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Global Economic Prowess

Why It Matters

Buffalo has been an economic powerhouse before. The Erie Canal made it the world’s largest grain port, and by 1950 roughly eight in ten area jobs were in manufacturing. When the St. Lawrence Seaway opened and the steel mills closed, the region lost at least 70,000 jobs between 1970 and 1984, and its economy had to rebuild around health care, education, finance, logistics and tourism.

That rebuilding is working. The Buffalo-Niagara Falls metro produced roughly $90 billion in output in 2023, and the city grew in the 2020 census for the first time in seventy years. The task now is to move from recovery to leadership: to compete as one region, for global investment and talent, with a plan to match our ambition.

Vision

Buffalo Niagara will become a global economic powerhouse by leveraging its strategic location, diverse talent pool, and innovative spirit to drive sustainable growth, attract international investment, and foster a dynamic ecosystem of industries that compete on the world stage.

Strategic Objectives

  1. Build a Thriving Innovation Ecosystem: Establish Buffalo Niagara as a hub for cutting-edge industries, including technology, green energy, and advanced manufacturing.
  2. Attract Global Capital and Businesses: Position the region as a premier destination for foreign direct investment and corporate expansion.
  3. Develop a World-Class Workforce: Equip residents with the skills needed to excel in high-growth industries through targeted education and training programs.
  4. Strengthen Global Trade Networks: Capitalize on Buffalo Niagara’s proximity to Canada and its logistical advantages to become a key player in international commerce.
  5. Promote Inclusive Economic Growth: Ensure that economic prosperity benefits all communities, particularly underserved populations, through equitable policies and opportunities.

Key Strategies

1. Fostering Innovation and Entrepreneurship

  • Innovation Hubs: Develop state-of-the-art innovation districts, such as expanding the Buffalo Niagara Medical Campus, to house incubators, accelerators, and research facilities. Partner with institutions like SUNY Buffalo and Roswell Park Comprehensive Cancer Center to drive breakthroughs in biotech, AI, and clean energy.
  • Startup Support: Provide grants, low-interest loans, and mentorship programs for entrepreneurs, with a focus on underrepresented groups. Launch a regional venture capital fund to support early-stage companies.
  • Industry-Academia Collaboration: Create research consortia to translate academic discoveries into commercial applications, fostering spin-off companies and job creation.

2. Attracting Global Investment

  • Incentive Programs: Offer competitive tax incentives, streamlined permitting, and infrastructure support for multinational corporations establishing regional headquarters or manufacturing facilities in Buffalo Niagara.
  • Global Marketing Campaign: Launch a targeted branding initiative to promote Buffalo Niagara as a business-friendly region with low operating costs, a skilled workforce, and proximity to major markets.
  • Foreign Trade Zones: Expand foreign trade zones to reduce tariffs and attract export-oriented businesses, particularly in logistics and advanced manufacturing.

3. Workforce Development and Talent Retention

  • STEM and Vocational Training: Expand programs at institutions like Erie Community College and Buffalo State College to train workers in high-demand fields such as renewable energy, cybersecurity, and precision manufacturing.
  • Apprenticeship Programs: Partner with local businesses to create paid apprenticeship opportunities, ensuring a pipeline of skilled workers aligned with industry needs.
  • Talent Attraction and Retention: Implement initiatives to attract young professionals and retain graduates, such as student loan forgiveness programs for those who commit to working in Buffalo Niagara for five years.

4. Enhancing Global Trade and Logistics

  • Cross-Border Opportunities: Strengthen economic ties with Canada through joint initiatives, such as a binational technology corridor, and streamline customs processes at the Peace Bridge to facilitate trade.
  • Logistics Hub Development: Invest in the Port of Buffalo and regional rail infrastructure to create a world-class logistics hub, positioning Buffalo Niagara as a gateway for North American trade.
  • Supply Chain Resilience: Support local manufacturers in diversifying supply chains, reducing reliance on overseas suppliers, and integrating advanced technologies like automation and IoT.

5. Promoting Inclusive and Sustainable Growth

  • Equitable Economic Development: Prioritize investments in underserved neighborhoods, ensuring access to jobs, training, and business opportunities. Establish community benefit agreements for major projects to guarantee local hiring.
  • Green Economy Leadership: Incentivize businesses to adopt sustainable practices, such as zero-waste manufacturing and renewable energy adoption, to align economic growth with environmental goals.
  • Small Business Support: Provide microgrants and technical assistance to minority- and women-owned businesses to foster entrepreneurship and economic diversity.

Implementation Plan

  • Short-Term (1-2 Years):
    • Launch the Buffalo Niagara Innovation Fund to provide seed capital for startups.
    • Establish a regional economic development task force to coordinate with state and federal agencies.
    • Begin construction of a flagship innovation hub in downtown Buffalo.
  • Medium-Term (3-5 Years):
    • Roll out a comprehensive workforce training program in partnership with local colleges and businesses.
    • Secure at least three major international corporate investments through targeted outreach.
    • Complete infrastructure upgrades at the Port of Buffalo to enhance trade capacity.
  • Long-Term (5-10 Years):
    • Achieve recognition as a top 20 global city for innovation and business by 2035.
    • Ensure 80% of new jobs created are accessible to residents from diverse socioeconomic backgrounds.
    • Position Buffalo Niagara as a leader in green technology exports, contributing to global sustainability.

Metrics for Success

  • Economic Impact: Increase regional GDP by 20% within 10 years through new business activity and job creation.
  • Investment Attraction: Secure $1 billion in foreign direct investment by 2030.
  • Workforce Development: Train 10,000 residents in high-demand skills by 2030, with 50% from underrepresented communities.
  • Trade Growth: Double export volume through the Port of Buffalo by 2035.
  • Inclusivity: Achieve a 25% reduction in income inequality across zip codes by 2035.

Conclusion

Through this strategy, Buffalo Niagara can harness its strategic location, industrial heritage and determined people to become a global leader in innovation, trade and shared prosperity. It is a central pillar of the PAC’s Turnaround Agenda, alongside our regional proposals and policy initiatives such as One Region, One IDA and Main Street Starts.