Republican Mitt Romney announced Monday via YouTube that he is forming a committee to explore a bid for the 2012 presidential race, according to BusinessWeek. Romney’s video focused on the subject of the economy, specifically regarding job creation.

The former Massachusetts governor played up his experience as a businessman who knows how to make small businesses grow. “I learned how America competes with companies in other countries, why jobs leave and how jobs are created here at home,” he said in the address.

Romney is now the second Republican, along with former Minnesota Governor Tim Pawlenty, to announce the formation of an exploratory committee. Polls show that Romney is among a group of popular Republican presidential hopefuls. President Obama also used YouTube to announce the beginning of his re-election campaign on April 3.

The formation of an exploratory committee is essential for him to be able to raise funds that would help him establish an able campaign for the future presidential race. This will be the second time Romney has made a bid for the presidency. Back in 2008, Romney lost against Arizona Senator John McCain in the Republican presidential primary race.

Announcements like this help prove that YouTube - and social media as a whole - is becoming one of the most important ways to engage constituents going into the future. The ability for videos on YouTube to be shared on other social networks are also a great asset to campaigns. As the 2012 presidential election closes in, expect to see more videos like these making the rounds on social networks.