CLEVELAND -- Regional economic development activities in northeastern Ohio contributed to 16 successful business attraction and expansion projects during the third quarter, Team NEO reported this morning.
The 16 projects cited in the third-quarter Regional Economic Development Report included Matalco Inc.’s groundbreaking in Lordstown last month, resulting in the creation of 60 jobs for a payroll of $4 million and capital investment of $85.7 million.
The report is based on activity reported by JobsOhio, Team NEO, major city chambers of commerce and economic development organizations in the 18 counties across northeastern Ohio.
“The region’s economic development organizations continued to work together to drive business growth for Northeast Ohio in Q3,” said Tom Waltermire, CEO of Team NEO. “Our collaborative approach allows us to quickly and seamlessly provide businesses with the support they need to choose Northeast Ohio as their business expansion location.”
In all, the projects in the Team NEO region had an impact of 3,521 jobs and $260 million payroll, Team NEO said. That included 2,620 jobs retained and 901 new jobs, and $222 million in retained payroll and $38 million in additional payroll.
Year to date, Team NEO efforts have contributed to 63 expansion and retention projects, 14,002 jobs (10,661 retained and 3,341 new) and $875 million in payroll ($761 million from retained jobs and $158 million from new positions).
Capital investment during the quarter was $289 million and year-to-date $1.2 billion.
Published by The Business Journal, Youngstown, Ohio.
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