In the once-thriving industrial center of Youngstown, Ohio, today, news of a $30 million public-private advanced manufacturing partnership is turning conversations of the failing "rust belt" into that of a new and thriving "tech belt."

The change comes with the announcement from President Obama that a consortium of regional businesses, universities and nonprofit organizations has been awarded $30 million by the Department of Defense and the Department of Commerce to establish the National Additive Manufacturing Innovation Institute.

The NAMII will be composed of a core group of manufacturers, research universities, community colleges and non-profit organizations throughout Northeast Ohio, Pennsylvania and West Virginia, which will contribute an additional $40 million to the partnership.

"I'm pleased that we are taking steps to strengthen American manufacturing by launching a new manufacturing institute in Ohio," president Obama said. "This institute will help make sure that the manufacturing jobs of tomorrow take root not in places like China or India, but right here in the United States of America."