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  Pittsburgh Innovates


March 12, 2008


    Businesses invest $4 billion in the Pittsburgh region in 2007

Despite news of a looming economic stall, 2007 proved to be a “golden
year” for businesses in the Pittsburgh region.

An “unscientific survey” compiled by the Pittsburgh Regional Alliance
<http://www.alleghenyconference.org/>and the Allegheny Conference on
Community Development <http://www.alleghenyconference.org/> reveals that
the job market here is healthy and strong. Jobs and investments in the
manufacturing, information and communications technology and life
sciences sectors are growing and Pittsburgh export trade figures are
higher than the national average -- 20 percent compared to the national
average of 8 percent.

“This is the first year we attempted on a regional scale to collect
successes across our 10-county region,” explains DeWitt Peart, executive
vice president of economic development for the Allegheny Conference.
“This survey, which by no means is comprehensive, helps us to understand
our economy, understand our competitive advantage and tell the world our
story.”

Highlights of the tally reveal the following about 2007:        

·    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 <http://www.westinghousenuclear.com> 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
<http://www.bnymellon.com/>, $70 million; Johnson Matthey
<http://www.matthey.com/>, $43 million; Perryman Company
<http://www.perrymanco.com/>, $40 million; and St.Clair Hospital
<http://www.stclair.org/>, $37 million.

Writer: Deb Smit <mailto:debrsmit@gmail.com>
Source: DeWitt Peart, Allegheny Conference





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