The economy of the seven-county, one-city, Virginia coalfield region, appears to be doing better than the rest of the Commonwealth and even the nation, according to a new report.
The study from Chmura Economics and Analytics found that the region’s current unemployment rate was less than that of the nation during the Great Recession. It also found that the coalfield region of Southwest Virginia is looking better than Virginia as a whole due to several factors, including a still strong coal industry, growth in professional business services and new construction.
The study further credits several ongoing economic development projects, including a power plant currently under construction in Wise County, and two technology-based companies that have employed several hundred in Russell County.
The study was presented last week at the annual meeting of the executive advisory board of the Virginia Coalfield Economic Development Authority. VCEDA was created by the General Assembly in 1988 to diversify the region’s economy and to create jobs in the so-called e-Region of Southwest Virginia. The agency has focused in recent years on jobs related to information technology, energy, education and emerging technologies in Tazewell, Buchanan, Dickenson, Lee, Russell, Scott, and Wise counties and the city of Norton. Just last year VCEDA approved $8.8 million in loans and grants for economic development projects throughout the seven-county region.
With an average unemployment rate of 8 percent, the seven coalfield counties are doing better than most other counties in the Commonwealth, according to VCEDA Executive Director Jonanathan Belcher.
“Our region is blessed with the coal and natural gas industries, growth in information technology sector jobs, and the tremendous economic impact of the power plant project in Wise County,” Belcher said last week. “All of these sectors are helping our region at this time, and our region is becoming more diversified.”
It’s good to hear of success stories that are emerging out of the seven-county coalfield region. We’ll take all the good news we can get in the most difficult of economic times.
We are encouraged by the efforts of officials to diversify the local Southwest Virginia economy.
While it is imperative that we continue first and foremost to support our local coal and natural gas industries, we also must continue to invest in new job creation projects that are supported by the majority of the citizens of the region, including the Bluestone Regional Business and Technology Park project currently under development near Bluefield, Va.
We believe the future of the coalfield region of Southwest Virginia is still bright. We welcome the efforts by VCEDA to promote growth in the energy, information technology, education and emerging technology fields.
Editorials
February 2, 2010
Outpacing the nation: Coalfield economy on the move in Virginia
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