Happenings in Pittsburgh!! (Philadelphia, York, Lebanon: home equity, jobs, house)

[BrianTH]

Originally Posted by guylocke

I think it's important to note that money isn't being poured into Children's to try to jump start it or make it competitive, it's being done to keep up with demand! Children's is doing VERY well economically and the amount of space and facilities they require to maintain that sort of growth is enormous.

I think people sometimes overlook the fact that Pittsburgh is the de facto capital city for a pretty big region (one that extends well outside of just SW Pennsylvania). Of course, the whole region in question has some economic and demographic issues, but I do think that creates a foundation upon which a very attractive service-center city can be built--and I think Children's is a good example.

[guylocke]

Pittsburgh ranked SECOND (behind the ENTIRE state of New Mexico) for fastest growing region in the country for venture capital investment.

This is really huge news, we outstripped places like Seattle, Los Angeles, and DC. In 1997 we had a total investment of 32 million dollars, in 2007, it was 198 million, that's an increase of 513%!!!!! That is ASTONISHING!!

“Pittsburgh is starting to show some real maturity and momentum. It’s a sign that a lot of things are happening,” notes Rich Lunak, president and CEO of Innovation Works. “The region is bringing in more research dollars and organizations like Innovation Works are putting more seed money into companies.”

The top investments in Pittsburgh include life sciences, software, and clean technologies.

The article goes on to predict that Pittsburgh could soon become quite an engine of growth in the region and Silicon Valley is no longer California's bread and butter as a lot of those companies are heading elsewhere, including Pittsburgh!

Pittsburgh ranks #2 nationally in venture capital growth

[guylocke]

On another happy economic note, Pittsburgh businesses invested 4 billion dollars in the region in 2007, being called a "golden year" for Pittsburgh and this during a time of economic slow-down!! Also, our export figures are higher than the national average at 20% compared to the 8% average.

Highlights from the year include: 308 corporate investments and development projects were announced, 215 companies added or retained jobs, 13,000 new jobs were created and 11,000 jobs were retained, on the investment side, companies committed to $2 billion in investments and another $2 billion in development, a total of $4 billion in investment overall, the three largest-growing sectors out of 308 projects were manufacturing, 112, information and communications technology, 42, and life sciences, 18.

The largest investments were made by PITG Gaming, $450 million; Westinghouse Electric at $200 million; and Meadows Racetrack & Casino at $200 million. Other companies that made major investments in the region last year included: NorAM Biofuels, $115 million; BNY Mellon, $70 million; Johnson Matthey, $43 million; Perryman Company, $40 million; and St.Clair Hospital, $37 million.

Businesses invest $4 billion in the Pittsburgh region in 2007

[guylocke]

Here is more information on the venture capital investment in Pittsburgh from Newsweek, once again, praising Pittsburgh.

Pittsburgh. The heart of the steel industry last century, this city is home to the University of Pittsburgh, Carnegie Mellon University and other world-class institutions that specialize in medical, biotech and pharmaceutical research.

Venture capital spreads the wealth around the country - USATODAY.com

[fleetiebelle]

Dunkin' Donuts, dessert bar planned for Market Square

[guylocke]

My dad was telling me that he's been hearing a lot about this subject and read a large article in the post-gazette today about it, too. I will try to find the article but I wanted to give everyone a run-down.

I never thought of this, but apparently, the energy and fuel crisis could be extremely beneficial to Pittsburgh. While prices for fuel continues to skyrocket and while we struggle to come up with feasible and wide-spread alternatives, expensive travel might fall by the way-side.

For example, shipping via trucks is the most expensive way and of course, the most common in this country. Shipping by rail could make a large come-back as it is much less expensive. However, there is one method that beats THEM ALL when it comes to cost, and that is by barge via river and body of water.

Apparently, one economists believes that Pittsburgh is poised to reclaim the river market and this market could theoretically explode again if fuel continues to trend upward. It might be a necessity that Pittsburgh would do very well at.

We'll see what happens!

[BrianTH]

I believe that not too long ago, the Army Corps of Engineers ranked Pittsburgh as the #3 inland port in the country, after St. Louis (#2), and Huntington (which was only #1 because it was redefined in 2000 to include about 199 miles of the Ohio River and its tributaries).

[guylocke]

I found the article. It's a very interesting read.

All the old Northeastern cities prominent at the turn of the last century -- "they're all gonna come back," says Matt Simmons, head of a big Houston energy investment banking firm.

On a scale of one to 10, how would he rate Pittsburgh's rivers as a future asset?

"Eleven,'' Mr. Simmons said.

As oil crunches, Pittsburgh can bite back

[guylocke]

Phase 2 of Summerset at Frick Part has now sold over 60% of the avaiable homes across all price points, stretching from 300k to 900k. The first phase is completely sold out. These sales are very strong and this during a housing crisis!

“It will ride through the economic turmoil because it has solid underpinnings—it’s efficient, walkable and close to areas of growing employment. It’s a high-quality product with all of the fundamentals of a solid investment.”

During phase two, road and utility infrastructure will be developed at Summerset at Frick Park—which is being completed in three phases and will feature 700 homes.

Summerset at Frick Park surpasses 60% sales mark in Pittsburgh's Squirrel Hill

[guylocke]

Looks like linking the Pittsburgh light rail to Oakland might be one step closer to fruition. A new study was released by The Pennsylvania Public Interest Research Group with strong support for the idea.

The leaders and other local officials used the report to call for a push to expand the Port Authority of Allegheny County's T system between Downtown and Oakland.

Study pushes expansion of Pittsburgh light-rail project