Pittsburgh Rebound Sparked by Spurned Gas Frackers
Pittsburgh has come a long way from August 2003. That’s when almost 100 police officers lost their jobs as the city cut 446 employees, closed swimming pools and curbed services to stem the financial hemorrhaging that pushed it into a state program for distressed cities, according to a June 2004 report. By November 2003, Pittsburgh was the only major U.S. municipality with bonds rated below investment grade. Today, the city’s score has been raised to A1 by Moody’s.
Since 2008, more than 5,200 natural-gas wells have been drilled into the Marcellus shale. “The Marcellus and Utica shale represent a transformative opportunity for the Pittsburgh region,” said Dennis Yablonsky, chief executive officer of the Allegheny Conference on Community Development.
That transformation is already taking place, with the city’s population rising to almost 307,500 last year, the first annual increase since 1950. Jobs in the metro area surpassed a June 2001 peak of 1.172 million last month, reaching 1.176 million, U.S. Labor Department figures show. A new 33-story headquarters for PNC Financial Services Group Inc. is rising downtown, the city’s highest tower in about 30 years.
En disant « non » au gaz de schiste, le Québec a dit « oui » à la pauvreté chronique…