Western Pennsylvania economic development “wins” totaled $1.5 billion in capital investment projects, showing domestic and international companies recognize the Pittsburgh area as a solid investment, according to the Pittsburgh Regional Alliance.
The alliance, which markets the region to business and industry, tracked major capital investments and real estate developments to make its list of “wins,” reports the Pittsburgh Tribune Review
, and slightly more deals were made in 2011 than in 2010.
Most of the 286 wins involved expanding existing businesses. However, Western Pennsylvania also attracted 58 new projects from outside companies, said the alliance, an increase over the 47 new projects that came in 2010.
According to the alliance, to be counted as a win, a project must involve at least $1 million in capital investments, create 50 or more jobs, or add at least 20,000 square feet of space.
The energy business — fueled by the expanding natural gas drilling industry — was a key factor in economic development and accounted for 79 wins. However, the largest development announcement came from PNC Financial Services Group, which announced a plan for a new $400 million headquarters in downtown Pittsburgh.
PNC’s new headquarters is targeted for completion in mid-2015, and planners say the 33-story building will feature several environmentally friendly features.
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