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.
The impacts of Governor Cuomo’s Buffalo Billion investments are being felt across the eight counties of Western New York and across several industry sectors including: Advanced Manufacturing, Health and Life Sciences, Information Technology, Entrepreneurship and Tourism. Invest Buffalo Niagara’s recently released Labor Market Assessment 2017 highlighted these positive economic and industry trends – and, perhaps more importantly – demonstrated the interconnectivity of the counties in our region. Indeed, what’s good for one county in the region is good for all counites in the region; and what’s good for our region is good for New York State.
Strategic investments have fueled tremendous private sector job growth. When coupled with quality of life and infrastructure improvements, our region is beginning to become a hot-spot for millennials and young professionals, both expats and those brand new to the area. In fact, since 2010 the region has seen an 8.3% increase in “millennials” – the 20-34-year-old cohort. This growth rate vastly outpaces the region’s overall population trend and bests the nation by over 2%.
It is certainly an exciting time in our region – and the Governor’s promise of a Buffalo Billion II will help to continue the progress we have made. Additional investments in workforce training, innovation and entrepreneurship, target industry support, and community revitalization will continue the incredible transformation of our regional economy.