NVI Technical College Information

R EGIONAL O VERVIEW 25

C ONSUMER Tech’s headwinds and the underperformance of Pittsburgh’s broader white-collar service providers will weigh on income growth and consumer spending. The area hosts a smaller share of high-wage jobs than both the U.S. and region, though the gap narrowed during the previous business cycle. Like consumer-dependent retail and leisure/hospitality, income growth will trail the regional pace near term. This will weigh on housing demand, leaving single-family house price appreciation and building activity a step slower in PIT for the remainder of 2023. S UMMARY Pittsburgh’s economy will underperform its regional peers in the near term. Healthcare will pick up the pace but not enough to deliver above-average growth. Tech will face some near-term headwinds but will return as a dynamic growth driver. Longer term, unfavorable demographic trends will leave growth trailing that of the U.S.

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

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