Today marked another great economic forecast by Hugh Johnson of Hugh Johnson Advisors, LLC. This annual economic update is a yearly program that TBC sponsors along with the New York Business Development Corporation (NYBDC) for members of the Capital Region Chamber. This year’s new venue welcomed hundreds of area business men and women to Rivers Casino & Resort this morning. Among the variety of topics Johnson addressed, he spoke about the stock market, the relationship between technological advancements and the slowing population growth rate, and the New York State economy being on track with the prediction for the slow, but steady growth of the U.S. economy.
Teaming up with NYBDC for another year allowed us to keep our tradition alive of making a financial contribution to a local charity in lieu of providing promotional gifts on the tables for the attendees to take home. TBC and NYBDC donated $2,000 to the City Mission of Schenectady and Executive Director Michael Saccocio was on hand and appreciative of the two firm’s willingness to invest in others.
“We are fortunate to live and do business in an area where nonprofits and businesses work hand in hand to achieve economic and personal success,” said John Teevan shareholder at TBC. During John’s remarks to the crowd, he noted that the Mission’s “Ambassador Program” is just one example of how the nonprofit’s innovative programs help our region thrive. Read more about the Schenectady Ambassadors program.
As for the message from Johnson, he indicated that the prospects of economic growth, in the minds of investors, are good and that this is evidenced by the recent increases in interest rates. For Johnson’s direct quotes and more on his opinion on the tax reform bill and impact on the economy, read today’s article in the Albany Business Review.
Johnson turned his points towards the U.S. labor force commenting that growth rate of the U.S. population is slowing, and that the labor force growth rate is low. However with fewer workers, top U.S. companies are generating significantly more revenues while being less labor intensive because of technological advancement in multiple industries.
Because of this, Johnson said, we have seen that the stock market has grown because companies are more profitable, however this could lead to significant social problems.
With good news, he did surmise that employment conditions will get better, but not as fast as many would like. Right here in New York State, Johnson predicts that our economy will mirror the national economy’s growth and that the Empire State is a top economy in the United States. Locally, the Albany, Schenectady, and Troy region will be a high performing economy in New York State, ranked within the top 5 to 10 economies in the state.