Private companies invested more than $216 million in the Valley last year, many with the help of regional economic development agencies. According to data compiled by the Youngstown/Warren Regional Chamber and its economic development partners and published in the 2017 Economic Development Report Card (included in email), a total of 367 projects resulted in $216,256,009 invested, 926 new jobs and another 2,434 retained jobs. In 2016, 164 company projects resulted in nearly $1,137,203,886 of investment and 1,323 new jobs.
Private companies invested more than $216 million in the Valley last year, many with the help of regional economic development agencies.
According to data compiled by the Youngstown/Warren Regional Chamber and its economic development partners and published in the 2017 Economic Development Report Card (included in email), a total of 367 projects resulted in $216,256,009 invested, 926 new jobs and another 2,434 retained jobs. In 2016, 164 company projects resulted in nearly $1,137,203,886 of investment and 1,323 new jobs.
The Regional Chamber, in partnership with 16 other agencies, gathers data on economic development investment in the Valley annually. The entities’ combined resources assist companies with infrastructure investment, tax incentives, loans, project coordination, grant oversight, technical advisement, property development and other services. Each individual agency provides project investment for business attraction, retention/expansion and/or startup; job creation/retention; and notable activity that occurred within their reporting year. The collective efforts of the agencies are screened for duplication and then presented in the report card.
Barb Ewing, CEO of the Youngstown Business Incubator, one of the agencies included in the report card, said, "This piece is an important benchmark of the progress the Valley is making in critical areas related to economic development. It's a tremendous tool in helping us tell our story about the revitalization of the area."
Doug Franklin, mayor of the City of Warren, concurred. “I know it’s important that we take a regional approach to ensuring the economic viability of our communities. The Economic Development Report Card is a great tool for measuring the accomplishments of that collaboration and sends a strong message that the success of our teamwork provides great opportunities for investors and businesses in the Mahoning Valley,” he added.
Sarah Boyarko, senior vice president of Economic Development at the Regional Chamber, said that in addition to the report card’s being used to inform the local community, regional partners and site consultants of our efforts and results, the piece is also shared with companies looking to locate in the Youngstown-Warren region.
“The companies considering an investment here are always interested in learning more about the local economy and investments made by other firms. The report card is always well-received,” she noted.
The Regional Chamber is the lead economic development agency for Trumbull and Mahoning counties. Its partners include the Business Resources Network/OhioMeansJobs; CASTLO Community Improvement Corp.; City of Warren; City of Youngstown; Eastgate Regional Council of Governments; Ohio Small Business Development Center, SCORE, Export Assistance Network and Regional Economic Development Initiative, all of which are housed at Youngstown State University; Mahoning Valley Economic Development Corp.; Tech Belt Energy Innovation Center; Trumbull County Planning Commission; Warren Redevelopment and Planning Corp.; Western Reserve Port Authority/Northeast Ohio Development and Finance Authority; and Youngstown Business Incubator.