From Mayor Luke Ravenstahl’s Office this morning

PRESS RELEASE
MAYOR UNVEILS PLANS FOR MARKET SQUARE, HIGHLIGHTS PITTSBURGH’S GROWTH
Annual Meeting Showcases Record Development Numbers as New Projects Speak to Pittsburgh’s Resilience
PITTSBURGH, PA —Pittsburgh’s historic Market Square during the Pittsburgh Downtown Partnership’s (PDP) Annual Meeting held this morning at the DoubleTree Hotel Pittsburgh City Center.

More than $4 billion in investment is currently planned or already underway in Downtown’s Central Core which includes projects in the categories of office/retail, residential, mixed-use, educational/civic, park/trail and transportation.
“While many cities across the country are struggling, Pittsburgh’s story is one of success and growth, as recognized by national media over the past year, and recognized here today,” Mayor Ravenstahl said. “Record numbers in residential and commercial building permits point to the fact that Pittsburgh is experiencing its Third Renaissance.”
Speaking to an audience of more than 350 during the meeting, the Mayor pointed to data indicating the City’s positive position.
- City-wide, small-scale residential construction is increasing—total building permits for 1-2 family homes increased 44% from $43 million in 2006 to $62 million in 2008.
- Large-scale development permits increased 116% over the past two years.
- Large-scale building permit investment increased an average of 47% since 2006, compared to an average yearly decrease of 3% between 2001 and 2006.
- Of the $928 million in large-scale building permit investment in 2008, $757 million or 82% was invested in major projects (>$10 million in 2007 and 2008).
And, the good news continues. About 5,000 people now call the Golden Triangle home, up from 2,128 in 2000. That figure will only increase as 288 new units are set to come online over the next year.
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