YOUNGSTOWN, Ohio — Mahoning Valley business and development leaders are celebrating new economic data that they believe indicates the region is entering a phase of consistent growth, according to a statement from the Youngstown/Warren Regional Chamber.
The statement references data from the Federal Reserve Economic Data (FRED), a database managed by the Federal Reserve Bank of St. Louis. Following a 1.3% decline from 231,000 in 2020 to 228,000 in 2021, the labor force remained stable in 2022 before showing signs of recovery.
It increased by 0.44% in 2023 to reach 229,000, and by 0.87% in 2024, returning to 231,000 — matching its pre-2021 level.
The statement also notes a reversal of the region’s long-standing population decline. The population in 2024 was 353,000, representing a 0.28% increase from 2023, according to MacroTrends. The current population stands at 354,000, another 0.28% increase from 2024.
Additionally, wages in the Youngstown-Warren metro area have been steadily rising, according to FRED. From 2023 to 2024, average hourly wages increased by 3.6%, from $25.23 to $26.13. Over the past five years, wages have risen by 17%, up from $22.34 in 2019. Since 2008, average hourly earnings have grown by 25.6%, from $20.81.
“These are meaningful trends that show progress. The workforce is strong, wages are rising, and people are choosing to stay — and return — to this region,” said Guy Coviello, president and CEO of the Regional Chamber. “Through our work in expanding talent pipelines, addressing workforce barriers, and supporting housing access, we’re laying the groundwork for long-term economic growth.
“Still, we know there’s more to do,” he continued. “We’re not only focused on the gains — we’re focused on closing gaps, raising incomes, and making sure every part of the community benefits from the region’s progress.”
Other regional leaders joined Coviello in applauding the data.
Anthony Trevena, executive director of the Western Reserve Port Authority, said the positive indicators and trends were “only the beginning” for the area.
“The measurable impact of recent transformative projects, such as Kimberly-Clark’s generational investment and Foxconn’s work in Lordstown, has yet to be fully reflected in the data. The work begins now to build on this momentum and ensure the Mahoning Valley becomes an even better place for the next generation to live, work, and raise a family,” he said.
“This latest economic data is a clear sign that our region is moving in the right direction. We’re seeing the results of strategic investments, resilient small businesses, and strong community partnerships,” said Teresa Miller, executive director of Valley Economic Development Partners. “While challenges remain, this momentum gives us every reason to be optimistic about the future of our local economy.”
The chamber statement also highlights its partnership with Youngstown Area Goodwill Industries to expand workforce participation by removing barriers that prevent residents from entering or remaining in the labor force. The organizations conducted a community needs assessment that identified key obstacles, including transportation, child care, mental health, substance use, and soft skills gaps.
The work, supported by a $50,000 workforce development grant from the PNC Foundation, is now informing targeted solutions to strengthen the local workforce.
“We are encouraged by the positive economic indicators and population trends outlined in the report. These gains reflect not only momentum but opportunity,” said Shelley Murray, CEO of Youngstown Area Goodwill Industries. “At Goodwill, we are optimistic that this upward trend will continue as we work together across sectors to eliminate barriers to employment and increase workforce participation throughout the Valley. Cross-sector collaboration remains key to creating a thriving, inclusive economy where all individuals can contribute and succeed.”
Key partnerships the chamber has formed to support and advance these trends include working with the Eastgate Regional Council of Governments to lead population growth strategies, and aligning with Eastgate, the Port Authority, and Valley Partners on efforts to strengthen the region’s housing stock.
“Economic vitality is a team sport and the unified vision among partners is proving to be our roadmap to success,” said Jim Kinnick, Eastgate’s executive director. “We have a focus on housing, and I applaud the collaboration and look forward to working with our communities, developers, builders, and investors to get shovels in the ground.”
Other local efforts focus on expanding access to child care and developing partnerships that connect underserved populations to employment opportunities.
