accounts. The value of their retirement portfolio can fluctuate dramatically due to market volatility.
Recessions, bear markets, and economic downturns can lead to significant losses, prompting investors to reevaluate their risk tolerance and investment strategies. A market downturn close to retirement can drastically affect the total value of a retirement account. Conversely, prolonged periods of economic growth and bull markets can enhance portfolio values, increasing financial stability in retirement.
A balanced approach that factors in market conditions is vital. Potential retirees must consider their investment timelines and risk tolerance, adjusting their portfolio allocations accordingly as they age. Adopting a diversified investment strategy can mit-
igate risks associated with stock market volatility.
Government policies profoundly shape retirement plans; they include regulations, tax laws, and safety nets like Social Security. Changes in legislation can impact retirement savings vehicles, tax incentives, and benefit distributions. For example, shifts in tax laws could alter the attractiveness of retirement accounts, affecting individual savings behaviors.
Social Security, a cornerstone of retirement for many Americans, also depends on economic conditions. Funded by payroll taxes, any economic downturns that affect employment levels can jeopardize Social Security funding. While the program is designed to provide a safety net, its viability relies heavily on the workforce’s overall economic stability. Any proposals to reform Social Security could have lasting implications for current and future retirees.
Given the significant influence of economic factors on retirement planning, individuals must prepare for uncertainty. This involves not only saving and investing but also continually educating oneself on economic trends. Regular reviews of retirement plans can help adjust for changing economic conditions, ensuring that individuals remain on track to achieve their goals.
Moreover, financial advisors can provide valuable insights into how to navigate economic challenges. Consulting with professionals may help retirees or those nearing retirement to create robust, adaptable strategies that account for fluctuating economic conditions.
In conclusion, the economy significantly impacts retirement plans through inflation, interest rates, stock market performance, and governmental policies. To secure a comfortable retirement, individuals must actively consider these factors when formulating their retirement strategies. By embracing a proactive approach, educating themselves about economic trends, and seeking professional guidance, individuals can foster a more resilient plan that accounts for the unpredictability of the economy while striving to achieve their retirement dreams.
BY MATTHEW BURNELL, CFP®, MBA
A question that is often asked to me in my line of work is what is a financial advisor? A financial advisor is a broad title and can go by many names, often depending on what a particular firm likes to use or may have meaning depending on the types of clients one works with or a specialty they may possess. A few names that can be interchangeable include financial planner, registered representative, financial consultant, wealth advisor, wealth manager, investment advisor representative, etc.
For this article we will use the term financial advisor. As Financial Advisors, one primary responsibility of ours is to understand the financial goals of our clients which can include businesses, organizations and/or individuals, and use that understanding to help develop a plan to reach those goals. This is often established early in the relationship and updated as needed. During this process, educating clients on the steps being taken to reach these goals is important.
The exact duties that we as financial advisors perform will vary from client to client and will depend on what, if any, area of finance the advisor specializes in. However, most financial advisors will perform some combination of the tasks below.
Investment management: Offer advice on or directly invest in assets based on the client’s risk tolerance and goals. Assets can include stocks, bonds, mutual funds, exchange-traded funds, annuities, real estate, private equity and many other options. While we may handle the investment needs of our clients, we like to educate our clients as to how any of the investments meet their goals.
Taxation: Depending on the advisor, they may prepare tax returns, create tax plans and scenarios, educate or answer questions for specific individuals needs which can cover anything from the tax implications associated with actions taken in their portfolios to tax planning on the sale of a business that works into investable assets. As an example, our Wealth Management practice and tax practice allow us to coordinate our tax and financial planning for clients.
Retirement Planning: As financial advisors we like to run a financial plan to help clients make an informed decision on whether it is financially feasible to retire as they near that date. Having a strategy or plan on where retirement funding is coming from and how to distribute these funds to meet the client goals is a major point of this planning.
Estate Planning: Planning and solutions on how assets may pass to the next generation through wills or trusts or account titling or ben-
eficiary considerations, planning around estate taxes, reviewing and discussion of estate planning documents and often coordination with the client’s estate planning attorney. Reviewing the estate planning documents allows us to map out how assets may pass to heirs or plan on how to protect assets from creditors or taxation.
