Lordstown Energy Project Sparks $1.09B Invested in Mahoning Valley
YOUNGSTOWN, Ohio – Boosted by the Lordstown Energy Center project, private companies invested more than $1 billion last year in the Mahoning Valley, according to data released Monday by the Youngstown Warren Regional Chamber.
The data, compiled by the chamber and its economic development partners and published in the 2016 Economic Development Report Card, show 111 projects resulted in investment of $1.09 billion, 1,253 new jobs and 3,092 retained jobs.
The chamber, in partnership with 15 agencies, gathers data annually on economic development investment in the Valley. The development agencies pool resources to assist companies with infrastructure investment, tax incentives, loans, project coordination, grant oversight, technical advisement, property development and other services.
The 2016 results include the $900 million Lordstown Energy Center in Trumbull County, which helped the region surpass its 2015 investment number by more than $961 million. In 2015, $93 million was invested in 78 projects, resulting in nearly 1,006 new jobs, according to the chamber.
The Lordstown Energy Center also was the largest project announced last year in the 18 counties that comprise northeastern Ohio, which enabled Team NEO to count the project among its results, helping that organization to exceed its investment numbers from 2015 by more than $829 million.
In comparison to the local results, the state of Ohio reported a down year in 2016, with about $2 billion less in investment and 3,000 fewer jobs than in 2015.
“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,” said Sarah Boyarko, chamber senior vice president of economic development.
“We consider the report card to be an effective method of reporting back to our constituency and stockholders the efficacy of our collective economic development efforts,” said Michael Conway, executive director of the Mahoning Valley Economic Development Corp., one of the agencies included in the piece.
“The report card is a great way to let our residents and the entire Valley know the investments being made yearly in Youngstown and surrounding communities and also lets companies outside of our region see the economic tools at our disposal to help bring business to Youngstown,” Mayor John McNally said.
Pictured: Lordstown Energy Center under construction.
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.