Migration and income tax data for WNY paint a picture — and not a pretty one
Buffalo Business First
The Buffalo region's source for local business news & events. Part of the American City Business Journals network.
Millions of Americans pulled up stakes for greener pastures during the depths of the Covid-19 pandemic, a mass migration that is consolidating wealth and disrupting the status quo from coast to coast.
A?Business Journals?analysis of federal tax and population data quantifies what most Americans already know anecdotally: The nation is in the throes of a post-pandemic reshuffling that will reverberate for decades to come. Approximately 8.7 million tax filers moved their primary residences to another U.S. county in the 2019 and 2020 tax filing years, taking at least $640 billion in reported annual income with them in the process.
Here in Western New York, our analysis painted a picture of a region that is losing out on residents — and their tax dollars. The region’s eight counties lost a total of 2,559 residents, plus those locals’ total adjusted gross incomes of over $233.4 million, based on 2019 and 2020 tax filings.
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Real estate deals of the week
See more of Business First's comprehensive real estate coverage in?Crane Watch
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Three projects will split $25M in Build Back Better dollars
Three local projects to boost manufacturing infrastructure, workforce development and innovation in Buffalo will be federally funded through the $25?million Build Back Better Challenge.
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Though eight coalition members were listed on the original application last year for which Empire State Development’s Western New York Regional Office was a lead, only three will receive money for specific projects: Buffalo Urban Development Corp., Buffalo Manufacturing Works and Goodwill of Western New York. | Read more
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Restaurateurs weigh price increases, closures as profits shrink
It’s been a rough two years for restaurant owners, and though many say they’ve seen business volume returning to pre-pandemic levels, profit margins are still a long way off.
“Our sales are back, so everyone thinks restaurants are doing great,” said Ellie Grenauer, co-owner of the Glen Park Tavern in Williamsville. “But there’s nothing left on the bottom line.”
And even if things seem to be getting better, more than a third of operators across New York say business conditions are worse now than they were three months ago. | Read more
In other restaurant news: another national wing franchise is coming to Western New York; a Hertel Avenue bar/restaurant has changed hands, but that doesn’t mean the business has closed; a Pizza Hut franchisee has identified a fifth site for the chain's return to Western New York; and a Williamsville-based brewery is adding a second location, this one in ski country.
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Gioia Capital scores its first exit
Home Power Systems became the first company acquired by Gioia Capital after it was?formed in 2019 by the father-son team of Richard E. Gioia and Richard F. Gioia and Bruce Popko. It approximately doubled its revenue in three years.
Now it’s the first company sold by the Buffalo-based private equity firm, which looks to take family-held small businesses and?give them a level of sophistication to prepare them for their next life cycles. | Read more
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This Weekly Edition was compiled by Sara Paulson Meehan. Questions? Comments? Concerns??Send them to [email protected].