Technology

S&P 500 Q1 2024 Buybacks Increase 8.1% from Q4 2023; 12-month Expenditure Declines 4.8% from Previous Year, Earnings Per Share Impact Reverses Showing First Gain in Five Quarters; Buybacks Tax Results in a 0.47% Reduction in Q1 Operating Earnings and 0.41% Reduction in 12-month Earnings

Published

2 years ago

June 17, 2024

S&P 500 Q1 2024 buybacks were $236.8 billion, up 8.1% from Q4 2023’s $219.1 billion and up 9.9% from Q1 2023’s $215.5 billionThe 12-month March 2024 expenditure of $816.5 billion was down 4.8% from the prior 12-month expenditure of $857.2 billion Consumer Staples increased spending by 32.7%, as Consumer Discretionary reduced spending by 44.1%; Information Technology ticked up 1.8% and Health Care jumped 93.5% The net buyback 1% tax reduced Q1 2024 operating earnings by 0.47% and As Reported GAAP by 0.54%

NEW YORK, June 17, 2024 /PRNewswire/ — S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500® stock buybacks or share repurchases data for Q1 2024.

Historical data on S&P 500 buybacks is available at www.spdji.com/indices/equity/sp-500.

Key Takeaways:

Q1 2024 share repurchases were $236.8 billion, up 8.1% from Q4 2023’s $219.1 billion expenditure, and up 9.9% from Q1 2023’s $215.5 billion.For the 12-months ending March 2024, buybacks were $816.5 billion, down from $867.2 billion for the prior 12-month March 2023 period; the 12-month peak was in June 2022 with $1.005 trillion.352 companies reported buybacks of at least $5 million for the quarter, up from 313 in Q4 2023 and down from 358 in Q1 2023; 380 companies did some buybacks for the quarter, up from 373 in Q4 2023 and down from 390 in Q1 2023; 419 companies did some buybacks in the last 12-month period, down from 432 in the prior 12-month period.Buybacks concentration declined but remained top heavy, with the top 20 S&P 500 companies accounting for 50.9% of Q1 2024 buybacks, down from Q4 2023’s 54.1%, but above the historical average of 47.5%, and above the pre-COVID historical average of 44.5%.13.3% of companies reduced share counts used for earnings per share (EPS) by at least 4% year-over-year, up from Q4 2023’s 12.6% and down from Q1 2023’s 18.5%, it was the first EPS impact increase since Q3 2022; for Q1 2024 196 issues increased their shares used for EPS over Q4 2023, and 255 reduced them.S&P 500 Q1 2024 dividends decreased 1.6% to $151.6 billion from the prior Q4 2023 record of $154.1 billion and were 3.3% greater than the $146.8 billion in Q1 2023. For the 12-month’s ending March 2024, dividends set a record $593.1 billion payments, up 3.4% on an aggregate basis from the prior 12-month March 2023’s $573.7 billion.Total shareholders return of buybacks and dividends increased to $388.4 billion in Q1 2024, up 4.1% from Q4 2023’s $373.2 billion and up 7.2% from Q1 2023’s $362.3 billion. Total shareholder returns for the 12-months ending March 2024 decreased 1.5% to $1.410 trillion from the prior 12-month March 2023’s $1.431 trillion.The 1% tax on net buybacks, which started in 2023, reduced the Q1 2024 S&P 500 operating earnings by 0.47%, up from Q4 2023’s 0.44% impact, and As Reported GAAP earnings by 0.54% up from the prior 0.50%; for the 12-month March 2024 period they reduced earnings 0.41% for operating and 0.46% for As Reported.

“The share count impact on EPS increased for the first time after five consecutive quarters of declines as companies increased their overall buyback expenditure by 8%, which countered the impact of both share issuance and employee options being exercised. While buybacks supported share price, 13.3% of the issues saw a significant increase (of at least 4%) in their EPS due to share count reduction, compared to 18.5% in Q1 2023. For Q1 2024, more issues did buybacks and spent more. While the 13.3% remains lower than the 17.5% average and pales compared to the almost 25% rate posted in Q1 2019, the increase comes after five quarters of declines, and hints to a forward upswing. Companies with strong cashflows continued to aggressively do buybacks, as the top 20 issues accounted for 50.9% of the buybacks in Q1 2024,” said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.

