Barbara Corcoran, a successful real estate entrepreneur and one of the personalities behind the popular TV show Shark Tank, has said that if she were to start over again today, she would choose Pittsburgh as the city where she would build a business.
In an interview with The School of Hard Knocks posted to YouTube on March 10, Corcoran noted an influx of industries into the city, including technology and health care, and referred to Pittsburgh as “a young New York.”
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Aside from the perks she mentioned, Pittsburgh has a lot going for it due to its proximity to resources, tax benefits and draw for employees.
Let’s take a look at why the place nicknamed “Steel City” is so attractive for businesses, and how you can find other budding markets.
Why Pittsburgh is attractive for businesses
Corcoran mentioned in the same interview that Pennsylvania has a business-friendly state government, and she’s right.
With the passing of bill HB 1342 in 2022, the state corporate net income tax rate was lowered from 9.99% to 8.99% starting in 2023. The rate will be further reduced by 0.5% per year until 2031, when it will reach 4.99%. Pennsylvania, previously among the states with the highest corporate tax rates, will eventually have some of the lowest in the country.
Pittsburgh, the state’s second-largest city, is also well-located. Half of the U.S. population lives within 500 miles of the Steel City. This can give businesses better access to supplies or vendors and even current and future customers. The city also has a robust labor force of around 1.29 million people in the area.
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Employees will find Pittsburgh to be highly livable, with typical home prices sitting around $230,000, according to Zillow, lower than its national estimated average of around $360,000.
Some of Pittsburgh’s other notable features include outdoor amenities, a large number of regional post secondary educational institutions and cultural attractions, which could lure employees to come and work for your business.
What about small businesses in Pittsburgh?
Many of the incentives mentioned are likely to benefit larger corporations or ones with more resources to invest. But there are still benefits for smaller businesses that may be considering opening up shop in Pittsburgh.
The Pennsylvania Business One-Stop Shop is a resource the state created to help small businesses launch and grow their company. It can help you set up the correct business entity and access.
If Pittsburgh isn’t for you, other locations offer perks for business owners.
In 2024, CNBC analyzed all 50 states based on 128 metrics in 10 categories and ranked them based on which was best for businesses. The top five included Virginia, North Carolina, Texas, Georgia and Florida.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
