The Virginia Coalfield Economic Development Authority (VCEDA) was formed by the Virginia General Assembly in 1988 to enhance and diversify the economy of the seven-county, 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.

2024 was another successful year for the region, with the following being some of the highlights of the year:

» The announcement of 21 new projects in the region, projected to create 199 full-time and 80 part-time jobs and $5,387,526 in private investment.

» The announcement of 3 expansion projects in the region, projected to create and retain 208 fulltime jobs and $13,480,000 in private investment.

» The approval by the VCEDA Board of 37 loans and grants for $13,342,233.29 in new VCEDA funding for projects in all 7 counties in the VCEDA region, projected to help create 192 full-time and 80 part-time jobs and $7,107,526 in private investment.

» The closing of 42 approved loans and grants totaling $9,111,600.27 for a projected 558 new and retained full-time jobs, 157 part-time jobs, and $33,768,781 in private investment.

» Twenty new business start-ups in the region supported by grants from VCEDA’s Seed Capital Matching Fund program, projecting a total of 73 full-time and 80 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 securing of federal funding needed to complete the Coalfields Expressway as a four-lane highway from Grundy, Virginia to Buchanan County’s Southern Gap development.

Important projects announced during the year in the region include the location of WRAP Technologies to Norton, Va., projecting 126 new full-time jobs. In 2024, VCEDA closed a $3.16 million loan to the Norton Industrial Development Authority to help construct a facility for WRAP Technologies. Simmons Equipment Company also announced a major expansion of its operations to Lebanon, Va., which was assisted by a $500,000 loan and a $187,500 grant approved by VCEDA. VFP, Inc., which VCEDA has assisted with several expansions, announced it was expanding again in Scott County and adding 50 new jobs. Bird Dog Distributors, recruited by VCEDA to Dickenson County a decade ago, announced an expansion projecting 43 new jobs. Also this year, ribbon-cuttings were held on two important VCEDA-assisted projects announced last year – the new CNX Resources Virginia headquarters at Richlands, Va. with 75 new and retained jobs and the new Tate data center components manufacturing operation at St. Paul, Va. with a projected 170 new full-time jobs. Loan and grant funds were approved by VCEDA for a variety of projects throughout the year including for infrastructure development, building construction, workforce development and training, tourism development, and entrepreneurship.

As always, the successes of 2024 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.