BUSINESS
02/09/2009 05:12 am ET Updated May 25, 2011

Pittsburgh Finds New Life After Steel

PITTSBURGH -- This is what life in one American city looks like after an industrial collapse:

Unemployment is 5.5 percent, far below the national average. While housing prices sank nearly everywhere in the last year, they rose here. Wages are also up. Foreclosures are comparatively uncommon.

A generation ago, the steel industry that built Pittsburgh and still dominated its economy entered its death throes. In the early 1980s, the city was being talked about the way Detroit is now. Its very survival was in question.

Deindustrialization in Pittsburgh was a protracted and painful experience. Yet it set the stage for an economy that is the envy of many recession-plagued communities, particularly those where the automobile industry is struggling for its life.

"If people are looking for hope, it's here," said Sabina Deitrick, an urban studies expert at the University of Pittsburgh. "You can have a decent economy over a long period of restructuring."

Read more on New York Times