The Millennials Are Coming!

Yesterday, the apartment finder and research firm ApartmentList published its findings on the movement of the Millennial generation over the past decade. Austin, Charlotte, Houston and Seattle were the top four cities for growth in population of people between the ages of 25-35 and Pittsburgh ranked 14th, which seemed to be a surprise to ApartmentList. Between 2005 and 2015, the number of residents of metro Pittsburgh in that age range grew 7.1%. During the same time, median income grew 6.8%. One stat that separated Pittsburgh from the pack was the lower rate of decline in home ownership among 25-35 year olds. The home ownership rate fell nationally by 7.4% but only by 4.5% in Pittsburgh.

change_in_millennial_population_map_xz1xpv

 

 

 

 

 

 

The data supports the trend showing Pittsburgh’s median age declining to 33 years old and also underscores the competitive advantage of Pittsburgh’s lower cost of home ownership.

Updating some projects, commuters driving down Smallman Street should see Turner Construction starting work on the $19 million, 133-room AC Hotel near the Convention Center. Turner also appears to have been successful on the $30 million administrative buildings package at Shell’s cracker plant in Monaca, although that contract has not been confirmed.

Allegheny Health Network awarded Mascaro the $3 million Esophageal Lung Institute project at West Penn. UPMC awarded AIM Construction the $6 million Hill Building renovation. A. Martini & Co. was selected to do the $2.2 million build-out of Industrious’ co-working space in PPG Place. Pitt selected Massaro for its $3 million renovation to the Cathedral of Learning’s 14th floor.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s