Every time I pass by the large solar panel factory located in the Riverbend area south of Buffalo, I get the impression that this city, once a symbol of manufacturing decline, is transforming back into an industrial city.

The Buffalo metropolitan area has experienced a long period of population decline, but in recent years, the influx of people seeking a lower cost of living has noticeably slowed this trend. According to U-Haul's growth city data, Buffalo has ranked among the top cities for net inflow, indicating that recent trends are relatively positive.

The healthcare industry, centered around the Buffalo Niagara Medical Campus, plays a significant role in the local economy, and the solar panel factory in Riverbend is attracting advanced manufacturing as well. The construction of a new stadium for the Buffalo Bills is also positively impacting construction jobs and local consumer spending.

The unemployment rate in the Buffalo metropolitan area has recently hovered around 4%, which is similar to or slightly lower than the national average. Income growth is gradually improving, thanks to increases in healthcare and advanced manufacturing employment, and considering the low cost of living, the real purchasing power is not bad.

With the redevelopment of the waterfront area in Buffalo Harbor and infrastructure investments around the new stadium, discussions about expanding public transportation in the city are also ongoing. However, since large projects are being carried out simultaneously, there may be a lag between completion and actual economic effects.

Institutions like the Brookings Institution often cite Buffalo as a relatively successful case of revitalization among Rust Belt cities, but it is important to note that the population has still significantly decreased compared to its peak, which poses a risk that should be acknowledged. The stability of the solar and healthcare industries will be crucial moving forward.

Low housing prices and improving employment conditions are making Buffalo an attractive market from a rental yield perspective. However, since the market size is still not large, a diversified approach that does not concentrate on specific areas or properties is a safer strategy.

Buffalo is evaluated as a city that has the potential for moderate growth over the next decade, centered around healthcare and advanced manufacturing. However, rather than concluding that the trend of population decline has completely reversed, a cautious approach is needed to monitor population and employment indicators over the next few years.