Insurance: Advisors may sell insurance or review & educate to plan for the mitigation of risk. Depending on the individual, this might include health insurance, life insurance, disability and longterm care insurance, and property insurance. Common general financial planning and advice: May include budgeting and cash flow, social security planning, health insurance, debt management, education planning, business succession planning and much more. Ultimately as advisors we like to be the first people a client thinks of when they have a financial related question and discuss. As you can see from the above, there are many variables in the financial advisor realm. It takes many years and is often considerable education to become proficient as a financial advisor. Beyond that, it is also important that people work with an advisor that they enjoy working and interacting with and fits their communication style. If any of the above interests you, sitting down with us can help to identify where we may be helpful.
Securities offered through Cetera Financial Specialists LLC, member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC. Cetera firms are under separate ownership from any other named entity.
Matthew Burnell, CFP®, MBA, Financial Advisor, HK Wealth Management Group, Clifton Park.
David Kopyc, president of Retirement Planning Group LLC in Saratoga Springs.
Cannabis Products Are Becoming Popular For Both Medical And Recreational Use
BY ROD BACON
For millennia the cannabis plant has been valued for its use for fiber and rope, food and medicine, and for its psychoactive properties for religious and recreational use. It has also gone through periods of being accepted and being banned by countries throughout the world.
Currently, cannabis use is legal in 24 U.S. states, Washington, D.C., and Guam for recreational use and in 39 states for medical use. It became legal for medical use in New York state in 2016 when the Medical Cannabis Program was implemented and for recreational use in 2021 when the Marihuana Regulation & Taxation Act (MRTA) was signed into law.
There are 285 adult-use cannabis dispensaries in New York state that recently surpassed $1 billion in retail sales generating nearly $150 million in tax, fee and fine revenue.
Chicago-based Green Thumb Industries, which operates 101 retail locations across 14 U.S. markets under the name RISE Dispensaries, opened its Clifton Park store in 2019. It initially offered only medical marijuana products but expanded to adult-use cannabis in June 2024 following a complete remodeling of the store.
“That was an exciting day, allowing us to meet and celebrate with the community,” said Commercial General Manager for New York Lincoln Campbell. “At RISE we believe cannabis can create more positivity -- whether it’s creating jobs, generating tax revenue, or giving back through social impact initiatives.”
The profits from the first day of adult-use sales were donated to HicksStrong, a local nonprofit organization that supports veterans and activeduty service members and their families by providing them with free confidential mental health
services.
“RISE offers premium, high-quality cannabis products in a welcoming environment,” said Campbell. “All Green Thumb products available to both medical patients and adult-use customers are held to New York’s medical testing standards established by third-party testing labs.”
Campbell clarified that RISE is not an acronym. “It represents the dispensary’s mission to elevate the cannabis retail experience,” he said.
A wide range of products is offered in the various forms popular with users. These include flower, vape, edibles, pre-rolls, tincture, topical, and concentrates. Green Thumb’s award winning brands such as &Shine vapes, Beboe gummies, Dogwalkers pre-rolls, Doctor Solomon’s , Good Green, incredibles, and RYTHM indoor hand trimmed flower are available.
“We are proud to bring patients and adult use customers safe, high-quality and consistent products across categories,” said Campbell.
The Clifton Park dispensary’s team is comprised of 25 members that include Personal Care Specialists, pharmacists, delivery drivers and more.
Delivery to medical patients is available within a 40-mile radius of the dispensary. They also have exclusive access to roll-through order and pickup services.
To qualify to purchase medical marijuana a person must first visit a health care provider registered with the New York State Department of Health and obtain a form certifying he or she has a medical condition that can be helped by cannabis use. Following that a state-issued registry identification card must be obtained. To get the card proof of identity and New York state residency must be shown.
Qualifying medical conditions include cancer, HIV/AIDS, Amyotrophic Lateral Sclerosis (ALS), Parkinson’s Disease, Multiple Sclerosis, spinal cord nerve injury, Epilepsy, inflammatory bowel disease, chronic pain, Neuropathy, Huntington’s Disease, PTSD, and substance use disorder.
All adult use customers need to purchase cannabis through RISE is a state-issued ID and cash or debit card. There is an ATM on site.
Adults 21 and older may possess up to three ounces of cannabis and up to 24 grams of concentrated cannabis outside their home for personal use.
and Long Beach.
According to Campbell, at present there are no immediate plans for more RISE dispensaries.
“But we are continually exploring opportunities to expand our footprint,” he said. “Green Thumb remains committed to growing its presence in regions where there is demand for both medical and adult-use cannabis.”
For more information log on to risecannabis. com.
For those who don’t want to use cannabis with a high THC content there is cannabidiol (CBD), a chemical found in the cannabis plant that is non-impairing. It can be used to treat a variety of medical conditions without giving the user a “high” and running the risk of developing physical cravings.
