The Pittsburgh region continued its “ahead-of-schedule recovery” in 2012 according to PNC Financial Services Senior Economist Gus Faucher.
“Employment in Pittsburgh is now above where it was prior to the recession and it’s one of the few places in the country where that’s true,” said Faucher. The recession officially began in December 2007.
Pittsburgh’s economy did not fall as fast or as far as other areas of the country, making it easier to rebound. Faucher said there were a few sectors, including professional business services, which fueled the region’s growth.
“Some of that is tied to [Marcellus] Shale drilling so it may be firms that support that,” said Faucher. “It may be firms that support Pittsburgh’s financial services, which has done reasonably well. So it’s a combination of factors.”
Faucher said the growth in that sector shows a high degree of confidence in local economic conditions. Wages stayed steady in 2012 but spending was up.
Home prices and new home sales also grew in 2012. Faucher called it a “nice little recovery.” He also notes that tourism was on the rise in the region and retail services also did well in 2012.
