Pittsburgh banks see ripple effect from data center construction

PITTSBURGH — Data center development activity continued to fuel commercial lending during the third quarter despite concerns over AI as well as higher interest rates derailing capital expenditures.

The largest Pittsburgh-based banks, F.N.B. Corp.⁠ and PNC Financial Services Group, both benefited from growth in surrounding sectors rather than direct loans to build the controversial facilities.

“The supply chain is pretty deep,” Vincent Delie Jr., F.N.B. chair, president and CEO, said during the bank’s Q3 investors call on October 20. “All kinds of stuff goes into building these data centers. There’s structural steel components. There’s automotive. Quite a bit of new construction is going on across the Southeast — the light manufacturing facilities, expansion of owner-occupied facilities. There’s a ripple effect, so we’re seeing benefits across the board. I think that all bodes well for us moving into next year. You know, barring some geopolitical or economic scenario.”

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