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The Strong Pittsburgh Economy

Amid the concerns over global trade and the world economy, it is easy to overlook the local economy. The Pittsburgh economy remains strong, mirroring the strength of the broader U.S. economy.

The latest available figures show unemployment in the Pittsburgh area below the national average. In January, when the national unemployment rate was 4%, Pittsburgh’s rate was 3.8% (the latest national unemployment rate continues to fall – with April’s national number at 3.6% - a 49 year low). The Pittsburgh labor force is also growing, with 20,000 net new jobs added since 2017 – a much faster pace than the 5,000 added from 2012 to 2016.

Education and healthcare jobs remain the area’s top source of jobs, as the chart at right shows. Home prices have continued to appreciate, rising 5.2% from February 2018 to February 2019. Debt levels in the areas remain quite manageable, with the average debt per family $14,000 below the national average and credit card delinquency rates below the state and national averages as well.

 

DISCLAIMER: Past performance does not predict future results. This report is based on data obtained from sources we believe to be reliable. Hefren-Tillotson does not, nor any other party, guarantee the accuracy or completeness of this report or make any warranties regarding results obtained from its usage. All opinions and estimates included in this report constitute the firms judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation to buy or sell the securities herein mentioned.

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Hefren-Tillotson Inc. is a leading diversified financial services firm providing investment and retirement plan management and comprehensive, financial planning through MASTERPLAN® for individuals and businesses. The firm’s wealth management services are administered by Certified Financial Planner (CFP) professionals, Chartered Financial Analyst (CFA) Charter holders, attorneys, Chartered Life Underwriters, and CPA/PFS’s. Hefren-Tillotson offers corporate services including 401(k) retirement planning, executive financial counseling, fiduciary reviews and workplace financial planning seminars. Founded in 1948, the firm is headquartered in Pittsburgh and has offices located in Pittsburgh, Butler, Greensburg, North Hills, and South Hills. MEMBER SIPC.