Economic Development

Valley Sees $216M in Investment in 2017

YOUNGSTOWN, Ohio – Companies invested more than $216 million in the Mahoning Valley last year, according to the Youngstown/Warren Regional Chamber’s annual economic development report card. The investments involved 367 projects that created 926 jobs and retained another 2,434.

According to the report card, the total local investment last year was $216,256,009.

The report card was compiled using information from the chamber and 16 development agencies, including Castlo Community Improvement Corp., cities of Warren and Youngstown, Eastgate Regional Council of Governments and Mahoning Valley Economic Development Corp.

The 330 projects assisted by area agencies resulted in $105.8 million in investment, 706 new jobs and 2,254 retained jobs. Among the agencies’ direct development efforts were 438 staff-assisted job orders, on-the-job training grants for 120 people, a sales increase of $43.5 million for local companies and the graduation of 29 women from the Youngstown Business Incubator’s Women in Entrepreneurship program.

There were also 10 export projects last year, valued at $23.6 million, that led to a capital infusion of $14.7 million, as well as 600 assistance sessions for businesses that are already exporting or exploring the business.

Marketing the Mahoning Valley took several forms in 2017, including participation in the Ohio Defense Forum, Youngstown’s City of You campaign, the Minority Business Assistance Center and work with short-line rail providers. In total, marketing efforts generated 67 leads and 27 visits from companies out of the area.

For companies completing projects without assistance from area agencies, there were 37 projects completed, totaling $110.4 million in investment, 220 new jobs and 180 retained jobs.

Other highlights from the report card are:

  • The graduation of 18 companies from the Small Business Administration’s Emerging Leaders program.
  • Partnering with the University of Akron’s Law School SEED program to provide legal assistance to clients.
  • Receiving $1.4 million from the Appalachian Regional Commission to support infrastructure, equipment and training.
  • Completing the start-up phase of Valley Growth Ventures, a $6 million microventure capital fund for technology companies.

The full report card is available here.

Published by The Business Journal, Youngstown, Ohio.