Buffalo Business Report -Wednesday, August 7th 2013
Supply and demand will never be easier to explain. A greater supply of mainly suburban hotel properties has led to a decreased demand - in the form of a drop in occupancy rates for Erie County. Smith Travel Research reports June occupancy rates fell off 3.3% to 76.4%. The year-to-date numbers are off 1.7% compared to 2012.
The June housing numbers for Buffalo-Niagara went the other way. According to the Buffalo Niagara Association of Realtors, mid-year sales totals were up 5%. There were 208 more closings through the first six months of 2013 compared to last year. At the same time, median prices remained the same, at $130,000.
A recent spate of orders for Batavia's Graham Corporation total $10 million.
Synacor revenue dropped from a $1.2 million profit for last year's second quarter to a $600,000 loss this year.