Pennsylvania’s unemployment rate has dropped to its lowest level since March 2009.
The Department of Labor and Industry says April’s 7.5 percent figure is the latest sign of a slow but steady economic recovery. Scott Meckley, the manager of the agency’s Center for Workforce Information and Analysis, explained Pennsylvania has created more than 80,000 jobs in the last 12 months. “What we’ve seen is a gradual drop in the rate from when we peaked at 8.8 percent a year ago. And I think what this means – you can see in the numbers that the number of unemployed individuals in the state continues to shrink,” he said. “And we’re seeing a corresponding increase in the number of employed individuals.”
Unemployment rose above 8 percent in May 2009, and stayed there until February. The rate peaked in early 2010, at 8.8 percent, but never broke into the nine percent range, as the national figure did. In fact, Pennsylvania’s unemployment rate stayed below the national average throughout the recession.
Meckley said he’s always cautious about reading too much into one month of data, but that the .3 percent drop from March to April is part of a larger trend. “The number of people in the state that are considered unemployed – that is not working, but wanting to work, has declined pretty much every month for the past year or so.”
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Friday, May 20, 2011
Friday, May 6, 2011
Hospital Bottom Lines Rebound
Hospital finances in Pennsylvania fared better in 2010 than they have since 2008.
The latest report from the Pennsylvania Health Care Cost Containment Council (PHC4) finds total operating margins at hospitals statewide rebounded last year to 5.26% after falling to 2.03% in 2009. PHC-4 spokesperson Stephanie Suran says more of the increase can be traced to a stronger economy and a rebounding stock market than to more stable operations. “Most of the increase can be attributed to an $883 million increase in non-operating income,” says Suran. That was about three quarters of the total increase in income.
Non-operating income includes, among other things, charitable contributions and growth in endowment investments. Looking solely at operating income, margins moved from 3.53% in 2009 to 4.36% in 2010. Operating margins at southwestern Pennsylvania hospitals were slightly lower overall than the statewide numbers.
Suran says many hospitals work on such tight margins that the small increase on average was enough to push many hospitals into the black. “About one quarter of hospitals in Pennsylvania lost money in 2010, this is an improvement from the previous year when 45 percent of the state’s hospitals had negative bottom lines,” says Suran.
The cost of uncompensated care continued to pull down the margins. Pennsylvania hospitals lost $891 million dollars to uncompensated care last year. Suran says much of that can be traced to uninsured patients. Rates for uncompensated care were slightly lower in the counties surrounding Allegheny County than in the rest of the state.
PHC4 began tracking hospital data in 1996. Since then the trend has been for increased operating margins with dips from 1997 to 2001 and again from 2007 to 2010. Uncompensated care dipped through the first part of the 2000’s but has been steadily rising since it hit a trough in 2005.
The study also includes hospital stay data. Statewide inpatient days dropped from 9.39 last year to 9.14 in 2010. The statistic has been on a steady decline since 1996 when it stood at nearly 11 days. The same trend can be found when it comes to length of stay. The average hospital stay in Pennsylvania was 6.04 days in 1996 and has fallen to 5.22 in 2010.
The full report can be found here.
The latest report from the Pennsylvania Health Care Cost Containment Council (PHC4) finds total operating margins at hospitals statewide rebounded last year to 5.26% after falling to 2.03% in 2009. PHC-4 spokesperson Stephanie Suran says more of the increase can be traced to a stronger economy and a rebounding stock market than to more stable operations. “Most of the increase can be attributed to an $883 million increase in non-operating income,” says Suran. That was about three quarters of the total increase in income.
Non-operating income includes, among other things, charitable contributions and growth in endowment investments. Looking solely at operating income, margins moved from 3.53% in 2009 to 4.36% in 2010. Operating margins at southwestern Pennsylvania hospitals were slightly lower overall than the statewide numbers.
Suran says many hospitals work on such tight margins that the small increase on average was enough to push many hospitals into the black. “About one quarter of hospitals in Pennsylvania lost money in 2010, this is an improvement from the previous year when 45 percent of the state’s hospitals had negative bottom lines,” says Suran.
The cost of uncompensated care continued to pull down the margins. Pennsylvania hospitals lost $891 million dollars to uncompensated care last year. Suran says much of that can be traced to uninsured patients. Rates for uncompensated care were slightly lower in the counties surrounding Allegheny County than in the rest of the state.
PHC4 began tracking hospital data in 1996. Since then the trend has been for increased operating margins with dips from 1997 to 2001 and again from 2007 to 2010. Uncompensated care dipped through the first part of the 2000’s but has been steadily rising since it hit a trough in 2005.
The study also includes hospital stay data. Statewide inpatient days dropped from 9.39 last year to 9.14 in 2010. The statistic has been on a steady decline since 1996 when it stood at nearly 11 days. The same trend can be found when it comes to length of stay. The average hospital stay in Pennsylvania was 6.04 days in 1996 and has fallen to 5.22 in 2010.
The full report can be found here.
