Monday, July 13, 2009

Forbes: Pittsburgh "Recession-Resistant"

Take that, Allegheny Institute:

Houston, recognized for its dynamic business environment, might be able to provide that. With high wages relative to cost of living and a fairly low unemployment rate of 6.3 percent, considering the financial turmoil over the last year, these factors make it the best city to get ahead. Other cities offering similar opportunities include Dallas, Minneapolis, Pittsburgh and Boston. ...

... But what about Pittsburgh? The city continues to decrease in population, despite the fact that the metro area has a $10.8 billion stake in the technology sector. People should reconsider the Steel City for its low cost of living; it lands at just 92.18 on the index. What's more, the area's biggest industries — health care, technology and education — are recession-resistant, necessary regardless of the economic outlook.

Pittsburgh ... where you can "get ahead" during the Great Recession. Just imagine.

1 comment:

beau said...

Not that it's something to brag about... but I wish these media outlets knew that Metro Pittsburgh's continuing population loss is primarily due to deaths outnumbering births... a legacy of an extended period of severe regional economic stress generations ago... and something rather unique in the U.S. (Buffalo and smaller Northern Appalachian cities are experiencing it). Despite Pittsburgh's economic transformation, that demographic reality has been a serious drag on population-dependent economic growth.

If Pittsburgh had a normal birth/death trend comparable places like Milwaukee, Cincinnati or even Cleveland... natural increase would easily overcome the minuscule net migration loss. That said, Pittsburgh should do whatever it takes to attract newcomers to the region. The constant positive press the past couple years has to be getting the word out and eroding the famous stereotypes.