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Restoring Our Economic Future
May 18, 2010
10:45 AM EST
Ed. Note: With the President travelling to Youngstown, OH today, we invited Congressman Tim Ryan who represents the area to give us some local perspective ahead of the trip.
For those of us living in Northeastern Ohio, we take pride in our history and plan for a bright future. Today, I have the pleasure of joining Governor Ted Strickland and Senator Sherrod Brown in Youngstown to tour V&M Star Steel with President Obama and speak to the hard-working men and women employed there. One of the area’s largest employers, V&M is currently undergoing a $650 million project to construct a new steel pipe mill at its existing facility. This private investment would have never have been possible if not for a $20 million infrastructure investment delivered by the American Reinvestment and Recovery Act. This expansion will create hundreds of construction-related jobs and about 350 full-time, permanent jobs.
The last time President Obama came to our area, it was to visit the GM Lordstown Complex, where a third shift had been added in order to manufacture the Chevy Cruze, a fuel-efficient vehicle that will be distributed across the country. GM invested $350 million in the Lordstown facility to make way for an additional 1,200 jobs – good paying jobs that are expected to provide an additional $47 million in payroll, generate $470,000 in local income taxes and $1.4 million in state income taxes.
These two projects represent just a small portion of nearly $1.5 billion in investments generated recently in Ohio’s 17th District – strategic investments that will create over 5,000 local jobs and retain thousands more. From Revere Data moving jobs from India to downtown Youngstown, to the new Bridgestone-Firestone Tech Center in Akron and the Kent Central Gateway in Portage County, to the opportunities presented by our region’s close proximity to the extensive Marcellus Shale field – it is clear that our local economic development strategy is working.
As I join the President for his visit today, I can’t help but think about how far our District has come in the past few years, what our friends and family have been through, and how the hard work of this Administration and our local elected officials and business leaders is making our region an economic “comeback kid”.
Tim Ryan Represents Ohio's 17th Congressional District