According to Sammy Foda, the founder of Two Strains Cannabis Company, his customers use his products to deal with pain, anxiety, depression, and sleep issues. Foda said he uses it for relaxation and stress relief.
“When I was 15 years old a traumatic event brought about a drastic change in my personality,” Foda writes on his website. “It was at this time that I discovered the relief that alcohol and marijuana could bring me.”
Foda noted that it took him years to work through his issues but on November 4, 2016 he decided he “would not use for just that day.”
“I’ve been sober one day at a time since then,” he noted.
His story is on the company website because Foda believes “many in recovery still have to deal with severe pain, anxiety, depression, and other ailments. Low THC/high CBD cannabis can be an alternative.”
Foda founded Two Strains, which is a dispensary-style hemp flower and cannabinoid retail store, because he felt there were others like him that could be helped by his experience. He started in a kiosk in the Aviation Mall in Queesnsbury on November 1, 2019 and soon moved into a storefront in the mall.
“Our main goal is to help, and we are so grateful to be able to offer a solution to people in our community at the most reasonable prices we can,” he said.
The Clifton Park dispensary gets it product from a state-of-the-art Hudson Valley production facility in Warwick, which was opened in 2023. This facility is at a former medium security prison that housed about 1,000 inmates, many of which were incarcerated for drug offenses.
“The importance of this is not lost on us at RISE and Green Thumb,” said Campbell. “We are committed to reversing the harms done by the War on Drugs.”
In addition to the Clifton Park dispensary Green Thumb operates two other duel-licensed facilities in Syracuse and Henrietta near Rochester and two medical dispensaries in Manhattan
His store, which he says is not officially a medical dispensary, carries a wide variety of CBD options as his primary product line. Because some of his customers suffer from serious medical issues like fibromyalgia and traumatic brain injury there is also a line of hemp-derived Delta-8 and Delta-9 THC products. These are allowed under federal law as long as they have less than 0.3 percent THC on a dry weight basis. He operates under duel licenses from the Office of Cannabis Management, one a cannabinoid hemp distributor permit and the other a cannabinoid retail license.
Foda gets his product primarily from Colorado, Oregon, Vermont, California, Tennessee, Michigan, North Carolina, and New York state. For more information go to 2strains.com.
The RISE Dispensary in Clifton Park, which opened in 2019, is one of 101 locations operated by Green Thumb Industries in 14 markets nationwide.
Courtesy of Green Thumb Industries
New Owners
Continue 27-Year
Legacy Of Saratoga Wine Exchange in Ballston Lake
Article has been revised Jan 21, 2025 BY
JILL NAGY
JoAnn Swapp and her business partner, Matthew Swapp, are the new owners of Saratoga Wine Exchange in Ballston Lake. While they are new owners, it is an established business that was family-owned for 27 years, JoAnn said.
In addition to carrying a selection of 42,000 wines, the shop features a bourbon collection “from all over.” Not all of the wines are in stock, JoAnn noted, but they can be obtained within a day or two from distributors. The top sellers, however, are the bourbons. Many wine buyers favor French-style white wines.
In addition to sales at the brick-and-mortar store at 43 Round Lake Road, Saratoga Wine Exchange sells online at saratogawine.com.
Matthew worked at Saratoga Wine Exchange for 20 years. JoAnn served as an engineering officer in the U.S. Navy for 22 years, stationed in the Saratoga area. Together, they now supervise a crew of 25 employees.
The store was well-maintained and needed very few changes, JoAnn said.
Saratoga Wine Exchange is open seven days a week: Monday through Saturday from 10 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. For more information, visit saratogawine.com.
Love
Our Locals
Continued From Page 1
the business community and the impact sector in Saratoga County.
The $315,243 total reached in 2024 is more than $100,000 more than the previous year’s Love Our Locals total of $206,384. About 1,000 more receipts were submitted to help reach this goal.
“The Chamber would like to thank everyone who supported Love Our Locals $20.24 by choosing to spend with local businesses and nonprofits. Our hope is that you will continue to love our locals all throughout 2025,” said Todd Shimkus, president of the Saratoga County Chamber of Commerce. “We are extremely grateful to our sponsors and gift card donors who helped make this program a success in 2024, and we look forward to bringing back Love Our Locals $20.25 later this year.”
