Buffalo
Travel Guide

Buffalo, New York 

Economy 

 
 

Railroad commerce, steel manufacturing, automobile production, aeronautics, inland shipping, and grain storage were once major economic activities in Buffalo and the region. Many of these industries have since closed or shifted to other cities within and outside the United States. Major steel production no longer exists in the area but several smaller steel mills still remain in operation. However, Buffalo is in the middle of the Northeastern Trade Corridor and the heart of the Canadian-American corridor with the Peace Bridge linking the city with Fort Erie in Canada.

Niagara Square, Buffalo (New York City)

Buffalo's Niagara Square by Andre Carrotflower

Instead of relying on the industrial sector to drive Buffalo’s economy, the city has taken a diversified approach to create new economic opportunities that have potential for growth and expansion in the 21st century. Today, the economy of Buffalo and the region is best described as a mix of industrial, light manufacturing, high technology, and service-oriented industries driven by private sector companies. Thus, employment in the traditional industries may be on a declining trend but employment in the newer sectors or industries are showing increases.

State University of New York, Buffalo

State University of New York at Buffalo by Quintessenceanx

Today, Buffalo is the headquarters of regional banks M&T Bank and First Niagara Bank. Other major banks with corporate operations in Buffalo include HSBC Bank USA, Bank of America, Citigroup, and KeyBank. Insurance companies based here include Merchants Insurance Group and Lawley Insurance. Buffalo is also becoming a center for life science research, including research by the University at Buffalo and the Roswell Park Cancer Institute. The two are part of a consortium known as the Buffalo Niagara Medical Campus. Other members of the consortium include the Buffalo Medical Group Foundation, Cleveland BioLabs, and Hauptman-Woodward Medical Research Institute.

Pierce Arrow Factory, Buffalo (New York State)

Pierce Arrow Factory Complex in Buffalo by Pubdog

 
 
 
 
 
 
 
 
 
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