The Bad: Buffalo has also struggled with de-industrialization and the recession didn’t help: The city’s umemployment rate has actually gone up recently, to 8.2 percent from 7.6 percent last August. Other reasons the city made the list were bad weather and low amount of sunshine, high taxes and high crime rate, according to city-data.com.
The Good: Home prices are on the rise here and foreclosure activity is among the lowest in the country. The city has historic and iconic architecture, great museums and other cultural institutions, Sperling notes. Last year, Forbes named it one of the best places to raise a family. The largest sectors here are now health care and education.
The Recovery: The finance and insurance sectors are growing here, as are education and health services. One part of the city’s revitalization plan centers around the University of Buffalo. Legislation working through the state senate would cap tuition hikes and allow the university to forge partnerships with private companies, which would help bring jobs – and money – to the city’s economy. And, here’s one area where the weak dollar has helped: It has lured more Canadian shoppers across the border, where their Canadian dollars now go further.