Tuesday, April 19, 2011
Sen. Casey Talk Tough on China
JATCO Machine & Tool Co. on Ohio River Blvd in Bellevue makes the molds that other manufacturers use to make plastic parts that go into everyday products. Co-owner Ed Sikora says he can walk into any store or sit in any car and find parts made by his molds. However, he says his workforce is a third smaller than it was 10 years ago.
US Senator Bob Casey of Pennsylvania says much of the decline can be blamed on China refusing to allow its currency to trade on the open market. He says if the Obama administration will not force China to change its monetary policy congress will take action. A recent study from the Economic Policy Institute found undervaluation of the Yuan provides a 40% subsidy to China’s exports. “It is imperative that we crack down on Chinese currency manipulation before consideration of any free trade agreement,” says Casey. The Obama Administration is expected to send congress three trade agreements this year.
Sikora says his business gets squeezed from both sides. As manufacturing firms leave the US for China he loses customers and at the same time he has to compete to do work for the smaller pool of customers with machine and tool companies in China.
David Frengel is with Penn United Technologies, which does similar work as JATCO. He says it is not just an issue of working smarter or paying less. “We can compete with foreign companies, we can’t compete with foreign governments and that’s why our industry is going away.” Frengel says the low cost of goods from China even makes it impossible for him to compete for market share in Europe, Africa and other continents.
US Senator Bob Casey of Pennsylvania says much of the decline can be blamed on China refusing to allow its currency to trade on the open market. He says if the Obama administration will not force China to change its monetary policy congress will take action. A recent study from the Economic Policy Institute found undervaluation of the Yuan provides a 40% subsidy to China’s exports. “It is imperative that we crack down on Chinese currency manipulation before consideration of any free trade agreement,” says Casey. The Obama Administration is expected to send congress three trade agreements this year.
Sikora says his business gets squeezed from both sides. As manufacturing firms leave the US for China he loses customers and at the same time he has to compete to do work for the smaller pool of customers with machine and tool companies in China.
David Frengel is with Penn United Technologies, which does similar work as JATCO. He says it is not just an issue of working smarter or paying less. “We can compete with foreign companies, we can’t compete with foreign governments and that’s why our industry is going away.” Frengel says the low cost of goods from China even makes it impossible for him to compete for market share in Europe, Africa and other continents.
Tuesday, April 12, 2011
Regional Home Sales Down in March
After January and February showed positive numbers in home sales in a 5-county Pittsburgh region, the numbers slipped by 3.3 percent last month. Daniel Murrer, Vice President of RealSTATs says the drop was anticipated.
"Last year there was a tax credit in effect and this year there wasn't, so we were hoping or thinking that there may be a positive trend forming after the first two months of the year, but as it turns out that's not going to be the case for March."
Allegheny County home sales increased by only 12 units compared to March 2010 while Butler and Washington Counties climbed slightly as well. Westmoreland County and Beaver County saw significant decreases in home sales in March.
The number of existing homes sold decreased 2.7 percent from March 2010, and new home sales saw a 9 percent dip compared to last year in the Pittsburgh area.
March isn't the end of the decline according to Murrer. Sales are expected to drop even more through June compared to last year's sales because of the lack of tax credit, but he gives some encouragement for the rest of the year.
"After June, we would think that things would normalize and we would have a positive year over year comparison," says Murrer.
All in all Murrer says, "we're better off" this year compared to two years ago.
"Last year there was a tax credit in effect and this year there wasn't, so we were hoping or thinking that there may be a positive trend forming after the first two months of the year, but as it turns out that's not going to be the case for March."
Allegheny County home sales increased by only 12 units compared to March 2010 while Butler and Washington Counties climbed slightly as well. Westmoreland County and Beaver County saw significant decreases in home sales in March.
The number of existing homes sold decreased 2.7 percent from March 2010, and new home sales saw a 9 percent dip compared to last year in the Pittsburgh area.
March isn't the end of the decline according to Murrer. Sales are expected to drop even more through June compared to last year's sales because of the lack of tax credit, but he gives some encouragement for the rest of the year.
"After June, we would think that things would normalize and we would have a positive year over year comparison," says Murrer.
All in all Murrer says, "we're better off" this year compared to two years ago.
Wednesday, April 6, 2011
New York Equity Firm Buys Iron City
Uni-World Capital, L.P. has finalized a deal to purchase Iron City Brewing Company. Financial details of the deal have not yet been announced but it is does include the brewing capacity and the brands. New President and Chief Executive Officer Ed Lozano says the brewery’s headquarters will remain in Pittsburgh and beer production will continue in Latrobe. “All the employees were offered continued rolls in the company similar to what they had prior to the take over and all, I’m pleased to announce, have agreed to stay on board,” says Lozano.Iron City President Tim Hickman will stay on as a consultant through the transition period. Lozano says they new owners have signed a new 5-year brewing agreement with the Latrobe facility and are looking for new office space in Pittsburgh if the firm redeveloping the old brewery in Lawrenceville eliminates their office space.
Lozano says he thinks this company can thrive. “Our Management team and our private equity group have expertise in the consumer goods and beverages industry, something that I think might have been lacking in the previous ownership and management groups,” says Lozano. Lozano comes from PepsiCo. where was the Director of Foodservice. Before that he was with Miller Brewing.
