The Regional Commission maintains the Regional Economic Strategy (RES) report, annually updating economic data and aligning strategies with current goals and initiatives of the region. The RES document qualifies the region for funding assistance from the U.S. Department of Commerce-Economic Development Administration (EDA). A stakeholder committee of public and private sector representatives appointed by the Regional Commission actively participates in the planning process.
The RES process reviews economic conditions for NRVRC jurisdictions as the committee prioritizes economic development projects the region can undertake to address community needs. For example, recent data and economic trends in the New River Valley reveals the following:
- Nearly four years since the pandemic began in the U.S., its repercussions remain a significant source of uncertainty in understanding what demographic trends will look like for what remains of the 2020s.
- Inflation continues to impact both residential and commercial projects, with costs now well above the original estimates. This upward trend in expenses not only affects budget planning and financial forecasting, but also extends project timelines and challenges the feasibility of future developments.
- Entrepreneurship is booming with total U.S. business applications doubling in 2020 compared to recent years. Since 2016, the NRV shows a 48.9% increase in new business applications, highlighting the need for a robust support system including access to financial resources, comprehensive business education and mentorship programs, and an ecosystem that encourages innovation and provides networking opportunities.
For an in depth review of our region’s economic insights, we encourage you to read the New River Valley Economic Strategy. In July, a fully updated report will be released.
Should you have any questions or wish to review information related to the RES, please contact me at lpriddy@nrvrc.org.