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$151M was invested in Valley in 2009
By GRACE WYLER
More than $151 million was invested in Mahoning Valley economic development in 2009, in spite of the persistent economic uncertainty that plagued the region — and the nation — last year.
Businesses invested $151,751,532 on projects in the Valley last year, according to a 2009 economic- development report, released by the Youngstown-Warren Regional Chamber of Commerce on Tuesday.
Local agencies completed 77 economic development projects last year, creating or retaining 2,700 jobs, according to the report, a compilation of data from 11 organizations.
Investments included 21 new business startups, totaling $5.7 million; 52 retention and expansion projects, totaling $58.1 million, and four new businesses that were attracted to the area, totaling $35.7 million.
In addition, private companies completed 42 projects without agency assistance, investing more than $52 million and creating or retaining 615 jobs.
The amount invested in 2009 was down significantly from the nearly $450 million reported the year before.
The majority of that investment was due to General Motors’ $351 million retooling of the Lordstown complex in preparation for the launch of the Cruze.
If GM’s spending is not considered, the Valley actually saw slightly more investment in 2009 than it did in 2008, said Walt Good, vice president of economic development for the Regional Chamber of Commerce.
“Putting it in perspective of the global economy, this is really good news,” Good said.
The primary challenge to economic development last year was limited access to capital, Good said.
Companies were also hesitant to move forward with projects because of global economic uncertainties, he said.
The outlook for 2010 is much rosier in light of projects such as V&M Star’s $650 million expansion, Good said.
“The indications are that 2008 and 2009 were extremely challenging years,” Good said. “I think 2010’s numbers are definitely going to be very, very strong — from a project perspective, we are definitely on an upswing.”
The economic-development report card is a compilation of data from 11 agencies in the area. Participants are the chamber, the cities of Warren and Youngstown, Youngstown Business Incubator, CASTLO Community Development Improvement Corp., Eastgate Regional Council of Governments, Mahoning Valley Economic Development Corp., Warren Redevelopment and Planning Commission, Trumbull County Planning Commission, SCORE and the Ohio Small Business Center at Youngstown State University.