Local Economic Development Projects in 2020 Total $2.9B
YOUNGSTOWN, Ohio – The Youngstown-Warren area saw 78 economic development projects totaling $2.956 billion in investment in 2020, according to the 2020 Economic Development Report Card released today by the Youngstown/Warren Regional Chamber. This resulted in 4,191 new jobs and 1,965 jobs being retained.
The annual report is compiled by the chamber in partnership with 15 other agencies involved in all facets of economic development, from tax incentives to project coordination to property development. Data covers work done in Mahoning and Trumbull counties.
In direct business development, the agencies helped 438 companies raise $36.2 million in capital investments resulting in 2,060 new and retained jobs and assisted 110 contract actions, helping local companies secure $21.4 million in local, state and government contracts.
The agencies also facilitated $10.21 million in export sales growth for companies in Mahoning, Trumbull, Columbiana, Ashtabula, Carroll, Stark, Holmes, Portage, Tuscarawas and Geauga counties. They also helped clients export to 86 countries.
Between July 1, 2019, and June 30, 2020, nearly $68 million in federal funds were committed to 45 infrastructure projects in the area, including $52.42 million for road operations and maintenance.
Local construction totaled $762.91 million, with 37% of that spending in the manufacturing sector, 33% in non-building work and 14% on residential projects.
The full Economic Development Report Card can be read HERE.
Partnering with the Youngstown/Warren Regional Chamber for the report card are 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, 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 the Youngstown State University office of community and economic development.
Published by The Business Journal, Youngstown, Ohio.