Economic Outlook 2015

The long road to recovery is less bumpy

Signs of a still-strengthening economy are starting to percolate as new opportunities across the region are born

Now that the country seems to be making its way out of the Great Recession, most sectors of the economy across the board and across the north country seem to be on an upswing for the coming year.

“If I had to pick a best bet – agriculture,” said Gregory A. Gardner, an assistant professor of business at SUNY Potsdam and a regional authority on Northern New York’s economy. “Especially the wineries and nondairy areas of agriculture. It has the strongest growth rate.”

Mr. Gardner also listed retail, construction and health care as sectors we can expect to see on an uptick, while retail and hospitality have tempered down.

“If I had any sort of bad news, it would be that the U.S. dollar is going to stay very strong, or get even stronger, through 2015,” he said. “That’s going to slow Canadian sales.”

The real wild card will be the military, the one sector dealing the highest impact to the rest.

“If they do move troops out of Fort Drum, that’s going to hurt our economy pretty much across the board,” he said. “There’s a ripple effect. It doesn’t just touch businesses that sell to Fort Drum, but businesses that sell to businesses that sell to Fort Drum. It would ripple through virtually every sector of our economy.” [Read more…]