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Originally Posted by bobdreamz
^ well couldn't one could say the same for Pittsburgh? It's economy basically revolved around steel and now it's a rust belt city.
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No, not at all. Equating a steel/manufacturing-based economy with a tourism/real estate one just does not make any sense in terms of the respective prosperity they bestow on a region. You just don't get the huge disparity between the haves and the have nots in society with an economy that grew due to manufacturing. Instead, you get a strong, well-paid working class that becomes more educated with each generation.
Pittsburgh's industries created huge amounts of wealth and a very prosperous, large middle class. Additionally, the wealth created by manufacturing engendered so much innovation and many other industries, organizations, cultural institutions, etc. Tourism and real estate simply cannot do that.
Sure, Pittsburgh hit some very hard times due to the shock of the collapse of the American steel industry, but so many other established economic drivers were still in place, and have built Pittsburgh into a very different place than it was 30 years ago. Pittsburgh is a major healthcare, technology, and educational center, as well as financial center (with PNC --the 6th largest US bank in terms of assets-- and BNY Mellon, specifically)... much of that due to the past largesse of steel. And it still retains a strong corporate headquarter and production presence (US Steel, Heinz, Alcoa, PPG, Westinghouse, Mylan, among others).
Have you happened to hear anything about Pittsburgh recently?