Lozano says his priority will be to concentrate on the core brands, Iron City and IC Light and better supporting wholesalers and aggressively growing the business. At the same time, Lozano says he would like to reintroduce some old Iron City brands and come up with a few new products. He says he would like to be “in a few more states in a year or two” and he is looking at international markets as well. “We are going to over invest in this business in the early stages to ensure success,” says Lozano.
Uni-World Capital, L.P. is a private equity firm focused on making leveraged buyout and growth equity investments. The purchase is being entirely funded by equity capital held by Uni-World and its affiliates
Monday, March 28, 2011
PA Exports Rise 22.5% from 2009
Pennsylvania exporters shipped out $34.8 billion in goods and services in 2010, indicating a big jump in the state’s economy.
Pennsylvania followed the national trend of increased exports, but posted especially impressive numbers, according to Tony Ceballos, Director of the U.S. Commerical Service Office in Philadelphia.
Ceballos says state’s top exports were chemicals, machinery, and metals – items used by other countries for production of their own goods.
Canada remained Pennsylvania’s top trading partner, accounting for almost a third of the state’s exports. However, exports to China also boomed, increasing 73% to eclipse Mexico as Pennsylvania’s second largest export market.
Ceballos says not only is the increase in exports a good indicator of economic health, but exporters also create good jobs.
“Exporters tend to hire more, they tend to pay their employees more and tend to have a higher rate of growth,” says Ceballos. "A lot of companies we work with have said that if it wasn't for exports, they would've had to lay off a lot of people and in some cases would've gone under."
Ceballos says the nation's exports increased 17% to $1.8 trillion, the largest yearly uptick in more than 20 years.
Pennsylvania followed the national trend of increased exports, but posted especially impressive numbers, according to Tony Ceballos, Director of the U.S. Commerical Service Office in Philadelphia.
Ceballos says state’s top exports were chemicals, machinery, and metals – items used by other countries for production of their own goods.
Canada remained Pennsylvania’s top trading partner, accounting for almost a third of the state’s exports. However, exports to China also boomed, increasing 73% to eclipse Mexico as Pennsylvania’s second largest export market.
Ceballos says not only is the increase in exports a good indicator of economic health, but exporters also create good jobs.
“Exporters tend to hire more, they tend to pay their employees more and tend to have a higher rate of growth,” says Ceballos. "A lot of companies we work with have said that if it wasn't for exports, they would've had to lay off a lot of people and in some cases would've gone under."
Ceballos says the nation's exports increased 17% to $1.8 trillion, the largest yearly uptick in more than 20 years.
Friday, March 25, 2011
Protesters to March and Rally Against War
Members of the Antiwar Committee of the Thomas Merton Center are hoping to see “several hundred” protesters turn out Saturday for a march and rally to protest US involvement in all wars. Committee Co-chair Pete Shell says this is the first major anti war march in the city since the Pittsburgh G20 Summit. The organization used to hold regular marches but Shell says they have recently been more focused on joining national events.
The event will begin with a rally at the corner of 47th and Butler Streets at noon Saturday with speeches and a performance by Mike Stout. From there they will march down Butler Street to Doughboy Square for a second rally. Shell says there is a reason why they chose to hold the event in Lawrenceville. “We really wanted to highlight the impact that wars have on the economy at home and the fact that we could really revitalize our economy if we did not have to spend dollars on wars and occupations abroad,” says Shell.
Shell says along with protesting war, the rallies will focus on “speaking out against Arabs and Muslims being scapegoated and harassed.”
The event will begin with a rally at the corner of 47th and Butler Streets at noon Saturday with speeches and a performance by Mike Stout. From there they will march down Butler Street to Doughboy Square for a second rally. Shell says there is a reason why they chose to hold the event in Lawrenceville. “We really wanted to highlight the impact that wars have on the economy at home and the fact that we could really revitalize our economy if we did not have to spend dollars on wars and occupations abroad,” says Shell.
Shell says along with protesting war, the rallies will focus on “speaking out against Arabs and Muslims being scapegoated and harassed.”
Thursday, March 24, 2011
VisitPittsburgh: Convention Bis Is Up
Visit Pittsburgh says it booked 472 meetings in 2010 and beyond representing an estimated $286 million in spending. The numbers were released at the group’s annual meeting this morning. VisitPittsburgh Vice President for Sales and Marketing, Craig Davis says that is an increase of nearly 15% from 2009. The organization also reported the convention center was used 205 days last year, up from 191 the year before.
Davis says it is getting easier to market the city to convention planers. “The city is bigger, brighter, cleaner and our convention hotels that have come on board in the last five or six years have been incredible quality hotels and that has helped us sell tremendously,” says Davis. He says VisitPittsburgh also got a great deal of help from the “Bring it Home” campaign that calls on Pittsburghers who serve on national or international boards to push for their group’s conventions to be held in the city. “Because Pittsburghers are so proud of their city we get no problem getting people to help us.”
Looking out to the future, Davis notes several large conventions have been booked including the NRA convention in April of this year and the Veterans of Foreign Wars of the United States (VFW) and the Fraternal Order of Police (FOP) conventions in 2015. The VFW convention is expected to bring in 12,000 visitors.
