Metro Detroit isn't the first one-industry region to be hit with decline. Pittsburgh and the nearby steel towns went through the same hardships. The city's post-steel revival success did not come from continuing the status quo, but by shifting gears to field a more diverse economy. Right now the University of Pittsburgh Medical Center, not steel, is its biggest employer. A lesson can be found in that little bit of info.
Excerpt:
In its report, the
Economist magazine said that Pittsburgh’s post-steel revival was "part organic and part good long-term planning. State and local officials provided investment, while universities and community and corporate leaders came together to develop economic and business strategies for the region. Pittsburgh's employment has, over the ensuing three decades, diversified quite well."
Key words there? How about "came together."
Business Week, while noting that the city's job growth has slowed, also said, "Pittsburgh offers lessons for other communities. Its leaders didn't spend a lot of energy trying to save troubled steel companies, suggesting it may be more valuable to look at new opportunities than old standbys. The city's experience also shows that persistence with new ventures is critical."
Read the entire article
here.
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