“Given the market’s current expectations for interest rates to decline later in the year and the continued uncertainty over geopolitical and domestic issues, companies may be shy to finance buybacks going forward as discretionary buybacks, which reduce share count, may need to be financed from ongoing operations. Top-tier cash-flow issues however are seen as continuing their buybacks and positively impacting their EPS.”

1% Buyback Excise Tax:

The 1% excise tax on net buybacks reduced Q1 2024 operating earnings by 0.47%, up from Q4 2023’s 0.44% and up from the 0.45% for Q1 2023. The 12-month impact was 0.41%, up from 2023’s 40% and down from the proforma 2022 of 0.51%. The tax on As Reported GAAP earnings impact increased to 0.54%, up from the Q4 2023 0.50% and up from the Q1 2023 0.49%. The 12-month impact was 0.46%, up from 2023’s 0.45% and down from the proforma 2022 0.58%.

Silverblatt added: “The 1% tax remains an expense but has not impacted overall buybacks at this point. However, given the initial 1% buyback tax had bipartisan support and remains an attractive cash generator for the government, there is an expectation that some increase or potential change to the type of buybacks that are taxed will remain on the table following the election cycle. Given the current corporate sensitivity to costs, a buyback tax rate of 2%-to-2.5% was seen as impacting both buybacks and the EPS impact of share-count-reduction (which is already at a lower level due to high stock prices). This is because some of the expenditures may shift from buybacks to dividends. However, any shift would not be on a-dollar-for-dollar basis as dividends remain a long-term pure cash-flow item which must be incorporated into corporate budgets.”

Q1 2024 GICS® Sector Analysis:

Information Technology maintained its lead in buybacks, representing 24.2% of all buybacks for the quarter. Q1 2024 expenditures increased 1.8% to $57.3 billion, compared to Q4 2023’s $56.3 billion, it was up 24.8% from Q1 2023’s $45.9 billion expenditure. For the 12-months ending March 2024, the sector decreased their expenditure 11.4% to $209.3 billion, representing 25.6% of all S&P 500 buybacks, compared to $236.3 billion spent in the prior 12-month period ending March 2023, which represented 27.6% of all buybacks.

Financials increased their buybacks by 46.5% for Q1 2024 as they spent $43.1 billion on buybacks, accounting for 18.2% of all S&P 500 buybacks. This was up for the quarter compared to Q4 2023’s expenditure of $29.4 billion, but down from Q1 2023’s $46.9 billion. For the 12-month March 2024 period, Financials spent $134.5 billion, up from $113.6 billion for the prior 12-month period.

Healthcare significantly increased their Q1 2024 expenditure by 93.5%, spending $25.5 billion, compared to the Q4 2023 expenditure of $13.2 billion and up 10.0% from the Q1 2023 $23.2 billion expenditure. For the 12-months ending March 2024, the sector spent $67.1 billion, down from the prior period’s expenditure of $84.9 billion.

Consumer Staples increased their spending in Q1 2024 by 32.7% to $12.0 billion, up from the prior $9.0 billion and up 90.9% from the Q1 2023 expenditure of $6.3 billion.

Consumer Discretionary decreased their spending by 44.1% to $16.1 billion from Q4 2023’s $28.7 billion and was 12.3% lower than the $18.3 billion spent in Q1 2023.

