Buffalo well positioned to ride out the recession

With our current market conditions, there is a ray of sunshine for those cities whose employment base and industry mix can help insulate them from the worst effects of the international economy. In Business Week's October 14 story, "Some Cities Will Be Safer in a Recession," real estate writer Prashant Gopal makes the case that local economies which are dominated by stable, anticyclical industries, such as government, health care and education, could be relatively well-cushioned to weather the downturn. Based on demographics and data from PolicyMap.com, Gopal identifies Buffalo as one of the best places in the U.S. to ride out a recession - communities that will feel the pain less than cities like New York and Chicago which have large numbers of financial sector jobs. "Towns with many residents working in health care, such as Buffalo, will have a solid layer of protection. Even doctors and nurses feel the pinch in a recession because people without jobs or insurance tend to put off medical visits until it's absolutely necessary. But medical care is in demand in good times and bad," said Gopal. Gopal goes on to make his point, "Buffalo is known for its blue-collar roots and its low cost of living. But it also has a diverse employment base which is less dependent on manufacturing. It is home to banks and other financial institutions. But it also has become a hub for debt collection - a lucrative industry in this economic climate. Education and health care play a big part in the economy. The city is home to the University at Buffalo and Roswell Park Cancer Institute." Furthermore, according to the Business First of Buffalo's Book of Lists, the more recession-resistant employment sectors of government, education, and health care comprise seven of the top eight of western N.Y.'s largest employers, including the state of New York, the University at Buffalo, Kaleida Health and Catholic Health System. For the full Business Week story, "Some Cities Will Be Safer in a Recession," visit www.BusinessWeek.com. Paula Blanchard is a member of the Marketing Committee at the WNY chapter of NYSCAR and a licensed sales representative at Realty USA Commercial Division, Buffalo, N.Y.