Year in Review: Regional Chamber Assists Projects Worth $2.35B
YOUNGSTOWN, Ohio — In its 2020 Year in Review economic development report, the Youngstown/Warren Regional Chamber reviews some of the biggest projects realized this year and its role in those investments.
According to the report, the chamber was involved in 10 projects that saw $2,356,935,740 in new investment in real estate, machinery and equipment. Those projects led to the creation of 1,330 jobs with $47,035,182 in new payroll, as well as the retention of 553 jobs with $26,289,384 in retained payroll.
As business-to-business purchases and sales begin, the spin-off impact generates another $215,504,995 in investments and 3,154 new jobs, the chamber reports.
Among the projects highlighted in this year’s report are the new terminal at Old Dominion Freight Line in Trumbull County, as well as the 1.2 million-square-foot HomeGoods distribution center and the Ultium Cells plant in Lordstown.
As the new weekly payroll from completed projects flows into the communities, it creates 1,488 new jobs among regional providers of goods and services, the chamber reports. Total growth generates $33,809,782 in local and state tax dollars.
The total economic impact to the community over the next three years equals $547,535,677 of overall investment, leading to the creation of 5,972 jobs.
Another 23 projects are still pending, representing $1,441,007,136 in investments. These projects would create 2,222 jobs with new payroll of $82,964,636, and retain another 370 jobs with $16,572,029 in payroll.
Published by The Business Journal, Youngstown, Ohio.