And the FOP event will mark the 100th anniversary of the founding of the organization in Pittsburgh.
Davis says the tourism marketing focus last year was on Cleveland. Pittsburgh and Cleveland cross-marketed in each other’s region and Davis says visits from the Cleveland area jumped 51%. The 2011 focus will be on the Great Allegheny Passage, which is a biking and hiking trail that connects Pittsburgh to Washington DC.
Hosting the NHL Winter Classic also helped to boost tourism numbers. Davis says the event is believed to be responsible for 15,789 room nights and $22.3 million in spending.
Davis says it is getting easier to market the city to convention planers. “The city is bigger, brighter, cleaner and our convention hotels that have come on board in the last five or six years have been incredible quality hotels and that has helped us sell tremendously,” says Davis. He says VisitPittsburgh also got a great deal of help from the “Bring it Home” campaign that calls on Pittsburghers who serve on national or international boards to push for their group’s conventions to be held in the city. “Because Pittsburghers are so proud of their city we get no problem getting people to help us.”
Looking out to the future, Davis notes several large conventions have been booked including the NRA convention in April of this year and the Veterans of Foreign Wars of the United States (VFW) and the Fraternal Order of Police (FOP) conventions in 2015. The VFW convention is expected to bring in 12,000 visitors.
And the FOP event will mark the 100th anniversary of the founding of the organization in Pittsburgh.
Davis says the tourism marketing focus last year was on Cleveland. Pittsburgh and Cleveland cross-marketed in each other’s region and Davis says visits from the Cleveland area jumped 51%. The 2011 focus will be on the Great Allegheny Passage, which is a biking and hiking trail that connects Pittsburgh to Washington DC.
Hosting the NHL Winter Classic also helped to boost tourism numbers. Davis says the event is believed to be responsible for 15,789 room nights and $22.3 million in spending.
Wednesday, March 23, 2011
NGL’s Cause Bottleneck in Marcellus Shale
As more gas wells are drilled into the Marcellus Shale, more pipelines to carry the gas to market are being laid by companies that specialize in what is known as the “midstream.” However, during this week’s Marcellus Midstream conference at least one investment banker thinks there is a missing component.
When natural gas comes out of the ground it is usually known as wet gas because as much as 20% of it is made up of compounds other than methane. Before the gas can be put onto interstate transport lines and eventually pumped into your home it must be separated. Mark Huhndorff is a Managing Director at the investment firm Raymond James and Associates. He says not being able to process or transport Natural Gas Liquids or NGL’s is causing a bottleneck in the Marcellus Shale. “The options are to build more processing plants or to take the NGL’s and transport them down to processing plants located elsewhere,” says Huhndorff.
The bulk of the NGL processing facilities in the US are in the Gulf Coast. “You pick anybody that’s involved in the Marcellus midstream [and they are] looking at that as a need,” says Huhndorff, “To address that need they are either going to build takeaway pipelines or a processing plant.”
Huhndorff says he has seen continued strong investment in midstream infrastructure in the Marcellus Shale and he expects it to continue. He says he thinks there is a great deal of money to be found in the capital markets that would be interested in backing such investments.
Among the compounds processors get when they process wet gas is ethane. Ethane has long been used as a feedstock for petro chemicals. Entrepreneurs are looking for ways to use the ethane to run equipment used in the gas fields including compressors. Propane, butane and hexane are also often found in wet gas.
When natural gas comes out of the ground it is usually known as wet gas because as much as 20% of it is made up of compounds other than methane. Before the gas can be put onto interstate transport lines and eventually pumped into your home it must be separated. Mark Huhndorff is a Managing Director at the investment firm Raymond James and Associates. He says not being able to process or transport Natural Gas Liquids or NGL’s is causing a bottleneck in the Marcellus Shale. “The options are to build more processing plants or to take the NGL’s and transport them down to processing plants located elsewhere,” says Huhndorff.
The bulk of the NGL processing facilities in the US are in the Gulf Coast. “You pick anybody that’s involved in the Marcellus midstream [and they are] looking at that as a need,” says Huhndorff, “To address that need they are either going to build takeaway pipelines or a processing plant.”
Huhndorff says he has seen continued strong investment in midstream infrastructure in the Marcellus Shale and he expects it to continue. He says he thinks there is a great deal of money to be found in the capital markets that would be interested in backing such investments.
Among the compounds processors get when they process wet gas is ethane. Ethane has long been used as a feedstock for petro chemicals. Entrepreneurs are looking for ways to use the ethane to run equipment used in the gas fields including compressors. Propane, butane and hexane are also often found in wet gas.
Thursday, March 10, 2011
Life Sciences Greenhouse Gets New Home
The Southside is now home to the Pittsburgh Life Sciences Greenhouse. The 10-year old organization left it’s building on Second Avenue for a new “campus” at the River Park Commons Business Center. Greenhouse CEO John Manzetti says right now they are providing space for about a dozen incubator companies.
Manzetti says the lease in the old build was coming up for renewal and they looked at all areas of the region before landing on the south side. He says he wanted to be near the universities, near the companies working in the life sciences field and still have reasonable rental rates.
