Niagara Falls
Travel Guide

Niagara Falls, New York 

Economy 

 
 

The economy of the city of Niagara Falls was originally based on the cheap and abundant power generated by the massive falls. Steel, paper, rubber, plastics, abrasives, and petrochemicals were among the major industries located in the city. Around the turn of the 20th century, thousands of immigrants, predominantly from Europe, came to the area to work. Many of the industries eventually closed from cheaper sources in the developing countries and as a result, the city’s population declined by half within 50 years from its peak of 102,000 in 1960.

Electricity from the Niagara Falls, New York State

Electricity from the Niagara Falls by ThatHatCat

The city of Niagara Falls experiences a high rate of unemployment than the U.S. national average. Because of the economic downturn, the city has passed several tax hikes, making Niagara Falls one of the highest-taxed cities in the United States. Nevertheless, the city is reinventing itself and moving away from an industry-based to a tourism-based economy, focusing on the natural beauty of the Niagara region. Today Niagara Falls receives nearly ten million visitors each year and one of the top ten tourist destinations in the United States.

Niagara Falls, New York State

Power of the Niagara Falls by Paul Drew Drushler

Economic development also focuses on revitalizing the vacant and underutilized buildings in the city, and promoting Niagara County as a premier destination for meetings, conventions, and leisure tourism. Redevelopment of the city’s downtown area include the historic United Office Building, Hotel Niagara, Crowne Plaza Resort (formerly Holiday Inn Select), and the once primary tourist thoroughfare of Old Falls Street. The Seneca Niagara Casino and the new Conference Center Niagara Falls attempts to re-position Niagara Falls as a premiere destination.

Tourists in Niagara Falls, New York State

Tourists in Niagara Falls by Kamel15

 
 
 
 
 
 
 
 
 

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