RD27 - Tobacco Region Revitalization Commission 2022 Annual Report
Executive Summary: The Tobacco Commission was started by the 1999 General Assembly which understood the economy of Southern and Southwest Virginia was in need of economic assistance. First, per the legislation, the Commission focused on stabilizing growers and land owners. At the same time the Commission offered incentives to attract new businesses, and expand existing ones, that could offer employment opportunities to those in the region. The Commission also focused on improving the opportunities for citizens that needed a new set of workforce skills to meet the challenges of a changing economy. Commission efforts included new training programs at the community colleges as well as tuition assistance at four year colleges, community colleges, and our higher education centers. Under the direction of our regularly updated strategic plan, the Commission has made major investments in rural broadband and site development to attract new investment in the region. These efforts, after starts and stops from recessions and a pandemic, are now starting to bear fruit. The regions now are far better prepared for the twenty-first century and without these investments over the last two decades, the many successes of the tobacco region footprint would not exist. Currently, data centers have invested billions of dollars in the region and the region is home to some of the best industrial sites and mega sites in the Commonwealth. Companies have committed to capital investments at new and expanded businesses throughout the region and the region is set for even greater success in the coming years. It has become clear over the last twenty two years that the Commission is an invaluable resource for the communities we serve. Simply put, there is no other entity that can offer the types of large economic incentives and innovative programs the Commission can offer while retaining the ability to react to the shifting needs of the region. Therefore, it is vital that the Commission move forward in a sustainable manner. Over the past few years the Commission has taken important steps to ensure its long-term sustainability including an increased focus on lending. Our Community and Business Lending program is designed to get much needed up-front capital into the hands of businesses at appealing rates, and our Tobacco Region Opportunity Fund loan program allows the Commission to attract top employers and incentivize job expansion in a fiscally sustainable manner. Lack of access to capital was one of the most often cited issues facing our communities, and with these programs the Commission is able to offer compelling solutions to the problem. Today, there are additional areas the Commission is focused on in addition to the catalysts for economic growth identified early on. The Commission’s Talent Attraction Program (TAP) is in its fourth year and is an excellent example of the Commission’s ability to understand an issue, like a local workforce shortage for in-demand jobs, facing Southern and Southwest Virginia and craft an innovative solution that is both flexible and nimble enough to respond to the ever-changing local workforce needs of our footprint. TAP was created to encourage the best and brightest, from the Tobacco Region and beyond, to move to our communities and fill jobs in high-demand fields. To date, over 350 recent graduates have become part of the program and are now living, volunteering and working in our communities filling critical jobs such as public school teachers, physical therapists, electrical engineers, nurses, doctors, dentists and more. As we look ahead it is important for the Commission to continue to track and analyze the performance metrics of the TAP program to ensure the Commission’s return on investment is being achieved - that folks establish roots and stay in the region- using their skills and knowledge to improve our communities and make them an even better place to live and raise a family. Working with our local, regional and state partners, the Commission will continue to adjust TAP to ensure the program is providing an incentive that is a deciding factor in attracting and retaining these talented individuals in our footprint communities. We are proud of the successes of the Tobacco Commission over the last twenty two years, and we are excited about the next steps as we work with our partner organizations and localities. With the Commission’s continued focus on sustainability, innovative new programs, and the close ties we have to the communities we serve, we are confident that we can meet the challenges of the future and remain a valuable partner in developing a diverse economy in Southern and Southwest Virginia. |