This week in economic development news in Southwest Virginia and beyond:
On Monday, Gov. Terry McAuliffe announced the town of Boones Mill, Virginia would be receiving $600,000 from the state Industrial Revitalization Fund. The money will go toward converting a vacant property into an industrial park – a project Town Manager Matt Lawless was thrilled to be able to take on, thanks to the grant. The award came as a surprise to Lawless, who was notified only on Monday after anticipating results since January. Read the Roanoke Times’ full story, “Boones Mill gets funding for industrial building renovation,” here.
Meanwhile in Alexandria, Virginia, City Manager Mark Jinks is looking to stimulate economic development with the help of $35,000 to go toward funding a business recruitment and retention program in the city. The proposal comes at a time when Alexandria is looking to build up its own jurisdiction’s economy as surrounding jurisdictions become increasingly competitive. For more details, check out Washington Business Journal’s full story, “Alexandria girding up for economic development fight with its neighbors,” here.
In Southwest Virginia, the unemployment rate has declined dramatically from previous years, even amid news of major layoffs, like with the closure of Home Shopping Network in Roanoke County and Volvo, among others. Virginia Business reports that this phenomenon is occurring because newer technology-driven businesses have continually been adding new jobs to the region, offsetting the major closures. See the full story, “Big layoffs overshadow job growth,” here.
Know of any other economic development news going on in SWVA? Leave a comment below!