ROCKY MOUNT, Va. (August 17, 2010) – Trinity Packaging Corporation, a manufacturer of food service and industrial plastic bag products, today announced that it will make a multi-million dollar investment in an additional facility in Rocky Mount that will create 25 new jobs over the next 36 months and, more importantly, retain 75 existing full-time positions.

The company has purchased the former Erath Veneer building, which is adjacent to the facility Trinity has operated since 2002 in the Franklin County-Rocky Mount Industrial Park. The company’s investment will include the building purchase, new equipment and expanded infrastructure.

Headquartered in Armonk, New York, Trinity Packaging was founded in 1917 as Trinity Bag and Paper Company. In 1979, Trinity entered into the plastics market and throughout the 1990s expanded its plastics product offerings to include retail store bags, mailing envelopes, food service bags and lawn and garden bags. Trinity is now widely considered a leader in innovation and plastic products for the entire North American market. Trinity also operates plants in Lewistown, Pennsylvania and Pueblo, Colorado. Virginia successfully competed against Tennessee, Pennsylvania, Tennessee, Utah, and Wisconsin for this expansion.

"Our people are our greatest asset and the work ethic of people in the Rocky Mount area is outstanding" said Dan Mills Trinity V.P. of Operations. "We were very pleased with the responsiveness of officials from Franklin County, the Town of Rocky Mount, the Roanoke Regional Partnership and the Commonwealth of Virginia as they worked to help us make the expansion happen here."

“Trinity Packaging’s success with its Rocky Mount facility helped drive the decision to expand here,” said Charles Wagner, chairman of the Franklin County Board of Supervisors. “In these tough economic times, adding jobs has never been more important. But Trinity Packaging’s decision is also a testament to the excellent business climate in Franklin County and the Commonwealth.”

“It’s always gratifying when a local company expands in place,” said Beth Doughty, executive director. “It proves what we always say about the region as a great place to do business and live.”

“The Town of Rocky Mount is committed to working with our existing businesses to help them expand,” said Mayor Steve Angle. “We are pleased that Trinity has put an idle building back into service, demonstrating what we can do with the private sector when we partner to develop employment opportunities.”

The expansion will allow Trinity Packaging to increase the capacity of its Rocky Mount plant by hiring additional production workers for its printing and extrusion processes, as well as expanding space for new equipment, raw materials and storage. The company will begin hiring later this year and will work through the Virginia Employment Commission.

The company was aided in its decision by Franklin County, the Town of Rocky Mount, the Roanoke Regional Partnership, Virginia Economic Development Partnership, and Virginia Department of Business Assistance. The company will benefit from a state and local incentive package, which includes a $100,000 Governor’s Opportunity Fund grant and $100,000 in Tobacco Region Opportunity Funds from the Virginia Tobacco Indemnification and Community Revitalization Commission, in addition to local government grants, training funds from the Virginia Jobs Investment Program, and rail access funds from the Virginia Department of Rail and Public Transportation. David Cundiff, member of the Virginia Tobacco Commission, commented that, “It is a great honor to provide the citizens of Franklin County with the much needed funding to create and to sustain jobs in the county.”

The Roanoke Regional Partnership markets Franklin County along with Alleghany, Botetourt, and Roanoke Counties, Roanoke, Salem, and Vinton to new and expanding industry. Since 1983, the Partnership has assisted expansions and locations representing $1.3 billion in new investment and nearly 14,000 direct new jobs in the region.

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Fincastle, VA – Despite the current economic environment and the loss of the JTEKT auto assembly manufacturer, Botetourt County continues to maintain high financial ratings due to prudent financial management. The Fitch Ratings organization cited the following in support of its most recent AA+ rating of Botetourt county bonds:

  • robust reserve levels
  • strong commitment to pay-as-you-go capital financing
  • low overall indebtedness
  • above average amortization

Other factors that contributed to the rating rationale included: below average unemployment rates and above average wealth levels relative to the state and to the nation. The Fitch ratings also cited continued stability in the county’s economic base, and the maintenance of sound fund balance levels and balanced operations.

County Finance Director, Tony Zerrilla, explains that “the County has been able to withstand the current economic pressures by employing a proper blend of debt service and pay-as-you-go financings in combination with a high level of scrutiny regarding operational expenditures.” He also noted that “the County and Schools management staff contributed to the effort by applying preventative cost measures in order to contend with stagnant local revenues and revenue reductions from the State in FY10.”

