uffalo Central Terminal, a 17-story Art Deco style station designed by architects Fellheimer & Wagner for the New York Central Railroad, was finished just weeks before the Wall Street Crash of 1929.
During World War II, Buffalo saw a period of prosperity and low unemployment due to its position as a manufacturing center. The American Car and Foundry company, which manufactured railcars, reopened their Buffalo plant in 1940 to manufacture munitions during the war years.
With the opening of the St. Lawrence Seaway in 1957, which cut the city off from valuable trade routes; deindustrialization; and the nation-wide trend of suburbanization; the city's economy began to deteriorate. Like much of the Rust Belt, Buffalo, which peaked at more than half a million people in the 1950s, has seen its population decline by almost 50 percent as industries shut down and people left for the suburbs or other cities.
Like other rust belt cities such as Flint, Michigan, Buffalo has attempted to revitalize its beleaguered economy and crumbling infrastructure. In the first decade of the 21st century, a massive increase in economic development spending has attempted to reverse its dwindling prosperity. $4 billion was spent in 2007 compared to a $50 million average for the previous ten years. New proposals and renovations are numerous, especially in the downtown core. As of 2008, the population has continued to decrease, despite the efforts of city officials. (See demographics section