Issues:

The five issues with the highest total buybacks for Q1 2024 were:

Apple (AAPL): continued to dominate the issue level buybacks, as it again spent the most of any issue with its Q1 2024 expenditure ranking as the 6th highest in S&P 500 history. For the quarter, the company spent $23.5 billion, up from Q4 2023’s $22.7 billion (the 10th largest in index history). Apple holds 18 of the top 20 record quarters (Meta Platforms holds #14 and QUALCOMM holds #16). For the 12-months ending March 2024, Apple spent $87.4 billion on buybacks, down from the prior 12-month period’s $91.1 billion. Over the five-year period Apple has spent $429 billion, and $664 billion over the ten-year period.Meta Platforms (META): $18.2 billion for Q1 2024, up from the $8.2 billion in Q4 2023; the 12-month expenditure was $34.6 billion versus the prior expenditure of $31.5 billion.Alphabet (GOOG/L): $15.7 billion for Q1 2024, down from $16.2 billion in Q4 2023; the 12-month expenditure was $62.6 billion versus $60.6 billion.NVIDA (NVDA): $9.5 billion for Q1 2024, up from $3.5 billion in Q4 2023; the 12-month expenditure was $21.3 billion versus $9.5 billion.Wells Fargo (WFC): $6.0 billion for Q1 2024, up from $2.4 billion in Q4 2023; the 12-month expenditure was $13.8 billion versus 2022’s $4.0 billion.

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/.

S&P Dow Jones Indices

S&P 500 proforma net buyback tax impact

TAX

TAX % OF

$ BILLIONS

OPERATING

AS REPORTED

12 Mo Mar,’24

$7.44

0.41 %

0.46 %

12 Mo Mar,’23

$7.88

0.47 %

0.54 %

Q1 2024

$2.18

0.47 %

0.54 %

Q4 2023

$2.02

0.44 %

0.50 %

Q3 2023

$1.70

0.39 %

0.42 %

Q2 2023

$1.55

0.34 %

0.38 %

Q1 2023

$1.98

0.45 %

0.49 %

2023

$7.47

0.40 %

0.45 %

2022 proforma

$8.47

0.51 %

0.58 %

2021 proforma

$7.93

0.45 %

0.47 %

S&P Dow Jones Indices

S&P 500, $ U.S. BILLIONS

(preliminary in bold)

PERIOD

MARKET

OPERATING

AS REPORTED

DIVIDEND &

VALUE

EARNINGS

DIVIDENDS

BUYBACKS

DIVIDEND

BUYBACK

$ BILLIONS

YIELD

12 Mo Mar,’24 Prelim.

$44,078

$1,808.90

$1,606.39

$593.08

$816.45

1.35 %

1.85 %

3.20 %

12 Mo Mar,’23

$34,342

$1,678.59

$1,469.32

$573.73

$857.20

1.67 %

2.50 %

4.17 %

2023

$40,039

$1,787.36

$1,610.73

$588.23

$795.16

1.47 %

1.99 %

3.46 %

2022

$32,133

$1,656.66

$1,453.43

$564.57

$922.68

1.76 %

2.87 %

4.63 %

2021

$40,356

$1,762.75

$1,675.22

$511.23

$881.72

1.27 %

2.18 %

3.45 %

2020

$31,659

$1,019.04

$784.21

$483.18

$519.76

1.53 %

1.64 %

3.17 %

2019

$26,760

$1,304.76

$1,158.22

$485.48

$728.74

1.81 %

2.72 %

4.54 %

2018

$21,027

$1,281.66

$1,119.43

$456.31

$806.41

2.17 %

3.84 %

6.01 %

3/28/2024 Prelim.

