CLEVELAND — The brand new headquarters of the Manufacturing Advocacy and Growth Network — or MAGNET — just opened in Cleveland. The nonprofit consulting group works with small and mid-sized manufacturers to help them grow.

What You Need To Know

  • Treasury Secretary Janet Yellen was in Cleveland Thursday to showcase the Biden Administration’s efforts to rebuild manufacturing in the U.S.

  • Yellen stopped by the grand opening of the headquarters for the Manufacturing Advocacy and Growth Network, or MAGNET

  • MAGNET is a nonprofit consulting group that works with small and mid-sized manufacturers to help them grow

Several local, state and even national leaders gave remarks during Thursday's ribbon-cutting ceremony.

Treasury Secretary Janet Yellen was one of those national leaders. She touted what she called President Joe Biden’s historic investments in American manufacturing in communities across the country, including Cleveland.

Yellen toured the new facility alongside MAGNET’s CEO Ethan Karp and Ohio Senator Sherrod Brown.

During her speech, Yellen talked about the significant economic struggles Americans have faced in the last two years amid the pandemic and climate disasters. 

But she said we’re in a time of economic renewal, pointing out that unemployment is at its lowest point in more than 50 years. 

Despite that, challenges remain. She said reducing inflation is a top economic priority. 

The focus now is to stabilize and strengthen the economy coming out of COVID-19.

The Bipartisan Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act are what she said are driving major manufacturing investments around the country, such as bringing Intel to central Ohio.

Yellen said that range of economic legislation also helped secure $100 billion in private sector funding for electric vehicle production, battery factories, and charging infrastructure.

“Since President Biden took office, we have created over 10 million jobs. Manufacturing jobs are growing at their fastest pace since the 1980s. Nearly 700,000 manufacturing jobs have been added since early last year and we’ve seen significant investments in American manufacturing, including right here in Ohio," said Yellen.

MAGNET officials said this new manufacturing hub in Cleveland will create 30,000 jobs and grow the local economy by $40 billion by 2032.