Building the “fourth economy” is all about combining traditional economic development tools with creative solutions to ever-evolving challenges. The Fourth Economy Index is our framework for thinking about what sets communities and regions up for success: investment, talent, sustainability, place, and diversity.
Elements of these indicators came up again and again throughout three “21st Century Cities and Global Leadership” discussions at the recent Thrival Festival, focusing on questions like what might attract and retain talent in Pittsburgh and how to ensure that economic growth is sustainable. And while diversity can mean many different things (and does as a metric in the Fourth Economy Index), one element of diversity that had an undeniable presence throughout the discussion was cultural diversity. Continue reading “Cultural diversity in the “fourth economy””
1,052 is not a magic number but it is a very good number. This number represents the average annual gain in young people (20-34 years) in the City of Pittsburgh from 2000 to 2010. This is a remarkable turn around for a region that has suffered from decades of population loss and steep out-migration from young people especially. In The Root of Pittsburgh’s Population Drain, Bob Gradeck showed how the loss of young adults in the 1980s robbed the region of the next generation. Young adults have been the critical raw material missing from the region. They are important because they start families and start businesses, both of which can have lasting impact on our population and employment trends.
Figure 1: Average Annual Growth in Population Aged 20-34, 2000-2010