As someone who has sold businesses for over 20 years (including my own), one question I often get asked is, “What can I do to increase the value of my business as I prepare for retirement and a sale?” The short answer is to increase cash flow as that is the primary determinant of value. However, many other factors and intangible characteristics will significantly increase value, as well. Cleaning up financial records so that your operating statements, balance sheets, and other financials reflect true business operations. Poorly maintained financial records will make the sale of your business much more difficult.
Demonstrate recurring revenue by establishing contracts with customers that renew year over year. These are the gold standard with buyers.
Empower your employees so that the business is less dependent on you, and will continue to operate smoothly long after you’re gone.
You also want to continue to operate your business as if you’re not planning to leave. Keep your systems and equipment up to date, and avoid letting the business lag. Any decline in performance can hinder sales prospects.
ThielGroup is a business advisory service that provides brokerage, M&A, and valuation services throughout upstate New York and New England.
Interested in discussing how we can help you sell your business? Give me a call. I have been selling companies for over 20 years!
(518) 599-0219
kthiel@thielgroup.com www.thielgroup.com
A longtime business in Ballston Lake, Saratoga Wine Exchange is continuing to offer a wide selection of quality wines and bourbons under its new ownership.
Kathlene Thiel, MBA, CVA
BY JILL NAGY
McGregor’s Pub in Gansevoort reopened in July with new owners and a new name. Angela and Michael Moses, long-time McGregor’s patrons, own what is now the Holy Moses Tavern at 847 Saratoga Road.
Both owners have worked in the hospitality industry over the years but this is their first business venture. In the past Angela’s grandfather had a sub shop in Glens Falls and Michael’s aunt owned an inn in Corinth.
The new owners tried to keep the “rustic vibe” and “old school touches” of the former pub, according to Angela. Aside from some updates and clean-up, they made few changes, she said.
While the tavern is “primarily a beer and whiskey joint,” it offers a full menu of pub style food. One of the specialties is sausage, onion and peppers on a hoagie roll. The menu also includes some salads. Gluten-free options are also offered. The tavern kitchen is set up
to be contamination-free, Angela said, and there are separate storage and cooking areas for gluten-free food preparation.
Aside from beer and whiskey, the tavern offers wines and ciders. Beer selections include a gluten-free beer. There are seven beers on tap, including artisanals. Whiskeys include products of local distilleries.
Despite the emphasis on beer and liquor, the tavern has been attracting lot of families, according to Angela. Overall, the place has been very busy and, Angela said, she is often told that the parking lot is too small. Future plans include expanding it.
Holy Moses has 10 employees and the Moseses are in house full-time. The couple’s 27-year-old son, Alexander, a “financial guru,” helps with the books. A younger son, Nicholas, 24, will soon start helping out in the kitchen.
The family lives in Corinth, in the house where Michael grew up. Angela was born and raised in Glens Falls.
Halfmoon Awarded $85K Grant for Crescent Park Trailhead Improvements and Upgrades
The Town of Halfmoon today announced that it has been awarded an $85,000 grant as part of Round XIV of New York State’s Regional Economic Development Council (REDC) initiative. This funding, provided through a competitive selection process, will support the Town of Halfmoon’s Crescent Park Blue and Green Trailhead Improvement Project, which aims to enhance the functionality and beautification of areas surrounding the Canal and Canalway Trails.
The grant for the Crescent Park Blue and Green Trailhead Improvement Project will promote recreation, economic development, and tourism by investing in the park’s amenities and accessibility, creating a more vibrant and inviting space for residents and visitors alike.
As noted in REDC’s grant announcement, the Town of Halfmoon will utilize the funding to renovate an existing parking lot and trailhead adjacent to the Erie Canal in the town’s Crescent Park. The project includes the design and installation of a paved parking lot and extension of an existing paved shared use trail that connects to the Park’s kayak launch site. These renovations aim to help minimize maintenance needed to repair potholes and erosion from stormwater runoff and help preserve the structural integrity of the existing bulkhead by reducing bank erosion. The renovated parking lot will also allow for better access to the park’s facilities by creating more ADA-compliant pathways for pedestrians and bikers.
Halfmoon Town Supervisor Kevin Tollisen expressed his support for the town being awarded the valuable grant saying, “We are thrilled to receive this funding for the Crescent Park Blue and Green Trailhead Improvement Project. This grant will enable us to make significant enhancements that will benefit our community by improving access to the canal and creating a beautiful, welcoming environment for everyone to enjoy. The Regional Economic Development Council and the Canal Corporation’s support underscores the importance of preserving and enhancing our waterways for future generations, and we appreciate their recognition of our town’s efforts.”
