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Western New York

This tag is associated with 22 posts

Economic Recovery in Buffalo Area Still Lagging Other US Metro Areas

(Buffalo, NY) Statistics released this year in September by the BEA indicate that the economic recovery in the Buffalo metro area is relatively sluggish. Growth of private-sector real GDP for each full year of recovery since the recession of 2008-9 is lower in the Buffalo metro area than for all US metro areas as a … Continue reading

A Local Pro-Business Group Supports Lower Taxes and Fracking Upstate – No Surprise There

(WNY) A pro-business group, the Buffalo Niagara Partnership, announced its endorsement of a plan conceived by an anti-tax organization called Unshackle Upstate. Lower corporate franchise taxes in upstate NY and elimination of an energy assessment on manufacturers upstate are direct give-aways to business proposed in the plan. By Unshackle Upstate’s own estimates, these direct give-aways … Continue reading

Average Weekly Earnings Fall in May, Below 2007 When Adjusted for Inflation

(WNY) Data from the US Bureau of Labor Statistics show that average weekly earnings of private-sector employees in the Buffalo-Niagara Falls, NY metro area fell by more than eight dollars to $702.47 over the year in May.1 When adjusted for inflation, average weekly private-sector earnings in May 2013 are below May 2007 by over 5%. … Continue reading

More Evidence of Labor Being Squeezed for Profit

(WNY) Inequality of both income and wealth is rising fast in the US. Since 1993, when significant revisions to an official measure of income inequality among households occurred, this measure of income inequality is up over 5 percent. Some increase can be attributed to growth of pay disparity between educational attainment – a college “premium”, … Continue reading

The Niagara Frontier Tax Give-away, Part II: How Does Your Local IDA Compare?

(WNY) NYS recently shined a spotlight [pdf] on the state-sponsored industrial development agencies (IDAs), seeking to deliver a minimum of oversight and transparency as the IDAs dole out tax exemptions and other public goodies to business. There is previous WNY-WJ content about this here, and the table from that content is now updated (see table … Continue reading

More Evidence of WNY Austerity

(WNY) Recent WNY-WJ content showed total government employment down in the Buffalo-Niagara Falls, NY area since the recession, suggesting evidence locally for the now-discredited policy of austerity – where government spending is slashed in the hope of improving economic performance through lower deficits. This new evidence is more direct. It is an index – where … Continue reading

Local Area’s Austerity Is Bad Medicine

(WNY) As many advanced economies of the world suffer unnecessarily through self-imposed austerity – where government spending is cut in the mistaken hope of spurring economic growth through lower deficits during a time of poor economic performance, there is evidence in government statistics to show that austerity is happening locally in the Buffalo area. The … Continue reading

Buffalo Area’s “Rentier” Income Outpaces Workers’ Earnings

(WNY) The average real (inflation-adjusted) wage per job in the Buffalo-Niagara Falls, NY area is failing to keep pace with real income from capital gains, interest, and rents – “rentier” income. The first chart to the left shows that as the average real wage (solid black line) is relatively stagnant during the years 2001-11, total … Continue reading

Buffalo Area’s Real Hourly Earnings Still Down From Pre-Recession

(Buffalo, NY) Data released by government agencies show that the Buffalo area’s real (adjusted for inflation) private-sector hourly earnings in Mar. 2013 are still down 3.6% from a level before the recession. This equates to a reduction in annual earnings for a typical full-time employee by approximately $1,700 of equivalent 2012 dollars – not small change … Continue reading

Buffalo Area’s Construction Employment Not Improving With Slow Housing Recovery

(WNY) Even as the US slowly recovers from the housing bust brought about by the collapse of home prices beginning in 2006-7, the employment situation for the Buffalo area’s construction industry is not improving. Whereas both NYS and the US as a whole have posted some pretty good 12-month percent changes in construction employment lately, … Continue reading