Chamber: Youngstown/Warren Region sees economic rebound

YOUNGSTOWN The Valley is experiencing a period of consistent growth, marked by increases in its civilian labor force, population, and wages, according to new economic data released Monday by the Youngstown/Warren Regional Chamber.

The trends reflect a movement toward greater economic stability and potential for long-term development, the Chamber said in a statement.

The region’s civilian labor force, which had declined in previous years, is now stabilizing and showing signs of renewed expansion. According to Federal Reserve Economic Data (FRED), the labor force fell 1.3% from 231,000 in 2020 to 228,000 in 2021, remained flat in 2022, and then began to rebound.

It grew 0.44% in 2023 to 229,000, and then 0.87% in 2024, returning to its pre-2021 level of 231,000. The Chamber says the trend suggests workforce recovery and indicates employer confidence and regional job availability.

The area is also seeing a reversal of its long-standing population decline. The region’s population in 2024 was 353,000, a 0.28% increase from 2023, according to MacroTrends. The current population of the region stands at 354,000, up 0.28% from 2024. The consecutive increases reflect confidence in the region’s economic direction, housing market and quality of life, the Chamber says in its statement.

Wages in the Youngstown/Warren metro have also risen steadily, according to FRED. Data indicates that from 2023 to 2024, average hourly wages grew 3.6%, increasing from $25.23 to $26.13. Over the last five years, wages have increased 17%, up from $22.34 in 2019. Since 2008, average hourly earnings have grown 25.6%, rising from $20.81.

The Chamber claims that the long-term trend reflects progress in labor market strength and economic recovery. The region maintains a lower cost of living, which allows employers to operate efficiently and workers to retain more of their income.

"The workforce is strong, wages are rising, and people are choosing to stay — and return — to this region,” Guy Coviello, president and CEO of the Youngstown/Warren Regional Chamber, said. "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. 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.”

The Chamber, in partnership with Youngstown Area Goodwill Industries, is working to expand workforce participation by addressing barriers that prevent residents from entering or staying in the labor force.

The organizations conducted a community needs assessment that identified key obstacles, including transportation, childcare, 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.

"I think we're doing a better job of marketing ourselves to ourselves so for example, marketing more to young people that they should stay here, marketing more to outsiders that they should boomerang back here," Coviello said. 

Other efforts focus on expanding access to childcare and developing partnerships that connect underserved populations to employment opportunities.

In parallel, the Chamber has formed other partnerships on initiatives that support and advance the trends. These include joining forces with Eastgate Regional Council of Governments to lead population growth strategies, as well as aligning with Eastgate, the Western Reserve Port Authority, and Valley Economic Development Partners on strategies 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, executive director of Eastgate Regional Council of Governments. “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.”