The new building will not only hold the greenhouse’s administrative offices and its clients, it will also be home to two venture capital firms and a pair of bio science companies. “To allow them to see what is going on in our greenhouse portfolio and actually see some companies up close and personal for the purposes of partnering with them, investing money in the case of a venture capital firm, or maybe investing in technology they think is important for their growth,” says Manzetti.
Manzetti says another advantage of the new location is the ability to expand. He says they have more space in the buildings that they are currently occupying and have access to other buildings in the area.
The Commonwealth of Pennsylvania, University of Pittsburgh, Carnegie Mellon University, University of Pittsburgh Medical Center and Pittsburgh’s regional foundation community, founded PLSG as a public/private partnership in 2001. It provides startup capital, building space, and access to qualified personnel and connections to other companies to emerging technologies.
Manzetti says the lease in the old build was coming up for renewal and they looked at all areas of the region before landing on the south side. He says he wanted to be near the universities, near the companies working in the life sciences field and still have reasonable rental rates.
The new building will not only hold the greenhouse’s administrative offices and its clients, it will also be home to two venture capital firms and a pair of bio science companies. “To allow them to see what is going on in our greenhouse portfolio and actually see some companies up close and personal for the purposes of partnering with them, investing money in the case of a venture capital firm, or maybe investing in technology they think is important for their growth,” says Manzetti.
Manzetti says another advantage of the new location is the ability to expand. He says they have more space in the buildings that they are currently occupying and have access to other buildings in the area.
The Commonwealth of Pennsylvania, University of Pittsburgh, Carnegie Mellon University, University of Pittsburgh Medical Center and Pittsburgh’s regional foundation community, founded PLSG as a public/private partnership in 2001. It provides startup capital, building space, and access to qualified personnel and connections to other companies to emerging technologies.
Thursday, March 3, 2011
Pgh Ranks High for High School Diplomas, Low for Degrees
Lower unemployment than most, poorer roads than most: those are a couple of the findings of a new benchmark study comparing a 22 county Pittsburgh region with 14 other cities. The report was compiled by the Regional Indicators at Pittsburgh today dot org.
In the 2nd part of our look at this study, DUQ’s Kevin Gavin talks with the director of the Regional Indicators, Doug Heuck about some of the 10 categories including economy, arts, health, education and demographics.
Listen to the interview
Listen to Part 1
In the 2nd part of our look at this study, DUQ’s Kevin Gavin talks with the director of the Regional Indicators, Doug Heuck about some of the 10 categories including economy, arts, health, education and demographics.
Listen to the interview
Listen to Part 1
Wednesday, March 2, 2011
How Pittsburgh Rates Versus 14 Other Cities
The Pittsburgh region is doing better than most others in cost of living, unemployment and job growth. That's according to a new benchmarking study by the Regional Indicators at Pitsburghtoday.org. The study, Pittsburgh Today and Tomorrow," measures a 22 county Pittsburgh region that includes some of eastern Ohio and northern West Virginia against 14 other cities: Baltimore, Boston, Charlotte, Cincinnati, Cleveland, Denver, Detroit, Indianapolis, Kansas City, Milwaukee, Minneapolis, Philadelphia, Richmond and St. Louis....in 10 categories: demographics, arts, education, economy, environment, housing, health, public safety, government and transportation.
The study looks at how the region rebounded since the early 1980's when unemployment topped 17%. Now the jobless rate remains well below the national average.
Listen to Part 1 of an interview between DUQ's Kevin Gavin and Douglas Heuck, director of the Regional Indicators at Pittsburghtoday.org
Listen to Part 2 of interview with Douglas Heuck
The study looks at how the region rebounded since the early 1980's when unemployment topped 17%. Now the jobless rate remains well below the national average.
Listen to Part 1 of an interview between DUQ's Kevin Gavin and Douglas Heuck, director of the Regional Indicators at Pittsburghtoday.org
Listen to Part 2 of interview with Douglas Heuck
Sunday, February 27, 2011
Benchmark Study Looks At Pgh Region & 14 Others
The Pittsburgh region is doing better than most others in cost of living, unemployment and job growth. That's according to a new benchmarking study released today by the Regional Indicators at Pitsburghtoday.org. The study, Pittsburgh Today and Tomorrow," measures a 22 county Pittsburgh region that includes some of eastern Ohio and northern West Virginia against 14 other cities: Baltimore, Boston, Charlotte, Cincinnati, Cleveland, Denver, Detroit, Indianapolis, Kansas City, Milwaukee, Minneapolis, Philadelphia, Richmond and St. Louis....in 10 categories: demographics, arts, education, economy, environment, housing, health, public safety, government and transportation.
The study looks at how the region rebounded since the early 1980's when unemployment topped 17%. Now the jobless rate remains well below the national average.
"We have by no means perfected the region, says Douglas Heuck, director of the Regional Indicators at Pittsburghtoday.org, "but after 30 years, we are poised to consider our regional future, not with a measure of fear, but from a position of strength."
