Regional Chamber Issues 2Q Development Update

YOUNGSTOWN, Ohio – The Youngstown Warren Regional Chamber today issued its economic development update for the second quarter that essentially showed little movement since the first quarter (CLICK HERE).

The chamber reported $1.62 million in completed projects – the same figure it reported in its first-quarter economic development update. No new jobs or annual payroll were created in the second quarter, according to today’s report, nor were any jobs retained as a result of economic development projects. The same numbers were reported in the first quarter update (CLICK HERE).

There does, however, appear to be some slippage in the value of pending projects.

Today’s second-quarter report shows $1.4 billion in pending projects, 1,099 new jobs, new annual payroll of $44.6 million, retained jobs of 2,330 and retained payroll of $104 million.

By comparison, the chamber’s first-quarter report showed $1.5 billion in pending projects, the potential for 1,318 new jobs and $56 million in new payroll; 2,608 jobs retained with $106 million in payroll.

Where there is positive movement in the second quarter report is in the potential amount of space to be constructed or absorbed. In the pending project’s column, today’s report shows 1.12 billion square feet. In the first-quarter report, that number was 1.07 billion square feet.

“So far this year, we’ve completed 448 retention and expansion visits,” the chamber noted. “While conducting these one-on-one visits, we’re able to determine the needs of the business community, with regard to assistance in financing, grants, tax credits, local resources and more.”

The 448 visits represents a increase from the 198 meetings with local business that the chamber said it completed during the first quarter.

SOURCE: Youngstown Warren Regional Chamber

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