The Promise Benefits the Pittsburgh Region
The Promise plays a part in the economic development of the City of Pittsburgh and its surrounding region. Based on the premise that healthy regions must have a healthy core, the Promise does the following:
Impacts the region's economy by infusing it with a diverse body of educated citizens. According to a 2008 study by CEO's For Cities, growing the region's college-educated population by one percentage point (an additional 16,500 graduates) adds $1.8 billion to our region's annual economy.
Battles population declines by providing incentives for those who now live in the City of Pittsburgh to remain, and those who are considering Pittsburgh as a place to live and educate their children to relocate. The promise of up to $40,000 per child is already proving to be a significant factor in how people choose where to live.
Promotes economic development by providing additional "perks" for companies to offer their employees for choosing to live in Pittsburgh, and for realtors to offer their clients for buying a home in Pittsburgh.
While a "cause and effect" relationship is impossible to ascertain, it is interesting to note the following:
In 2006, Mayor Luke Ravenstahl and Superintendent Mark Roosevelt announced their vision for The Pittsburgh Promise.
In 2007, Mr. Jeffery Romoff, CEO of UPMC, announced UPMC's historic challenge grant of $100 million to seed The Pittsburgh Promise, the second largest private grant to a public school system in the history of the United States.
In 2008, The Pittsburgh Promise began to provide scholarships, promote public school reform, and leverage economic development.