PITTSBURGH, March 15, 2011 /PRNewswire/ -- The Pittsburgh region – which consistently outperformed its benchmark cities and the national average despite a global economic downturn – showed clear signs of an economic rebound throughout 2010.
To view the multimedia assets associated with this release, please click: http://multivu.prnewswire.com/mnr/alleghenyconference/49152/
The evidence: the 272 regional economic development "wins" of 2010. Those include both announced investment and projects in development, totaling at least $1.5 billion in capital investment. These wins reflect a 46% increase in activity over 2009, nearing the 290 projects announced in 2008. This data is compiled annually by the Pittsburgh Regional Alliance (PRA) Partnership, a coalition of 50-plus private and public sector leaders and economic development professionals from 10 southwestern Pennsylvania counties.
"An important indicator of economic rebound in the Pittsburgh region is the reality that companies are beginning to invest again in their local operations. In fact, existing regional business expansions accounted for the majority of 2010's business investment wins," said Dennis Yablonsky, CEO of the Allegheny Conference on Community Development and its affiliates, including the Pittsburgh Regional Alliance.
Reinforcing the region's recession rebound is Pittsburgh's designation – for the third consecutive year – as a "Top 10 U.S. Metro" in Site Selection magazine.
Recession Rebound Tied to Growth in Energy and Other Target Sectors
The region's target sectors saw substantial investment increases in 2010 compared to 2009:
- Advanced manufacturing had 69 investments – a 50% increase
- Health care and life sciences investments doubled to 31
- Financial and business services had 50 investments – a 51% increase
- Information and communications technology had 42 investments – a 68% increase
The region's dominance in traditional and renewable energy resources, manufacturing expertise and innovation capacity was reinforced by 77 energy-related investments that cut across a number of industries. Natural resource investments – including those in the Marcellus Shale natural gas play – numbered 32. Of these, 88% involved the expansion of existing regional businesses.
"Pittsburgh Impact" a Business Growth Initiative is Launched
Today the PRA launched "Pittsburgh Impact," a business growth initiative that will target 150 existing regional companies identified as having the greatest potential for sustainable employment due to their steady growth. These companies will receive tailored support services from the PRA.
SOURCE Pittsburgh Regional Alliance