3440 Forbes Economic Impact Study

3440 Forbes, Pittsburgh, PA
Mixed-Use Development

The Oakland neighborhood in Pittsburgh, PA, with its world-class research institutions, has been pivotal in helping to redefine the city’s economy, while bolstering the region’s global competitiveness. Concurrently this has increased the demand for state-of-the-art research facilities.

Wexford Science + Technology turned to Econsult Solutions, Inc. (ESI) to quantify the economic and fiscal impacts of their proposed 247,000 s.f. mixed use complex that is projected to include laboratory and office space, as well as retail and restaurant opportunities. Known as 3440 Forbes, the development project in and of itself stimulates the local economy. To quantify the impacts ESI analyzed local data on construction activity and building operations to demonstrate the economic infusion in terms of spending, jobs created, and fiscal impacts.

Our report to the client went further to capture the benefits of the redevelopment beyond the economic and fiscal. With academic-level rigor, we researched and reported on the trends that are reshaping Pittsburgh’s economy which position it to compete on a global level for the location of industries reliant on a rich knowledge infrastructure. We summarized the results of our findings that make the case for the endeavor in a two-page executive summary that provides the client with a document they can share with officials, investors, and site selectors.

Having the sound economic expertise to analyze economic and fiscal data together with the academic-level rigor and real-world experience to understand trends allows ESI to provide objective, pragmatic decision support.