flyPIT wrote:izbtmnhd wrote:Agree to disagree. According to the US Bureau of Labor, Pittsburgh's economy is growing at same pace as Cleveland's over the last couple of years. Neither are doing all that spectacular.
Their economies are of almost equal size. Pitt is bigger if you don't count Akron. Cleveland's is bigger with Akron. Either way, it's not that dramatic of a change.
Cleveland still has more manufacturing than Pittsburgh and Cleveland's "Eds and Meds" economy is about 85% of Pittsburgh. That being said, Cleveland's "Eds and Meds" sector is creating jobs at a faster clip than Pittsburgh probably because Cleveland has more "Meds" than "Eds".
Financial services are roughly the same size.
Hard to think they're different outside of the energy sector.
I dunno, I just don't see the similarities that much anymore. Agreed the economies are of similar size, but the make up of those economies has shifted. Like you said, Cleveland still has a significant manufacturing base while Pittsburgh does not. I think a lot of that has to do with the much more business friendly environment OH has over PA. As for financial services I don't see how they are on par. PNC bank is the nation's 8th largest bank. BNY/Mellon is the 11th. While BNY/Mellon is HQ'ed in NYC their largest office is in Pittsburgh, to include their largest concentration of employees and corporate flt dept. So you have the largest offices of two of the nations 11 largest banks in Pittsburgh. Federated Investors is also one of the 50 largest financial services firms. I'm sure Cleveland has other things going for it, but the two cities just look and feel so different to me.
People forget Cleveland has a Federal Reserve Bank which means there will always be a presence of regional banks in the city. Not to mention Key is still headquartered there as well. There's 70k financial jobs in Pittsburgh while Cleveland has 65k. They're pretty close!