Economy & Business

Economy & Business news from 90.5 WESA.

Mon Wharf Goes Under, 10th Street Bypass Stays Open

Oct 30, 2012

When it comes to flooding downtown you can consider Pittsburgh lucky when it comes to Hurricane Sandy.

While there is a flood warning in effect for the Youghiogheny River in Connellsville and for the Conemaugh River in Seward, it seems Pittsburgh has avoided major flooding from Hurricane Sandy and the many of the other predicted impacts of the storm.

Lee Hendricks, a meteorologist for the National Weather Service, said warnings were issued, but no rivers are expected to flood downtown.

For a 12th straight month there have been year-over-year increases in home sales for the Pittsburgh metropolitan area.  Allegheny, Beaver, Butler, Washington and Westmoreland counties all experienced dollar gains in existing home sales.

Fall Food Drive Underway

Oct 26, 2012 Drive Wrap_Charlee Song_SOC.wav

Pittsburgh’s retail gasoline prices have fallen 4.2 cents per gallon over the past week, averaging $3.80.  However, that drop is just half that of the national average, which has declines between 9-10 cents per gallon to $3.67 according to

Gregg Laskoski, a Senior Petroleum Analyst for, says that the fluctuations in gas prices are usually a matter of timing.

“We are fortunate to be at the time of year when winter blend gasoline is put back into the market… It is a cheaper gasoline to produce because it has fewer additives.”

Pennsylvania Unemployment Up Slightly in September

Oct 19, 2012

Pennsylvania’s seasonally adjusted unemployment rate climbed to 8.2% in September, up one-tenth of a percentage point from the August rate of 8.1%.  Resident employment was up 23,000 to 5,974,000, and the number of unemployed residents was up 5,000 to 530,000. Pennsylvania’s labor force was 130,000 above its September 2011 level. Dine Wrap_Emily Farah_SOC.mp3

Retailers and restaurateurs are hoping to draw more visitors to downtown Pittsburgh to shop and dine while helping out charity at the same time.  

“Stay Late, Shop and Dine” kicks off Thursday and will occur again in November and December as part of a trial program initiated by the Pittsburgh Downtown Community Development Corporation (PDCDC).

Prices Up in Northeast, Larger Jump Nationwide

Oct 16, 2012

The cost of consumer goods and services rose 0.5 percent last month in the northeast region, which includes Pennsylvania, New York, New Jersey and the New England states.  That compares to a 0.6 percent jump nationally.

"[Over the last 12 months] we saw an increase in prices in the northeast region of 1.7 percent," said Bureau of Labor Statistics spokeswoman Kara Markley.  "For the U.S. as a whole, the increase was 2 percent."

Pittsburgh's diverse labor market and small-city atmosphere make it attractive to young people, according to a panel at the University of Pittsburgh on Tuesday, but the city should do more to attract young adults of diverse ethnicities, and local youngsters should vote more often.

Occupy Pittsburgh Marks One Year Anniversary

Oct 15, 2012

It’s been a year since Occupy Pittsburgh first set up an encampment in a small downtown park. On Monday, the group showed that it’s still operating, despite the lack of a physical headquarters for protests of economic and social issues.

The question Ronald Reagan famously used during his 1980 campaign for president, "Are you better off now than you were four years ago?" is still being asked by many, including Republican presidential nominee Mitt Romney.

Federal Grant To Increase Business Exports

Oct 15, 2012

Small companies in Pennsylvania are set to get some help in growing their exports.

This Sunday, thousands of people of all ages and occupations are expected to gather at the Washington County Fairgrounds for the region's first Roughneck Fest celebrating Pennsylvania’s growing natural gas industry. Events including cook-offs, arm-wrestling, and a boxing match will help raise money for the PA Firefighter’s Athletic League.

While the festival was designed with the image of the Roughneck worker in mind, festival coordinator Pam Blaker said it will be a day for everyone to enjoy.

New Loan Program To Spur Downtown Retail

Oct 11, 2012

Pittsburgh has space in historic downtown buildings, but not enough retail to fill it. A new loan program propelled by the city hopes to change that.

Mayor Luke Ravenstahl and the Pittsburgh History and Landmarks Foundation today announced the launch of a new loan initiative that hopes to spur more retail ventures and further the economic growth of the Golden Triangle.

Ravenstahl said every great American city needs a strong urban core.

Finding Funding To Repair Crumbling Locks and Dams

Oct 10, 2012 Wrap_Charlee Song_SOC.mp3

The Fifth Annual Sustainability Conference this Friday will address solutions to the region’s vital waterway infrastructure needs, with presentations from the Army Corps of Engineers, the Port of Pittsburgh Commission, and the new SWPA Water Innovation Consortium, among others.  

Tom Corbett Receives High Marks In Fiscal Policy

Oct 9, 2012

The fiscally conservative Cato Institute today released its biennial Fiscal Policy Report Card on America’s Governors and Pennsylvania’s Tom Corbett received an “A."

According to the report, Corbett scored well because he has been a “frugal budgeter” who has reduced spending to a figure lower than when he entered office.

Chris Edwards, Director of Tax Policy Studies for Cato, said he was impressed by Corbett’s steep reduction of the Capital Stock and Franchise Tax.

Interest Rate Swaps: Increased Risk, or Revenue?

Oct 8, 2012 Wrap_Mary Wilson_SOC.mp3

State lawmakers are considering changes to a Pennsylvania law aimed at curbing risky financing among municipalities and school districts.

