Job cuts, foreclosures and bailouts stole the business headlines in 2009.
The economy started 2009 in meltdown. Unemployment lines were growing and Americans were losing their homes at a record rate. Congress signed off on a new stimulus bill but two of the Big Three automakers filed for bankruptcy, and some local dealers were eliminated.
GM Lordstown had a longer summer shutdown than normal, but the plant is turning the corner with GM spending $350 million to make the new Chevy Cruze in Trumbull County. A Walmart Supercenter opened in Liberty has been super in helping surrounding businesses.
The Rulli Brothers watched their local grocery business expand in the midst of the recession. Republic Special Metals broke ground on a $64 million steel plant in North Jackson and RTI will drop $30 million into its Niles Weathersfield facility.
Yet with 16 million Americans out of work, statistics say unemployment hit 10 percent. The highest level in 26 years.
Forum Health filed for chapter 11 bankruptcy protection, and CEO Buzz Pishkur resigned.The health care provider is considering bids for all or part of its facilities. GE announced it would close Mahoning glass in Niles And the Save a Lot store in Poland also closed.
Youngstown and Girard struck an annexation deal for roughly 200 acres to land a billion dollar expansion project at V&M Star steel. Girard and Youngstown will share tax revenues from the company. Now, the cities are simply waiting for V&M to decide if it will expand here or somewhere else. We'll find out when the calendar turns to 2010.
