Manufacturing matters: conference explores challenges faced by Buffalo's manufacturing sector
The June 6 conference "Manufacturing Matters" was sponsored by the Federal Reserve Bank of New York, Buffalo Branch in conjunction with the Western New York Technology Development Center and the Buffalo Niagara Partnership's Manufacturers Council.
Small businesses in upstate New York rank barriers to growth
The Buffalo Branch of the Federal Reserve Bank of New York and the Center for Governmental Research (CGR) surveyed small businesses in western and central New York State. The object of the survey was to identify what small business owners perceive to be the chief barriers to the growth of their companies. We provide an overview of the survey and its findings. The barriers to growth cited in upstate New York are similar to those cited nationwide: nonwage worker costs, state and federal taxes, and energy costs. Small business owners also see several advantages to their upstate New York ...
Regional business cycles in New York State
We track the business cycles for New York State and for major upstate metropolitan areas over the last quarter century and compare them with the national cycles. To date the regional cycles, we use a new methodology that combines several data series into a single composite measure - or index - of economic activity. Our findings show that New York State's recessions tend to last longer than the nation's, although the region's metropolitan areas have very different industrial compositions and thus different business cycles.
Conference explores inner-city business development
The May 1 conferences titled "The untapped urban market: attracting business to the inner city," and presented by the Buffalo Branch of the Federal Reserve Bank of New York in partnership with the University at Buffalo Department of Planning, discussed the economic challenges faced by inner-city communities and explored effective strategies for business development. We summarize the various inner-city development models presented at the conference and the discussion that arose around them.
Examining the rising foreclosure rate
We examine the foreclosure rate in the U.S. economy and outline factors that may be contributing to its rise. We also investigate the behavior of foreclosure rates in New York State and six of its major metropolitan areas. Particular attention is given to Buffalo, where foreclosures increased fourfold in the 1990s.
Economic diversity and New York State
We consider why broad-based economies have some advantages over their more specialized counterparts. We show that diversity can be a spur to productivity and innovation, and that firms in a region with many types of businesses will enjoy easy access to the resources and services needed for production. In addition, we argue that regions with a broad mix of industries possess a buffer against economic shocks that adversely affect individual industries.
The upstate economy under the new NAICS classification system
We examine the composition of the upstate New York economy as reflected by the new NAICS (North American Industry Classification System) classifications, and explain how this new perspective changes our understanding of the economy. In addition, given the importance of manufacturing to upstate New York, we examine in detail the manufacturing sector under the new NAICS classification.
Buffalo's employment on the rise
Employment growth in 1999 for the Buffalo metropolitan area was the strongest in a decade. Buffalo's job growth rate of 1.6 percent was still less than that of the U.S., upstate, and New York State as a whole. In a second section on the cost of rail shipping in Western New York, we present data showing that rates for the four studied commodities have in fact been above national averages. Although it is difficult to determine the exact reasons for Buffalo's higher prices, some combination of higher costs and a lack of competition likely explain the differential.
Economic restructuring in western New York State
We explore the distinctive patterns of Buffalo and Rochester's economic restructuring in detail. We compare the board structural changes in Buffalo's economy with those in Rochester's, and the changes in both metropolitan economies with those in the national economy. We also seek to understand the roots of these changes through an analysis of industry-level data. We find that although Buffalo and Rochester remain highly dependent on goods production and distribution, both cities have followed the national trend away from goods producing industries and toward service industries.
Population out-migration from Upstate New York
We identify the nature and extent of the out-migration from the upper New York State region and examine its economic impact. Our analysis begins with an explanation for the outflow. Next, we describe population growth trends and estimate the extent of the out-migration. We conclude by showing how out-migration is reshaping upstate New York's economy and demographics, and is resulting in limited growth and a population that is aging faster than most U.S. populations.