Pittsburgh International At 20

Oct 1, 2012

20 years ago today the state-of-the-art Pittsburgh International Airport opened for business.   The late Allegheny County Commissioner Tom Foerster greeted passengers at 5:30, the morning of October 1st, 1992.  US Air Flight 620 was the first to land at the new airport. 

Pittsburgh Region's Workforce Aging Fast

Sep 28, 2012

Job Growth Slows, But Up Overall in Recent Years

Sep 26, 2012 Growth Wrap_Emily Farah_SOC.mp3

Jobs grew by 1.1% in the Pittsburgh region over the last 12 months, but that figure is below the 1.3%  growth average of 15 benchmark cities.

Douglas Heuck, Director of Pittsburgh Today, says Pittsburgh is breaking its pattern of being at the bottom of the list.   Over the past four years, Pittsburgh is the only one of the 15 regions that reported growth in jobs.  The others all had a net loss over that period.

Several dozen people gathered in Pittsburgh City Council Chambers Tuesday morning to demand that The Council pass a bill commonly known as "ban the box" legislation.

The bill would prohibit any criminal background inquiries on initial job applications for both public and private employers in the city, deferring those questions until the interview process. The measure was introduced last year by Council Finance Chair Ricky Burgess, but it is still awaiting a legal opinion from the city law department.

Big Surge in Exports From Pittsburgh

Sep 24, 2012

Exports from the Pittsburgh metro area jumped by 24.7% from 2010 to 2011. That's the word from the U.S. Department of Commerce which said the value of exports from the region rose by $3 billion last year to $15.2 billion, making Pittsburgh the 22nd largest metro area exporter in the nation.

Lyn Doverspike, director of the department's U.S. Commercial Service in Pittsburgh, said the increase in exports is partly due to an improving economy but more so it's cyclical.

A Visit To A Shale Conference

Sep 22, 2012

The Marcellus Shale Coalition has just wrapped up its annual natural gas drilling conference.
   When energy companies get together, the major speeches make it into the news, and so do the protests outside.
  But what else goes on at these conventions?

Sure, there are the speeches from politicians and CEOs.  And there are technical panels with names like, take a deep breath: A Geochemical Context for Stray Gas Investigation in the Northern Appalachian Basin.  But the main action at this gathering of natural gas drillers takes place in the exhibit hall.

August Unemployment Numbers Show An Upward Trend

Sep 21, 2012

Pennsylvania’s unemployment rate jumped to 8.1% in August, up from July’s 7.9 figure.

The 8.1% matches the national rate but Scott Meckley, Industry and Business Analyst for the Department of Labor and Industry, said  the commonwealth's jobless rate has been below the U.S. rate for  for 51 consecutive months.

Although to finally be trending up is attention grabbing, the Pennsylvania rate and National rate have always moved in concert with each other and have been roughly the same, according to Meckley.

On the same day Governor Tom Corbett praised the Marcellus Shale industry and called fracking opponents “unreasoning,” PennEnvironment Research and Policy Center released a study that outlines the costs of development to citizens including the costs associated with contaminated water, health care, and infrastructure.

Corbett: PA Is "Reaping a Bounty" From Drilling

Sep 20, 2012

Governor  Tom Corbett today attacked anti-drilling activists at a Marcellus Shale industry conference in Philadelphia.  Corbett praised drillers for creating thousands of jobs and he called fracking opponents “unreasoning.”

"Our opponents agree that we can land a rover on Mars, but that can’t bring themselves to think that we can safely drill a mile into our own soil," said Corbett.  "After all the predictions of disaster and the fearful warnings of people with no understanding of the industry, Pennsylvania is reaping a bounty.

Energy Jobs Present Opportunity and Challenge

Sep 19, 2012 Jobs.mp3

The Pittsburgh region will see a growth in energy-related jobs by 2020, according to a workforce analysis presented today by the Allegheny Conference on Community Development (ACCD) and the Energy Alliance of Greater Pittsburgh, but training workers to fill them will be a challenge.  

$9 Million Renovation of Drake Well Museum Completed

Sep 19, 2012

The Marcellus Shale drilling boom is bringing a lot of changes to Pennsylvania. But the drilling itself isn't one of them: the state hosted the world's very first oil well in 1859 in Titusville.

A $9 million renovation of the Drake Well Museum was recently completed.  Some of the museum's more popular exhibits profile the extremes that drillers went to in order to get the oil out of the ground.

StateImpact Pennsylvania's Scott Detrow took a trip to the refurbished museum which tells the story of the first oil rush.

Gaming Report On Diversity, Donations And Jobs

Sep 17, 2012

The Pennsylvania Gaming Control Board says diversity hiring is rising at the 13 casinos across the state.

The board's annual Diversity Report indicates a year-to-year progression in diversity hiring.  Director of Diversity Mozelle Daniels said casinos have done an excellent job of minority hiring.

“This year we’re at 29.7 percent, or I should say 30 percent, last year we were at 25.4, and [in 2010] we were at 17 percent,” Daniels said.

While goals, or quotas, are illegal to set Daniels said, the casinos wouldn’t need them.

It’s no secret that women get paid less, on average, than men. However, a new study by the Institute for Women’s Policy Research finds women are also recovering more slowly from recession job losses than men. The Women and Girls Foundation in Pittsburgh commissioned the study, which found that by end of 2011 women in Pennsylvania had regained 12% of total recession job losses while men had gained 62% of their job losses.

CONSOL Energy Inc. announced starting today it has temporarily shut down the Buchanan Mine in southwestern Virginia.  The company is also considering a partial or complete idling of the Amonate Mining Complex in southern West Virginia.  According to a statement from CONSOL, a decision is expected soon.