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Journal Article
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.
Journal Article
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.
Journal Article
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.
Journal Article
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.
Journal Article
The foundations and practice of historic preservation
The authors examine historic preservation and show why it serves as an important force in the economy, discussing the motivations for historic preservation and how the practice has evolved, and explaining why government plays a role in preservation and how policy is implemented. Problems created by the competition between preservation and other interests are presented.
Journal Article
The aging of Upstate New York
The United States is in the midst of a powerful demographic trend: the aging of its population. Advances in medical technology and lifestyle changes have lengthened life expectancies while birth rates have declined. Moreover, the elderly share of the population will rise quickly once the 76 million-strong baby-boom generation - those born between 1946 and 1964 - begins turning 65 in just a few years. The rapid aging of the population is expected to have profound effects on all aspects of American society. This issue of Upstate New York At-a-Glance outlines the pattern of aging in the region ...
Journal Article
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.
Journal Article
How volatile is New York State's economy?
We measure employment volatility in New York State. We find that although New York has demonstrated slow employment growth during the postwar period, its diverse industry composition has helped make it the most stable economy in the nation. We also examine the extent to which regional volatility is due to national, as opposed to local, economic fluctuations. This examination enables us to compare the volatility of New York's major metropolitan areas with a sampling of U.S. cities. Here, we find that New York's metro areas were relatively stable during the postwar period, but some areas ...
Journal Article
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.
Journal Article
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 ...