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Annual Report 2010/11

The only constant is change and nowhere is that more evident than in the economic development and business attraction industry.  In the four years that I have served as chairman of the Buffalo Niagara Enterprise, I have gained a keen sense of appreciation and understanding that each year brings a uniquely different set of opportunities and challenges – and flexibility is crucial to success.  On behalf of our officers, Board of Directors and staff, I am pleased to present the 2010-2011 Buffalo Niagara Enterprise Annual Report.  The reported results are a testament to this organization’s evolution as we continue to be nimble in our approach to an ever-changing marketplace and the needs of the various constituencies we serve.

The continued revival of the Buffalo Niagara economy is based on the creation of innovative ideas and transitioning them into profit-making ventures.  This is the path to the well compensated and fulfilling jobs of the future.  I am happy to report to the BNE’s investors and the community at large that our enhanced approach secured 14 project wins in this past year – 2010/2011 – resulting in new capital investment pledged at more than $471.2 million.  It is important to note that these results account for a 55 percent increase in project wins and even more impressive, a $459 million increase in investment from the previous year.  Certainly this is an encouraging sign for our region when you consider the on-going global and national recessions and New York State’s slowly improving economy.

As the Buffalo Niagara region’s employment figures show a slight upward trend, the 451 new jobs pledged as of a result of the 14 wins brings with those jobs an average salary of $51,331.   The total economic impact of our wins amount to more than $560 million throughout the region.  The BNE continues to hone its approach in the ways we communicate critical regional data and information to site selectors, corporate real estate executives and attraction prospects around the globe.  With a stated mission to attract business investment that creates wealth generating opportunities while strengthening the regional economy, I believe our recent successes bring greater perspective as to the value of our research, marketing and business development efforts.

Without question, an abundant amount of behind-the-scenes work is performed on a daily basis by the BNE’s professional staff as the organization continues to grow, adapt, and enhance its effectiveness as an economic development organization.  I appreciate and applaud the constant enhancements to research capabilities that improve the value of the tools in the BNE’s economic development tool kit.  The BNE team continues to gather business intelligence, allowing a more targeted and refined marketing message, and our one-on-one approach with companies supported by the highest level of project management helps to distinguish the BNE from peer organizations across the United States.  Today, we clearly are executing on our potential.

Of course none of these achievements would be feasible without the solid support of a committed group of private sector investors.  The BNE concluded fiscal year 2010 -2011 with a 98 percent retention rate and we have entered the new fiscal year with a budget that is 97 percent private sector funded.  This extraordinary level of leadership support is something in which each investor can and should take great pride.  The continued investment of time, energy and resources from our stakeholders, our internal professional team and our partners across the region has me not only optimistic, but enthusiastic about the future of this organization and the Buffalo Niagara region.  

- Dave Smith, Chairman & CEO of National Fuel Gas Company /  Chairman of BNE Board of Directors

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