VCEDA helped $25M in private investment in 2023

LEBANON, Va. – Fifteen new projects and two expansions resulting in a projected 424 jobs and more than $25 million in planned private investment were announced in 2023, according to the Virginia Coalfield Economic Development Authority.

The agency last week filed its 2023 annual report with Virginia Gov. Glenn Youngkin and the Virginia General Assembly, according to a written statement.

Combined, the projects are projected to create 373 full-time and 51 part-time jobs.

“As always, the successes of 2023 were possible because of the region’s team approach as VCEDA and its economic development allies work towards a common goal for the betterment of the region,” said VCEDA Executive Director/General Counsel Jonathan Belcher. “It is this team approach that will continue to be critical as the region perseveres in its challenge to enhance and diversify the economy of the coalfields of Virginia.”

New project announcements made in 2023 included one of the largest manufacturing announcements in the region in years — the location of Tate Access Floors to St. Paul, Va., projecting 170 new jobs.

Others included the expansion of the Virginia company headquarters of CNX Resources in Tazewell County, the Heart Stone Lodge in Buchanan County and the location of Ronald Blue Trust to Wise County.

Funding from VCEDA’s Seed Capital Matching grant program assisted 10 new business start-ups with 58 full-time and part-time jobs projected.

The 15 new projects announced in the region in 2023 are projected to create 297 full-time and 50 part-time jobs and to generate $25 million in private investment, according to the report.

Two expansion projects are projected to retain 67 full-time jobs, create nine new full-time and one part-time jobs and to generate $900,000 in private investment.

In 2023, VCEDA approved 41 loans and grants for $13.25 million. Funding was approved for projects in all eight localities in the VCEDA region and are projected to help create or retain 516 full-time and 110 part-time jobs and to generate $27.66 million in private investment.

Loan and grant funds were announced by VCEDA for a variety of important projects throughout the year including for industrial site development, shell building construction, broadband, workforce development and training and tourism development, including several grants for the Breaks Interstate Park.

A February 2021 study of the seed capital matching fund completed by Virginia Tech’s Center for Economic & Community Engagement found that the VCEDA program had a very high return on VCEDA’s investment of approximately 34:1. The study also found VCEDA has played a critical role in the development of small businesses and in support of entrepreneurship.

VCEDA participated in 33 outreach marketing events to promote the region throughout the year. In 2023 VCEDA had 43 prospect visits and handled 212 inquiries about Southwest Virginia’s e-Region.

VCEDA began a new Foreign Direct Investment initiative in 2023 to encourage European companies to invest in and create jobs in the region. The program will reach out to companies in several countries through a digital media marketing campaign to promote Southwest Virginia’s e-Region internationally and through specific one-on-one meetings with companies identified in the course of the program, according to the report.

Another milestone achieved during the year was the opening of the first 2.57 miles of the Coalfields Expressway in Virginia, completed as a four-lane thanks to federal funding obtained with the assistance of the region’s federal legislators and the Virginia Coalfields Expressway Authority, for which VCEDA provides staff support. The Virginia Coalfields Expressway is deemed a crucial component in the economic development future of Southwest Virginia.

“VCEDA is committed to its mission and crucial role in helping to diversify the region’s economy,” said VCEDA 2023 Chairman Larry Mosley. “We look forward to continuing to help our region continue to diversify and grow.”

Members of the VCEDA Board in 2023 included Mosley as chairman; J.P Richardson, vice chairman; Andy Hrovatic, secretary; Esther Bolling, treasurer; and Carroll Branham; Barbara Altizer; Becky Coleman; Troy Nichols; Kathy Still; Maggie Asbury; Brian Hess; Scotty Wampler; Sonny Ciampanella; Rhonda Sluss; Duane Miller; and Tim Stuller. J.P. Richardson was elected chairman for 2024 at VCEDA’s December 2023 board meeting, with Larry Mosley as vice chairman.

A copy of the full annual report may be found at https://www.vceda.us/wp-content/uploads/2024/03/VCEDA-Annual-Report-2023-Compressed-File-Size.pdf.