Written by PETER KUEBECK Sentinel Staff Writer
Saturday, 04 June 2011 07:56
More jobs are on their way to the city.
Sue Clark, executive director of the Bowling Green Community Development Foundation announced Friday that Vehtek Systems Inc. will be adding 250 jobs following an upcoming addition to their facility at 2125 Woodbridge Blvd.
Clark discussed the news at Friday's Chamber of Commerce Board of Directors meeting.
She indicated that the facility will be adding approximately 300,000 additional square feet, making the business, which provides "class A stamping, closures and welded sub-assemblies for the automotive industry," according to the Foundation's website, over 500,000 square feet in size. There will also be some additional construction for a traffic culvert over Poe Ditch to accommodate trucks.
Hot stamping presses will be added at the facility, which Clark said will be the first such machinery in Ohio, and it is expected to bring more business to the area. The work at Vehtek amounts to an investment in the community of about $105 million.
GKN Driveline, which provides automotive driveline components, is also planning a 105,000 square-foot expansion to its facility near Vehtek at 2223 Woodbridge Blvd., and is also expected to be adding some positions.
Clark said that several companies in the area are looking to hire more people, and said that, should the Cooper factory in the city indeed close, the impact that it may have on the loss of jobs in Bowling Green may not be as great as anticipated.
The real estate market in the city additionally appears to be healthy.
Providing the board's monthly business climate report, Andy Newlove of Newlove Realty indicated that from January to May of this year, the average sale price of a house in Bowling Green was approximately $160,000, up 12 percent from last year. The national average is $118,000, 25 percent lower than in the city.
Newlove indicated that there is a good inventory of homes, numbering 104. An inventory of 125 is normal.
"I'd rather have less than more," he said. The average price listing for a home is $171,000, and there are 26 pending sales.
There are additionally 27 listings for condominiums, averaging prices of $169,000, with five pending sales.
"We feel pretty good about where it's at, locally," he said.
Newlove said that last year there were 400 sheriff's sales of foreclosed properties, noting "that's a big number, obviously, for a county our size." However, only 17 of those properties, or four percent, were located in Bowling Green. Properties in Perrysburg made up 25 percent of the sales, which Newlove said possibly came from job losses or decreases of income on two-income homes.
Currently, there are 60 sheriff's sales scheduled in the next seven to eight weeks, with none in Bowling Green and seven in Perrysburg. The sales are trending toward areas like Millbury, Northwood, and Rossford, and towns like Bradner, Wayne and Weston have not fared well, he said.
Nationally, Newlove noted that housing prices rose one percent last month, the first gain since the spring of 2010.
Responding to a question, Newlove said that he doesn't see new housing starts in Bowling Green rising until prices stabilize. He said that he knows some local builders who are currently working almost exclusively doing kitchen remodels at this point.
The board also heard that work will be done in the coming months to file and form a foundation for the chamber. Member also heard that the chamber's annual golf outing will be held Aug. 31 at Stone Ridge Golf Club.
The chamber will next meet at 8 a.m. Aug. 5. There will be no July meeting.
Last Updated on Saturday, 04 June 2011 08:07