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.

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