First annual Report on Regional Economic Progress shows mixed results
ROANOKE, Va., (Feb. 3, 2010) – The Roanoke Region’s population and income rose between 2006 and 2008, according to the Roanoke Regional Partnership’s first annual Report on Regional Economic Progress.
The report, which charts 14 indicators – ranging from business openings to boat ownership – was prepared by the research staff of the Roanoke Valley-Alleghany Regional Commission. It presents new data for the region served by the Roanoke Regional Partnership, which stretches from the Alleghany Highlands to Smith Mountain Lake.
“Tracking economic metrics is part of the program of the Roanoke Regional Partnership’s program of work so we can paint a realistic picture of the region’s economic prosperity and quality of life assets,” said Beth Doughty, executive director. The indicators will be monitored annually for the next five years.
The report shows a mixed picture of progress in population growth, income, taxable sales, business establishments, retail and restaurants, gross metropolitan product, new vehicle registrations, home sales, and metropolitan economic performance. Also included are quality-of- life indicators such as trail mileage, boats registered, state park attendance, Carvins Cove usage, and employment in arts/entertainment/recreation.
On the positive side, growth rates dramatically improved between 2006 and 2008 from earlier in the decade. Several localities went from losing population each year to positive growth. The region as a whole went from zero growth in the earliest part of this decade to 0.6 percent annualized growth between 2006 and 2008.
Another key indicator is income. Inflation-adjusted incomes have been stagnant in the region over the longer term. More recently (from 2004 to 2006, most current available), data suggests that the region has had faster growth than Virginia. The Metropolitan Statistical Area median adjusted gross income for married couples increased by 7.57 percent from 2004 to 2006, while the state’s increased just 6.11 percent. However, the region remains far off Virginia's income figures.
Quality-of-life indicators reinforce the region's new focus on promoting outdoor amenities. Virginia state park attendance in the region is increasing at a significantly higher rate than in the Commonwealth in general. Usage of Carvins Cove has grown as well. However, employment in the arts, entertainment, and recreation sectors have declined, losing ground against Virginia trends.
The indicators were selected to reflect a general picture of the economy and regional assets. Doughty says the report may be expanded in future years to reflect more assets and economic indicators. “The report is a communications tool to help people feel good about their region as well as identify areas that need continued attention. It’s a report card.”
A summary of the results was presented at the Roanoke Regional Partnership’s annual meeting on Feb. 4 at Hotel Roanoke. Doughty also gave a report on the work of the Partnership in 2009. Accomplishments included two new Web sites, www.roanoke.org and www.roanokeoutside.com, mentions in national media such as the Wall Street Journal, and events such as the Radical Reels Film Festival and the upcoming Blue Ridge Marathon on the Parkway. She noted that business recruitment activity was slow in 2009 as companies pulled back on capital investment. Activity in business recruitment and expansion included the opening of Lite Steel Technologies, expansion at Foot Levelers, expansion of Empire Foods, and the location of Cole&Russell, Architects.
ABOUT THE ROANOKE REGIONAL PARTNERSHIP
The Roanoke Regional Partnership was founded in 1983 as a regional economic development organization for the greater Roanoke area that includes Alleghany, Botetourt, Franklin, and Roanoke counties plus the cities of Roanoke and Salem and the town of Vinton. Its program of work includes image building, asset development, and business recruitment and has been involved in business locations and expansions that have created more than 13,600 jobs and $1.3 billion in investment in real estate and equipment. To learn more, please visit www.Roanoke.org.
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