H.V. Business, Construction Leaders Bullish on Region’s Economy in 2025
By JOHN JORDAN – November 2024
MIDDLETOWN, NY—A panel of business, banking and construction leaders agreed that the national and regional economies should continue to improve.
On Oct. 17, Orange Bank & Trust hosted a virtual roundtable program entitled: “Hudson Valley Economic Summit: Navigating Growth, Challenges & Opportunities.” The panel, moderated by Anthony Pili, senior vice president for Orange Bank & Trust, featured: John T. Cooney Jr., executive director of the Construction Industry Council of Westchester & Hudson Valley; Dr. Marsha Gordon, CEO of The Business Council of Westchester; Gus Scacco, CEO of Hudson Valley Investment Advisors, Inc.; Alan Seidman, executive director of Construction Contractors Association of the Hudson Valley; and Greg Sousa, executive vice president and chief commercial banking officer of Orange Bank & Trust.
Mr. Scacco related that at the moment the economy is in a “mid-cycle slowdown” but is also experiencing a “renaissance of productivity.” The main impediment to reducing inflation, he contended, was the high cost of housing driven in large part by the lack of available supply.
He later predicted that the Federal Reserve will institute another 150 basis points in interest rate cuts over the next two years after recently cutting rates by 50 basis points.
“No matter what happens in terms of the election results… generally the U.S. economy is in an upward trending cycle. We look for growth to continue no matter what,” Mr. Scacco predicted.
Mr. Cooney of CIC said the construction industry will benefit from lower rates, possibly in the short term, but definitely in the long term. He noted that he expects there will likely be a lag effect on the impact of lower rates. While some projects that were on hold may move forward now that the Fed recently cut rates by 50 basis points, it may take further Fed action to move other large projects from the drawing boards to shovels in the ground.