While the Pittsburgh area experienced a net gain of 1,144 residents in domestic migration in 2009, the overall population declined by 434 due to more deaths than births.
The study indicates that in the transportation category 20% of road miles are listed in "poor" condition. Only Kansas City, Baltimore and Philadelphia have a higher percentage of poor or mediocre road miles.
Heuck says that Pittsburgh remains an arts rich region and the arts continue to attract visitors to the area.
The full report will be published in Pittsburgh Quarterly Magazine this week.
The study looks at how the region rebounded since the early 1980's when unemployment topped 17%. Now the jobless rate remains well below the national average.
"We have by no means perfected the region, says Douglas Heuck, director of the Regional Indicators at Pittsburghtoday.org, "but after 30 years, we are poised to consider our regional future, not with a measure of fear, but from a position of strength."
While the Pittsburgh area experienced a net gain of 1,144 residents in domestic migration in 2009, the overall population declined by 434 due to more deaths than births.
The study indicates that in the transportation category 20% of road miles are listed in "poor" condition. Only Kansas City, Baltimore and Philadelphia have a higher percentage of poor or mediocre road miles.
Heuck says that Pittsburgh remains an arts rich region and the arts continue to attract visitors to the area.
The full report will be published in Pittsburgh Quarterly Magazine this week.
Monday, February 21, 2011
Regional Home Sales Up in January
There were more homes sold in the region this January than in January 2010, despite the expiration of a homebuyer tax credit. RealSTATS Vice President Dan Murrer says the nearly 1,500 homes sold in Allegheny, Beaver, Butler, Washington and Westmoreland Counties last month represented a 3% jump from the January 2010 rate. Murrer says existing home sales were flat, but a large increase in new home sales “carried the flag” so far this year. He says the average price of a new home fell about $60,000 since January 2010. "By virtue of dropping that much, it opened up the new home market to more buyers,” says Murrer. “More people can afford a $280,000 house as opposed to, say, a $360,000 house." Murrer says areas like the Strip District and Moon sold particularly well this January, even though the federal Home Buyer Tax Credit expired last April. The stimulus program had given $8,000 in tax credits to new homebuyers and $6,500 to repeat homebuyers. Murrer says it’s still too early in the year to predict how 2011 will turn out for regional real estate, but January’s numbers are encouraging.
Wednesday, February 2, 2011
Revenues Up But Big Deficit Still Looms
Pennsylvania’s tax revenue continues to come in above estimates.
The Department of Revenue collected 73-million more dollars than it expected to in January, bringing year-to-date tax revenue 264 million dollars above projections.
House Appropriations Chairman Bill Adolph, a Republican, says the numbers are “great news,” but tempers his optimism.
"Even if it’s – I think it’s a little over 200 million right now over projections. That may be 400 million by June 30th. When you’re looking at a 4 billion dollar deficit, those projections are not going to fill that hole."
"That’s four straight months, I believe, in increased revenues over projections. It’s much better than the previous 26 months, when we were below our projections. I think nationwide you’re seeing a very slow recovery."
The Department of Revenue collected 73-million more dollars than it expected to in January, bringing year-to-date tax revenue 264 million dollars above projections.
House Appropriations Chairman Bill Adolph, a Republican, says the numbers are “great news,” but tempers his optimism.
"Even if it’s – I think it’s a little over 200 million right now over projections. That may be 400 million by June 30th. When you’re looking at a 4 billion dollar deficit, those projections are not going to fill that hole."
Adolph says things are slowly turning around.
"That’s four straight months, I believe, in increased revenues over projections. It’s much better than the previous 26 months, when we were below our projections. I think nationwide you’re seeing a very slow recovery."
This time last year, Pennsylvania was 374 million dollars behind estimates. Two years ago, the budget gap was 1.1 billion.
Corporate, sales and income taxes are all slightly above estimates, though table games revenue at casinos is 17 percent off the projected mark.
Corporate, sales and income taxes are all slightly above estimates, though table games revenue at casinos is 17 percent off the projected mark.
Tuesday, January 25, 2011
Rep. Murphy Hopes to Hear Bipartisan Talk in Obama's Address
President Obama will address the nation tonight at 9:00 from the chamber of the House of Representatives. In his State of the Union Address, Obama will likely look back on his first two years in office, citing accomplishments and shortcomings, and look forward to the next two years of his term.
Pennsylvania Rep. Tim Murphy hopes that the President will speak of moving more towards the center to cooperate with a congress that has become much more conservative following the mid-term elections in November. Murphy has been critical of the nation’s continued spending and the growing national deficit. He fears that the growing national deficit hurts our foreign negotiating powers.
“If we are going to be working for the good of our country, good of our jobs, we’ve got to be standing up for fair trade and be able to enforce that and not find ourselves in a situation where we have to turn back with our tail between our legs because another nation says you can’t enforce this because we have your money,” Murphy says.
He admits however, that the mission to reduce federal spending is not just on the President, but rather cooperation between all members of congress and the President.
“It’s up to congress to put forth a budget and work with the president on that, one that is going to not continue to increase spending,” Murphy says. “You know the President at one point said he wanted to reduce spending, in fact he campaigned saying he wanted to reduce spending, but it has increased drastically, by the trillions."
