Region 2000 Economic Study for 2011 demonstrates resiliency of local economy
Study cites region’s favorable business climate and concentration in high-tech industries as positive forces in a better than average economic performance.
May 24, 2011
Virginia's
Region 2000 Economic Development Council (EDC) released a new regional economic
study today that addresses how the local economy has experienced and recovered
from the “Great Recession,” and provides an overall perspective on demographic
and employment trends in Region 2000.
Mangum Economic Consulting, LLC 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,” said 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.”
Bryan David, Executive Director of Virginia’s Region 2000 Partnership –
Economic Development Council, is pleased that employment data is rebounding
more rapidly than other major MSAs in the state.
“This shows, above all, the resiliency of our region’s economy,” Bryan said.
“Our diversified businesses – particularly in high wage, high growth sectors –
are strong and are producing positive results for our region.”
To read the full report, please visit: http://www.region2000.org/media-center.html