The grant was awarded as part of the REDC initiative, which aims to drive economic growth and development across New York State through smart, targeted investments. This year’s focus includes projects that improve accessibility, enhance quality of life, and promote tourism and recreation in communities along the New York State Canal System.
The Town of Halfmoon was one of eight Upstate New York municipalities to be awarded the funding.
The Town of Halfmoon looks forward to beginning work on the Crescent Park Blue and Green Trailhead Improvement Project and continuing its commitment to improving the quality of life for its residents and visitors through thoughtful investment in public spaces.
For more information, please contact the Town of Halfmoon at (518) 371-7410, ext. 2200.
Global Foundries-Town Of Malta Foundation Announces Grants For 14th Consecutive Year
For the 14th consecutive year, GlobalFoundries (Nasdaq: GFS) (GF) has announced that the GF-Town of Malta Foundation has awarded 37 grants totaling $161,650 to local organizations that support a variety of community needs and programs. With this year’s 2024 grants, the Foundation, formed by GF and the Town of Malta, has placed more than $2million into service in the Malta community since 2011.
The 2024 Malta grant awards were presented at
the David R. Meager Malta Community Center at the annual awards ceremony.
“Supporting our community is at the heart of what we do at the GF-Town of Malta Foundation,” said Admar Semedo, president of the GF-Town of Malta Foundation. “This year’s grants highlight the incredible dedication and innovative spirit of local organizations that tirelessly work to improve the lives of Malta residents. We are proud to contribute to projects that foster growth, inclusivity and positive change in our community.”
This year’s grant recipients are:
Acadia Middle School - Shenendehowa: $1,400
Albany Can Code Inc.: $3,000
Ballston Spa Junior Baseball: $4,000
Ballston Spa CSD Partnership for Innovation in Education Fund: $10,000
Ballston Spa Elementary School PTAs: $5,000
Ballston Spa Friends of Music Inc: $2,000
Ballston Spa High School PTSA: $5,000
Ballston Spa Soccer Club: $2,000
Best Buddies New York: $2,000
Captain Community Human Services: $4,000
Chango Elementary School - Shenendehowa: $1,200
Community Emergency Response Team: $400
East Line Union Cemetery Inc.: $3,000
Gateway House of Peace: $2,000
Kiwanis Club of Saratoga-Wilton: $1,500
Malta Avenue Elementary School PTA: $2,000
Malta Community Center Food Pantry via St. Pe-
Lutheran Church: $5,000 Malta Ridge Volunteer Fire Company: $5,000
Malta Senior Citizens Inc: $7,500
Malta Spotlighter’s Theatre Troupe: $4,000 Malta Sunrise Rotary Club: $2,000 Malta-Stillwater Emergency Medical Services: $15,000
Rebuilding Together Saratoga County: $10,000
Round Lake Hose Co/Fire Dept: $5,000
Round Lake Library: $2,000
Round Lake Malta Youth Baseball League: $4,000
Roundabout Runners Club: $4,000
Rugrunners Robotics: $10,000
Saratoga Bridges, A Chapter of The Arc New York: $10,000
Saratoga Rowing Association, Inc.: $2,500
Saturday Lunch Program via Malta Ridge Methodist Church: $2,500
The Parents of Scotties Cross Country and Track Booster Club: $750
Town of Malta: $2,000
Town of Malta Parks and Recreation: $9,000 Town of Malta Veterans Committee: $4,000 Town of Malta Youth Commission: $4,500
$4,400
Saratoga County Airport
Continued From Page 1
new hangar space, and a general upgrade in aesthetics of the airport as you enter the property.”
“In that type of public bidding process, interested construction fi rms submit their price for completing the scope of work to be done and, in this case, we were successful in having the low bid,” said David Hollander, vice president and a spokesperson for LeChase Construction Services, LLC, Schenectady office.
LeChase Construction is a top ranked, full service general contractor with seven offices throughout New York.
McFarland Johnson out of Saratoga Springs was hired to provide an environmental assessment master plan for the airport, Barrett said. Airports and transportation infrastructure is a focus area for the design and engineering fi rm.
Based on progress made so far, Barrett said he does not expect any delays with the project’s timeline.
“In any project like this, you do encounter supply chain issues with certain kinds of items and you live with that,” he said.
Hollander said, “Th is type of project brings some inherent challenges, and we expect and prepare for that.”
“For example, installing the necessary fi reprotection tank and pump equipment for the new jet hanger required pretty extensive excavation work,” he said. “In addition, we have to be careful working around the existing airport, which remains open during the project.”