$44,078

$460.63

$400.23

$151.61

$236.82

1.35 %

1.85 %

3.20 %

12/31/2023

$40,039

$452.44

$401.16

$154.10

$219.09

1.47 %

1.99 %

3.46 %

9/30/2023

$35,938

$437.90

$399.35

$144.18

$185.62

1.61 %

2.19 %

3.81 %

6/30/2023

$37,162

$457.93

$405.66

$143.20

$174.92

1.55 %

2.19 %

3.74 %

3/31/2023

$34,342

$439.08

$404.57

$146.76

$215.53

1.67 %

2.50 %

4.17 %

12/31/2022

$32,133

$421.55

$331.50

$146.07

$211.19

1.76 %

2.87 %

4.63 %

9/30/2022

$30,119

$422.94

$373.04

$140.34

$210.84

1.83 %

3.26 %

5.09 %

6/30/2022

$31,903

$395.02

$360.21

$140.56

$219.64

1.70 %

3.15 %

4.85 %

3/31/2022

$38,288

$417.16

$388.68

$137.60

$281.01

1.37 %

2.57 %

3.94 %

12/31/2021

$40,356

$480.35

$456.72

$133.90

$270.10

1.27 %

2.18 %

3.45 %

9/30/2021

$36,538

$441.26

$420.64

$130.04

$234.64

1.37 %

2.03 %

3.40 %

6/30/2021

$36,325

$439.95

$409.02

$123.38

$198.84

1.33 %

1.68 %

3.01 %

3/31/2021

$33,619

$401.19

$388.84

$123.91

$178.13

1.43 %

1.48 %

2.91 %

12/31/2020

$31,659

$321.81

$265.00

$121.62

$130.59

1.53 %

1.64 %

3.17 %

9/30/2020

$27,868

$314.06

$273.29

$115.54

$101.79

1.75 %

2.05 %

3.80 %

6/30/2020

$25,637

$221.53

$147.44

$119.04

$88.66

1.93 %

2.52 %

4.45 %

3/31/2020

$21,424

$161.64

$98.48

$126.98

$198.72

2.31 %

3.37 %

5.68 %

S&P Dow Jones Indices

S&P 500 SECTOR BUYBACKS

SECTOR $ MILLIONS

Q1,’24

Q4,’23

Q1,’23

12MoMar,’24

12MoMar,’23

5-YEARS

10-YEARS

Consumer Discretionary

$16,059

$28,716

$18,301

$81,248

$84,301

$360,610

$793,279

Consumer Staples

$11,998

$9,042

$6,284

$30,318

$35,294

$157,523

$370,235

Energy

$14,157

$16,060

$19,304

$64,703

$74,534

$179,256

$275,563

Financials

$43,087

$29,418

$46,891

$134,549

$113,632

$710,002

$1,283,424

Healthcare

$25,522

$13,188

$23,194

$67,077

$84,941

$376,507

$783,092

Industrials

$16,854

$27,112

$14,239

$70,837

$71,589

$304,040

$656,239

Information Technology

$57,290

$56,283

$45,923

$209,260

$236,303

$1,135,899

$1,976,566

Materials

$5,241

$2,963

$3,773

$16,636

$24,725

$91,030

$159,612

Real Estate

$620

$243

$526

$1,787

$3,174

$11,962

$20,741

Communication Services

$45,126

$34,715

$35,797

$137,232

$126,691

$538,868

$573,389

Utilities

$868

$1,353

$1,299

$2,806

$2,018

$13,374

$21,088

TOTAL

$236,823

$219,091

$215,532

$816,454

$857,202

$3,879,073

$6,913,228

SECTOR BUYBACK MAKEUP %

Q1,’24

Q4,’23

Q1,’23

12MoMar,’24

12MoMar,’23

5-YEARS

10-YEARS

Consumer Discretionary

6.78 %

13.11 %

8.49 %

9.95 %

9.83 %

9.30 %

11.47 %

Consumer Staples

5.07 %

4.13 %

2.92 %

3.71 %

4.12 %

4.06 %

5.36 %

Energy

5.98 %

7.33 %

8.96 %

7.92 %

8.70 %

4.62 %

3.99 %

Financials

18.19 %

13.43 %

21.76 %

16.48 %

13.26 %

18.30 %

18.56 %

Healthcare

10.78 %

6.02 %

10.76 %

8.22 %

9.91 %

9.71 %

11.33 %

Industrials

7.12 %

12.37 %

6.61 %

8.68 %

8.35 %

7.84 %

9.49 %

Information Technology

24.19 %

25.69 %

21.31 %

25.63 %

27.57 %

29.28 %

28.59 %

Materials

2.21 %

1.35 %

1.75 %

2.04 %

2.88 %

2.35 %

2.31 %

Real Estate

0.26 %

0.11 %

0.24 %

0.22 %

0.37 %

0.31 %

0.30 %

Communication Services

19.05 %

15.85 %

16.61 %

16.81 %

14.78 %

13.89 %

8.29 %

Utilities

0.37 %

0.62 %

0.60 %

0.34 %

0.24 %

0.34 %

0.31 %

TOTAL

100.00 %

S&P Dow Jones Indices

S&P 500 20 LARGEST Q1 2024 BUYBACKS, $ MILLIONS

Company

Ticker

Sector

Q1 2024

Q4 2023

Q1 2023

12-Months

5-Year

10-Year

Indicated

Buybacks

Mar,’24

Mar,’23

Buybacks

Dividend

$ Million

Apple

AAPL

Information Technology

$23,489

$22,730

$20,012

$87,397

$91,101

$429,133

$663,869

$14,515

Meta Platforms

Technology

