RD76 - Virginia Coalfield Economic Development Authority 2010 Annual Report


Executive Summary:
It was an active year for the Virginia Coalfield Economic Development Authority and economic development efforts in the coalfield region of Virginia. Despite a slowdown in business location and expansion decisions due to national economic conditions, economic development progress continued in the region and saw one of the most active years ever in terms of economic development marketing of the region.

The year began on a high note with the annual meeting of the VCEDA Executive Advisory Board, where an economist told the group that the VCEDA region was performing better than the state average in terms of employment growth, and that regional unemployment rates were better than the national average. The first quarter also included several business development events including a marketing mission to the Data Center World Spring Expo. On March 30, Fortune 500 company DirecTV announced that it would create 100 new jobs in Southwest Virginia as part of its virtual call center program.

The pace did not slow in the second quarter, with VCEDA closing a loan on April 9 to help the Buchanan County Industrial Development Authority retain 48 jobs at the Council Industrial Facility. On May 20, VCEDA held the first region-wide existing business appreciation ceremony to honor 30 existing businesses from throughout the region that had made a significant impact on the regional economy.

The third quarter featured a host of events and activities including marketing missions to the International Woodworking Fair and COVITS. On August 23, KCG Call Centers announced that it would add 50 new jobs at its Pennington Gap operation, and on August 25, a ribbon-cutting ceremony was held on the new Appalachia America Energy Research Center in Wise County, for which VCEDA has approved up to $2,505,000 in funding.

The year concluded on a positive note with the December 17 announcement of a new college of optometry in Buchanan County that could create as many as 66 new jobs and even more economic impacts. VCEDA approved up to $5.6 million in funding for this important project on December 16. The final quarter of 2010 also featured several more business development events, including marketing missions to the Governor’s Conference on Energy and FABTECH. On December 10, VCEDA closed a grant to help plan for a possible school of dentistry in Wise County. In conclusion, the VCEDA Board maintained outstanding leadership in 2010 for the continued economic diversification and prosperity of the coalfield region of Virginia.