Word: pittsburghs
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Most important, Pittsburgh has diversified its economy to replace the lost jobs of thousands of steelworkers. To get a real sense of that transformation, go to the CEO's perch on the 62nd floor of the U.S. Steel building--a floor that sat empty for seven years. "What made Pittsburgh great is exporting the steel that it made, and the money came back," says Jeffrey Romoff. Understand, Romoff does not work for U.S. Steel, which has been doing fine, mind you. Instead, he's the CEO of the University of Pittsburgh Medical Center (UPMC), the thriving $7 billion health-care...
Ironically, some of the things that have made Pittsburgh seem weak over the years will help protect it. It has large numbers of students and seniors. Seniors have unearned incomes in the form of pensions and Social Security, which puts a floor beneath the economy...
...Pittsburgh is certainly not going to escape a national recession. But it can provide lessons for how to survive it: invest in knowledge, compete globally, rewrite the old rules of business. A couple of its signature companies, such as Alcoa, have announced cutbacks as demand slows. "No area is totally immune, but it is going to be, if we are right, a bit more modest in Pittsburgh," says Stuart Hoffman, PNC's chief economist. From ground level, Bob Intrieri can see the same thing. A partner at Allegheny Steel Products, he sells industrial innards to the machine shops and factories...
Still, even machine shops in the Pittsburgh region had to face a new economic reality. Of course, you don't have to go far to see the face of America's current economic troubles: cross the state line into Ohio, which has a far greater exposure to the American auto industry, and the pain is palpable in industrial shops in Finley and Toledo. They don't have to be told that we're heading for a slowdown; they're already in one. But if Pittsburgh is any indication, there is virtue to going through hard times. The hard part...
...Pittsburgh A Church Divided...