Youngstown-Warren Region Realized More Than $2.9 Billion of Investment in 2020

Mar 9, 2021 | News, Newsletter

Kim Calvert
Youngstown/Warren Regional Chamber

 

 

Private companies invested more than $2.9 billion 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 2020 Economic Development Report Card—a total of 78 projects resulted in $2,956,016,640 invested, 4,191 new jobs and 1,965 retained jobs.

In comparison, in 2019, 66 company projects resulted in $284,254,524 of investment, 1,851 new jobs and 2,809 retained jobs.

Sarah Boyarko, COO at the Regional Chamber, said, “The report card is used to inform our community about the diverse economic growth throughout the two-county area. The participating entities work collectively to support businesses to help make these investments a reality, and the report card and information provided are always well received.”

The Chamber, in partnership with 15 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 its reporting year. The collective efforts of the agencies are screened for duplication and then presented in the report card.

William Turner, executive director, Trumbull County Workforce Development Board, said, “The data in this report is, and has been, beneficial for the Trumbull County Workforce Development Board and the Area 18 OMJ Center in remaining apprised of the economic development activity in our area and coordinating and offering employer and job seeker services and strategies. The information is also valuable in developing, coordinating and planning services.”

John Moliterno, executive director at the Western Reserve Port Authority, added, “The Report Card is a great way to celebrate Valley success stories. The collaboration of the public and private sector brings mileage to all our efforts. We are optimistic the private investment momentum of 2020 will continue into 2021.”

The Regional Chamber’s partners in Mahoning and Trumbull counties include BRITE Energy Innovators; CASTLO Community Improvement Corp.; City of Warren; City of Youngstown; Eastgate Regional Council of Governments; Ohio Development Services Agency Minority Business Assistance Center (MBAC); OhioMeansJobs Mahoning and Trumbull counties; Ohio Small Business Development Center, Export Assistance Network of Youngstown State University; Trumbull County Planning Commission; Valley Economic Development Partners; Warren Redevelopment and Planning Corp.; Western Reserve Port Authority/Northeast Ohio Development and Finance Authority; Youngstown Business Incubator; and Youngstown State University Office of Community and Economic Development.

Port Authority Celebrates Award-Winning SBDC Member

(Wilmington, Ohio) The Clinton County Port Authority is pleased to congratulate David Riggs, Director of the SBDC at Miami Regionals, for being named Ohio’s SBDC State Star in 2021.

America’s SBDC, the national association that represents the nationwide network of Small Business Development Centers (SBDCs), annually recognizes one outstanding SBDC employee from each of its 62 members. This outstanding employee exhibits exemplary performance, makes a significant contribution to their state or regional SBDC program, and shows a strong commitment to small business. Using a peer-based selection process, the Ohio SBDC network selected David Riggs for Ohio’s SBDC State Star.

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Tiffin Foundry and Machine to invest in new machinery and equipment

Tiffin Foundry and Machine has announced it will purchase new machinery and hire more staff with assistance from a $50,000 JobsOhio Inclusion Grant. Tiffin Foundry has eight employees in Tiffin, and has an additional operation in North Ridgeville, Ohio.

JobsOhio’s grant, secured with assistance from the Regional Growth Partnership, will support a planned $321,923 in machinery and equipment upgrades and three new jobs. In addition, Tiffin Foundry and Machine worked with Tiffin-Seneca Economic Partnership and OhioMeansJobs – Seneca County on other potential incentives to support the company’s growth.

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