PITTSBURGH \u2014 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.<\/p>\n
The largest Pittsburgh-based banks, F.N.B. Corp.<\/a>\u2060 and PNC Financial Services Group, both benefited from growth in surrounding sectors rather than direct loans to build the controversial facilities.<\/p>\n \u201cThe supply chain is pretty deep,\u201d Vincent Delie Jr., F.N.B. chair, president and CEO, said during the bank\u2019s Q3 investors call on October 20. \u201cAll kinds of stuff goes into building these data centers. There\u2019s structural steel components. There\u2019s automotive. Quite a bit of new construction is going on across the Southeast \u2014 the light manufacturing facilities, expansion of owner-occupied facilities. There\u2019s a ripple effect, so we\u2019re 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.\u201d<\/p>\n Click here to read more from our partners at the Pittsburgh Business Times.<\/a> <\/p>\n Download the FREE WPXI News app<\/a> for breaking news alerts.<\/p>\n Follow Channel 11 News on Facebook<\/a> and Twitter<\/a>. | Watch WPXI NOW<\/a><\/p>\n TOP STORIES FROM CHANNEL 11 NEWS <\/p>\n \u00a92026 Cox Media Group<\/p>\n