Education and medicine – booming recession proof industries in Buffalo
I was looking through the stats of various state, and cities, looking for trends, and I noticed the chart below.
It plots the increase in employment in Education and Medical professions in Buffalo, since 2002 to it becoming the city’s largest employment sector in both terms of numbers and as a %. As you can see, regardless of the economic situation, the number of jobs here are growing, replacing less highly paid manufacturing jobs, which have fallen, being replaced by a wide range of white collar professions.
Of course this is part of the reason for the GDP per capita rising higher than almost any other part of US in 2011 but what else does it mean for Buffalo?
In Buffalo the health/education sector is 17.9% of all non-farm employment and the biggest single employment sector (compared with Las Vegas at 8.8% or San Francisco Metro at 11.6%). The Buffalo Niagara Medical Campus, which includes the famous Roswell Park Cancer Research Institute, employs over 12,000 people, including more than 500 MD’s, 200 PhD’s, and 1,400 nurses.
This simply means that the largest employment sector in Buffalo is also the most recession proof according to reports:
These are the kind of growth statistics I like to see bolstering rental incomes, especially if we’re likely to be in for a few rises in interest rates in coming years.
Author Alan W. Findlay is a Partner in Abbotsinch Capital with more than 15 years of experience in real estate investment. You can contact Alan by E-mail: firstname.lastname@example.org or by phone: +44 (0) 20 7193 2079.