MAGNET’s Work has helped generate $1 Billion in Economic Impact
Posted by ThePlus - 11.30.2011
Northeast Ohio’s economic development system is working hard to grow the region’s economy. While this intricate “system” is made up of a number of unique economic development organizations (EDOs) such as MAGNET, NorTech, JumpStart, Team NEO, BioEnterprise, the Greater Cleveland Partnership, the Fund for Our Economic Future and dozens more, they are each making vital contributions to Northeast Ohio’s economic prosperity.
MAGNET, the Manufacturing Advocacy & Growth Network, is a perfect example of how Northeast Ohio’s economic development system is growing the region’s economy. The group recently released its audited results, which looked at the organization’s work over the past five years. Focused on assisting manufacturers in Ohio compete and grow, MAGNET has helped generate nearly $1 billion in economic impact.
In addition, highlights from the audited data reveal that MAGNET has assisted manufacturing companies in:
• achieving $655 million in increased or retained sales
• attaining $83 million in cost savings
• investing $195 million in their operations
• creating or retaining 6,142 manufacturing jobs
As MAGNET is just one piece of a much larger economic development system, their progress is very encouraging for all of Northeast Ohio. As EDOs continue to work together with the common goal of growing and developing the region’s economy, we can expect to see results like these filter across an array of sectors.
For additional information regarding MAGNET’s audited results, read this press release. If you would like to learn more about Northeast Ohio’s economic development system please visit www.ThePlus.us.
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