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6 Big Takeaways From Buffalo Business First’s 2018 In Review

Every year, Buffalo Business First puts out a list of its top stories for the year. 2018 was no exception, as they published their list on January 2nd. This is a great opportunity to see what the most popular topics were in this community-oriented publication’s 2018 coverage.

The Rundown

  1. Buffalo Business First’s In Review showcases the most important news and events in the Buffalo business community for the past week.
  2. This week’s top stories include Amazon announcing a new office in Buffalo, H&R Block closing its doors in Western New York, and a new report from the Regional Economic Development Council highlighting Buffalo’s strengths.
  3. The Biz Journal takes a look at what is driving business activity in the area with its “5 Things to Know” segment.
  4. Finally, this week’s “What We’re Reading” features an article on using social media to market your small business.

A Look at What 2018 Was Like for Buffalo Business First

Buffalo Business First’s In Review for 2018 is full of big takeaways that outline what the past year was like in Buffalo. From statewide economic trends to local business news, BBF outlines everything you need to know about the city and its businesses.

Economic Trends
According to BBF, Buffalo’s economy experienced a mixed bag in 2018. The local unemployment rate continued to decline, but wages stagnated and there was a decrease in new business formation. However, despite these challenges, Buffalo’s economy is still on track for improvement over the next few years.

Local Business News
BBF covers all the important news happening with your favourite local businesses. From new openings to deals and announcements, this blog has it all! Be sure to check out their latest posts for updates on your favourite businesses and learn more about what they’re doing to grow in 2018 and beyond.

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Recap of Buffalo’s Economy in 2018

In 2018, the Buffalo economy continued to grow, aided by a strong job market and increasing investment. The city’s unemployment rate decreased from 4.3% in 2017 to 3.9% in 2018, while the number of jobs increased by 2,500. Overall, businesses created 196 new jobs in 2018, marking the 11th consecutive year of growth and the fifth consecutive year of over 100 new jobs created. In addition to steady job growth, businesses are also seeing increased demand for their products and services. For instance, Buffalo-based companies received more than $1 billion in contract awards in 2018 – an increase of 12% from 2017 – demonstrating that local businesses are continuing to thrive despite global economic uncertainties.

Despite these positive indicators, there are still areas where Buffalo could improve. For example, the city’s poverty rate (15%) is higher than the statewide average (10%), and its median income ($43,759) is below the state median ($51,046). Additionally, Buffalo has a high level of housing cost burden compared to other cities in New York State – making it difficult for residents to afford quality housing and live comfortably on a budget. To address these challenges, Mayor Byron Brown has launched several initiatives aimed at improving affordability and livability in Buffalo – including a plan to build 500 affordable units annually over the next five years and create 250 jobs for community engagement specialists dedicated to addressing social justice issues specifically affecting low-income residents.

Big Takeaways from Buffalo Business First’s 2018 In Review

Buffalo Business First’s 2018 In Review includes a look at the top news stories of the year, as well as some of BBF’s most popular blog posts. Here are three big takeaways:

  1. The city is becoming more economically diverse: Buffalo’s economic landscape is diversifying, with more businesses and organizations bringing new jobs and investment to the city. This can be seen in everything from the growth of tech startups to the resurgence of manufacturing.
  2. Downtown is booming: Buffalo’s downtown has seen a rebirth in recent years, with a number of new restaurants and businesses popping up while historic properties have been restored or renovated. This positive trend is likely to continue in 2019, as developers work on large projects like the redevelopment of KeyBank Center and plans for a new convention centre near Midtown.
  3. The region is poised for continued growth: Buffalo-Niagara Falls continues to be one of the most promising areas for business growth in New York State, thanks to its strong population base and skilled workforce. With major projects like Amazon’s second headquarters set to bring an influx of jobs and investment, this region looks poised to keep growing for years to come.
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