Pennsylvania Rep. Tim Murphy hopes that the President will speak of moving more towards the center to cooperate with a congress that has become much more conservative following the mid-term elections in November. Murphy has been critical of the nation’s continued spending and the growing national deficit. He fears that the growing national deficit hurts our foreign negotiating powers.
“If we are going to be working for the good of our country, good of our jobs, we’ve got to be standing up for fair trade and be able to enforce that and not find ourselves in a situation where we have to turn back with our tail between our legs because another nation says you can’t enforce this because we have your money,” Murphy says.
He admits however, that the mission to reduce federal spending is not just on the President, but rather cooperation between all members of congress and the President.
“It’s up to congress to put forth a budget and work with the president on that, one that is going to not continue to increase spending,” Murphy says. “You know the President at one point said he wanted to reduce spending, in fact he campaigned saying he wanted to reduce spending, but it has increased drastically, by the trillions."
Murphy hopes the President speaks on allowing the private sector to create jobs, rather than government regulation, along with agreeing to a review of the health care bill that Murphy thinks was pushed through too quickly.
For NPR’s complete coverage of the State of the Union Address, tune into WDUQ tonight at 9:00.
Thursday, January 13, 2011
Rendell: Federal Stimulus Has Worked in PA
Governor Ed Rendell who leaves office in five days says the federal stimulus program has been a success in the Commonwealth. Rendell credits the state's $31 billion share with creating or saving 136,000 jobs. The outgoing governor says most of the money has now been spent on infrastructure improvements, job training, investments in green energy, tax cuts and unemployment benefits......
"There's no question in my mind that the recovery act, the stimulus has contributed to the economic recovery in Pennsylvania."
Rendell says the Commonwealth is 11th in the nation in job creation leads industrial states. He says Pennsylvania businesses saved $2.2 billion through tax incentives that encourage investment and job creation....
"In addition to the short-term benefits of the Recovery Act, the federal government's investment in infrastructure and energy will provide lasting benefits that will generate future economic growth and improve the quality of life of our citizens."
Rendell says he knows it's not popular to say the stimulus has worked, but he's convinced that it has.
"There's no question in my mind that the recovery act, the stimulus has contributed to the economic recovery in Pennsylvania."
Rendell says the Commonwealth is 11th in the nation in job creation leads industrial states. He says Pennsylvania businesses saved $2.2 billion through tax incentives that encourage investment and job creation....
"In addition to the short-term benefits of the Recovery Act, the federal government's investment in infrastructure and energy will provide lasting benefits that will generate future economic growth and improve the quality of life of our citizens."
Rendell says he knows it's not popular to say the stimulus has worked, but he's convinced that it has.
Tuesday, January 4, 2011
Population and Activity Grow Downtown
More people live downtown and more workers are using the bus to get there. Those are among the findings released Monday by the Pittsburgh Downtown Partnership as part of its regular surveys of downtown activity. In 2000 there were about 3,000 people calling the Golden Triangle, the North Shore, the Strip District and the Bluff home. That number jumped to 7,200 in 2010. PDP President and CEO Michael Edwards says the economy slowed the growth, “we had, in the pipeline, when the economy crashed, about 4,500 more units of housing… that were scheduled to be built in the area that we are talking about, and those have been delayed or not gone forward. If they had gone forward there would be another 5,000 people living downtown.”
The study finds the average household size increased to 1.5 people and one-third of residents have annual incomes of more than $100,000. Edwards says that is reflective of the relatively high cost of housing in the Golden Triangle but he notes there is some very affordable housing in the Strip and other places. The study also finds that the “peak age group” downtown is 25-29 and 4% of households include children.
The study also looks at those who come downtown on a regular basis but do not live there. Edwards says the average commute to downtown is 13 miles or 36-39 minutes, 4 in 10 commuters are age 35 or younger and 53% of commuters use public transportation. In 2003 the number was 48%. Edwards notes that the increase comes, “despite all the busing cut backs over the last few years.” He says, “I think it is really reflective of the increased cost of gasoline, the increased cost of parking, the more efficient bus system that people can get their heads around and understand.”
The study asked weekend users why they come downtown and among the top reasons was a never before seen response, “to work out and to exercise.” “Its because of the plethora of new biking trails and running trails and parks and things that have been delivered by RiverLife, the foundation community and others,” says Edwards. The PDP has started to use those amenities as it tries to attract residents and new businesses.
Other interesting fact in the study:
• Weekly average spending at Downtown restaurants/retailers by downtown residents: $183
• Two-thirds of Downtown workers are employed in Service or Finance industries
• Downtown employee count by industry class and census track: 126,370
• Liberty and Penn Avenue are heavily populated with workers, while the Boulevard of the Allies is mostly traveled by students
• Market Square and Fifth Avenue are seeing increased traffic and are among the busiest pedestrian areas due to recent revitalization
• Weekday foot traffic peaks at 8:15 a.m.; 12:15 – 12:45 p.m. and from 4:45 – 5:15 p.m. Largest peak is during the “lunch hour”
Download a PDP published summary sheet on the finding here.
