VWAEDC provides local economic update

DAVE MOSIER/independent editor

The Van Wert Area Economic Development Corporation held its annual meeting virtually Tuesday via Zoom, with Executive Director Stacy Adam updating the membership on 2019 performance, providing a current economic snapshot, and reports on county economic development efforts and that of the Land Bank program.

Following a welcome by outgoing Board President Troy Miller, Adam talked about 2019 results, including job creation. She noted that, while Van Wert County’s population continues to decrease, although slower than projected, the county added more than 1,000 new jobs from 2014-2019 for a job growth percentage of 8.8 percent — 1.2 percent ahead of the national average of 7.6 percent. The county’s 6.4 percent job increase from 2015-2019 is the second highest in the 17-county northwest Ohio economic development region, behind Wyandot County’s 8.2 percent.

Adam also noted that the labor force participation rate — those of age and able to work — has also increased from 62 percent to 65.2 percent, which she said is the highest participation rate seen in some time.

Median household income growth has also increased, Adam said, but still is $7,500 under the national average. Much of that disparity is because of the county’s lower cost of living, she added.

Although April’s unemployment rate was 16.2 percent, because of the Covid-19 shutdown in March, the rate was still 1.2 percent under the state average of 17.4 percent, but 1.8 percent higher than the national average of 14.4 percent in April. Prior to the shutdown, the county was seeing its lowest unemployment in three decades.

Adam noted that the county is part of an area that includes a population of just under 1 million people and 485,991 workers within a 450-mile radius of the county. The average hourly pay rate for all occupations in the area is $20.60, with an average household income of $55,647.

Van Wert city income tax revenues have steadily increased over the past decade following 2008’s recession, but Adam said an accurate picture of this year’s tax revenues won’t be possible until after July because of the July 15 tax filing deadline.

Adam also addressed educational attainment, noting the number of county residents with a bachelor’s degree continues to lag behind the national average, and also talked about worker inflow/outflow — the number of county residents who work in the county, versus the number of out-of-county residents. Of the county’s 14,684 workers, only 5,645 currently work in the county, with the other 9,039 working outside the county. In addition, of the 10,738 county workers, 5,093 of those live outside the county.

Those numbers provide local development officials with an opportunity to create high-paying jobs that would entice county residents to work here, while also an opportunity to provide housing for county workers who live elsewhere.

Adam also noted that workforce development is becoming more and more important, and she thanked the county school systems and the Career Education Opportunity (CEO) program for taking on the challenge to meet local workforce development needs.

The focus of the VWAEDC for 2020-21, Adam said, would be to attract new businesses employing between 50 and 200 workers, support existing businesses, provide support to the current downtown revitalization project spearheaded by the Van Wert County Foundation, unite local development partner organizations, attract a megasite prospect, and continue to administer the Revolving Loan Fund, Land Bank, and county grant programs.

Adam also provided an update on the Land Bank, noting it has acquired 77 properties, completed demolition of 68 buildings, and disposed of 37 properties. The organization’s contract with the state was extended through June 21, 2021, and there are currently funds remaining for five additional properties. The current goal of the Land Bank is to create developable lots in the county.

One additional positive of the Land Bank program, Adam said, is a partnership with Vantage Career Center to use one of the acquired and development properties for a Senior Carpentry house construction project.

Adam also talked about current development projects, including the $45 million Van Wert Health expansion project; The Landing at Dickinson Farms residential subdivision, where five houses are currently under construction; and the senior housing project adjacent to the Van Wert Health North clinic in the Towne Center retail development.

A new airport terminal is projected to begin construction in August, while the VWAEDC and Business Development Corporation (BDC) are working on getting financing to construct a second spec industrial building here.

Adam also touched on the Van Wert Forward downtown revitalization project, noting that more than 30 buildings have been acquired in the downtown area, with design work underway to create residential and commercial spaces downtown.

Adam also noted that VWAEDC memberships are open to all interested individuals, with annual dues $5, which includes voting rights to elect an at-large trustee. Those interested in seeking that position must submit a letter of intent including 10 member signatures by noon on June 23. The election will be held June 30.

The economic development director noted that county residents and businesses can assist in its economic recovery by shopping local and buying American projects, adjusting business strategies to today’s realities, use available resources, highlight the positives of the community, and continue support and collaboration effects.

The meeting ended with a question-and-answer session.