The cities of Las Vegas and Los Angeles are two thriving cities west of the Mississippi but you wouldn’t know it by a recent CBS Marketwatch poll. CBS recently ranked the bottom ten places to do business across the United States and lumped Buffalo in that group along with the two aforementioned cities and New Orleans. The study took into account the concentration of Fortune 1000, S&P 500, Russel 2000 and Forbes 400 private companies. Additionally, the study factored in economic diversity, the concentration of small business as well as employment data and population growth.
The study doesn’t reveal anything new about the city. It cites the lack of S&P 500 companies, only M&T bank is on the list, and the failure to recover from the decline of heavy industry over the past half century. Of the 50 cities surveyed for the study, Buffalo ranked next to last in population growth, losing nearly 3% of its population.
Unfortunately, the article perpetuates the perception that it is miserable year round in Buffalo. Twice in the press release cites Buffalo’s “frigid” and “tough” winters. Apparently word hasn’t gotten out to the rest of the country that Buffalo is one of the best places during the spring, summer and fall. The study also fails to take into account the presence of larger businesses like HSBC and General Mills that still do business in the city.
Perhaps there are a few lessons to take away from this study. First, building a concentrated downtown core that strings together a series of business is vital to helping the city become more vibrant economically. Secondly, the city of Buffalo needs to market itself better to the national media and exploit stories such as the one labeling Buffalo as having some of the best weather in the country. One of the best ways to improve the city is to change the way people perceive it. Though it may be hard, it is an important factor in attracting new businesses and residents.
MarketWatch
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