Medical Device Cluster
The United States is the global leader of the medical device and medical technology industry, which has been growing at an average annual rate of 9% for the past 10 years, according to a report by the Milken Institute, an economic think tank. Financial analysts describe the industry as “robust” and “healthy” with “strong top-line growth across the board.” According to the Federal Reserve Bank of New York, reporting on the regional economy, “Glens Falls MSA contains one of the highest Location Quotients for Medical Device Manufacturing among all MSA areas statewide as well as nationally. At a location quotient of 21.3, Glens Falls is well above the Upstate average of 1.9.”

In Glens Falls, medical device manufacturing got an early start. In the 1940s, several local entrepreneurs launched a catheter manufacturing enterprise. Over time, former employees of the core company launched start-ups locally and the cluster began to form. As products and technological advancements increased, the original companies were acquired by larger firms that continued to grow and expand, securing the region’s reputation. There are now two generations of a highly skilled labor force. Local high schools have stepped up their math and science studies, and several local colleges offer biomed and nano tech programs. The leading local manufacturers are:

AngioDynamics (255 employees)

Boston Scientific (812 employees)

CR Bard (941 employees)

Tourism
A recent accommodation study states that tourism accounted for expenditures over $388M in 2005 in Warren County. The same study puts the number of lodging guests at 2.8 million, with an average stay of 4.03 days. The Great Escape Splashwater Kingdom is Warren County’s largest attraction, welcoming nearly 1 million visitors a year, and employing more than 1,500 local residents. The Fort William Henry Museum, a French & Indian War stronghold, also ranks in the top-25 regional attractions with more than 35,000 annual visitors. Camping is another robust market. There are 36 different facilities in the county, reporting just under 5,000 campsites. In 2005, 941,769 persons camped an average of 2.89 days. May, June, July, August, September, and October account for the highest hotel/motel occupancy rates, with winter month occupancy clearly tied to snowfall.

Health Care
On a national level, the health care sector, which includes related industries such as pharmaceuticals and health insurance, has added 1.7 million jobs since 2001. According to BusinessWeek, it’s propping up the national economy. Warren County’s economy is similarly impacted. Glens Falls Hospital, ranked in the top-five among upstate hospitals by the Albany Business Review and was voted the No. 1 Great Place to Work in the Capital Region in 2006. It is the county’s single largest employer with nearly 3,000 on staff; along with hundreds of ancillary jobs that depend on the hospital for their existence. According to a recent study, Glens Falls Hospital had an estimated total annual economic impact of $364,990,000 in 2004. Dollars earned by GFH employees generated $227,250,000 in economic activity for the local economy. The hospital spends nearly $60M on goods and services; capital spending alone accounts for more than $15M (see table) fueling the local construction businesses.

Hudson Headwaters Health Network is an additional nonprofit system of community health centers providing primary and emergent care to the residents and visitors of a region more than twice the size of Rhode Island.

Finance
Glens Falls is the headquarters of two major financial institutions: TD Banknorth New York and Glens Falls National Bank & Trust Company. Both full-service financial institutions have branches located throughout the county; and both rank in the top-ten of Capital Region banks, based on market share.

TD Banknorth Inc. is a leading banking and financial services company headquartered in Portland, Maine. As of 2006, TD Banknorth had over $40 billion of total consolidated assets and provided financial services to more than 1.6 million households in the Northeast. It operates banking divisions in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Vermont. The company has an extensive retail banking presence consisting of nearly 600 branches and more than 750 ATMs. All New York activity is headquartered in Glens Falls.

Glens Falls National was founded in 1851. Today, it is part of the Arrow Financial Corporation, a bank holding company, which also operates Saratoga National Bank and Trust Co. Together, they serve the region through more than 30 branch offices. Glens Falls National Bank & Trust Co. has $1,213,605 in assets, and a 3.57% market share in the Capital Region.