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Economy of Buffalo, NY


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Buffalo and the surrounding area were long involved in railroad commerce, steel manufacture, automobile production, aircraft/aerospace design and production, Great Lakes shipping, and grain storage. Most of these industries have left the city through the years. Major steel production no longer exists in the area, although several smaller steel mills remain in operation. For example, Gibraltar Industries, a leading manufacturer, processor, and distributor of steel products for the building, industrial, and vehicular markets is headquartered in Buffalo. As of the 1950 United States Census, Buffalo was the 15th largest city in the country, the nation's largest inland port (twelfth overall), second biggest rail center, sixth largest steel producer, and eighth largest manufacturer.

The regional economy can now best be described as a mix of industrial, light manufacturing, high technology and service-oriented private sector companies. Instead of relying on a single industry or sector for its economic future, the region has taken a diversified approach that have the potential to create opportunities for growth and expansion in the 21st century.

Race

On October 25, 2008 the United Nations released a report entitled "State of the World's Cities" in which the Buffalo-Niagara Falls area was specifically cited as having one of the worst rates of economic inequality in the world and that it was racially based. The report specifically stated "the report cited figures from western New York state, where 40 per cent of black, Hispanic and ethnically mixed households earned less than $15,000 in 1999, as compared to 15 per cent of white households." In addition, the United States Census department also released information placing the Buffalo-Niagara metro area, as the 8th most segregated area in America.

Employment

Overall, employment in Buffalo has shifted as its
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