Economic resurgence abounds in the largest regional economy in New York outside of New York City: We see sustained job growth trending 3% above 2010 levels, a Gross Metro Product boost of over 7% since 2011 – outpacing peer regions such as Cleveland and Pittsburgh - and an increase of 7.5% in exports since 2010.
New Flyer is the largest manufacturer of heavy-duty transit buses in North America with 3,800 employees and thirteen facilities across the U.S. and Canada. As part of the capital plan to upgrade public transportation in the New York City area, the Metropolitan Transportation Authority (MTA) awarded New Flyer a contract to refresh the entire system’s bus fleet. The contract required a portion of the final product be manufactured in New York State.
For many companies, reasons to make the move to the U.S. side are obvious: they’re looking for the desirable “Made in the USA” stamp of approval, lower utility costs, or looking to fill a contract requirement. But there’s another, more specific issue that often gets overlooked: the costs of border crossing.
For several reasons—from rising wages in emerging countries, to a growing appetite for US-made goods, to recognition of the abundant resources in our own backyard—the manufacturing industry is poised for revival, and helped along by investments from the private and public sectors. Areas like Western New York have abundant resources and tools to get in on this promising momentum as well.
Last Thursday evening the CBRE|Buffalo team released its 2016 Buffalo MarketView reports to a jam-packed crowd of real estate professionals, economic developers and municipal officials from across Western New York at One Seneca Tower.
.In my time with Invest Buffalo Niagara, I’ve had a chance to help 32+ Canadian companies make their way to this side of the border. Along with being part of helping the Buffalo Niagara region boom—to the tune of $706 million in investments and more than 1,600 jobs—I’ve also seen the pitfalls that Canadian business owners need to look out for. For the first in this two-part series, we’ll focus on the beginnings of due diligence: the questions you need to ask yourself when you’re looking to enter the U.S. market.