It has been found that IT and Robotics is leading the way this year, according to the PRA and their tracking investment growths in Southwestern Pennsylvania. For 11 years in a row, the Allegheny Conference has been tracking regional growth with their scorecards. The scorecard monitors the local media and analyzes reports and interactions within the community and of those who have made a significant investment. This can include anywhere from 15 to 20 organizations throughout the region to contribute to the data collection.
The Pittsburgh Regional Alliance, of the Allegheny Conference, focuses on five main sectors in the region. These include Healthcare and Life Sciences, Manufacturing, IT and Robotics, Financial and Business Services and Energy. As of 2016, the Healthcare and Life Sciences sector led the way, however currently in 2018, IT and Robotics has surpassed that sector and is now the leading and most active sector in the Pittsburgh region. To keep the region and its sectors at a balance, the Conference tends to avoid smaller scale retail.
Not only is this a scientific collection of data, but it also provides insight of what is going on in the regional economy.
David Ruppersberger, President of the Pittsburgh Regional Alliance, states that the 2017 summary contained more people moving into the region. He says that investment was quite good, although it slightly decreased from 2016.
“It is important to focus on what sector is rising and what is falling at that time. IT and Robotics was an increase across the board,” said Ruppersberger.
It its beneficial to have multiple sectors because they represent the city of Pittsburgh and all its surrounding counties. Specifically, within Allegheny County, IT and Robotics is heavily concentrated. With that said, projects in the Manufacturing sector have decreased because of all of the sudden changes and increases in Information Technology.
In 2017, Manufacturing and Health/Life Sciences both moved to the top and performed very well. From that experience, in 2018, the Manufacturing sector is expected to stay at stable growth along with Energy. In the Financial and Business Services sector, not a lot of projects are taking place, but the ones that are taking place are high in quality. As far as Healthcare/Life Sciences and IT/Robotics are concerned, they are both expected to reach high growth in this year of 2018.
“For our company itself, we recently launched our 2-year agenda and all our activities will have an eye for the future. We are working to raise economic growth and development and we want to measure our impact and align our strategies as important goals for the future.”
As of 2017, the Pittsburgh Regional Alliance complied approximately 258 projects, 6,660 new jobs which boosted the amount of total jobs to 11,680 jobs and invested nearly 5.5 billion dollars. Specifically, within the Information Technology sector, 59 deals were made with an invested 212 million dollars, leading to 1,970 created jobs.
Senior Communications Specialist, Phil Cynar, states “My big take away from this scorecard exercise is the value of a diversified economy – steady and reasonably stable – and able to provide economic benefit to a 10-county region whose geographic footprint is not insignificant.”
For more information, visit the slideshow presentation at https://spark.adobe.com/page/M8lWA3HYFFJfz/.