WARREN — Northeast Ohio has a great opportunity to participate in what’s expected to be enormous growth in the electric vehicle industry, according to a new report.

Team NEO’s quarterly economic review points out that the way to take advantage is by leveraging the region’s embedded automotive and other vehicle supply chains that center around internal combustion technology.

“As vehicle manufacturers build new supply chains that require embedded electric vehicle technologies, northeast Ohio can increase our share of components and vehicles produced in our region,” Bill Koehler, CEO of Team NEO, said. “We have deep R&D (research and development), workforce and manufacturing infrastructure assets that are attractive to companies here as well as those considering their first investment in northeast Ohio.”

Team NEO, a private, nonprofit economic development agency that serves 18 northeast Ohio counties, including Trumbull and Mahoning, publishes its quarterly economic review to provide a holistic picture of the region’s economy.

The report is used to attract new business and jobs to northeast Ohio, as well as help existing ones grow.

The latest report notes that EV production in the U.S. is expected to grow by 6 million to 8.7 million vehicles in 2029.

Also, there are some key industries that can serve the supply chain that are projected to grow: semiconductor and other electronic component manufacturing, 34 percent; plastic product manufacturing, 16 percent; and motor vehicle parts, 15 percent.

Other highlights were that there was $43.5 million in sales to EV makers in 2022, representing 24 percent of all sales in Ohio, and also in 2022, there was more than $50 million in purchases from the EV supply chain.

“The opportunity is great for this emerging industry. With the infrastructure in the northeast Ohio region — from the end-to-end supply chain, an automotive workforce of 26,000-plus and 205 higher education programs that lead to automotive industry jobs, we need to act now to ensure we capitalize on this opportunity,” the report states.

Guy Coviello, president / CEO of the Youngstown / Warren Regional Chamber, said Team NEO’s research is being felt on the ground in the Mahoning Valley, which has become one of the leading regions in the state because of the likes of Ultium Cells and Foxconn.

He cautioned, however, officials need to be aware of all the jobs in the market already tied to the combustion engine and transmission.

“We have to help these companies through the industry disruption,” Coviello said.

Rod Wilt is executive director of the Penn-Northwest Development Corporation, a business development organization in Mercer County, Pa.

He said the region has a “long and proud history” of supporting the auto industry in Lordstown and elsewhere in northeast Ohio.

“In order to continue that legacy, we must ramp up our workforce development and training programs to make sure that people from our region have the skill sets necessary to competently support this emerging industry,” he said. “We must take every opportunity to embrace these forward-looking and high-paying jobs.”

“No matter what your personal beliefs are regarding the future of EVs, they will be manufactured somewhere in the world, and we have the talent and resources to make sure they are made here using our highly skilled workforce,” Wilt said.

Shea MacMillan, vice president of economic development for the chamber, said he believes the companies that support the plastics and aluminum industries are in a good position to prosper. Because EVs weigh a lot due to the battery, ways are being sought to trim the weight of the vehicles so aluminum is becoming more heavily adopted, he said.

The chamber, he said, has partnered with MAGNET (Manufacturing Advocacy and Growth Network) to engage businesses already in the traditional engine supply chain in retention and expansion programming.

The goal is provide them information on how to move into the EV supply chain, including federal funding programs to ease the move.

MAGNET is a group that works to grow manufacturing across northeast Ohio.