Regional Business Leaders Optimistic on State of the Economy

BCW President & CEO Marsha Gordon recently participated in a panel of local industry experts to discuss the state of the regional economy and resilience of the business community. The panel was optimistic about the state of the region’s economy citing emerging technologies such as AI and renewable energy.

Hosted by Orange Bank & Trust, the panel featured leading banking, real estate, and construction industry voices – including Hudson Valley Investment Advisors Inc., The Business Council of Westchester, Construction Contractors Association of the Hudson Valley, and Construction Industry Council of Westchester & Hudson Valley Inc. – discussing issues critical to the region’s continued growth.

Michael Gilfeather, President and CEO of Orange Bank & Trust welcomed the virtual audience Oct. 17th and the program was moderated by Anthony Pili, Senior Vice President and Chief Innovation Officer of Orange Bank & Trust.

Pili kicked off the discussion with the Federal Reserve’s recent interest rate cut, noting, “We all share in that mindset that cuts are good for construction, for lending, for economic expansion.” He asked the panel to weigh in on how this and other financial factors are affecting their industries.

Gordon talked about some of the transformational projects reshaping Westchester County’s business landscape, including Cappelli Development’s $2.5 billion mixed-use plan for the former Galleria mall in White Plains, to include residential towers, office, and retail space. She also noted “tremendous growth” in the film and TV production industry, with Lionsgate Studios, a video and film production facility on a one-million-square-foot campus in Yonkers.

“Yonkers has become Hollywood on the Hudson – it’s really amazing to see the changes and how this is transforming the community,” she said. “Also, we’re all being transformed, in terms of how AI is affecting our businesses, which has been a big focus for The Business Council of Westchester this year,” she said.

Other panelists included John T. Cooney Jr., Executive Director, Construction Industry Council of Westchester & Hudson Valley; Gus Scacco, CEO, Hudson Valley Investment Advisors; Alan Seidman, Executive Director, Construction Contractors Association of the Hudson Valley; and Greg Sousa, EVP and Chief Lending Officer, Orange Bank & Trust.

Scacco, one of Hudson Valley’s leading financial experts, said he does not see a recession on the horizon. “We think it’s less than a 20 percent chance that we will see a recession, he said.

Cooney spoke of the strength of the construction sector in the region but emphasized the need for further investment in infrastructure to counter inflation, stating, “Our roads and bridges in the Hudson Valley are in the worst condition of any region in New York State,” he said.

Seidman talked about some of the public sector work contractors have been involved with.  “The private sector work that has been on the back burner for a while, post-Covid, I think that backlog is going to go away as the interest rates come down,” he said.

When it comes to the lending environment, Sousa said emerging technologies will have a major impact in the near term. “I’m bullish on the market over the next couple of years. Loan applications have been coming in, and I’m feeling re-energized with this conversation today.”