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 Post subject: While Detroit Dives, Pittsburgh Thrives
PostPosted: Mon Jan 12, 2009 6:15 pm 
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Location: Scotch Plains, NJ
I saw this in the NY Times last week. Apparently Da Burgh is a comparatively good place to be in these economic times.

http://www.nytimes.com/2009/01/08/busin ... rgh&st=cse

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 Post subject: Re: While Detroit Dives, Pittsburgh Thrives
PostPosted: Mon Jan 12, 2009 6:32 pm 
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It is very true that Pittsburgh is doing comparatively well during these tough times. The cynic would say that where there is no bubble, there is nothing to burst, and I think that is true to some extent. But, Pittsburgh has positioned itself well in that its major industries- healthcare, healthcare, and healthcare- are relatively recession-proof.


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 Post subject: Re: While Detroit Dives, Pittsburgh Thrives
PostPosted: Mon Jan 12, 2009 8:44 pm 
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Don't forget the specialty metals and other mettalurgical companies a la Allegheny Technologies etc. Positioned very well within their sector.

And, the ketchup is not going away!

ZM

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 Post subject: Re: While Detroit Dives, Pittsburgh Thrives
PostPosted: Tue Jan 13, 2009 11:06 am 
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Location: Rural Ridge, PA
My sister and her ex-husband have both been layed off in detroit and now are trying to sell their house. It is now worth about 150k a few years after they bought it for 260k. They are moving to LA because it has become so bad. At least the automakers are learning their lessons, even if it was the hard way.


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 Post subject: Re: While Detroit Dives, Pittsburgh Thrives
PostPosted: Wed Jan 14, 2009 2:19 pm 
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There have been a few different articles out there over the last year or so showing how Pittsburgh has done everything to reverse their Rust Belt image and reinvent itself in a totally new way. Education and health care have helped drive that renaissance. The problem is that the mainstream media still clings to their 70/80s image of Pittsburgh as a dying steel town with nothing to offer.


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 Post subject: Re: While Detroit Dives, Pittsburgh Thrives
PostPosted: Wed Jan 14, 2009 2:28 pm 
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Here's an article from today's Trib that drives the point home a little more.

http://www.pittsburghlive.com/x/pittsburghtrib/business/s_607013.html

There has been some talk that Pittsburgh has been safe from the recession because the area is 12-18 months behind the national trends. But that simply isn't true. One major factor is that there was no huge construction drop in the area. In Arizona, Nevada, etc it was the loss of construction, particulalry new home construction, jobs that drove the local economies in to the tank. When your economic boom is built on something as short term as construction, your bust is going to come.

Pittsburgh built a smarter economy bu focusing on education (Carnegie Mellon, Duquense, Pitt, etc), health care, and robotics. The 'Burgh went from being a blue collar town to a white collar town with blue collar roots and values. Eventually the population shift will stop and there will be some trickle back as the economy resets. That will be a boon to cities like Pittsburgh that are great position to add new industries and new jobs as workers make themselves avalible.


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 Post subject: Re: While Detroit Dives, Pittsburgh Thrives
PostPosted: Wed Jan 14, 2009 3:22 pm 
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A lot of people bought homes here who couldn't afford them. Loans were given out that shouldn't have been. Mortgage folks were a big part of the problem. High population growth areas are the ones to get hammered along with auto industry areas. It's a big mess. Banks to blame too.


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 Post subject: Re: While Detroit Dives, Pittsburgh Thrives
PostPosted: Wed Jan 14, 2009 3:50 pm 
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Az Bucco fan wrote:
A lot of people bought homes here who couldn't afford them. Loans were given out that shouldn't have been.


I certainly blame the banks, but smart people should know their limitations. If you're making less than $100k per year and trying to get into a house that costs half a million, you need more than just financial assistance. You'll always get burned if you try to live outside of your means.


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 Post subject: Re: While Detroit Dives, Pittsburgh Thrives
PostPosted: Wed Jan 14, 2009 7:23 pm 
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Argentum wrote:
Az Bucco fan wrote:
A lot of people bought homes here who couldn't afford them. Loans were given out that shouldn't have been.


I certainly blame the banks, but smart people should know their limitations. If you're making less than $100k per year and trying to get into a house that costs half a million, you need more than just financial assistance. You'll always get burned if you try to live outside of your means.



That's why high growth areas are always at risk.


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