The raters observed that “Botetourt’s financial position is strong.” To County administrators, the rating confirms that Botetourt County is well positioned to meet the fiscal challenges in upcoming years.

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Foreclosure activity in the Roanoke, Virginia MSA is down from a year ago and home sales and prices are up.

Last month saw foreclosure filings (default notices, scheduled auctions and bank repossessions) on 166 properties in the Roanoke MSA, according to RealtyTrac. That’s a 24.5 percent drop from April 2009. By contrast, foreclosure filings rose 12.9 percent statewide over the same period.

April also saw a 14.3% rise in the number of homes sold from both March 2010 and April 2009 and a 3.1% jump in the average home price over the year. Last month’s average price, $182,471, represents the second month in a row for a home price increase, according to the Roanoke Valley Association of REALTORS. The number of homes sold (328 in April) has risen every month this year and is up 89.6 percent from January.

Some call it shopping. We like to think of it as retail therapy.

The Roanoke Region’s retail scene has remained resilient even as other areas held on to their pocketbooks during the recession, mirroring positive economic trends for the region. Consider:

  • Per-household retail sales in the Roanoke MSA is $44,920 – 12 percent above the U.S. average of $39,837.
  • Per-household retail sales ranked No. 93 of U.S. metro areas in 2009 – up 52 spots from 2008.
  • Median household income within an hour’s drive is projected to grow at a faster rate than Virginia and the United States from 2000 to 2014, according to ESRI, a provider of geographic software and data.

The region’s retail options range from upscale boutiques to down-home shops, and popular national-brand stores to the oldest continuously operating farmer’s market in Virginia.

Thriving retail is a reflection of the region’s economic health.

Roanoke jumped 40 places to No. 39 in the annual Forbes.com 200 Best Places for Business and Careers. Forbes uses cost of doing business, projected job growth and educational attainment to determine the areas with the most economic opportunity.

And the Roanoke Region rose 42 positions to No. 126 of the 200 largest U.S. metro areas in a leading index of economic growth, the 2009 Milken Institute/Greenstreet Real Estate Partners Best-Performing Cities Index. The Milken ranking showed the Roanoke Region was the highest-ranking of Virginia’s major metropolitan areas for high-tech GDP growth from 2007-08.

What region has the most undergraduate college students per capita?

The Research Triangle? Boston-Cambridge? Austin? San Francisco Bay?

Try again.

Within an hour’s drive of the Roanoke, Virginia region are nearly 90,000 undergraduate students at 21 institutions of higher learning, from renowned liberal arts colleges to Virginia Tech, the state’s largest research university.

With a total population an hour in any direction from downtown Roanoke of more than 833,000, that means a per-capital undergraduate college student ratio of 0.108.

By comparison, the San Francisco Bay comes in at 0.060, with the Research Triangle at 0.057 and Boston-Cambridge and Austin tied at 0.049 (see box below).

The Roanoke region is surrounded by some of Virginia’s, and the nation’s, most recognized colleges and universities, including two law schools, a school of osteopathic medicine and a new medical school. While many people from the region choose the local colleges and universities for higher education, these institutions also attract diverse student populations from around the United States and the world.

When they’re here, college students enjoy some of the benefits that attract businesses and visitors to the Roanoke region – including easy access to the outdoors, a vibrant arts scene and sporting events.

Region
2009 Population Estimate
Number of Undergrads
Number Per Capita

Greater Roanoke Region

833,387 89,873 0.108
San Francisco-Oakland 4,302,282 259,045 0.060
Raleigh-Durham-Chapel Hill 1,589,073 90,278 0.057
Greensboro-High Point-Winston-Salem 1,185,589 66,240 0.056
Austin 1,659,847 82,345 0.049
Boston-Cambridge 4,495,827 223,986 0.049
Richmond 1,230,605 57,425 0.047

In addition to Virginia Tech, the greater region’s colleges include:
Central Virginia Community College
Dabney S. Lancaster Community College
Edward Via Virginia College of Osteopathic Medicine
Ferrum College
Hollins University
Jefferson College of Health Sciences
Liberty University
Lynchburg College
National College
New River Community College
Patrick Henry Community College
Radford University
Randolph College
Roanoke College
Skyline College
Southern Virginia University
Virginia Military Institute
Virginia Tech Carilion School of Medicine
Virginia Western Community College
Washington & Lee University


 

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