Word: pittsburghs
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...Pittsburgh knows all about recessions. This city was left for dead when steel and heavy manufacturing were smothered by globalization that started some 20 years ago. Pittsburgh never had a housing boom. How could it, when a quarter of the population evaporated when the jobs did? Pittsburgh's finances were so awful that it became a virtual ward of the state in 2003. Is your burg afraid of losing airline service? USAir's business crashed here in 2002. The spacious airport is half empty on a Sunday...
...will it get? The answer depends in large part on how local economies like Pittsburgh's adapt. And here's a surprise: for a metropolis synonymous with America's declining industrial might, the no-longer Steel City seems in a better position to withstand a downturn than many other places...
...Practice, for one. "We never had a housing crisis," says Pittsburgh's controller, Michael Lamb. "We already weathered that storm." Foreclosures declined 20% for two months compared with a year ago. Home prices are relatively steady. When the economy began to pick up steam again after 2003, Pittsburgh was a city with affordable housing, great parks and recreation, rich cultural and sports scenes, and surviving industry clusters that were globally competitive--a helpful thing when recession returns. "We've done a really good job at coming to terms with how to manage. Our weaknesses 25 years ago led to strength...
...Pittsburgh's playbook still has some familiar features, but it is far more diverse. They still make stuff here, albeit with 8,400 fewer workers over 10 years. But commodity metals have been abandoned in favor of higher-value alloys like titanium. Importantly, the metal companies here now serve global industries that have been going flat out, such as power generation, energy, mining and transportation...
...will finally get his chance to show what he can do. ADAM CHRISSISWhile many incoming football players will spend their rookie season learning the playbook and working out in the weight room, freshman wide-out Adam Chrissis will instead be gearing up as a starter for the Crimson. The Pittsburgh, Penn. native and graduate of Upper St. Clair, Chrissis (6’0’’, 195) was a two-way starter for a 16-0 championship team and was also selected to play in the prestigious Pennsylvania East-West All Star Game. So far, Chrissis has impressed...