The City of Pittsburgh is officially out of financial distress for the first time in over a decade.
Mayor Bill Peduto joined Pennsylvania Governor Tom Wolf as he made the announcement at a press conference Monday morning. Pittsburgh has exited Act 47, which designated the city as a distressed municipality.
“This turnaround wasn’t easy – it took a lot of hard work, a lot of collaboration, and yes, some constructive arguments about where the city was headed, but in the face of it all, Pittsburgh stood united – desperately working to improve its stability and its financial health,” said Governor Wolf. “Pittsburgh’s recovery has captured the attention of the nation, and, frankly, the world. We’ve transformed a rust belt city that was a symbol of economic decline into one of the most dynamic examples of innovation for the new economy in the world. My administration has been proud to support your efforts and will continue to do so in the years ahead.”
Today, @GovernorTomWolf announced the termination of @CityPGH’s status as a distressed municipality under Act 47. Pittsburgh is the second city and 14th municipality to exit the program. https://t.co/qCTvW7JLUU
— The Press Office (@GovernorsOffice) February 12, 2018
This marks the first time in 14 years Pittsburgh can operate without this designation. The city has been part of Act 47 since December 29, 2003.