EID's Dan discusses Youngstown City Council's recent decision to lease city land for oil and gas development to raise funds for demolition and neighborhood improvement projects:

"For the city of Youngstown, Ohio, the Utica Shale has proven to be the gift that keeps on giving.

Last night, after careful study, the Youngstown City Council voted overwhelmingly to permit leasing of the city’s land for oil and natural gas development in order to gain revenues to reduce blight throughout the state’s 9th largest metropolitan area.

The decision comes on the heels of weeks of testimonials and public comment, including input from Rhonda Reda of the Ohio Oil and Gas Energy Education Program and Mike Chadsey of EID among many others.

With Youngstown already benefiting from Utica Shale development, the agreement will allow for further opportunity to revitalize one of the state’s most proud and storied cities. Today, Ohio’s oil and gas industry is the driving force in an economic recovery that is quickly reducing the unemployment rates across the Mahoning Valley. We covered this in a previous blog post but are providing the numbers again for quick review.

Mahoning Valley/Youngstown-Warren Metro (Mahoning, Trumbull, Columbiana Counties)

7.8% Unemployment April, 2012

7.4% Unemployment May, 2012

Recent numbers show the jobless rate for the Youngstown Warren metro area dropped to its lowest point since October of 2008. Unemployment dropped to 7.4% for May, that’s compared to 7.8% in April.

Mahoning County saw the biggest change, improving seven tenths of a percent to 7.4%. Trumbull County’s unemployment is 7.2%, the lowest rate in the Valley.

Unemployment numbers for Mahoning, Trumbull and Columbiana Counties are all down and below the national average.

(Jobs Ohio President Mark) Kvamme attributes the growth to eight major industries, including automotive with 50% of all auto workers employed in Ohio or within 500 miles of the border, polymer science with 9% of all U.S. industry jobs in the state, and energy with the state’s continued growth of Utica Shale development.

Kvamme said it’s still too early to tell the overall impact the Utica Shale industry will have on the state. Experts tell him once 100 wells are drilled; you know you have a well defined industry. Currently Ohio has about 30. (Unemployment down for Mahoning, Trumbull and Columbiana counties, 6/25/12)

This positive economic trend is being supported by billions in investments that are pouring into the region to support the state’s burgeoning oil and gas companies."

READ THE REST: http://www.eidohio.org/youngstown-city-council-votes-yes-on-return-...