Environment / Development Economic Impact Study Says Saratoga Race Course brings in

$3.7M Annually To Area

The annual summer meet at historic Saratoga Race Course generates $371 million in economic activity and supports more than 2,900 jobs across the greater Capital Region, according to the findings of a new study by the Saratoga County Industrial Development Agency (SCIDA) highlighted today by the New York Racing Association.

The report, which was released Monday during a news conference at the Saratoga Performing Arts Center, concluded that the overall economic impact generated by the summer meet has increased by 57 percent since 2014 across the nine-county Capital Region.

The study, based on data from 2021, finds that Saratoga Race Course is responsible for contributing $7.3 million of tax revenue to New York state, nearly $2.4 million of tax revenue to Saratoga County and nearly $2.1 million to Saratoga Springs.

In addition to Saratoga Race Course, the study commissioned by the SCIDA and performed by Camoin Associates analyzed the impact of Saratoga’s major attractions including SPAC, Saratoga Casino Hotel and Saratoga National Historic Park. According to the findings, those four entities generated a total of $647 million in economic impact and 5,770 jobs.

“Horse racing is a powerful engine for the New York economy that supports families and communities in every corner of the state,” said David O’Rourke, NYRA president and CEO. “Nowhere is that more evident than here in Saratoga Springs and throughout Upstate New York, where the popularity and importance of Saratoga Race Course are at an all-time high.”

The report focuses on the economic benefits within a nine-county region including Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties.

The study’s findings show that Saratoga Race Course generated $371,067,040 in annual economic impact from three primary sources: direct ($241,311,827); indirect ($51,656,531) and induced ($78,098,682).

Those categories account for spending on goods and services by visitors and racing participants, on-site jobs, and spending at businesses that supply goods and services to Saratoga Race Course, thereby creating an economic ripple effect throughout the region.

“The Saratoga County Industrial Development Agency commissioned this economic impact study to analyze the far-reaching effects of Saratoga County’s major tourism drivers—Saratoga Race Course, SPAC, Saratoga Casino Hotel, and the Saratoga National Historical Park,” said Rod Sutton, IDA chairman, in a statement.

“This study updates the economic data generated from prior studies reports in 2006, 2011 and 2015, which looked solely at the economic impact of Saratoga Race Course, and adds SPAC, the casino, and the battlefield. Recognizing their significant contributions to Saratoga County’s economy, the IDA Board was supportive to include these cultural and heritage tourism institutions in this analysis.”

He said the study provides “a comparative breakdown of economic impacts such as jobs, attendance, and spending. It will assist elected officials, business and non-profit leaders, and the public in understanding the tremendous economic significance of these important attractions that generate thousands of jobs and millions of dollars in revenue throughout Saratoga County.

Sutton added, “The results of the economic analysis of these tourism sectors provide a positive forecast that indicates Saratoga County will continue to grow and thrive as one of Upstate New York’s most desirable counties in which to live, visit, and do business for the foreseeable future”

The study also determined that Saratoga Race Course is responsible for generating 2,937 jobs in the region.

Hilltop Construction Now Headquartered In Queensbury With New Offices, Warehouses

BY CHRISTINE GRAF

Hilltop Construction is putting the finishing touches on a new office/warehouse headquarters at 21 Casey Road in Queensbury.

The 10,000-square-foot facility is being built on two lots located in the Airport Industrial Park.

“Our company is growing, and we needed space for expansion,” said co-owner Dan Washburn.

Warren-Washington Industrial Development Agency sold the two vacant industrial park lots to Hilltop Construction for $40,500.

Washburn’s in-laws, Tom and Cindy Albrecht founded Hilltop Construction in 1975. After the couple retired two years ago, Washburn, along with his wife April Washburn, and brother-in-law Tom Albrecht Jr., assumed control of the business.

Hilltop Construction builds custom homes that range in price from $400,000 to $5 million. The homes are located throughout the Capital Region and the Adirondacks.

“We’ve done a lot of work in Schroon Lake, Brant Lake and Lake George,” said Washburn. On the commercial side, Hilltop has worked on projects as far west as Syracuse. Stewart’s Shops has been a consistent client over the years.

According to Washburn, the company has numerous commercial projects in the works.

“We’ve got a new gas station in Malta (EZ petroleum on Route 9). We’re doing a Stewart’s Shop on Weibel Avenue in Saratoga that we will start on at the end of August. We are also in the middle of a huge commercial renovation at Garvey Hyundai in Queensbury, and we’re doing a small project in Colonie–a $300,000 renovation of an office,” he said.

The company recently entered into the preengineered steel building market. They work with Kirby Building Systems, an industry leader in the manufacture of custom-engineered, high-quality, and cost-effective metal building systems.

“This is a new market for us,” said Washburn. “We did a big slaughterhouse for Champlain Beef and a few car dealerships.”

The majority of Hilltop’s 36 employees work in the field on construction sites. After the new office is complete, Washburn expects to add to the company’s small administrative staff.

“The custom home market is flourishing, and we are continuing to grow and expand into different avenues,” he said.