Tag: economic development

Feb 10

2021

Samsung to WNY? Unlikely.

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Samsung has economic development officials — and Sen. Chuck Schumer — dreaming big. The semiconductor giant has plans to build a $17 billion plant that would employ 1,800 and says it is considering five locations in the United States, including an undeveloped industrial park in Genesee County. Schumer has spoken directly with Samsung officials and offered federal assistance to entice Samsung to Western New York. Economic officials in Buffalo and Rochester stand ready to make their case, if they haven’t already. It seems unlikely that Samsung is coming, however.  In addition to Western New York, Samsung is weighing two sites[...]

Posted 3 years ago

Dec 17

2020

Firms left behind in quest for pandemic aid

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Nearly 19,000 businesses in Western New York received a federal loan to help them through the pandemic. Laythanette Shine’s firm wasn’t one of them. Shine’s business, USA Occupational Services on Jefferson Avenue, provides drug and DNA testing services and background checks for employers. There’s a memorial in the front window to the man who helped her set up the office, one the earliest victims of COVID-19 in Buffalo.  Shine couldn’t access the Paycheck Protection Program because her business is a sole proprietorship with insufficient profitability. Those factors are common for new small businesses, but disqualified her from getting aid. She[...]

Posted 3 years ago

Dec 16

2020

Popular nonprofits obtained pandemic aid

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Some 1,100 local nonprofits received federal aid to soften the pandemic’s economic blow, and the list of recipients reads like a who’s who of prominent cultural, medical, religious and educational institutions.  The Chautauqua Institution and Buffalo Philharmonic Orchestra. Mercy Flight and the Erie County Medical Center. The Diocese of Buffalo and The Chapel at Crosspoint. Nichols School and Nardin Academy. Even a sovereign state, the Seneca Nation of Indians, received a $1.5 million loan under the federal Paycheck Protection Program. Nonprofits with religious affiliations received the most number of loans, 406. That’s more than one-third of the 1,080 loans extended[...]

Posted 3 years ago

Dec 15

2020

Sliver of companies got half of pandemic aid

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A lot of businesses received forgivable loans from the federal government to help them through the pandemic. To be exact, 18,768 in the eight counties of Western New York. The loans were worth $2.2 billion, altogether. But a fraction of the companies — some 5 percent — received about half that sum.  Two businesses got the maximum $10 million loan allowed under the Paycheck Protection Program: Ferguson Electric and the Buffalo Medical Group. New Era Cap, widely criticized by public officials earlier this year for taking PPP money then laying off 117 employees, received the third-largest loan, $8.4 million. Other[...]

Posted 3 years ago

Dec 14

2020

Doctors and lawyers cash in on pandemic aid

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The final numbers are in: the federal government poured more than $2 billion into the local economy this spring and summer in an effort to blunt the economic impact of the coronavirus pandemic. About 19,850 for-profit companies and nonprofit organizations in the region’s eight counties received $2.4 billion in loans under the Paycheck Protection Program. The loans, convertible to grants, ranged from $10 million to less than $1,000. As a group, no one secured more money than doctors. Other top recipients include restaurants, lawyers, car dealers, skilled nursing facilities and construction contractors. Three recipients received $10 million, the maximum allowed[...]

Posted 3 years ago

Nov 27

2020

Heaney discusses WNY economy on ‘Pressroom

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David Lombardo, host of The Capitol Pressroom, interviews Jim Heaney about his recent story on the pandemic’s impact on the Buffalo Niagara economy. Heaney’s reporting found the local economy employs fewer people than it has in at least 30 years.  

Posted 3 years ago

Nov 12

2020

Heaney discusses economy on WBEN

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Jim Heaney discusses his story on the state of the Buffalo Niagara economy with Susan Rose and Brian Mazurowski on NewsRadio 930WBEN. Bottom line: fewer people are employed here than in 30 years and our recovery has slowed.

Posted 3 years ago

Nov 11

2020

Record low employment in Buffalo Niagara

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The coronavirus pandemic has stripped Buffalo-Niagara of so many jobs that the region employs fewer people in the private sector than it has in at least 30 years. The metro area was down 46,000 private sector jobs in September, compared with a year earlier. That amounts to a 9.6 percent drop. That leaves the labor market with 431,300 full- and part-time jobs. “It’s the smallest private-sector workforce in 30 years, by a good deal,” said E.J. McMahon, senior fellow at the Empire Center for Public Policy, who conducted the jobs analysis for Investigative Post. Heaney discusses his story on WBEN[...]

Posted 3 years ago
Investigative Post

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