Tech Valley News
Canadian Economic Impact on Region Hailed
"This confirms once again that the Plattsburgh area is truly Montreal's U.S. suburb," states Garry Douglas, President of the Chamber, "and the economic connection is only growing broader and deeper with each passing year. This new figure is not only huge, but shows that the connection has actually doubled in just ten years time."
The assessment has been conducted by the Chamber every two years since 1994, and is the only study of its kind in North America, quantifying and tracking the impact of crossborder commerce on a U.S. border community. The very first study in 1994 showed an annual impact of $784 million (U.S.) on the New York State county of 80,000 residents. This figure has grown every two years since then, reaching $1.53 billion (U.S.) in 2004.
The study uses various surveys and data to quantify a wide range of economic sectors, including tourism and retail spending, industrial investment, payroll, taxes, banking, professional services, health care and more. Portions of the assessment are conducted for the Chamber by consultants while other portions are provided by public agencies or are generated in-house.
"These numbers tell us that our focus on Montreal and the Quebec-New York Corridor is paying off and needs to be maintained," states Douglas. "It is also very encouraging for the future, given the fact that the U.S.-Canadian exchange rate has further moderated since 2004 and the new border facilities are under construction at Champlain."
Among some of the significant findings were the following:
Employment
In 2004, 14% of the Clinton County workforce was employed by a Canadian owned company or border-related employer in the county. This is up from 7.5% in 1994. The total direct payroll in Clinton County by these Canadian and border employers hit a record $160.2 million (U.S.) in 2004, compared to $59.7 million in 1994.
Tourism and Retail
Direct spending in Clinton County by Canadian shoppers and tourists reached more than $310 million (U.S.) in 2004, up 6% from 2002.
Taxes
Clinton County received more than $9.3 million (U.S.) in sales tax revenue from Canadians visiting the county in 2004. This compares to $5.8 million in 1994. In addition, Canadian businesses and residents in Clinton County paid more than $5.4 million (U.S.) in property taxes in 2004, a figure which has grown steadily from 1.07 million (U.S.) in 1994.
The assessment is used by the chamber, economic developers and area businesses for business planning and marketing purposes. It also supports the Chamber's advocacy efforts on behalf of border issues and infrastructure investment in the North Country region.
It is an informational and economic development service of the Plattsburgh-North Country Chamber of Commerce. For more information, or to obtain a free brochure summarizing the latest findings, contact the Chamber at 518.563.1000.
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