The numbers reflect the optimistic chatter regarding the region's economic revival. According to Business First's Jim Fink, the value of local development projects has risen 37 percent in a year to $19.5 billion.
"That is the total value of all the commercial construction projects--we're not talking single-family homes--in the eight Western New York counties that we have tracked that are either completed or are in the economic development pipeline," Fink said during his monthly segment on WBFO's Press Pass.
The figures were compiled by Business First for their annual "Core Strength" issue. In all, 871 projects were tracked.
"Last year was $16.6 billion. Two years ago, the first time we did 'Core (Strength)', granted, the first time we did it we just focused on Erie and Niagara counties, not all eight counties, that was a little bit over $10 billion."
While large undertakings like SolarCity add significantly to the overall development figures, Fink says smaller projects offer a barometer of the business activity that is underway. One notable subset is the development of apartments in the city of Buffalo.
"Not only would developers not be undertaking them (apartment developments), but the banks would not be underwriting the projects. So, the confidence is there," said Fink while offering examples from around the city.
"Rocco Termini and the ARCO Lofts, all those apartments were leased before he could really open the doors. Iskalo Development is seeing the same thing with St. Margaret's (elementary school and convent); there's a waiting list. Ciminelli did Bethune Hall up on Main Street next to Bennett High School. 84 apartments, all leased."
