Economy of Pittsburgh
The economy of Pittsburgh, Pennsylvania is diversified, focused on services, medicine, higher education, tourism, banking, corporate headquarters and high technology.
On September 8, 2009, President Barack Obama stated, "Pittsburgh stands as a bold example of how to create new jobs and industries while transitioning to a 21st century economy.
After the American Revolutionary War, the government placed a tax on whiskey in order to pay off national debt.
Washington had to send troops to squelch the protest and enforce the tax laws.”[5] During the 18th century, large coal deposits were discovered throughout Pittsburgh.
All of these men shared similar ideas in the system of capitalism and utilized their skills to net the world’s highest income per capita during the 19th century in this single neighborhood.
The stock exchange closed its Fourth Avenue "financial district" doors in August 1974 after computerization had consolidated trades in New York, Chicago and other global centers but not before a 1966 response from the New York Stock Exchange board of possibly relocating their trading floor to the city's facilities.
[9][11] Andrew Carnegie was one of the first to capitalize on the railways; in 1865 he founded the Pittsburgh Locomotive and Car Works which would be an industry leader from the city until 1919.
After the workers' previous wage contract expired in 1892, and a new negotiation was not reached, a violent conflict ensued leaving several dead and wounded.
Several secondary players contributed to the capacity of the metro area such as Cyclops Steel in Bridgeville, Pennsylvania from 1908 until 1987, Mesta Machinery in West Homestead, Pennsylvania from 1898 until 1983, Dravo Corporation at Neville Island, Pennsylvania until 1984,[13] National Steel Corporation until 1992, Wean United as an independent until 1993 (still maintaining US headquarters in the city), Harbison Walker Refactories as an independent until 1967 (while still maintaining US headquarters in the city) and the still operational Allegheny Technologies and Ampco Pittsburgh.
In the early 20th century the economy of Pittsburgh was primarily driven by the steel industry and the city had reached a population 321,616.
[30] In 1911 the city was being referred to as the "Stogie capital of the nation" with several high quality cigar manufacturers located in the region.
When coke from coal began to replace charcoal from wood in iron and steel making Pittsburgh grew up as the heart of the industry.
[32] Due to the reforms of Franklin Roosevelt's New Deal, steel unions gained success in Pittsburgh.
[38] Motor Coils manufacturing company of suburban Forest Hills and Braddock has been a leading supplier to American railroads since 1957.
[39] Pittsburgh was a major center for advertising and public relations firms in the 20th century such as Ketchum and Burson-Marsteller.
[42] Within the transitional years between 1970 and 1990, Pittsburgh's Standard Metropolitan Statistical Area saw shifts in its main employers, which were the manufacturing sector.
Higher education and health care were the biggest creators of high-wage[clarification needed] jobs in the Pittsburgh region between 1999 and 2005.
The city's transition from heavy dependence on the manufacturing industries to an economy based on health services, education, and innovative technologies kept Pittsburgh from the worst of the recession.
[citation needed] Companies such as Duolingo, Petrosoft, Modcloth, Guru.com, Songwhale and others have global headquarters in the city.
Pittsburgh utilizes its past by building on previous successes in manufacturing, business services, and green energy.
"[60] Pittsburgh is also home to some of the world's largest business and financial services, which supply the greatest amount to the regional economic output.
More focus and attention is being given to the innovation in sustainability and efficiency while protecting the environment as Pittsburgh has more than 30 LEED certified buildings.
An Urban Enterprise Zone is a location within the inner city free from import duties, taxes, and some government regulations.
[62] Therefore, this could attract business to the region and sustain or expand existing firms, which should result in a net increase in total jobs.
[68] As of early 2013 the largest property managers in the Pittsburgh area included CBRE Group,[69] Oxford Development,[70] RIDC[71] and Jones Lang Lasalle.
