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Buffalo Niagara's economic development industry is in good

The terminology changes depending on who you are talking to. Are we experiencing an "economic slowdown?" Is our economy in the midst of a full blown "recession?" Regardless of your definition or your point of view, the undeniable fact is that the current state of the economy is indeed having an impact on the economic development industry.

Deal flow is down all across the country as economic development professionals are facing companies and investors who are far more cautious, and in many cases down right reluctant, to move forward with projects. Site location questions take on a whole new meaning as companies try to predict what the impact of our current economic slowdown will be on a given region or community. Expansions and significant investments are being put on hold while CEO's take a "wait and see" approach to the long term economic forecast.

The obvious question is how is that affecting the Buffalo Niagara region? The simple answer is we are in good shape as we weather the storm.

Consistent and sustained promotion of our assets is paying off in greater confidence in our region as a whole. The overall stability in our region's real estate, including availability, pricing and value is proving to be a tremendous benefit from an attraction standpoint. Our shared border with Canada has obviously given us an advantage over other regions of the country. When some perceived the growing strength of the Canadian dollar versus the U.S. dollar as a weakness, we turned the tables and increased Canadian investment interest by showing them how much more their dollar could now get them in our market. These are the kind of regional assets that are keeping us busy in Buffalo Niagara compared to some of our competitors across the country.

But there's more than just these assets helping us keep our collective heads above water. The effectiveness of our marketing initiatives continues to change the dial on the perception meter of Buffalo Niagara. The commitment to a more personal, one on one approach from our business development staff has helped put us in front of more pre-qualified prospects than past years in our efforts to restock our project pipeline. The vision and commitment of our economic development partners to provide readily available product for potential companies has had a significant positive impact. And to what degree has all of this helped?

We concluded our 2007-2008 fiscal year with 20 project wins (a win is a company or project that firmly commits to locate/expand in the Buffalo Niagara region). Those 20 wins represent over $70 million in investment and over 1,900 jobs created and retained. Sixteen of those wins fall under the category of "attraction" where we had to successfully compete against other regions of the company or world for that business investment. All in all, pretty good numbers in a slumping economy.

In the final analysis, there are present and future economic challenges that will impact regional marketing, business and economic development organizations throughout the U.S. Here at home however, staying true to our longstanding heritage and experience, we continue to weather the storm just fine.

Buffalo Niagara Enterprise (BNE) is a non-profit, private business development and regional marketing organization focused on providing services to companies looking to start or locate businesses in the eight counties of WNY. Services include comprehensive economic development assistance, such as demographic information, tax incentives, site identification and liaison with local business leaders and government organizations.

Thomas Kucharski is president and CEO of Buffalo Niagara Enterprise, Buffalo, N.Y.

Grain Elevator Returns to Life

Sep-29-2008 — The long-dormant Lake & Rail grain elevator complex along the Buffalo River is back in business. The 75-year-old elevator received its first ship-delivered load of grain in over a decade, marking a key milestone in its rebirth. The elevator, which is owned by Minnesota-based Whitebox Commodities, had sat quiet and deteriorating until 2006, when it was acquired by River- Wright Energy, a local company planning to produce ethanol

Peace Bridge beats out its Detroit rival

Sep-29-2008 — For the first time in at least two decades, the Peace Bridge is the No. 1 choice for passenger vehicles traveling between the United States and Canada. According to the Buffalo and Erie Bridge Authority, the international bridge linking Buffalo and Fort Erie is now carrying more non-commercial traffic than its archrival, Detroit’s Ambassador Bridge.

Weathering the Storm

Sep-26-2008 —

Fisher-Price to invest

Sep-26-2008 — The toy company, which is now owned by Mattel, will undertake a multi-year effort to upgrade its East Aurora headquarters. No new jobs will be created as a result.

Peace Bridge beats out rival

Sep-25-2008 — The Peace Bridge is the No. 1 choice for passenger vehicles traveling between the United States and Canada.

Weathering the economic storm

Sep-24-2008 — The terminology changes depending on who you are talking to. Are we experiencing an 'economic slowdown?' Is our economy in the midst of a full blown 'recession?' Regardless of your definition or your point of view, the undeniable fact is that the current state of the economy is indeed having an impact on the economic development industry.

Bio View From Here

Sep-18-2008 — Because of the significant economic potential of the life sciences industry in the United States, at least 42 states and regions have identified it as a targeted industry. Many of these communities are spending millions, and in some cases billions, of dollars on new infrastructure, recruitment of global talent, extensive research programs, commercialization and new investment funds. As economic developers, this industry presents great opportunities and challenges for those communities that are t

Weak Dollar a Boon to Region

Sep-05-2008 — The weak U.S. dollar is helping to keep the Buffalo Niagara Enterprise busy, even as the economy slows.

BNE Reports Successful Year

Sep-05-2008 — Despite a weakened national economy and a general slowdown in private sector investment, the Buffalo Niagara Enterprise reported 20 economic development wins in the past year.