CANTON, Ohio – Not long ago, economic development pitches focused on highway access, rail lines and labor costs. Today, the conversation often starts with a different line of questioning: Can workers afford to live here? Is the quality of life such that they’ll want to live here and, if so, are there enough houses for them?
Since the Covid-19 pandemic, housing has become a central concern for companies considering where to expand, said Mike Naso of the Stark Economic Development Board.
“What we started getting, especially post-Covid, [was] tell me about your housing stock; tell me about your quality of life,” Naso said. “Is it going to be good for my employees?”
The shift reflects a broader reality: The ability to attract and retain a workforce, supported by accessible, affordable housing, has become a primary selling point for communities competing for business investment.
“We had a gap there in what our workers were earning and what our workers could afford,” Naso said.
Data collected through a county housing study revealed that many workers earning $45,000 to $50,000 annually are priced out of homes that align with current market values.
To address that gap, regional leaders are focusing on increasing the supply of workforce housing, reducing construction and ownership costs and coordinating public, private and nonprofit efforts, Naso said.
His remarks came during Thursday’s Coffee and Connections event at the Canton branch of 717 Credit Union, part of a monthly networking series hosted with The Business Journal.
At the city level, officials are using long-standing policy tools to encourage development.
Matt Bailey, planning administrator for the city of Canton, highlighted the Community Reinvestment Area program, which was first established in the 1990s and has since expanded.
Initially limited to small geographic areas, the program was consolidated in 2004 and expanded citywide in 2019. Today, it offers a 100% property tax abatement on new construction and qualifying improvements for 15 years.
“If you build a new home in the city of Canton for the first 15 years, you’re only paying the taxes on the vacant land that was there before you built that house,” Bailey said.
He said the program, along with other city and federally funded initiatives, is designed to make new construction viable and improve access to quality housing.
Education also plays a role in the broader strategy, said Rich Green, vice president of enrollment management at Stark State College.
Green said affordable housing and workforce development are closely linked, noting that even low tuition can be out of reach if residents cannot afford the cost of living.
“Affordable education doesn’t just mean tuition – it also means affordability to participate in it,” he said. “If people don’t have a home, it makes our low tuition really nonsensical.”
Green said Stark State works to keep tuition low while aligning financial aid and programming with regional economic conditions, helping residents access training that leads to stable employment.
Financial institutions are also introducing new tools to reduce barriers to homeownership.
Brian Williams, western market senior vice president at 717 Credit Union, announced a new initiative aimed at making housing more attainable in Canton and across Stark County. The program includes a 1% mortgage rate reduction for homebuyers in the city.
That is on top of the savings through 717’s Your Keys, No Fees program, which eliminates closing costs and is open to all homebuyers.
“When I say no closing costs, I don’t just mean the junk fees – that’s a given. We will also cover the appraisal fee and the title work,” Williams said, noting the savings could total about $4,000 on a $150,000 home.
City leaders said the initiative complements existing efforts.
John Mariol, Canton City Council majority leader, said combining financing tools with tax abatements and nonprofit housing work could accelerate progress.
“Programs like this, paired with what we’re doing with the CRA, now you can start to see how we can solve this issue,” he said.
The Coffee and Connections series is a partnership between 717 Credit Union and The Business Journal, designed to bring together business leaders and community stakeholders across northeastern Ohio.
The next event is scheduled for April 16 at the credit union’s Larchmont avenue branch in Warren.
Pictured at top: John Mariol, Canton City Council majority leader, and Matt Bailey, planning administrator for the city of Canton.