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Financial/Business Services

Historically stable; growth projected through 2022

Financial services have been a bulwark of Pittsburgh's economy for more than a century, and our region's steady, neither-boom-nor-bust approach has meant stability in our financial services sector through the 2008 recession. BNY Mellon, Citizens Bank, Dollar BankFederated InvestorsFirst Niagara and The PNC Financial Services Group, Inc., are among the global institutions that base their headquarters or major business units here.

Two of the world's largest law firms - K&L Gates and Reed Smith - are headquartered here. Other global law firms, such as Jones Day, Morgan Lewis and Pepper Hamilton continue to grow their presences here. Pennsylvania's largest health insurer, Highmark, also calls Pittsburgh home, as does UPMC Health Plan.  

This sector is growing across the 10-county region, employing more than 252,036 people in 2012 at 11,263 establishments, with expansion being driven by the growth of the region's energy industry. A wealth of college graduates, geographic location and the reasonable cost of doing business has contributed to an 11.2 percent increase in employment in this sector since 2007.

Growth in all four segments of the business and financial services sector -- finance and insurance, professional, scientific and technical services, administrative and support services and management of companies and enterprises -- exceeded the U.S. average, with management growing 29.4 percent, nearly triple the U.S. growth rate. Of the sector's top 20 occupations, four are expected to experience significant growth in the next decade, with personal financial advisors is expected to increase by nearly 50 percent by 2022.

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Considering relocating or expanding a business, or investing in financial business services? Contact the Pittsburgh Regional Alliance.

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