The Virginia Coalfield Economic Development Authority (VCEDA) was formed by the Virginia General Assembly in 1988 to enhance and diversify the economy of the sevencounty, one-city coalfield region of Southwest Virginia, which includes the counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell and Wise and the City of Norton. Since VCEDA was formed, the region has seen the creation of tens of thousands of jobs, billions in private investment, the economic diversity index of the region has improved by more than 250%, and the region’s unemployment rate has been cut by at least half.

2023 was another successful year for the region, with the following being some of the highlights of the year:

⇒ The announcement of 15 new projects in the region, projected to create 297 full-time and 50 part-time jobs and $25,051,013 in private investment.

⇒ The announcement of 2 expansion projects in the region, projected to retain 67 full-time jobs, create 9 new full-time and 1 part-time jobs, and $900,000 in private investment.

⇒ The approval by the VCEDA Board of 41 loans and grants for $13,250,633.10 in new VCEDA funding for projects in all 8 localities in the VCEDA region, projected to help create or retain 516 full-time and 110 part-time jobs and $27,665,152 in private investment.

⇒ Ten new business start-ups in the region supported by grants from VCEDA’s Seed Capital Matching Fund program, projecting a total of 31 full-time and 27 part-time jobs.

⇒ Thirty-three outreach marketing events to promote the region, which VCEDA promotes as Southwest Virginia’s e-Region, throughout the United States.

⇒ The initiation of a new foreign direct investment (FDI) initiative to encourage European companies to invest and create jobs in the region.

⇒ The opening of the first 2.57 miles of the Coalfields Expressway in Virginia, completed as a four-lane thanks to federal funding obtained with the assistance of the region’s federal legislators and the Virginia Coalfields Expressway Authority, for which VCEDA provides staff support.

Important projects announced during the year in the region included the location of Tate Access Floors, Inc. to St. Paul, Virginia, which at 170 projected new jobs is one of the largest manufacturing announcements in the region in years; the CNX Resources expansion in Tazewell County; the Heart Stone Lodge announcement in Buchanan County; and the location of Ronald Blue Trust to Wise County. The year also saw the announcement of new business start-ups through the VCEDA Seed Capital Matching Fund program in all seven counties in the VCEDA region. Loan and grant funds were announced by VCEDA for a variety of important projects throughout the year including for industrial site development, shell building construction, broadband, workforce development and training, and tourism development including several grants for the Breaks Interstate Park.

As always, the successes of 2023 were possible because of the region’s team approach as VCEDA and its economic development allies work towards a common goal for the betterment of the region. It is this team approach that will continue to be critical as the region perseveres in its challenge to enhance and diversify the economy of the coalfields of Virginia.