Writer: Joey Garrand
4 min read January 2022 — Pittsburgh is reclaiming its identity as a heavy-hitter in the global economy, with leadership at both the public and private levels helping to realize the region’s potential. Prominent leaders shared their outlooks with Invest: and the consensus is optimism.
Stefani Pashman, CEO, Allegheny Conference
We are sitting on the cusp of significant opportunity. Over the past five years, the change in perspective among the press and national audiences about Pittsburgh is really telling. Over the next three to five years, I think we’re going to see accelerated growth from a population perspective. Our corporate landscape is also shifting. While Pittsburgh is home to many sizable companies, we are also seeing significant acceleration of entrepreneurial activity. Our culture of entrepreneurship and opportunity will continue to grow stronger. On a national level, people are noticing Pittsburgh’s potential – that this is a place where people want to be and where they can thrive. I am very optimistic about the next few years.
Christina Cassotis, CEO, Allegheny County Airport Authority
We want to be a place where all of the innovation and great work of our local economy is leveraged, showcasing what Pittsburgh has to offer on a global stage. With what we’re doing with Neighborhood 91 and cargo, we have proved ourselves to be the place suppliers can rely on through the pandemic, and they’re still here. Instead of making sure that we have the supply to meet the demand, we’re looking to create demand with all the supply we have. I see us changing the narrative, taking the abundance of assets here at the airport and in the community and putting them together in ways that will have significant impacts on the region. The Authority will continue to attract smart people who want to work on big idea projects. We’re going to get those projects done.
John Thornton, CEO, Astrobotic
Space is a $447 billion industry worldwide, and less than 20% of that is government spending. Most people think of NASA when they think of space but NASA is a small percentage of the grand scheme. There have been multiple projections that the $447 billion will reach $1 trillion by either 2030 or 2040. This is a massively growing sector and Pittsburgh, in particular, is well suited for the robotics and components side of that growth.
Lucas Piatt, President & CEO, Millcraft Investments and Piatt Sotheby’s International Realty
I believe residential will continue to be strong, with delays in supply increasing demand for the units that do exist or are created.
I am optimistic about the hospitality sector because I’m seeing a significant increase in the average daily rate of our hotels. Prior to 2019, there was an incredible amount of supply that was pushed into the marketplace, with costs increasing and average daily rates (ADRs) going down. Now, we are starting to see a reset in ADRs because of the drive in leisure. Once we return to negotiating rates with corporate buyers, we’ll be in a good position to do so.
With regard to the office sector, I believe it will take until 2023 or 2024 to see a substantial comeback and because of that, I believe we will see less traffic in our CBD. Being in the office is critical to fostering culture. To attract people back to the office, we have to create great environments for them. Big investments over the next year need to happen in storefront experiences and inner-building experiences. I don’t believe we’ll see a huge retraction in square footage but rather a repurposing of square footage to create environments that are welcoming to employers and employees. I believe we will see some permanency with the hybrid work model but I don’t believe it will result in a significant downsizing of the current office footprint.
Jennifer Berrier, Secretary, PA Department of Labor & Industry
We want a vibrant and thriving Pennsylvania. To achieve that, we need to take action now to sustain ourselves long term. We need to guarantee that we have a Pennsylvania equipped with the workforce of the future, ensure our workplaces are safe and that Pennsylvanians are paid family-sustaining wages. Gov. Tom Wolf recently signed the Worker Protection and Investment Executive Order. As a result, L&I is working to conduct a feasibility study to apply OSHA (Occupational Safety and Health Administration) standards to public employees. We’re also looking to develop a publicly available list of organizations that violate labor laws. What this will do is both protect employees and level the playing field so that employers who are doing what they’re supposed to do can benefit. Additionally, updating the decades-old rules in the Minimum Wage Act is going to be huge, ensuring we have a strong workforce that will attract employers to the area.
To hear more from some of Pittsburgh’s preeminent leaders, register now for complimentary access to the Invest: Pittsburgh 2022 Launch Conference happening on Thursday, Feb. 10 starting at 11 AM.
For more information, visit:
https://alleghenyconference.org/
