Innovation

The Pittsburgh region is coming back strong with 20,187 sustained jobs and $1.5 billion in capital investment, according to an annual economic report released by the Pittsburgh Regional Alliance Partnership.

Of those jobs, 11,442 were new jobs, a 66 % increase over 2009. 

The Washington, D.C. think tank, The Brookings Institution, shed a positive light on the local economy as well this week. Brookings ranked the Pittsburgh region as the eighth-strongest economy among 100 of the nation's largest metropolitan areas based on its strength through the recession.

The PRA "Wins Report," which tallies the number of economic development deals that transpired in a year as reported by leaders and companies across the 10-country region, offers a positive picture of economic growth. The number of deals in 2010 increased from 2009, posting 272 "wins" compared to 190 "wins" in 2009. 

In 2008, before the recession, the PRA reported 290 "wins" in the region.

"This clearly indicates that our economy is growing again, as evidenced by the commitment of companies here," says Dennis Yablonsky, CEO of the Allegheny Conference on Community Development and Affliates. "This is what happens when we all work together."

Among the more significant findings was that a majority of the "wins" in 2010, 67% to be exact, were related to expansions of existing businesses here. This underscores a company confidence in the region and spirit of reinvestment that our local base is starting to improve, Yablonsky says.

To support the growth of these companies, the PRA has announced the "Pittsburgh Impact," a new business development initiative that targets 150 existing companies in the 10-county region that meet a defined criteria, including strong company growth and job retention. The PRA will place a significant focus on assisting these companies in the region going forward.

"We want to be proactive about these companies," says Yablonsky. "We will reach out to them, find out about them and learn what they need to continue to keep them growing."

Energy topped the list as a key driver of the economy in 2010, with a total of 77 wins, which came in well above the 2009 total of 44. Marcellus Shale play-related investment was the biggest driver. Of the 32 natural-resources-related investments announced in 2010, 88% involved the expansions of energy-related businesses.

Manufacturing also showed a 50% increase in activity compared to 2009. Other leading sectors were financial and business services with 50 wins, information and communications tech with 42 wins and health care and life sciences with 31 wins, more than double the amount in 2009.

Watch a short video with leaders from three win companies!

Writer: Deb Smit
Source: Dennis Yablonsky, ACCD

Image copyright Brian Cohen