VYLIT OPENS ITS CREATOR ADVISORY BOARD, GIVING CREATORS EQUITY IN THE PLATFORM

Published

1 minute ago

July 23, 2026

Reality star & chef Dom DeAngelis, model & creator Cydney Moreau, and creator-entrepreneur Crystal Jackson named as founding members, with applications now open for creators who want a voice in how the platform is shaped

MIAMI, July 23, 2026 /PRNewswire/ — Vylit, the 18+ creator-first social platform co-founded by Ami Gan, former CEO of OnlyFans, and seasoned entrepreneur Kailey Magder, is opening applications for its Creator Advisory Board, which will include a select group of creators that will have a strong voice in shaping the platform they use and earn on.

Vylit is inviting creators not just to join the platform, but to help build it, with real shares in the company reserved for those who contribute to its growth, culture and direction. The Creator Advisory Board will give creators a direct voice in building Vylit’s community, the platform’s development and creator tools, along with ownership in the business they’re helping grow.

Applications are now open. Creators can apply by emailing vylit@vylitworld.com with their name, bio and social handles.

Vylit is launching the board with three founding members who show the range of creators it’s built for.

Dominic DeAngelis, known from YouTube and Vanderpump Villa, where his culinary skills earned recognition from viewers around the world, has been using the platform to share behind-the-scenes and day-in-the-life content with his subscribers — the kind of direct, monetized relationship with fans that Vylit is designed around.

“Social media sucks right now. The algorithms are negative, you don’t even see the people you follow anymore, and creators are struggling to find real connections with their fans,” said DeAngelis. “I’m thrilled to be part of a platform that’s doing it differently. Vylit is actually listening to creators and building with us, not just for us.”

Cydney Moreau, a Louisiana-born former track athlete turned model and creator with a following across fitness, fashion and lifestyle, balances her work with life as a mom. Vylit is where she’s turning that following into a business for the first time, on her own terms.

“As someone who is monetizing my content for the first time, knowing that I will have a say in how the platform treats other creators means everything,” said Moreau. “It’s not every day a platform actually wants creators in the room while they’re building it. Knowing Vylit is making decisions with our interests at heart gives me the confidence to build here, and I’m excited to help shape where this goes.”

Crystal Jackson, known to millions of followers as Mrs. Poindexter, is the co-founder of EssentL, a company building business infrastructure and benefits for creators. A former engineer turned multi-platform creator and entrepreneur, she brings an operator’s understanding of what creators actually need from the platforms they build on.

“I’ve spent years building an audience and a business across platforms that weren’t built for today’s creator ecosystem,” said Jackson. “What drew me to Vylit is that they’re handing creators actual ownership and a real say in the decisions that affect us. That’s not something I’ve seen anyone else do, and I want to help build it right.”

Since launching, Vylit has positioned itself as the “HBO of social media,” a space between traditional social media and adult subscription platforms, where creators can be expressive, marketable and in control. The Creator Advisory Board takes that further. Rather than building the platform for creators and handing it over, Vylit is building it with them, giving them direct ownership and a say in its direction.