— News Original —
Valley Leaders Hail Fed Data Highlighting Economic Progress
YOUNGSTOWN, Ohio — Mahoning Valley business and development leaders are touting new economic data that they say signals the region is entering a period of steady growth, according to a news release from the Youngstown/Warren Regional Chamber.
The release cites data from Federal Reserve Economic Data, a database maintained by the Federal Reserve Bank of St. Louis. After falling by 1.3% from 231,000 in 2020 to 228,000 in 2021, the labor force remained flat in 2022, then began to rebound.
It grew by 0.44% in 2023 to 229,000, and by 0.87% in 2024, returning to 231,000 — matching its pre-2021 level.
The release also highlights a reversal of the region’s long-standing population decline. The population in 2024 was 353,000, a 0.28% increase from 2023, according to MacroTrends. The current population stands at 354,000, another 0.28% increase from 2024.
Additionally, wages in the Youngstown-Warren metro area have risen steadily, according to FRED. From 2023 to 2024, average hourly wages increased by 3.6%, from $25.23 to $26.13. Over the past five years, wages have risen by 17%, up from $22.34 in 2019. Since 2008, average hourly earnings have grown by 25.6%, from $20.81.
“These are meaningful trends that show progress. The workforce is strong, wages are rising and people are choosing to stay — and return — to this region,” said Guy Coviello, president and CEO of the Regional Chamber. “Through our work in expanding talent pipelines, addressing workforce barriers and supporting housing access, we’re laying the groundwork for long-term economic growth.
“Still, we know there’s more to do,” he continued. “We’re not only focused on the gains — we’re focused on closing gaps, raising incomes and making sure every part of the community benefits from the region’s progress.”
Other regional leaders joined Coviello in applauding the data.
Anthony Trevena, executive director of the Western Reserve Port Authority, said the positive indicators and trends were “only the beginning” for the area.
“The measurable impact of recent transformative projects, such as Kimberly-Clark’s generational investment and Foxconn’s work in Lordstown, has yet to be fully reflected in the data. The work begins now to build on this momentum and ensure the Mahoning Valley becomes an even better place for the next generation to live, work and raise a family,” he said.
“This latest economic data is a clear sign that our region is moving in the right direction. We’re seeing the results of strategic investments, resilient small businesses and strong community partnerships,” said Teresa Miller, executive director of Valley Economic Development Partners. “While challenges remain, this momentum gives us every reason to be optimistic about the future of our local economy.”
The chamber release also cites its partnership with Youngstown Area Goodwill Industries to expand workforce participation by removing barriers that prevent residents from entering or remaining in the labor force. The organizations conducted a community needs assessment that identified key obstacles, including transportation, child care, mental health, substance use and soft skills gaps.
The work, supported by a $50,000 workforce development grant from the PNC Foundation, is now informing targeted solutions to strengthen the local workforce.
“We are encouraged by the positive economic indicators and population trends outlined in the report. These gains reflect not only momentum but opportunity,” said Shelley Murray, CEO of Youngstown Area Goodwill Industries. “At Goodwill, we are optimistic that this upward trend will continue as we work together across sectors to eliminate barriers to employment and increase workforce participation throughout the Valley. Cross-sector collaboration remains key to creating a thriving, inclusive economy where all individuals can contribute and succeed.”
Key partnerships the chamber has formed to support and advance these trends include working with the Eastgate Regional Council of Governments to lead population growth strategies, and aligning with Eastgate, the Port Authority and Valley Partners on efforts to strengthen the region’s housing stock.
“Economic vitality is a team sport and the unified vision amongst partners is proving to be our roadmap to success,” said Jim Kinnick, Eastgate’s executive director. “We have a focus on housing, and I applaud the collaboration and look forward to working with our communities, developers, builders and investors to get shovels in the ground.”
Other local efforts focus on expanding access to child care and developing partnerships that connect underserved populations to employment opportunities.