Region’s Low Bankruptcy Rates A Product Of Economic Stability, Says Pittsburgh Today
The Pittsburgh region continues to experience fewer bankruptcies than its benchmark peers – an example of its economic stability, according to Pittsburgh Today.
According to a new report released by the organization, Pittsburgh had 1,845 bankruptcies in the 2015 third quarter, which is lower than almost all 15 benchmark regions, with the exception of Charlotte, N.C. and nearly half of the benchmark average of 3,419.
“It is a reflection of our more stable, conservative, personal and business practices,” said Douglas Heuck, Director of Pittsburgh Today. “It probably also is a function to some degree of our relatively older population.”
Pittsburgh finished 60 percent below the benchmark average and well below some of the cities in the group.
“Detroit at 6,100 bankruptcies is more than triple our number,” said Heuck. “Cincinnati and Cleveland which are probably, among the 15 regions, the most similar overall to Pittsburgh, they have many more bankruptcies. Cincinnati 4,600. Cleveland about 5,100.”
Heuck said Pittsburgh’s economy has been a model of consistency since the steel era.
“Kind of the enduring truth over the last several decades in Pittsburgh is it’s a stable, slow growth area that generally doesn’t fly as high during high economic times and doesn’t fall nearly as low during tough times.”
Heuck also said he expects Pittsburgh’s bankruptcy levels to continue to be relatively low.
“Regardless of what the national economy does Pittsburgh’s bankruptcy levels are likely to remain lower than the average just because of the makeup of our demographics and the nature of our region’s economy,” Heuck said.