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Many of those manufacturing jobs do not require as many people and the fact still remains that manufacturing isn't what was in the past and what is left or created within the industry will require more education.training.
Buffalo has also been a banking/finance hub for decades and it also has a growing Life Sciences industry as well. There are also insurance companies based in the city/area too. So, it was and has been more than just heavy manufacturing(same goes for the other cities Upstate).
In terms of the last part of the post, that is where the start up scene comes into play and why 43 North is important. So, it gives people an outlet to start companies to do just that.
Manufacturing is booming in the US, it's the new industrial revolution in the Sunbelt States. In Arizona alone their building dozens of multi $ Billion massive 1+ million sqft factories and creating 10,000's & 10,000's of new Manufacturing jobs in AZ from everything from Lucid motors electric cars, Nikola electric hybrid 0 emissions semi's, and offroad & watercraft vehicles, Eviation electric aircraft, Boeing Helicopters & aircraft, Intel's microchips to Nike Air max sneakers , Brooklyn mattress's, Anderson doors & windows, just a small sample of what new manufucturing facilities are under construction in Arizona, but it's going to be Sunny & 86 today in Phoenix and its going to be sunny and in the 80's everyday for the foreseeable long range forecast, add that with low taxes, No regulations, business friendly environment, & well run governments , No wonder their flocking to The Grand Canyon State ,
Last edited by Niagarapurple; 11-12-2019 at 09:01 AM..
Evans Bank, Bank on Buffalo, Bank of America, Five Star Bank, Key Bank, Citizens Bank and Northwest Bank still have offices in the area.
But they are not based in Buffalo as the others were. Many cities have branches of banks, but not headquarters. Bank of America is based in Charlotte, NC, Five Star is a small bank based in Rochester, Key Bank is based in Cleveland, Citizens is based in Providence, Rhode Island, Northwest Bank is based in Warren Pennsylvania, Bank on Buffalo is a division of CNB Banks based in Clearfield, Pa. By stating Buffalo is a banking hub, you are implying there are banks based here like there were 30 years ago, which is no longer the case.
Buffalo Saving Bank was dissolved in 1991
Erie County Saving Bank was dissolved in 1992
Western NY Savings Bank was dissolved in 1991
First Niagara was sold to Keybank in 2015.
Marine Midland was sold to HSBC in 1980 and has since left the Buffalo area.
The main banking presence in Buffalo is M&T and call centers and backroom support for national banks. It is no longer a "banking hub"
]Manufacturing is booming in the US[/b], it's the new industrial revolution in the Sunbelt States. In Arizona alone their building dozens of multi $ Billion massive 1+ million sqft factories and creating 10,000's & 10,000's of new Manufacturing jobs in AZ from everything from Lucid motors electric cars, Nikola electric hybrid 0 emissions semi's, and offroad & watercraft vehicles, Eviation electric aircraft, Boeing Helicopters & aircraft, Intel's microchips to Nike Air max sneakers , Brooklyn mattress's, Anderson doors & windows, just a small sample of what new manufucturing facilities are under construction in Arizona, but it's going to be Sunny & 86 today in Phoenix and its going to be sunny and in the 80's everyday for the foreseeable long range forecast, add that with low taxes, No regulations, business friendly environment, & well run governments , No wonder their flocking to The Grand Canyon State ,
While some areas have grown in terms of employment and more so in terms of production, the simple fact is that the employment in that sector isn't close to what the peak was.
But they are not based in Buffalo as the others were. Many cities have branches of banks, but not headquarters. Bank of America is based in Charlotte, NC, Five Star is a small bank based in Rochester, Key Bank is based in Cleveland, Citizens is based in Providence, Rhode Island, Northwest Bank is based in Warren Pennsylvania, Bank on Buffalo is a division of CNB Banks based in Clearfield, Pa. By stating Buffalo is a banking hub, you are implying there are banks based here like there were 30 years ago, which is no longer the case.
Buffalo Saving Bank was dissolved in 1991
Erie County Saving Bank was dissolved in 1992
Western NY Savings Bank was dissolved in 1991
First Niagara was sold to Keybank in 2015.
Marine Midland was sold to HSBC in 1980 and has since left the Buffalo area.
The main banking presence in Buffalo is M&T and call centers and backroom support for national banks. It is no longer a "banking hub"
Five Star has its HQ's in Warsaw in Wyoming County.
All of them have offices, not just branches of those banks. Many banks may have HQ's elsewhere, but still have offices in other cities.
From the article: "HSBC plans to open a branch, attached to its customer operations center in Depew, in the fourth quarter. Why, about seven years after selling off its upstate branch network in a stunning deal, is HSBC opening a new branch here and "strongly considering" adding more?
"We're in growth mode," Jenkins said. Among the factors she sees in favor of opening a branch in Depew: the bank's deep roots in the region, healthy interest from customers, and HSBC's large local workforce."
From the article: "HSBC plans to open a branch, attached to its customer operations center in Depew, in the fourth quarter. Why, about seven years after selling off its upstate branch network in a stunning deal, is HSBC opening a new branch here and "strongly considering" adding more?
"We're in growth mode," Jenkins said. Among the factors she sees in favor of opening a branch in Depew: the bank's deep roots in the region, healthy interest from customers, and HSBC's large local workforce."
We are talking about your statement that "Buffalo is a banking hub", which it is not. Here is a definition of Banking or Financial Hub from Investopedia:
"A financial hub, also known as a financial center by the International Monetary Fund (IMF), is a city or region where a large number and variety of financial services institutions are headquartered."
We are talking about your statement that "Buffalo is a banking hub", which it is not. Here is a definition of Banking or Financial Hub from Investopedia:
"A financial hub, also known as a financial center by the International Monetary Fund (IMF), is a city or region where a large number and variety of financial services institutions are headquartered."
Did you notice the last word, headquartered?
OK...Perhaps cluster is a better word given this from the same source you used: "Economists have attempted to explain the phenomenon of financial hubs, whereby financial services firms cluster together in certain cities, through what they call cluster theory. According to cluster theory, it benefits firms within an industry to co-locate in a certain city because it is easier to hire capable workers where industries are concentrated."
OK...Perhaps cluster is a better word given this from the same source you used: "Economists have attempted to explain the phenomenon of financial hubs, whereby financial services firms cluster together in certain cities, through what they call cluster theory. According to cluster theory, it benefits firms within an industry to co-locate in a certain city because it is easier to hire capable workers where industries are concentrated."
Regardless of proper terminology, the point remains that Banking/Financial employment is a big or at least substantial part of the local economy. Even on this list, banks are #'s 3 and 10: https://buffaloniagara.org/resources/major-employers/
We are talking about your statement that "Buffalo is a banking hub", which it is not. Here is a definition of Banking or Financial Hub from Investopedia:
"A financial hub, also known as a financial center by the International Monetary Fund (IMF), is a city or region where a large number and variety of financial services institutions are headquartered."
Did you notice the last word, headquartered?
Yes, with the exception of headquarters, The rest are dependent on the local economy to dictate number of branches. meaning, if HSBC is planning on opening a new branch, eventually a branch would close somewhere else.
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