Pittsburgh Economy Depends on Population Growth
Experts say the Pittsburgh region faces a significant obstacle to long-term business growth if its population continues to decline.
photo via Flickr creative commons
The jobs may be here, but the workers aren’t. So says PNC Senior Vice President and Chief Economist Gus Faucher, citing uncertainty about immigration and President Trump’s economic policies as negatives that will impact the Pittsburgh region as it continues to grapple with population decline.
Because job growth and population growth go hand-in-hand, the Pittsburgh region faces a significant obstacle to long-term business growth if its population continues to decline. “We did see some acceleration of job growth in Pittsburgh in 2017, but we expect it to decline along with the rest of the country this year as the job market gets tighter,” he says. “It’s more because businesses can’t find workers, rather than a lack of demand on the part of businesses.”
Faucher gave the keynote presentation on the State of the Pittsburgh Economy at a February event hosted by The Institute for Entrepreneurial Excellence at The Towers at PNC Plaza Downtown.
The potential for continued population loss won’t be helped if the Trump Administration imposes stricter rules on immigration, he says. “It could slow economic growth, which would particularly harm a place like Pittsburgh, where population growth is already on the downside.