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12 Development Agencies Report 'Economic Update'
YOUNGSTOWN, Ohio -- Economic development agencies in the Mahoning Valley assisted in creating or retaining 7,194 jobs in 2012 with investments totaling more than $400 million, according to the 2012 Economic Development Report Card “Valley Economic Update” released today.
The annual report (CLICK TO DOWNLOAD) shows that 12 area agencies were involved in 118 projects that resulted in investments totaling $406,542,586 while producing 1,641 new jobs and retaining/maintaining 5,553 jobs. The agencies’ compbined resources assist companies with infrastructure investment, tax incentives, loans, project coordination, grant oversight, technical advisement, property development and other services.
“Year after year, this report continues to present the fact that things are happening in the Valley. Throughout 2012, local companies expanded, new companies came to town and jobs were created,” said Sarah Boyarko, the Youngstown/Warren Regional Chamber’s vice president for economic development retention and expansion. “All of the organizations listed in this report did their part to assist in making this investment happen,” she said.
In recapping the Valley’s economy, the report showed that the Youngstown-Warren region’s jobless figures were lower than the national averages seven times during 2012.
The unemployment rate dropped from 9.4% in 2011 to 8.1% in 2012, equal to the national average but higher than Ohio’s rate of 7.1%. The region added 2,600 to its employee count during the year.
Jobs grew by 0.9% over the year with increases in manufacturing (1.6%), trade (2.6%), education and health services (1.4%) and leisure and hospitality (2.8%). There were job losses in construction (-2.5%) and government (-0.9%).
Housing construction steadily increased both in number and value since the beginning of 2012, surpassing 2010 levels, the report states.
In addition, between July 1, 2011 and June 30, 2012, more than $49 million in federal funds were obligated for 51 highway, transit and non-motorized projects in the Mahoning Valley, according to the Eastgate Regional Council of Governments.
Eastgate also noted that the Ohio Public Works Commission funded 29 projects in the Valley with loans and grants totaling $10.8 million.
Among the major announcements during year were:
- The federal government awarded $70 million for the creation of the first National Additive Manufacturing Innovation Institute in Youngstown.
- General Motors confirmed that the Lordstown manufacturing complex would produce both the diesel version and the next generation model of the Chevrolet Cruze. The company will invest $200 million in the facility and retain 4,500 employees.
- Penn National Gaming announced it would invest $125 million in a new racino in Austintown, creating 1,000 construction and 1,000 direct and indirect permanent jobs.
- Pennant Midstream LLC, a partnership of Hilcorp and NiSource, will spend $300 million on a pipeline in western Pennsylvania and eastern Oho and locate a natural gas processing plant in eastern Mahoning County.
Highlights in the report, as itemized by the Regional Chamber, include:
Attraction
- Expanded the Youngstown, Oho Utica and Natural Gas Conference & Expo to 1.5 days, resulting in 120 exhibitors meeting with 1,500 participants to discuss opportunities in the Utica shale play.
- Collaborated with regional entities to provide support for the new National Additive Manufacturing Innovation Institute in Youngstown.
- Implemented marketing efforts that generated 64 leads from non-local entities and 37 visits by companies to the area.
- Developed and hosted the first TechBelt Export Summit, bringing top-ranked export officials to the region.
- Explored business-to-business opportunities with executives from Canada, France, Germany, Italy, Japan, South Korea, Taiwan and Ukraine.
- Worked with Youngstown-Warren Regional Airport to create a business travel bank with virtual commitments exceeding $5 million in support of daily service.
Retention/Expansion
- Conducted 1,259 online and face-to-face counseling sessions and business retention meetings.
- Placed 120 job seekers in positions using $420,841 in On-The-Job Training program funds.
- Held 37 business networking events and 31 training sessions attended by 6,532 and 2,949 professionals, respectively.
- Assisted with 10 projects resulting in SBA-related loans of $1.92 million.
- Received a $6 million, three-year Federal Innovation Grant (one of 26 awarded nationally) to sustain and expand operations.
- Commissioned an Immediate Needs Rail Assessment study to identify railroad infrastructure projects critical to regional growth.
Startup
- Provided 1,222 consultations and logged more than 2,000 hours working with new entrepreneurs.
- Conducted 49 business startup seminars, workshops and training events with 474 attendees.
- YBI’s portfolio companies, considered early stage and emerging companies, report a total of $50 million in sales.
- Provided entrepreneurial support for more than 101 companies that collectively employ 513 workers.
- Awarded $30,000 in Inspire funds to entrepreneurs.
Real Estate
- Upgraded and revitalized 2.5 miles of essential rail service, which is expected to create 30 jobs and retain 30 jobs.
- Expended $1.27 million on various capital improvements for current and future tenants including adding 12,000 square feet for NAMII.
- Expended more than $6.2 million in improvement projects at the Youngstown-Warren Regional Airport, including new taxiways, hangars and an air cargo facility, retaining 136 jobs.
- Commissioned an Airport, Rail and Pipeline Feasibility Study to assess establishing rail and transload facilities at the airport.
- Assisted in financing the TechBelt Energy and Innovation Center historic building renovations in Warren for $3.1 million.
Reporting entities are:
- Business Resource Network (BRN)
- CASTLO
- City of Warren
- City of Youngstown
- Eastgate Regional Council of Governments
- Mahoning Valley Economic Development Corporation
- Ohio Small Business Development Center at Youngstown State University
- Trumbull County Planning Commission
- Warren Redevelopment and Planning Corporation
- Western Reserve Port Authority
- Youngstown Business Incubator
- Youngstown/Warren Regional Chamber.
SOURCE: Youngstown/Warren Regional Chamber
Published by The Business Journal, Youngstown, Ohio.
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