Wednesday, May 25, 2011
Study Says Lynchburg Area 'Recovered' from Recession
A new study from Virginia's Region 2000 Economic Development Council says the region anchored by Lynchburg has recovered from the “Great Recession.” The study concludes that “our diversified businesses – particularly in high wage, high growth sectors – are strong and are producing positive results for our region,” according to Bryan David, executive director of Virginia’s Region 2000 Partnership–Economic Development Council.
Mangum Economic Consulting conducted the analysis, concluding that the region’s employment trends remained positive for roughly a year longer than in other Virginia Metropolitan Statistical Areas (MSAs) or the state as a whole. The report also shows that recent data indicates that the region is rebounding more robustly than other major MSAs in Virginia.
Data for the first four months of 2011 indicate that year-over-year employment in Region 2000 is increasing by 2.6 percent on average, as opposed to -0.5 percent in the Roanoke MSA, -0.2 percent in the Virginia Beach MSA, 1.4 percent in the Harrisonburg MSA, 0.1 percent in the Richmond MSA, and 1.0 percent statewide.
“The Great Recession, as it is increasingly being called, provided a crucial real-world test for the Region 2000 Partnership’s economic development policies,” says Dr. Fletcher Mangum. “Those policies have focused on creating a business environment and human capital pipeline that is enabling it to restructure its industrial portfolio away from a near total dependence on the manufacturing sector, and toward a greater emphasis on professional and technical services.”