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Economic Development
Region's Recovery Ranks Among Strongest in U.S.
Thursday, March 29, 2012YOUNGSTOWN, Ohio – The economy of the Youngstown metropolitan area is recovering from the Great Recession with more strength than most in the United States, finds a new report from The Brookings Institution.
Warren, Youngstown Jobless Rates Drop in February
Wednesday, March 28, 2012YOUNGSTOWN, Ohio – The unemployment rate dropped sharply in Warren last month, down more than half a percentage point from February, the Ohio Department of Job and Family Services reported.
Warren's jobless rate was 9.3% in February, down from 10.0% the month before, according to the monthly data released by the department's Bureau of Labor Market Information. Compared to February 2011, the city’s jobless rate improved even more dramatically, down from 11.1%.
$3.5M State Loan to Process Drilling Fluid at Wellsville
Tuesday, March 27, 2012WELLSVILLE, Ohio -- A $3.5 million state loan will help move forward a joint effort between Cimbar Performance Materials and Anchor Drilling Fluids USA Inc. to process drilling fluid for the oil and gas industries at the Wellsville Intermodal Facility.
The two companies have already broken ground on a 10-acre site that the Georgia-based Cimbar bought from the Columbiana County Port Authority for $2.07 million in August 2011, said the port authority’s CEO, Tracy Drake.
Mahoning County Reviews Tax Abatement Compliance
Tuesday, March 27, 2012YOUNGSTOWN, Ohio – The Mahoning County Tax Incentive Review Council recommended continuing tax breaks for all six of the companies receiving abatements under the county's enterprise zone program.
“Half of them exceeded their goals and half are borderline or underperforming,” said Sarah Lown, senior economic development manager for the Western Reserve Port Authority and enterprise zone manager. “But the thing that’s good is the ones that exceeded them are the bigger ones, the bigger job producers.”
Lawrence County Agency to Buy Cascade Riverplex
Monday, March 26, 2012NEW CASTLE, Pa. – Redevelopment of the Cascade Riverplex will provide the opportunity to compete within the region for real estate deals for a variety of uses, including offices for companies doing business in the Marcellus and Utica shale plays, officials with the Lawrence County Economic Development Corporation predict.
A signed sales agreement with S&T Bank is valid through April 15 for a purchase price of $1.5 million. LCEDC is performing due diligence including completion of a title search, inspections and appraisal review.