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Tax $ Spur Private Investment, Jobs In Ohio

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Uploaded on May 18, 2010

Remarks by the President on the Economy in Youngstown, OhioV&M Star Plant, Youngstown, OhioKey quote from President Obama at 4:19A year ago, we took significant action to jumpstart economic growth and job creation. That action included making investments in sectors with the greatest potential for private sector job growth -- areas like clean energy and infrastructure.And one of those investments is going towards revitalizing the site right next door, preparing it for new construction, and building a rail spur that connects to the Norfolk Southern line that runs through town. So as a result of this investment, V&M Stars parent company decided to invest $650 million of its own money -- its own money -- (applause) -- to build a new one-million-square-foot mill right here in Youngstown, the largest industrial plant built in the valley since GM built its plant over in Lordstown in the 1960s. Think about that -- biggest investment since the 1960s -- 50 years. (Applause.) So right here, in the heart of the old steel corridor, where some never thought wed see an investment like this again, theyre placing a bet on American manufacturing and on this community.And that bet is going to pay off for 400 construction jobs once they break ground this summer; 350 new manufacturing jobs once the mill comes online, which doubles the current workforce. And, as everybody here knows, every time a new factory or plant opens or expands in America, it doesnt just employ the people who are working at the plant, everybody here, suddenly, theyve got a little more money to go buy lunch somewhere or buy a computer for their kids or do something else, and so it becomes an economic lifeline for the whole community, capable of supporting hundreds or even thousands of jobs indirectly. And so thats a success story that all of you are part of.

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