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Youngstown-Warren is in Site Selection magazine’s Top 10 list for new and expanded facilities
YOUNGSTOWN
The Youngstown-Warren metro area placed eighth in an economic-development ranking of the top metro regions with populations between 200,000 and 1 million.
With 22 new and expanded projects last year, Youngstown-Warren tied with Lexington-Fayette, Ky., and Madison, Wis., in Site Selection magazine’s Top 10 list for new and expanded facilities, as a metric for economic development.
The Omaha-Council Bluffs, Nebraska-Iowa metro area secured the top ranking with 46 projects.
The Youngstown/Warren Regional Chamber provided local data for the report by Site Selection, a top publication in the corporate real-estate and economic-development fields.
“It’s a national publication and it’s a very prestigious publication in the economic-development arena, and we’re extremely excited to be included on that Top 10 list,” said Sarah Boyarko, the Regional Chamber’s vice president for economic development, North America.
The 2013 ranking marks the second time in five years this area has made the magazine’s Top 10, and signals a distinct turnaround from the early 2000s, when Youngstown-Warren ranked in the bottom 10 for economic-development projects.
Boyarko said this area has seen increased interest over the past five years as companies have looked to invest after the economic downturn.
She said the area has especially benefited from large-scale investment by companies that supply the oil and gas industry in the Utica and Marcellus shale plays.
“The Mahoning Valley really has quickly become the supply chain hub for that industry,” Boyarko said.
Last year, a Brilex-Valerus joint venture opened a 50,000-square-foot facility that supplies oil- and gas-production equipment to operators in the nearby shale plays.
David Bozanich, Youngstown’s finance director, said investments such as the joint venture have spurred expansion for smaller companies, generating development in industries across the board.
He said Youngstown has been “pretty aggressive” in pursuing tax abatements, training grants and other economic incentives to entice companies to expand in the region.
“It all comes down to creating the right environment for new investment to occur,” Bozanich said.
“We are trying to lessen their burden,” he added.
Boyarko said the 22 new and expanded facilities were on par with what the chamber has been tracking in recent years. She said the range of new projects generally varies from 17 to 25.
Last year, she said the chamber also fielded 46 inquiries from 43 different firms, which were looking for a place to expand.
The report, she said, reflects a healthy and growing local economy.
“There are companies here, growing and retaining jobs,” she said.