Friday, September 16, 2011

Pittsburgh Region Among National Leaders in Job Growth in August, According to New PittsburghTODAY Report

Total nonfarm job numbers in August 2011 for the Pittsburgh region were up again, increasing by 16,900 from August 2010. These numbers are stronger than all benchmark regions except Milwaukee, Boston, and Minneapolis. Pittsburgh numbers were particularly strong in goods producingwholesale tradeinformationfinancial activities, and natural resources, mining and construction.

New numbers out this week show that the Pittsburgh region's economy had a growth rate between 2009 and 2010 that was higher than most of our benchmark regions.   Only Boston had a higher rate of growth in Gross Domestic Product between 2009 and 2010 than Pittsburgh did.

Regional GDP 2009-2010
The Pittsburgh region had the second-highest GDP growth rate between 2009 and 2010.
These figures are a further indication that the Pittsburgh region is recovering from the economic downturn. 

New figures on the value of regional exports illustrate the extent of that downturn.  Between 2008 and 2009, exports from the Pittsburgh region declined 26.2 percent.  Only Detroit had a greater decline at 36.2 percent.  A major reason for the sharp decline in Pittsburgh was a drop in energy prices; however, a decline in manufacturing due to the recession also contributed.
Source: PittsburghTODAY

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