“The users driving value should have a say in the business,” said Ami Gan, Co-Founder and CEO of Vylit. “Creators understand culture and digital monetization better than anyone. At Vylit, that expertise earns them a real seat at the table.”

“We didn’t want to build another platform where creators show up after the fact,” added Kailey Magder, Co-Founder and COO of Vylit. “We want them involved from day one, shaping the product, the community and the direction of the business.”

Vylit truly puts creators in charge, giving them real ownership and a direct say in how the platform evolves. The Creator Advisory Board is just the start.

To learn more, visit https://vylitworld.com/

To access the media kit, click here.

ABOUT VYLIT
Vylit is an 18+ creator-first social platform redefining how adults share, discover and monetize content. Co-founded by Amrapali (Ami) Gan and Kailey Magder, Vylit was created to fill the gap between traditional social media and creator platforms, offering a premium digital experience for expression. Built as “the HBO of social media,” the platform allows topless content while prohibiting explicit material, giving creators greater freedom. Vylit combines social connectivity with built-in monetization, interest-based discovery through its Vybe Matching Engine, and in-house AI Image Generation and Chat tools designed for its users. Learn more at www.vylitworld.com.

FOR PRESS INQUIRIES
pr@vylitworld.com

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SOURCE Vylit World

Technology

CNBC Names PayJoy one of the World’s Top FinTech Companies of 2026

Published

1 minute ago

July 23, 2026

Recognition highlights PayJoy’s leadership in emerging market consumer finance

SAN FRANCISCO, July 23, 2026 /PRNewswire/ — CNBC and Statista have named PayJoy to the “World’s Top Fintech Companies 2026,” which honors companies providing digital funding and bank-independent lending solutions for individuals and businesses. PayJoy is a leading financial services provider for underserved consumers across emerging markets.

Now in its fourth edition, the ranking identifies 500 leading companies across eight fintech market segments worldwide, including Payments, Neobanking, Wealth Technology, Digital Assets, Enterprise Fintech, Insurtech, Regtech, and Alternative Financing. Companies were evaluated using an aggregated scoring model built on both general and segment-specific KPIs, drawing on desk research from publicly available sources alongside company self-reports submitted through an open application process.

PayJoy’s inclusion reflects its work bringing credit access to the emerging middle class in Mexico, Colombia, Brazil, Panama, Peru, Ecuador, South Africa, the Philippines, and Indonesia, nine countries where traditional financial infrastructure has long excluded first-time borrowers.

“This recognition from CNBC and Statista is a meaningful validation of the work our team does every day,” said Doug Ricket, PayJoy CEO and Co-Founder. “Millions of people across the markets we serve are building credit for the first time through PayJoy. Being named among the world’s top fintech companies reflects the scale and impact of that work.”

For more information on the full ranking, visit https://www.cnbc.com/worlds-top-fintech-companies-2026/

About PayJoy
PayJoy expands credit access across emerging markets through point-of-sale financing and card offerings. Its proprietary secured-credit technology enables first-time borrowers to responsibly build financial stability and participate fully in the modern economy. Through its cutting-edge machine learning, data science, and anti-fraud AI, PayJoy has financed over $3.5 billion of loans to more than 20 million people and employs over 1,000 people worldwide. For more information, visit https://www.payjoy.com/

Contact
payjoy@thekeypr.com

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SOURCE PayJoy

Technology

Youngstown Innovation Hub Breaks Ground at YBI’s 107 Building

Published

1 minute ago

July 23, 2026

YOUNGSTOWN, Ohio, July 23, 2026 /PRNewswire/ — As the United States works to strengthen its aerospace and defense manufacturing base, the Youngstown Innovation Hub for Aerospace & Defense broke ground today on YBI‘s 107 Building in downtown Youngstown, positioning the region as a national proving ground for advanced and additive manufacturing. The Hub is managed by the National Center for Defense Manufacturing and Machining (NCDMM).

Youngstown Innovation Hub for Aerospace & Defense breaks ground at YBI’s 107 Building.

