SARANAC LAKE — The Adirondack North Country Association released an economic analysis of the 14-county area it serves, showing that the top potential areas for growth in the region are tourism, manufacturing and agriculture.
ANCA is a nonprofit group focused on building the economy in northern New York. ANCA and 10 nonprofits, academic and corporate firms contracted with the Center for Rural Entrepreneurship to conduct the one-year study during 2017 and 2018. The study showed these three focus areas are most likely to succeed in communities that support existing businesses, new entrepreneurs and natural resource conservation.
The report also contains county-level demographic and economic data. The North Country is losing its 20- to 34-year-old population.
According to the study, to attract more people from this age group, local strategies should focus on placemaking. This means the development of niche manufacturing that provides customized or place-based goods. Examples of this, according to the report, include craft beverage manufacturing and local agriculture.
Included in the report are also findings on the “silver tsunami,” a potential loss of more than 10,000 North Country business as Baby Boomers retire. This informed ANCA’s creation of the North Country Center for Businesses in Transition to assist retiring business owners and aspiring entrepreneurs.
The Regional Economic Analysis for the Adirondack North Country can be found on ANCA’s website at www.adirondack.org/RegionalEconomicAnalysis.
Read the article in the Adirondack Daily Enterprise.