City Nets $62.6M Bond for Growth and Infrastructure
Published on April 16, 2025
City of Pittsburgh Secures $62.6 Million in Bond Issue Proceeds to Power Infrastructure, Growth, and Opportunity
Pittsburgh, PA — The City of Pittsburgh has successfully closed on its Fiscal Year 2025 bond issuance, securing $62,610,911 in bond proceeds to implement transformative capital infrastructure improvements and community investment across the city.
The City bond financing had a twenty-year repayment schedule and achieved a favorable interest rate of 4.04%, a testament to its strong financial management and economic momentum. Notably, this year’s bonds were issued through a competitive sale—the first in decades—demonstrating renewed market confidence in Pittsburgh’s fiscal health and leadership. Because the sale occurred in March, recent market volatility did not impact the outcome.
“Securing strong rates through a competitive process shows just how far Pittsburgh has come,” said Mayor Ed Gainey. “It’s proof that investors believe in our vision and in the stability of our city’s finances. We’re delivering smart, forward-looking leadership that’s building a stronger Pittsburgh for everyone.”
PNC Bank, a longstanding community partner and one of Pittsburgh’s leading financial institutions, submitted the winning bid in the sale—a further signal of local business confidence in the City’s trajectory.
“We’re proud that PNC sees the City of Pittsburgh as a smart, stable investment,” added Mayor Gainey. “This isn’t just about bonds—it’s about believing in the people of Pittsburgh, our economy, and our shared future.”
This successful sale comes on the heels of recent affirmations from leading credit rating agencies. In 2024, Fitch Ratings upgraded Pittsburgh’s credit rating from ‘AA-’ to ‘AA’, while S&P Global reaffirmed a ‘AA-’ rating, with both agencies assigning a ‘stable’ outlook.
These positive ratings reflect the City’s resilient and growing economy, marked by strong job growth and record levels of real estate investment.
Since 2010, Pittsburgh has added over 50,000 new jobs, leading to a sustained increase in earned income tax revenue, which now surpasses the real estate tax as the City’s largest revenue source. This growth significantly outpaces the surrounding region and highlights the City’s dynamic post-pandemic recovery.
Meanwhile, construction activity across the city is booming. According to the U.S. Census Bureau, new housing starts in Pittsburgh surged by 1,709% between 2010 and 2023, including a 405% increase from 2020 to 2023.
Commercial construction is also reaching new heights, with 2024 setting a record for permitted projects totaling $1.6 billion in value, according to the City’s Department of Permits, Licenses, & Inspections.
“This bond issuance is more than a financial milestone—it’s an investment in equity, infrastructure, and long-term growth,” said Finance Director Jen Gula. “With a solid foundation and growing momentum, Pittsburgh is poised to lead—not just in financial strength, but in opportunity for all.”
foundation and growing momentum, Pittsburgh is poised to lead—not just in financial strength, but in opportunity for all.”
- Replacement of three elevators in the City-County Building
- Design for the Department of Public Works’ Schenley Division
- Construction at Fire Station 20/Medic Station 12, Fire Station 35, Warrington Recreation Center, and Spring Hill Park
Olga George
Press Secretary
Mayor's Office
olga.george@pittsburghpa.gov
412-627-0679