MIDDLETOWN – An area economist Thursday debunked the belief that we are headed into a recession.
Gus Scacco, CEO of Hudson Valley Investment Advisors, told an online forum that all signs point to an economy with declining inflation.
“We believe that is coming down. It’s coming down substantially,” he said. “The three big parts of inflation are housing; we are looking at core goods as well as services inflation. That really comes down to the labor and services industry, and all three of those have come down quite a bit.”
Other panelists in the forum held by Orange Bank & Trust, pointed to a solid economy with John Cooney, Jr., executive director of the Construction Industry Council of Westchester and Hudson Valley and Alan Seidman, executive director of the Construction Contractors Association of the Hudson Valley calling it “robust.”
Carmen Bauman, president-elect of the Hudson Gateway Association of Realtors, said a lack of housing inventory is driving prices up.
Dr. Marsha Gordon, CEO of The Business Council of Westchester, said the healthcare, biosciences and video industries continue to grow.
