The construction of the canal dramatically lowered shipping costs and time for transporting flour from Buffalo to New York City. The price plummeted from $120 to just $6 per ton, and delivery time decreased from three weeks to just over one week, revolutionizing commerce in the region.

This transformation had a significant impact on New York's economy, causing its share of the national exports to soar from under 10 percent in 1800 to more than 60 percent by the mid-19th century. During the same timeframe, the city's population experienced remarkable growth, jumping from around ten thousand to over half a million, highlighting its economic boom.