The unemployment rate in Buffalo Niagara fell to 3.4% in September, with the region's labor force shrinking as students returned to school [2480488c]. Despite some weak warning signs, the job market continues to see modest gains in hiring [2480488c]. However, local business executives are struggling to find enough people to fill available jobs [2480488c]. The Buffalo Niagara job market has essentially stalled out this year, with minimal job growth [2480488c]. The region's recovery from pandemic job losses has also stalled, widening the gap between Buffalo Niagara and the national job market [2480488c]. Although the number of people holding jobs is similar to pre-pandemic levels, the overall workforce in the region has been shrinking [2480488c]. This is partly due to the older population in Buffalo Niagara, as well as some older workers retiring early due to the pandemic [2480488c]. The jobless rate in July was the lowest for that month since at least 1990 [2480488c]. The latest U.S. jobs report reveals that 187,000 jobs were added to the American economy in August [2480488c].
Living costs in the Buffalo Niagara region are a little more than 6% less than the national average, according to new data from the U.S. Bureau of Economic Analysis [be7e30c3]. Housing costs in Buffalo Niagara are about 21% lower than the national average, while utility costs are almost 27% higher [be7e30c3]. The lower cost of living in Buffalo Niagara means that paychecks go further and companies in expensive areas face higher payroll costs [be7e30c3]. The data highlights the competitive advantage of the region's lower cost of living [be7e30c3].
According to new data from the U.S. Bureau Economic Analysis, the Buffalo Niagara region is ranked as the 160th most affordable metro area out of 384 metro areas in the U.S. It is 20% to 25% cheaper to live in Buffalo Niagara compared to high-priced cities like San Francisco and San Jose [02f69424]. However, there are also places where it costs even less to live than in Buffalo Niagara, such as Pine Bluff, Ark., where the cost of living is about 13% less [02f69424]. Lower living costs can make a region more attractive, but good-paying jobs in fast-growing fields often outweigh lower costs. The presence of thriving tech companies in Buffalo Niagara would be a big asset to the region and could push living costs higher [02f69424].