The Buffalo Billion Investment Development Plan (2013) is a plan developed by the Western New York Regional Economic Development Council (WNY REDC) at the request of Governor Andrew Cuomo. The plan encompasses an in depth analysis of the levers that drive Buffalo’s and the region’s growth within a global context, promotes strategies based upon Buffalo’s unique assets, and advances early initiatives for implementation.
The Plan was created to chart the Buffalo Niagara region’s unique path to a thriving economy that is based on a deep understanding of where we are today and where we can go. First, the Buffalo Billion Investment Development Plan addresses the drivers of growth in tomorrow’s economy, and identifies the key sector assets and productivity enablers, and provides the core principles for developing an Investment Development Plan for Buffalo Niagara that will promote broad-based prosperity in the 21st century.
The Plan also applies the economic and strategic framework to a market analysis of Buffalo Niagara’s assets and dynamics. This chapter closely examines the identified sector assets and their underlying enablers, including human capital, innovation, built environment, and governance systems, and helps determine where Buffalo Niagara currently sits on the path to transformation, as well as its key barriers and opportunities.
The third section of the Plan identifies six specific Strategies tailored to Buffalo Niagara’s assets and opportunities. These mutually reinforcing Strategies accelerate growth in three prioritized sectors: manufacturing, health/life science and tourism. Underpinning these specific sectors are a variety of cross cutting enablers focused on fostering entrepreneurs, improving workforce skills that are relevant to today’s economic challenges, and revitalizing Buffalo to create a more vibrant and attractive city.
Furthermore, the Plan outlines Wave 1 Signature Initiatives, which will guide the implementation of each Strategy. Specifically, each Initiative is accompanied by a summary business plan and represents an investment opportunity for the Buffalo Billion accompanied by significant private leverage.
The final section of the Plan provides guidance on how to implement the plan. This includes the overarching structures required to create the appropriate capacity and capabilities to implement.