05/18/2013– Steven P. Delarge Predicts Albany’s Continued Economic Growth

Steven P. Delarge has watched with concern as the global economy suffered turbulent times in recent years. But the former chemical and aerospace executive knows that every economy has its ups and downs. Albany has had its share of difficulties as well, but as Steven P. Delarge points out, things appear to be turning around.

“With New York State and local government partnered with industry, the Capital Region of New York is experiencing an industrial renaissance,” Steven P. Delarge states.

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Strength in government is part of what makes Albany so unique. According to Steven P. Delarge, Albany’s large population is proportionately highly educated, yet public service is important to residents. Because Albany is the capital, many of its residents are public servants, which is an important factor contributing to the city’s economic growth.

Industrial growth means a greater need for government services. Since a fourth of the city’s residents work for state government, this is good news, particularly for a city that lost 20,000 jobs during the economic downturn. The unemployment rate is lower in Albany than the national average, Steven P. Delarge is quick to add, but government programs were also cut during the troublesome times.

Unlike other areas, Albany’s housing market actually grew during the previous decade. Steven P. Delarge quotes the New York Fed’s William C. Dudley in citing housing price increases of 85% in the 2000-2006 timeframe. Along with the rest of the country, however, housing prices have declined in the past few years, with a 7% drop. However, Steven P. Delarge emphasizes, this is well below the national average.

The best news in all of this is that Albany is slowly growing. While this growth is still not enough to drop the unemployment rate significantly, Steven P. Delarge points to funding of SUNY’s Nanoscale Science and Engineering. With nanoscale engineering being a hot topic right now, Steven P. Delarge predicts this will draw even more people to the area. With more residents comes an increase in tax revenue, and this may help restore government programs that were cut during the decline, as well as provide new services.

According to Steven P. Delarge, former chief financial officer for Momentive Performance Materials, the national economic outlook appears to be improving. As this happens, families who have long waited to buy a new house or new car will begin spending once again. Steven P. Delarge sees this as a great opportunity for those in the homebuilding and sales sectors, who will see great economic success as people once again begin spending.

Albany’s predominant government employee base can only benefit from these successes, says Steven P. Delarge. He believes that increased competition for available employees will be good news for those public and private sector employees who have been patiently riding out the wave in the hopes of eventually getting wage increases.