Economic strength in rural New York
In New York State, where economic growth has been sluggish for much of the last decade, the rural economy has done relatively well. The population and labor force in rural areas are expanding, and the number of jobs growing. We take a look at this robust rural economy, examining population and job growth, industrial composition, and income patterns in the state's rural areas.
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.
Understanding regional economic growth in the new economy: industry clusters
This article seeks to explain why industry clusters are receiving so much attention. It discusses how and why clusters form, what makes them successful, and why they are believed to contribute to regional economic growth. The article also examines what the evidence on industry clusters suggests about local economic development, and describes strategies used by communities adopting a cluster approach. The final section outlines New York State's efforts to identify the industry clusters that are important to its economy, as well as the challenges faced in this process.
Roundtables explore the challenges faced by rural economies
The Federal Reserve Bank of New York's Buffalo Branch and Office of Regional and Community Affairs conducted a series of roundtable talks in May 2001. The talks, cosponsored by the Independent Bankers of New York State, the North Country Alliance, and the Rural Housing Coalition, were held to determine what issues most concern the region's rural communities and to give participants an opportunity to share information that might help in planning economic growth strategies.
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.
The information technology industry in New York State
We assess the prominence of the IT industry in New York State. We calculate the concentration of IT industry jobs in the state relative to the nation and identify the IT businesses that figure most importantly in new York's large metropolitan areas.
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.
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 ...
The changing composition of upstate New York's workforce
We use newly available data from the 2000 census to assess the occupational composition of the upstate New York workforce and to analyze how it has changed since the 1990 census. We also compare the evolving mix of occupations in our region with that of the nation as a whole, an approach that allows us to identify upstate New York's areas of specialization and some unique features of the changes in the region's labor market.
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.