Sunday, March 01, 2009

Eds and Meds Pittsburgh

While eds and meds seem to provide Greater Pittsburgh with an excellent hedge against the current depression, Richard Florida offers an interesting caveat:

Our research and that of Todd Gabe show that education and health add very little if anything to regional income. It’s sectors and occupations like management, science and technology, and even arts and culture that drive regional income and development. That said, at 25 percent of GDP, eds and meds are the floor of the intangible or creative economy. They provide stable, long-term jobs which pay well.

Pittsburgh has a great launching pad, but eds and meds in and of itself won't sustain regional growth. How Pittsburgh tries to accelerate out of the downturn will be crucial.

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