That means LeChase Construction has to ensure materials are stored securely. On windy days the crew may need to shut down activity
“to avoid the chance that debris could blow off the jobsite and potentially cause damage to the airplanes,” said Hollander.
In terms of the structures themselves, the various facades and fi nishes on this project are a mixture of materials: slate, timber wood columns, and metal roof panels on the terminal, and metal siding on the hangar. The new aesthetic is more reflective of the history and character of the area, he said.
“We have addressed some design changes along the way, but we’ve got a flexible team and they continue to keep everything on schedule,” Hollander said.
“We expect to turn over the new buildings this spring or early summer, just in time for horseracing season,” he said. “We’ve had a positive experience working with all of the local officials.”
Governor Kathy Hochul said in a May 14, 2024 release, “The Saratoga County Airport is now poised to become a key connector for prominent businesses and industries.”
The Governor named such businesses as GlobalFoundaries and General Electric, and said expansion would strengthen the “gleaming gateway” that brings more than a million people to the historic Saratoga Race Course annually and, once again for the 2025 season, the Belmont Stakes.
“A diverse group of residents use the airport on a regular basis,” said Barrett. “It is heavily used due to its location here in Saratoga County and when you consider the counties around the state that are excelling, certainly Saratoga is at the top of that list.”
RPI And GlobalFoundries Partner On Semiconductor Workforce Development
Building on several ongoing collaborations, Rensselaer Polytechnic Institute (RPI) and GlobalFoundries (GF) are working together to further grow and strengthen the semiconductor workforce in the region.
RPI has launched a partnership program with GF to provide their employees with opportunities to pursue degrees and enhance their skills in semiconductor technology. Th rough dedicated RPI scholarships and GF’s tuition assistance program, GF employees will be able to pursue a new Master of Science in Semiconductor Technology (MaST) degree and take part in other graduate programs including Rensselaer at Work certificates.
Under the expanded partnership, GF has pledged a gift totaling $150,000 over the next three years to sponsor RPI students who have a strong interest in the semiconductor industry, interwoven with an internship opportunity. The initiative aims to incentivize students to join the semiconductor industry.
“When industries and educational institutions seek ways to work together, great things happen,” said Rebecca Doerge, Ph.D., provost at RPI. “Th is advancement of our ongoing partnership with GF further solidifies the Capital Region’s preeminence as a hub of semiconductor research and manufacturing while addressing workforce development needs that are at the core of the CHIPS initiative.”
Employees at GlobalFoundries can enhance their skills in semiconductor technology through a partnership with Rensselaer Polytechnic Institute.
“At GF, we are committed to fostering a diverse and skilled semiconductor workforce. Our partnership with RPI is a testament to our dedication to developing the next gen-
eration of innovators and leaders in the semiconductor industry,” said Hui Peng Koh, vice president and general manager at GF in Malta. “Together, we are creating opportunities that will drive technological advancements and strengthen the industry.”
Th is expanded partnership builds upon GF and RPI’s existing collaborative workforce development portfolio, which includes:
* Leveraging and expanding on the success of the collaboration between RPI and GF on unique industry-university courses focused on cutting-edge chips topics;
* Engaging RPI students in paid internships, co-ops, and job opportunities each year;
* Hosting students and faculty in the RPIHudson Valley Community College Semi-
conductor Scholars program at GF’s Malta facility;
* Collaborating on STEM outreach initiatives to K-12, community colleges, and beyond to enhance the semiconductor workforce pipeline;
In addition to investing in workforce development, GF and RPI plan to explore joint semiconductor research and work together to attract top researchers to lead these projects.
“RPI has a strong history of semiconductor research, education, and innovation. With the growing workforce demands of the chip industry in upstate New York, we are committed to developing and supporting new programs and partnerships with industry,” said Shekhar Garde, Ph.D., dean of the RPI School of Engineering. “We have enjoyed a wonderful partnership with GF around workforce development and look forward to deepening our collaborations.”
The RPI-GF initiative furthers regional and nationwide efforts to reshore semiconductor manufacturing in the United States. According to a 2022 report from Deloitte, the global semiconductor industry is expected to surpass one trillion dollars in revenue by 2030. However, the industry faces a significant talent shortage, with more than one million additional skilled workers needed over the next six years.
Thanks to the CHIPS and Science Act of 2022, which aims to make the United States a leading chips manufacturer, universities, including RPI, and leading semiconductor companies like GF are preparing the workforce that will not only run semiconductor fabs but also innovate the essential chips of the future.
