- Report Published -
|To Identify and Target Industries Suited for Location in Southside and Southwest Virginia|
|Virginia Economic Development Partnership|
|Appropriation Act - Item 96 L2 (Regular Session, 1996)|
|The Virginia Economic Development Partnership (VEDP), drawing on its research department, national and international marketing forces, and recent industrial recruiting successes, has identified target industries suited for location in the southside and southwest regions of Virginia. These recommendations also complement some of those industry sectors identified in Opportunity Virginia as key sectors for statewide growth. For southside Virginia, it is suggested that food products, lumber products, textile products and light assembly companies could be targeted. Transportation equipment and business services (e.g., telemarketing call centers) are suggested for southwest Virginia, in addition to light assembly and the traditional textile products. For both regions, encouraging increased exports would offer new sales growth opportunities. The rationales behind these conclusions are presented below. Naturally, all industries will still be welcomed in these regions, and the suggestion that certain industries be targeted does not imply that others will be discouraged in any way.|
VEDP recommends that the General Assembly consider studying the creation of an Industrial Site and Infrastructure Revolving Loan Fund that would be designed to remedy the shortage of sites and available infrastructure in southside and southwest Virginia. In that regard, the General Assembly might consider whether additional funding for the Shell Building Program would further this effort. In addition, VEDP recommends that, in order to recruit most effectively for southside and southwest Virginia, the General Assembly consider a review and study of investment tax credits and training tax credits, as well as expanding the job tax credit. Finally, it is recommended that worker training and export development received increased attention and funding for these regions.