NVI Technical College Information

R EGIONAL O VERVIEW 24

Barack Obama Academy of International Studies 6-12, Pittsburgh Creative and Performing Arts 6–12, Pittsburgh Science and Technology Academy, the Western Pennsylvania School for Blind Children, and the Western Pennsylvania School for the Deaf. Private schools in Pittsburgh include Bishop Canevin High School, Central Catholic High School, Oakland Catholic High School, Winchester Thurston School, St. Edmund's Academy, Hillel Academy of Pittsburgh, Yeshiva Schools and The Ellis School. Shady Side Academy maintains a PK–5 primary school campus in the Point Breeze neighborhood, in addition to its 6–12 middle and upper school campuses in nearby suburban Fox Chapel. Other private institutions outside of Pittsburgh's limits include North Catholic High School and Seton-La Salle Catholic High School. The city also has an extensive library system, both public and university. Most notable are the Carnegie Library of Pittsburgh and the University of Pittsburgh's University Library System, which rank 9th-largest (public) and 18th largest (academic) in the nation, respectively. R ECENT P ERFORMANCE Pittsburgh’s economy is on shaky ground. Though payroll growth has decelerated in the state and region, job creation has ground to a halt in PIT in the first half of 2023. Manufacturers and professional/business services have tapped the brakes. The waning support from these industries has coincided with the slump in healthcare. The unemployment rate has dropped in tandem with the state figure, settling just above 4%. However, the unusually weak labor force suggests labor market fundamentals are unfavorable. The housing market is performing relatively well. Single-family house prices are rising to new heights, defying the national trend. The pace of new construction has slowed, but strength in the multifamily market is helping to prop up residential starts. H EALTHCARE After its current slump, healthcare will right itself, though the pace of job gains in Pittsburgh will lag both the state and U.S. Weaker labor force growth has made finding and retaining staff a larger problem for healthcare providers. This was made evident by the higher wages travelling nurses were commanding in Pennsylvania. UPMC, Pittsburgh’s top employer, pointed to labor costs to explain the network’s worsened financial performance in 2022. This imbalance crowds out investment elsewhere. However, operating income is on the upswing as outpatient volume increased and Medicaid expansion boosted the network’s insurance membership. Though the near-term outlook remains rocky, longer-term fundamentals such as the metro area’s older-than-average population and state investments in expanding the pipeline of future healthcare workers will lift payroll growth a touch ahead of the regional pace. T ECHNOLOGY Pittsburgh’s burgeoning tech sector is facing near-term headwinds amid declining global growth and sky-high funding costs. Carnegie Mellon University’s renowned AI and robotics research community has laid the foundation for Pittsburgh’s identity as a hub for autonomous technology. The field’s potential for broader economic gains in Pittsburgh is substantial. However, the Federal Reserve’s commitment to taming inflation is causing considerable pain in the tech-ecosphere. Rising borrowing costs make down-the-road profitability less valuable today. This environment caused the once-promising autonomous driving company Argo A.I. to shut its doors. Difficulty attracting new investors led the company to lay off its more than 2,000 employees. Looking past near-term turbulence, high-tech employment is set to grow at a faster clip than the broader economy in the coming years and risks remain weighted to the upside.

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