Pennsylvania Continues to Lead the Way in Natural Gas Production

According to the U.S. Energy Information Administration (“EIA”), Pennsylvania has seen the biggest gain in U.S. natural gas production and production is expected to continue to rise.

The EIA’s Natural Gas Annual indicates that the marketed production of natural gas reached more than 4.8 million cubic feet in 2015, an increase from 4.2 million cubic feet the previous year. By the end of 2015, Pennsylvania had more than 68,000 producing gas wells, up by nearly a thousand from 2014.

There has been record natural gas production levels for five straight years, despite current low natural gas prices.

Click here to read the entire Pittsburgh Business Times article.

 

 

The Golden Triangle Remains Golden and is Growing

The Pittsburgh Downtown Partnership has issued their latest report and the news is good.  According to the State of Downtown report, new development is occurring and going beyond the “golden triangle.”

In 2015, the city saw $636 million in new projects, which is an increase of 21 percent since 2014. The growth is mainly being seen in the North Side and Strip District, which are just outside of the Central Business District.

In addition, there is a wave of real estate inventory coming to the downtown region with:

  • 1.4 million square feet of office space,
  • 761 new hotel rooms and
  • 1,380 residential units

The report notes that the residential population has continually increased, competitive hotel room rates have remained steady and average Class A office rents reaching an all-time high of $27.70 per square foot.

Click here to read the entire Pittsburgh Business Times article.

 

U.S. Natural Gas Production – The Good News Is…..

The Marcellus Shale and Pennsylvania led the way in U.S. natural gas production in 2015. According to the U.S. Energy Information Administration, Pennsylvania had record daily average figures last year with 79 billion cubic feet produced per day – up five percent from the year prior. Pennsylvania was the second highest gas producing state with Ohio and West Virginia coming in closely behind.

Unfortunately, the state’s 2015 growth was less than the growth reported in 2014 over 2013. Drops in natural gas prices and cutbacks in rigs and employment led to a decrease in growth in the Marcellus and everywhere else. Some positive news – overall production is trending upward.

Click here to read the entire Pittsburgh Business Times article.

 

Looking to Retire?

Are you looking for a place with lower taxes, great medical facilities and recreation? Do you need to find an ideal city where you can retire?  According to SmartAsset, Canonsburg is the place for you.

The Canonsburg zip code ranked number one out of 186 towns and the best place for retirees. They considered North Strabane and Cecil Township included in this area as well.

Canonsburg wasn’t the only Pennsylvania town identified. Read the Pittsburgh Business Times article and The Observer-Reporter article to find out more.

Pittsburgh Housing Market Remains Strong – Even with This Economy

According to a recent report by Nationwide Insurance, Pittsburgh is one the few major metro areas that has experienced sustained growth in the housing market.

Pittsburgh was ranked number 19 out of 40 cities that also included Philadelphia, Cincinnati, Louisville, Milwaukee and New York City.

In addition to the sustained growth, Nationwide suggested there is no chance of a downturn in the housing market for the near future. The energy market’s decline has caused housing issues in states like Louisiana and Texas, but has not seemed to impact the Commonwealth.

You can read the entire Pittsburgh Business Times article by clicking here.

Congratulations to the BusinessWomen First Award Winners

Congratulations to the women recently recognized as extraordinary leaders and business influencers by the Pittsburgh Business Times.

The real winners are the local businesses and organizations who benefit from this remarkable talent.

Click here to read profiles on each of these exceptional women and what they do for our community, Pittsburgh and Pennsylvania.

 

Starting a Start-Up? Pittsburgh Could be the Right Fit

According to DataFox, Pittsburgh is an ideal location to launch a start-up.

Universities are catalysts needed as they provide intellectual capital and successful alumni with financial resources. Ideal cities are also centrally located.

Of course, Silicon Valley and New York City are hubs for start-ups, but Pittsburgh ranks number six out of the top 15. The top five include Cambridge, Massachusetts; Santa Monica, California; Fayetteville, Arkansas; Boulder, Colorado; and Wilmington, Delaware.

Click here to read the Pittsburgh Business Times‘ blog post and see the entire list and metrics.

Pittsburgh is Hot for Millennials

According to Realtor.com, 2016 is anticipated to see Pittsburgh as the second most sought after real estate for millennials. This prediction was based on millennial population, employment growth and housing affordability.

Pittsburgh does not have one the nation’s largest population of those aged 25 to 34. In fact, only 12 percent of the region’s population represents that age group and that percentage is slightly less than the national average. However, job growth and lower housing costs make Pittsburgh exceptionally attractive.

According to Jonathan Smoke, Realtor.com’s chief economist, “The market ranked third out of the 100 largest markets for the 25-34 share of purchase mortgages in 2015, with 47 percent compared to the U.S. average of 36 percent.”

Only Atlanta slightly beat out the Steel City. What likely cities came in behind Pittsburgh? Read the Pittsburgh Business Times article now.

Pittsburgh Another Top 10 – Ranking High with Living Wage Jobs

According to CareerBuilder.com, Pittsburgh has done very well over the past few years with high paying jobs.

Between 2010 and 2014, Pittsburgh ranked as one of the top 10 cities with the highest growth in “living wage positions.”  Federal standards, developed in 2013, defines “living wage positions” as those that can support a family of three.

More than 57 percent of new jobs in the region were above the cost of living. Only 28 metro regions had more than half of their new jobs paying a living wage.

What were the other top cities? Click here to read the entire Pittsburgh Business Times article.

Spilman a Proud Participant in of the Corridors of Opportunity Event

Recently, The Pittsburgh Business Times held a Corridors of Opportunity event for Steubenville and Jefferson County, Ohio.

David L. Robertson, Counsel in our Pittsburgh office, attended to learn more about economic opportunities and issues facing this region of Ohio.

We are pleased to participate in these informational and networking opportunities throughout the Pittsburgh area and surrounding regions.

David Holzworth of TriState Capital Bank, David Robertson of Spilman Thomas & Battle, and Lisa Quattrochi of Huntington National Bank.

David Holzworth of TriState Capital Bank, David Robertson of Spilman Thomas & Battle, and Lisa Quattrochi of Huntington National Bank