The Hub is one of four Innovation Hubs established across Ohio as part of a statewide initiative to strengthen innovation-driven economic growth. Once complete, it is projected to generate approximately $161.6 million in economic impact, create 450 new jobs, and produce 185 new STEM credential opportunities and 40 internship opportunities by 2029.

The groundbreaking comes as Ohio was recently ranked the No. 1 state for business in America by CNBC’s 2026 America’s Top States for Business rankings, up from No. 5 in 2025.

Ohio Lt. Governor Jim Tressel attended and delivered remarks at the ceremony.

“Today is about more than renovating a building. It’s about building opportunity for Ohioans,” said Lt. Governor Tressel. “The Mahoning Valley has always been defined by the people who make things, solve problems, and never stop working toward a better future. This Innovation Hub builds on that proud tradition while preparing the next generation for in-demand careers in manufacturing.”

Hub and YBI leadership also spoke at the ceremony.

“Today’s groundbreaking of the Youngstown Innovation Hub represents much more than the start of a building renovation. It reflects what can happen when state, regional, industry, academic, and community partners come together around a shared vision for the future of manufacturing, aerospace and defense innovation,” said Megan Malara, Ph.D., director of the Youngstown Innovation Hub.

The renovation is made possible in part by a $750,000 state capital investment. Ohio State Sen. Al Cutrona and state Rep. Lauren McNally were credited with helping advance the funding request through the legislative process. YBI also recognized the broader Lake to River legislative delegation, including state Reps. Nick Santucci, Tex Fischer, Monica Robb Blasdel, Dave Thomas, and Sarah Fowler Arthur, for their support, as well as U.S. Sens. Jon Husted and Bernie Moreno for their support of the project in the U.S. Senate.

Speakers at the ceremony included Ohio Lt. Gov. Jim Tressel; Lydia Mihalik, director of the Ohio Department of Development; Mary Mertz, director of the Ohio Department of Natural Resources; Julius Oliver, 1st Ward Councilman for the City of Youngstown; State Sen. Al Cutrona; State Rep. Nick Santucci; State Rep. Lauren McNally; and Megan Malara, Ph.D., director of the Youngstown Innovation Hub. Barb Ewing, CEO of YBI, served as master of ceremonies.

The City of Youngstown, which committed $1.35 million in local matching funds to the project, was represented at the ceremony. John Wilczynski, executive director of America Makes, attended, and Barb Ewing recognized Kimberly Gibson and Alexander Steeb of America Makes for their roles in advancing the project.

Upon completion, the five-story, 130,000-square-foot concrete-framed building will offer flexible space for offices, workspaces, and display areas, along with robust power capacity to support multiple high-demand tenants. The building’s security features, including limited access points and naturally separated manufacturing bays, are designed to meet U.S. Department of War contracting criteria, positioning tenants to compete directly for federal defense work.

“It’s great to finally be transitioning from talking about this project to actually working on it. We appreciate all the support we’ve had from our political leaders and the community. YBI is proud to be a part of the project team that’s changing the trajectory of the Mahoning Valley,” said Barb Ewing, CEO of YBI.

Companies looking to expand, relocate, or enter the aerospace and defense manufacturing sector are encouraged to visit the Youngstown Innovation Hub website at youngstownhub.us.

About the Youngstown Innovation Hub for Aerospace & Defense

Managed by the National Center for Defense Manufacturing and Machining (NCDMM), the Youngstown Innovation Hub is a national proving ground for advanced and additive manufacturing, strengthening U.S. aerospace and defense supply chains and workforce development. Learn more at youngstownhub.us.

About YBI

YBI is a globally recognized economic development nonprofit, advancing innovation and growth across Ohio and beyond. Through a flexible suite of high-quality entrepreneurial services and resources, YBI supports startups, small businesses, and manufacturers at every stage of development. For more information, visit ybi.org.

Media Contact:
Jessica Sprowl, Marketing and Communications Director, YBI
jsprowl@ybi.org

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SOURCE YBI