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.