The 10 colleges and universities that make up the Pittsburgh Council on Higher Education produced an economic impact of $8.99 billion and supported more than 70,000 jobs in the Pittsburgh area during fiscal year 2012-13, according to a report the council prepared in collaboration with Fourth Economy, a national economic development consulting firm.
Their collective economic impact represents approximately 32 percent of the city’s gross domestic product, the report said.
Editor’s note: Came across this article right after I posted about grocery store price increases. They certainly speak to each other.
Jim Talerico got a $900 raise this year, but he isn’t happy about it.
“It’s a terrible wage,” said Talerico, a part-time faculty member in Robert Morris University’s English department. “Now I’m making a whopping $14,400.”
It was the first pay raise in 10 years for the 54-year-old Ingomar resident. Even with the $13,500 he earns from his other part-time teaching job at Community College of Allegheny County, he said a barista job at Starbucks looks tempting. At least it would come with benefits.
Working Americans have had to make difficult choices — from canceling doctor’s appointments to cutting their grocery budgets — as their paychecks barely keep up with the cost of living.
Consumer spending drives 70 percent of economic activity, and wage stagnation has been a stubborn problem that might be holding back the recovery as other measures such as unemployment improve.
Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)
Lancaster County boasts the 100th largest economy among the 363 metropolitan statistical areas in the U.S., according to a report released in conjunction with the U.S. Conference of Mayors’ annual meeting.
The economy here produced $21.6 billion in 2013, according to the report (PDF), prepared by the economic analysis firm IHS.
The mayors are using the report to call attention to the outsized role of metro areas in the U.S. economy. Metro areas account for 90 percent of U.S. gross domestic product and are expected to generate 92 percent of overall U.S. economic growth through 2020, the report said.
Seal of the United States Department of Commerce (Photo credit: Wikipedia)
WASHINGTON (AP) – The U.S. economy grew at a 3.2 percent annual rate in the October-December quarter on the strength of the strongest consumer spending in three years, an encouraging sign for 2014.
The fourth-quarter increase followed a 4.1 percent growth rate in the July-September quarter, when the economy benefited from a buildup in business stockpiles.
For 2013 as a whole, the economy grew a tepid 1.9 percent, weaker than the 2.8 percent increase in 2012, the Commerce Department said Thursday. Growth was held back last year by higher taxes and federal spending cuts.
With that drag diminished, many economists think growth could top 3 percent in 2014. That would be the best performance since the recession ended in mid-2009.
High gas prices, bad weather, the housing slump and a myriad of other problems kept economic growth at bay for the first quarter of 2011. The U.S. economy only grew by 1.8% during the first quarter of 2011 as opposed to a growth rate around 3% for the fourth quarter of 2010.
Experts say this is “temporary” and we should expect to see economic growth at 3% for the rest of the year. Experts are also saying gas prices should stabilize, but gas prices have gone up .30 cents since the end of the first quarter. The national average for a gallon of regular unleaded gasoline is $3.88 as of today.
What can we do? Cut back unnecessary spending and hope for the best.
I can say from personal experience, at least around Pottstown, that people were out in force shopping for Easter. Shopping centers, malls, grocery stores and restaurants benefitted from the spring holiday. One local store said their sales were at Christmas levels over the Easter weekend.
Our beleaguered capital city shot up 25 places on WSJ‘s MarketWatch‘s Best Cities For Business annual ranking. Harrisburg ranked 34th in 2009 and 9th for 2010.
Criteria changed this year which helped Harrisburg achieve a much improved place on the list. Tourism, military GDP and personal income helped propel Harrisburg to a Top 10 spot. Harrisburg also has a high ranking of Russell 2000 companies, Forbes Private Companies and of course, Hershey Foods in its suburbs.
More changes are expected next year that could make it difficult for Harrisburg to maintain a Top 10 spot as economic stability will weigh in more heavily next year. We all know the City of Harrisburg has some problems in that area!
Washington, D.C took top honors this year. Pittsburgh ranked 18th, Philadelphia ranked 29th, Allentown and Lancaster tied at 63rd place and Scranton came in at 100. The survey included 102 cities with metro areas over 500,000.
I would say that is a decent showing from Pennsylvania!