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Buffalo Metro Area

Buffalo is home to more than 1.1 million people, making it the second-largest metropolitan area in New York State. Historically, manufacturing was the driving force of Buffalo’s economy, with steel factories and auto parts suppliers having a particularly strong presence. However, as in much of upstate New York, Buffalo’s economy has undergone significant restructuring over the past few decades, with steep job losses in manufacturing offset by growth in the service sector. While manufacturing still accounts for a slightly-above-average share of employment in the region, the education and health sector—which includes the area’s many colleges and universities—has become increasingly important. Trade with Canada also plays a key role in the local economy.

Economic and Demographic Trends
Buffalo Rochester* Syracuse* New York State USA
Population1 1,167,000 1,090,000 662,000 20,201,000 331,449,000
Pop growth, 10-year change1 2.8% 1.0% -0.1% 4.2% 7.4%
GDP, billions1 $70 $64 $42 $1,725 $20,894
Job growth, 5-year change2 -6.8% -5.5% -5.1% -4.1% 1.2%
Median household income1 $58,010 $60,000 $63,000 $72,600 $67,000
Median home price1 $160,000 $150,000 $150,000 $350,000 $250,000
Pop share age 25+ with BA+1 34.7% 34.2% 32.2% 39.4% 35.1%

1 2020

2 2021

* Neighboring Metros

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota. Data retrieved through data.census.gov, Moody's Economy.com, or directly from source.

Reports & Analysis
Regional Employment Trends (March 10, 2023)
Richard Deitz's Briefing on Regional Economic Conditions (March 7, 2023, New York State)
Press Briefing: Employment and Housing Conditions in the Second District (Nov 10, 2022)
A Look at the New York-Northern New Jersey Region’s Pandemic Housing Boom (Nov 10, 2022)
Jaison Abel's Briefing on Economic Conditions in the Region (Nov 5, 2021)
Severe Supply Disruptions Are Impeding Business Activity in the Region (Oct 21, 2021)
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