Acclaimed economist Hugh Johnson delivered his 25th annual economic forecast for 2014. Our Erin Connolly has more on what we can expect for the year ahead here in New York and across the country.
COLONIE, N.Y. -- With 2013 almost in the books, it's time to start thinking ahead to 2014. And for the 25th year in a row, well-respected financial advisor, Hugh Johnson, delivered his economic outlook.
Hugh Johnson, the Chairman and CEO of Hugh Johnson Advisors, said, "Not only is the economy going to continue to expand, but it looks as though the expansion is going to get better and better."
Addressing a large crowd in Colonie Wednesday, Johnson explained we're going through a tremendous shift in our economy, transitioning from labor intensive to knowledge driven. While he says that's a good thing, Johnson says it also creates some challenges.
Johnson said, "There is going to be a lot of people who have lost jobs. They're going to have difficulty finding jobs. We've seen that in all the employment numbers."
For the Capital Region, Johnson says employment growth is extremely positive. Numbers even point to Glens Falls being the brightest of all metropolitan areas in New York State.
Johnson said, "I think it might be a spillover from what's going on in Saratoga and Luther Forest. I don't know. I don't know what's behind those numbers. But I'm really surprised at how prospects for Glens Falls is so bright."
And while he may be known nationally, many say Johnson is a tremendous asset to the Capital Region.
Mark Eagan, the President and CEO of the Albany-Colonie Regional Chamber of Commerce, said, "He makes economics so the average person can understand it and I think you're going to find that many people who are in the room today have been here for many of those speeches through the years and they realize that much of what he predicts actually happens in the year ahead."
And while the outlook is bright for the coming year, Johnson says we still have a long way to go.
Johnson said, "The truth is the markets and the economy have survived it all and we're in better shape now than we were when we started 25 years ago. So it's been a good 25 years despite the extraordinary volatility and tumultuous experiences we've been through."
A tricky road to navigate, but along the way, Johnson hopes he's steered people in the right direction.
Johnson adds that while the outlook is bright for the coming year, the risks are high. To stay up to date, he'll have monthly updates on his website www.hjadvisors.com.