The Pittsburgh Technology Council (PTC) today released its annual State of the Industry Report providing detailed analyses of technology and advanced manufacturing-related industry clusters and contains an expanded section on venture capital activity in southwestern Pennsylvania.
The SOI report compares three years of data for each of six industry clusters, four years of university data and two years of data on venture capital activity in the region.
The reporting period covers a portion of the recent recession, but it ultimately highlights a region that is poised for future growth. Companies in the fields of advanced manufacturing/materials, environmental technology and energy technology added more than $1.2 billion in annual payroll and expanded employment by 6,500 jobs.
Among other positive indicators, the life sciences, advanced materials and energy groups experienced positive traction across the board in the number of companies, employees and in annual payroll.
The SOI report was released at the opening of the PTC’s Made in PA Expo, which featured more than 70 manufacturing-related businesses that participated in a major job fair, supplier forums and a legislative reception.
“As we host Chevron Ventures, Aquion Energy and TechShop at this year’s Made in PA Expo, the synergies that have been created over the past decades amongst the Pittsburgh region’s technology, advanced manufacturing, energy and environmental clusters are on full display,” said Audrey Russo, President and CEO of the PTC.
“The results of this report clearly demonstrate the magnitude and importance of the technology and manufacturing sectors to the success of our region,” said Petra Mitchell, president and CEO of Catalyst Connection.
The State of the Industry Report notes that early stage companies benefitted from an infusion of nearly $400 million raised through 82 venture rounds from 2011-12.
“We have created a life sciences commercialization and investment ecosystem that is generating enormous support from angel investors and top-tier national venture firms as evidenced by the fact that 35% of all venture capital investment in our region over the past two years has been in life sciences companies,” said John W. Manzetti, President & CEO of the Pittsburgh Life Sciences Greenhouse.
“The information in this year’s report reinforces the Pittsburgh Technology Council’s commitment to improve PA’s business climate to ensure access to growth capital for entrepreneurs and create a current and future pipeline of highly skilled employees that are the lifeblood of the Pittsburgh region’s innovation economy,” said Russo.
Download the report at http://www.pghtech.org/news-and-publications/state-of-industry-report.aspx.