By: JC Pelusi, Market Leader, Managing Director, JLL
Last month I had the opportunity to present at the Pittsburgh Regional Alliance (PRA) Business Investment Scorecard annual event, during which JLL was featured as one of four smart companies “betting their futures on Pittsburgh.”
At the event, the PRA presented its ninth annual investment scorecard highlights, including a transparent look at the region’s economic health. The investment scorecard revealed strong economic growth overall. A few additional highlights for 2015 included:
- 275 total business deals were tracked by the PRA.
- 206 investment deals and 69 development deals comprise overall deals.
- Capital investment reached $2.9 billion, marking the ninth year to exceed $1 billion.
- Anticipated job impact is the highest since 2011, with 5,417 new jobs and 9,534 retained jobs.
JLL trusts Pittsburgh will prove true business and economic success in the coming years. In fact, JLL has expanded its local employee-base from 40 to 450 over the last eight years.
Did you miss the event? Read on for three reasons Pittsburgh will continue to be a destination for businesses and consumers alike.
1. Millennials are moving to Pittsburgh.
The term “millennials” is much more than just a buzzword –– it’s the generation that is proving to be our new leaders. That’s why it’s more important than ever to prepare our cities for the millennial revolution. Pittsburgh continually shows a growing population of well-educated young adults.
Following Atlanta, Pittsburgh was listed as pro-millennial, thanks to it’s low-housing costs, good public transportation and revitalized neighborhoods. Research from JLL shows that the millennial generation is highly price sensitive, and costs remain one of their biggest purchase considerations. Based on the event’s takeaways, it’s evident that Pittsburgh can check “attracting milennials” off the to-do list.
2. Venture capital and commercial development are growing.
A mind-boggling amount of startups emerge worldwide every year across the U.S. Maybe even more surprising is the amount of venture capital invested –– $1,532 every second (or, $48.3 billion per year). Pittsburgh was among the top 10 cities to receive the highest amount of venture capital investments last year.
With this in mind, we must equip our cities with both the bandwidth and the space to grow in support of startups.
Pittsburgh is especially startup-friendly, as its economy is largely based in healthcare, education, technology and financial services. As interest continues to spark regarding the city’s economic growth, factors like office rent increase to meet investor demand.
Investors and startups agree, as Pittsburgh ranks sixth in the country for the number of tech companies backed by venture capital. More and more companies are flocking to the city, and finding great success. Aquion, Niche and Schell Games (just to name a few) are some of the startups that call Pittsburgh home.
3. Pittsburgh touts a diverse and balanced economy.
While startups may be all the rage right now, it’s just as important to support a balanced economy. Pittsburgh encompasses business growth from many sectors, ranging from healthcare to startups to legacy industries.
Plus, real estate companies like JLL place trust in Pittsburgh’s steady and safe economy, and encourage other industries to do the same to continue this growth.
Thanks to the PRA for including JLL in your list of smart companies growing in Pittsburgh!
About the Author
JC Pelusi is an International Director for JLL and works out of the Pittsburgh office. As the leader for JLL’s Great Lakes region, JC has extensive experience in a variety of areas, including Corporate Account Management and Transaction Services. View JC’s full bio to read up on his experience, or connect with him on LinkedIn.