Delivering the Next Economy in Buffalo...

The "Buffalo Billion", as it has been dubbed in many circles, has created a great deal of excitement in our region since Governor Cuomo announced it in his State of the State address this past January.  It has also generated a lot of questions ranging from "when will the money be available?" and "how will it be spent?" to "where do I sign up to get some?"  The region took a giant step forward addressing some of these questions with a visit this week from Bruce Katz, Vice President of the Brookings Institution and founding Director of the Brookings Metropolitan Policy program.    

In a Wednesday afternoon speech entitled "Delivering the Next Economy in Buffalo", Katz spoke about some of the underlying causes of our economic decline over the last five decades and many of the challenges that must be met and overcome so we may take full advantage of this unique opportunity.  Perhaps of greater value though, as a policy expert who will play an active role in developing the roadmap for how our community proceeds, Katz's comments added to our optimism while managing our community's expectations. 

"The key is to get this right and not try to tilt the process early on to the form of a subsidy", Katz told the crowd.   That is a very important point to be made as our community seeks to maximize the return on the state's investment.  Katz's philosophy, and I agree, is that rather than invest $1 billion and get a return of $5 billion over the next three or four years, instead we should focus on investing the $1 billion so we can create a whole new economy that drives our community five, ten and fifteen years down the road.  

Much work remains to be done, and as Lt. Governor Robert Duffy accurately pointed out, this about "doing it methodically and getting the right people to the table."   In that sense our community is on the right track.  We have a very strong WNY Regional Economic Development Council in place that will guide this process and is committed to the task.  A strong core of advisors from outside the community will aid the council, including Katz's Brookings Institute and a yet to be named consultant.  In between his public address and his meeting with the WNY council, some of our BNE research staff and I met privately with Katz, the University at Buffalo Regional Institute, U.B.'s Urban Design Project, Empire State Development and representatives of Governor Cuomo's office to discuss what roles we will play in supporting this effort.   

"There already is a buzz nationally about the Buffalo billion," said Katz who also added "most places in the United States would kill for a governor to make an announcement of this sort."  He is correct.  That is a sentiment I have encountered from countless economic development colleagues of mine across the U.S. since this commitment was announced.  They keep telling me how lucky our community is and how they wish they were in my shoes.  Now that a framework is being established and the work will commence, I'm sharing that same optimism.  The Buffalo Niagara Enterprise is excited to play a role in, and be a part, of this process.  It's very good news to consider heading into a beautiful weekend. 

Thomas A. Kucharski

President & CEO

takucharski@buffaloniagara.org

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