by Matt Hubacher, Research Specialist
Last month the U.S. Department of Commerce’s Bureau of Economic Analysis released advanced 2011 GDP data for 366 metropolitan areas across the nation. At $45.88 billion, the Buffalo-Niagara Falls, NY MSA (Erie and Niagara counties) ranks as the 56th largest metro economy in the country and the 3rd largest metro economy in New York State.
The regional economy of Buffalo Niagara, which has increasingly diversified throughout much of the past two decades, has been on a growth trajectory for three consecutive years and experienced the second highest rate of metro GDP growth (1.4%) in New York State in 2011, and falls within the second quintile of growth nationwide . Major gains in the Professional and Business Services, Trade, and Leisure and Hospitality sectors helped fuel this tremendous economic expansion.
Those interested in learning more about Buffalo Niagara’s economy and labor pool can consult Buffalo Niagara Enterprise’s recently updated 2013 Buffalo Niagara Economic Guide. The Economic Guide serves as a detailed overview of the region’s economy and provides data and information on demographics, workforce, education, and transportation (and more), for use by businesses, researchers, students and practitioners