Magna International, the world's leading supplier of auto parts, will create 1,100 new jobs and invest more than $212 million into the Bowling Green/Warren County economy. The company announced it would become the Transpark's first tenant in December, but at that time it projected 300 new jobs and $140 million in investments.
ITA President Jim Vance says the dramatic increase in impact is due in large part to a new contract Magna has reached with a car company to produce supplies. Vance says he believes this may be the biggest one-time investment of jobs and money into the local economy.
"A typical multiplier is 6 to 1," Vance says. "So with 1000 jobs creating that much involvement, there's a lot of cars, lot of grocery stores, lot of schools, lot of support businesses to assist them."
The new jobs are expected to pay between $18-$27 an hour, and Magna officials are expected to begin posting individual openings soon. Construction crews are already moving dirt at the site of the new 960,000 square feet facility at the Transpark, slated to open late this year.