Team NEO Aligns Regional Growth Network
By BILL KOEHLER
CEO, Team NEO
CLEVELAND, Ohio – Team NEO accelerates business growth and job creation throughout the 18 counties of the northeastern Ohio region. As the designated JobsOhio network partner, we help connect companies to resources they need to grow and that help communities prosper.
Our impact is enhanced by strong relationships with local partners such as the Youngstown/Warren Regional Chamber, Youngstown Business Incubator, Brite Energy Innovators, Youngstown State University, Western Reserve Port Authority, and many others.
In 2022, Team NEO embarked on a new three-year strategy that includes four core pillars to drive a more competitive and prosperous region: one that supports business growth and creates opportunities for all residents to work, earn good wages, and thrive. The pillars include: grow our diverse industry base; address the talent supply/demand gap; grow a pipeline of competitive sites; and engage and promote the region.
As part of Team NEO’s ongoing collaboration with economic development partners, government agencies, businesses, and communities, we announced the following 2022 results:
- 88 project wins.
- 5,673 jobs created.
- $304.1 million in annual payroll.
- $2 billion in capital investment.
Our project activity and impact in Mahoning and Trumbull counties is growing as the economic development community’s strategies have become more cohesive and aligned. In 2022, we announced:
- 10 project wins.
- 270 jobs created.
- $13.9 million in annual payroll.
- $29.8 million in capital investment.
While these results are important, there are other indicators to measure both regional economy and individual prosperity across all demographics. In 2022, Team NEO introduced the vibrant economy index, a new tool that uses an expanded data set in six categories – talented, equitable, innovative, resilient, competitive, and prosperous – to offer a more detailed, nuanced, and accurate measure of northeastern Ohio’s economy, community strength and individual prosperity across all demographics.
The region, at the center of the U.S. and Canadian automotive industries, with strength in tires, trailers, offroad vehicles, motor sports, auto electronics, and energy storage, is a smart choice for automotive companies – particularly companies pivoting to electrification. Superior infrastructure, an end-to-end supply chain, and a robust automotive workforce are among the area’s top assets.
The Mahoning Valley, or Voltage Valley, is well positioned to be a national leader in the shift to EVs. Foxconn’s investment in the Lordstown facility and the MIH Innovation Hub will help to accelerate EV innovation – and offer residual benefits, including the Youngstown State University partnership to establish a national electric vehicle training center and the opportunity to attract related businesses.
Team NEO, along with an engaged community of manufacturers, organizations, and institutions, is working to advance the EV industry in Voltage Valley and the entire region.
In 2022, we hosted 350 manufacturers and solution providers at Kent State University for the Manufacturing for Electric Vehicle Conference, presented by the Smart Manufacturing Cluster of Northeast Ohio and facilitated by Team NEO. The conference, done in partnership with Brite, JobsOhio, Magnet, JumpStart, Kent State University, Manufacturing Works, the Ohio Aerospace Institute, and the Youngstown Business Incubator, included discussions facilitated by leading manufacturers and industry experts around how companies can engage in opportunities and resources in the $400 billion nationwide EV supply chain.
Published by The Business Journal, Youngstown, Ohio.