The study finds the average household size increased to 1.5 people and one-third of residents have annual incomes of more than $100,000. Edwards says that is reflective of the relatively high cost of housing in the Golden Triangle but he notes there is some very affordable housing in the Strip and other places. The study also finds that the “peak age group” downtown is 25-29 and 4% of households include children.
The study also looks at those who come downtown on a regular basis but do not live there. Edwards says the average commute to downtown is 13 miles or 36-39 minutes, 4 in 10 commuters are age 35 or younger and 53% of commuters use public transportation. In 2003 the number was 48%. Edwards notes that the increase comes, “despite all the busing cut backs over the last few years.” He says, “I think it is really reflective of the increased cost of gasoline, the increased cost of parking, the more efficient bus system that people can get their heads around and understand.”
The study asked weekend users why they come downtown and among the top reasons was a never before seen response, “to work out and to exercise.” “Its because of the plethora of new biking trails and running trails and parks and things that have been delivered by RiverLife, the foundation community and others,” says Edwards. The PDP has started to use those amenities as it tries to attract residents and new businesses.
Other interesting fact in the study:
• Weekly average spending at Downtown restaurants/retailers by downtown residents: $183
• Two-thirds of Downtown workers are employed in Service or Finance industries
• Downtown employee count by industry class and census track: 126,370
• Liberty and Penn Avenue are heavily populated with workers, while the Boulevard of the Allies is mostly traveled by students
• Market Square and Fifth Avenue are seeing increased traffic and are among the busiest pedestrian areas due to recent revitalization
• Weekday foot traffic peaks at 8:15 a.m.; 12:15 – 12:45 p.m. and from 4:45 – 5:15 p.m. Largest peak is during the “lunch hour”
Download a PDP published summary sheet on the finding here.
Friday, December 31, 2010
Builders Association Still Says No to Sprinklers
The Pennsylvania Builders Association had hoped the Pennsylvania House would follow the Senate’s lead and delay the January implementation of mandated sprinkler systems in all new one- and two-family homes, but that didn’t happen. The industry thinks the requirement may depress an already struggling construction sector.
According to Public Affairs Director Melissa Etshied, the PBA will promote new legislation in 2011 that calls for a permanent moratorium on mandated sprinklers and a change in the makeup of the Review Advisory Council.
Etshied says the council that mandated sprinklers did not include any proponents of affordable housing, so the PBA would like to see more people who understand the ramifications of code requirements.
With hard-wired smoke detectors already required, Etshied says the significant cost of a sprinkler system should be up to the consumer.
Etshied says the council that mandated sprinklers did not include any proponents of affordable housing, so the PBA would like to see more people who understand the ramifications of code requirements.
With hard-wired smoke detectors already required, Etshied says the significant cost of a sprinkler system should be up to the consumer.
PNC Sees ‘Moderate and Stable’ Econ in 2011
After coming out of what he calls “frustratingly slow progress” in 2010, PNC economist Robert Dye says southwestern Pennsylvania’s economy will be “moderate and stable” in 2011. Dye says the slowdown in the summer now looks to have been a “soft patch” rather than the beginning of a double dip recession. He says the relatively good numbers seen in recent months should build momentum in 2011 with a little more growth, a slow drop in unemployment, and pickup of the housing market slack. However, Dye says, “it will not be a ‘snap back’ economy.”
Dye says the education and medical sectors will continue to lead the region’s economy and help to moderate bad economic news and he says the energy and banking sectors will also help to drive the economy. Dye says Marcellus Shale exploration and extraction will be a “game changer” going forward. He says as the world economy rebounds, demand for energy will grow and so will the value of the shale fields. He admits that there are still political hurdles to clear in Pennsylvania and in some municipalities but he says those will shrink as the potential for economic impact from Marcellus Shale drilling grows.
Dye believes southwestern Pennsylvania’s financial sector will benefit from the region’s better than average growth in 2011. “Being able to provide services to this wide variety of medical and educational, high-tech energy resources, and the growing service sector at large, is providing many opportunities or companies,” says Dye. Dye also feels companies in the region working with nuclear power will see growth in the long term. “We have a missing generation of nuclear power plants,” says Dye, and as the world gets more comfortable with the idea of nuclear power demand will start to grow.
Dye says the education and medical sectors will continue to lead the region’s economy and help to moderate bad economic news and he says the energy and banking sectors will also help to drive the economy. Dye says Marcellus Shale exploration and extraction will be a “game changer” going forward. He says as the world economy rebounds, demand for energy will grow and so will the value of the shale fields. He admits that there are still political hurdles to clear in Pennsylvania and in some municipalities but he says those will shrink as the potential for economic impact from Marcellus Shale drilling grows.
Dye believes southwestern Pennsylvania’s financial sector will benefit from the region’s better than average growth in 2011. “Being able to provide services to this wide variety of medical and educational, high-tech energy resources, and the growing service sector at large, is providing many opportunities or companies,” says Dye. Dye also feels companies in the region working with nuclear power will see growth in the long term. “We have a missing generation of nuclear power plants,” says Dye, and as the world gets more comfortable with the idea of nuclear power demand will start to grow.
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