Economy
Downtown Pittsburgh retains substantial economic influence, ranking at 25th in the nation for jobs within the urban core and 6th in job density.
University of Pittsburgh economist Christopher Briem notes that the level of employment in the city has remained largely constant for the past 50 years: " time series of jobs located in the City proper are about as stable as any economic metric in the region, or in any other Northeastern US urban core, over many decades. In 1958, 294,000 jobs located in the city proper…Those numbers are virtually identical today which tells me there is a certain limit to how many jobs can efficiently be located in what are some relatively (very) constrained areas." These numbers reflect employment in the city as a whole, not just the central business district; but the central business district has the highest density of employment of any Pittsburgh neighborhood.
Pittsburgh has long been a headquarters city, with numerous national and global corporations calling the Golden Triangle home. Currently, Downtown is still home to a large number of Fortune 500 companies (8 in the metro area, 6 of which are in the city in 2009, which ranks Pittsburgh high nationally in Fortune 500 headquarters):
- Allegheny Technologies
- headquartered in PPG Place
- H. J. Heinz Company
- headquartered in the Heinz 57 Center
- PNC Financial Services
- headquartered in One PNC Plaza
- PPG Industries
- headquartered in PPG Place
- WESCO International
- headquartered at Station Square
- U.S. Steel
- headquartered at the US Steel Tower
Downtown is also home to GNC, Dollar Bank, Equitable Resources, Duquesne Light, Federated Investors and Highmark as well as the regional headquarters for Citizens Bank, Ariba, and Dominion Resources. Regional healthcare giant UPMC has its corporate headquarters in the US Steel Tower.
Read more about this topic: Downtown Pittsburgh
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)