The Regional Growth Partnership achieved the lofty goal of producing more than $4 billion in capital investment last year in new projects, a first ever for the privately funded economic development organization.
Growth Partnership President and Chief Executive Dean Monske told people attending the organization’s annual meeting Monday the record-breaking investment involved 131 projects in its 17-county northwest Ohio territory, and those projects produced nearly 4,000 jobs.
“The year finished up incredibly strong for our organization and the region,” he said.
The annual meeting of the Toledo-based economic development group, held at the Pinnacle in Arrowhead Park in Maumee, was attended by about 450 people. It highlighted the past year’s success as well as providing information on potential future development.
An additional 125 projects are being pursued by the growth partnership that have the potential of creating more than 19,000 jobs and adding $12.4 billion in capital investment to the region’s economy, Mr. Monske added.
“Our pipeline continues to be at the highest level we have ever seen,” he said.
The automotive sector’s role in the regional economy was responsible for 22 projects that produced nearly 1,000 jobs, and initiated $266 million in capital investment.
The expansion of the Tenneco’s $3.5 million expansion of its facility in Napoleon, Ohio, creating 18 new jobs, was cited as one of the projects in the region.
There were 48 projects in advance manufacturing, nine projects in food processing, 17 projects in logistics, and 19 projects in the energy sector.
Jim Robey, director of regional economic planning services at the W.E. Upjohn Institute for Employment Research, said the five-year forecast shows that technology advancement and increased automation should increase productivity, but fewer workers will be needed in most sectors, but less so in logistics and delivery services.
“Everybody is going to lose jobs, but most of them are going to increase output due to innovations and productivity,” he said.
Contact Mark Reiter at: email@example.com or 419-724-6199
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