Despite 2009 Economy, Pittsburgh Region Lands Nearly 200 Economic Development Projects: Job Impact of 16,000, Capital Investment of $3 Billion
Site Selection Names Pittsburgh a "Top 10 U.S. Metro"
PITTSBURGH, March 17 /PRNewswire/ -- The Pittsburgh region was among the nation's top performers for business investment in 2009, despite the worst global economic conditions since the Great Depression. According to data released today by the Pittsburgh Regional Alliance (PRA) Partnership, regional capital investments from 197 economic development deals, or "wins," totaled $3 billion in 2009. These are expected to create, over time, 7,238 new jobs and retain 8,683 – for a total employment impact of some 16,000 jobs.
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The region gained worldwide recognition as a model for economic, environmental and quality of life transformation while hosting the Pittsburgh (G-20) Summit 2009 last September. "While not recession-immune, we're seeing positive economic momentum during tough times, which suggests our economic rebound could be better than most. In response to our own economic decline some 30 years ago, we engineered a balanced, diversified economy that is enabling Pittsburgh to set the standard for a 21st-century economy. We collaborate and leverage innovation assets to invent, commercialize and globalize new products and even entire new industries," said Dennis Yablonsky, CEO of the Allegheny Conference on Community Development and its Affiliates, which include the PRA.
A further endorsement is Pittsburgh's No. 7 ranking on leading economic development industry publication Site Selection's "2009 Top 10 U.S. Metros" list (published March 2010), based on the number of significant corporate investments in the Pittsburgh MSA.
Business Investment Trends Tied to Growth in Key Industries, including Energy
Business investments within the region's five key industries – advanced manufacturing; energy; financial and business services (including headquarters operations); health care and life sciences; and information and communications technology – compose approximately 75% of the 197 business investment projects.
The region's dominance in traditional and renewable energy sources, as well as energy conservation and distribution systems, is reinforced by 44 energy-related investments. There were 24 investments related to the Marcellus Shale natural gas, which is driving the energy sector. These represent a significant increase from just nine in 2008. Notably, 16 of these were attractions or relocations of companies into the Pittsburgh region.
The Pittsburgh Regional Alliance (PRA) (www.pittsburghregion.org) – an affiliate of the Allegheny Conference on Community Development – markets the benefits of conducting business in southwestern Pennsylvania to companies all over the world that are growing, relocating or expanding.
SOURCE Pittsburgh Regional Alliance
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