Today the Pittsburgh Downtown Partnership released the 2017 State of Downtown Pittsburgh report. The sixth annual publication provides a comprehensive look at economic development indicators in Downtown Pittsburgh, as well as data set comparisons to peer Central Business Districts.
Greater Downtown remains an active and attractive center of development in the region. In 2016, the number of building permits issued in Greater Downtown increased 12% while the value of combined projects increased 114% to $217 million. Major projects contributed to this growth including the Kaufmann’s Grand on Fifth redevelopment, the 350 Oliver Parking Garage, Oxford Centre updates, Riverfront West at 3 Crossings, and the North Shore parking garage.
As of today, 25 projects are under construction representing 555 additional hotel rooms, 784 residential units, and a combined project value of $906 million. There is currently $3.2 billion in total active and announced investment activity, supplementing $2.9 billion in total completed investments since 2007.
The 2017 State of Downtown Pittsburgh report tracks key economic development indicators across seven sectors, providing a high-level overview of what is happening in Greater Downtown. “Downtown is thriving and this report allows us to examine the various facets of the economy to identify trends and bring opportunities for growth to light,” said Jeremy Waldrup, President and CEO of the Pittsburgh Downtown Partnership.
“We are expecting significant growth in the residential and hotel markets over the next year and are looking forward to working with Downtown stakeholders to develop ways to attract new office users and retailers to Downtown.”
Read more at the State of Downtown Pittsburgh home page.