This is the first installment of a series looking at economic growth in the New River Valley.

Steadily the New River Valley grows with an extremely diverse economy that continues to grow and prosper. According to Executive Director Aric H. Bopp of the New River Valley Economic Development Alliance, when talking about businesses that will help make our area grow he said, “Hi-growth businesses. We hear an awful lot about ‘hi-tech’ business but really what we are looking for is ‘hi-growth’ business.”

Bopp explained that “hi-growth” businesses could encompass a lot of things. “With the diversity we have in place, these businesses could be hi-tech, biotech, nanotech, food processing, data centers, plastics/polymers, home building products related, renewable energy, defense, transportation, heavy-truck, etc.,” he said. The companies need to utilize our truly diverse workforce that is a blend of highly educated, white-collar professionals and highly motivated, hard-working blue-/light-blue-collar professionals. We have a great mix of both in the region.”

Home of the Hokies, Montgomery County, with Virginia Tech, offers several incentives for new businesses to prosper in Montgomery County.

“Unlike many communities throughout America, experiencing little or no growth, we are fortunate to have lower than average unemployment and better than average expansion,” said Bob Isner, director of the Economic Development office in Montgomery County.

One of the biggest improvements Montgomery County has provided is the Smart Bus, which runs from Blacksburg to Roanoke at the low fee of $3 one way. Also in development in Blacksburg are several areas such as Kent Square, Clay Court, University Mall, and Virginia Tech Corporate Center.

According to Montgomery County’s Web site “in economic development terms, the target market simply refers to the business sector(s) on which the department will focus resources for recruitment and assistance. Through solid research, there is a clear vision of the industries that best fit our community’s needs and goals.” Some things they have include Information Technology Manufacturing and Service Industries, Plastic and Polymers, Transportation, and Biotechnology.

Created in 2002 and being revised as needed, a development plan has been made in Montgomery County. This plan calls for the need for the continuous development of industrial parks, sites and buildings, as well as industry recruitment effort based on “businesses of the future”; businesses based in higher technology skills and better pay.

“We sometimes provide modest assistance to industries that are expanding based on a reasonable ‘payback’ to the community,” Isner said. “These are based on jobs being created and capital investment.”

Located in the Allegheny Mountains portion of the southwest portion of Virginia, Giles County has a long history of industrial development. In January of 1994, the Enterprise Zone was established in Narrows and lasts until December 2013. The areas included in the zone are 188.58 acres that encompasses the Narrows Central Business District, also including Monroe and Main Street, and recently added along US 460.

Some things that Narrows is doing to try to bring in new business to the area includes reduced utility fees, BPOL (Business, Professional, and Occupational License) tax rate reduction, waiver of permit building fees, creation of a bank loan pool, and many more.

Together the NRV are coming together to create cooperative efforts to enhance economic development success. The NRV Economic Development Alliance has been created to influence the limited funds in advertising, tradeshow recruitment, and public relations exposure. For regional plans, water, sewer, and telecommunications infrastructure are an ongoing process.

The individual counties also rank education and infrastructure at the top of the list. “Our school systems have to continue to be strong so that we have a readily available educated workforce and we need to make sure we have the infrastructure in place to support new business and industry (water, sewer, fiber, rail, road, etc.),” Bopp said.

Between New River Valley Community College, Radford University, and Virginia Tech, the higher education institutions provide a very unique combination of resources to attract and keep a good portion of the growth for the entire New River Valley.

“Our modest taxes, lower cost to conduct business, and quality of life seem to be the formula for continued success … we will work to protect and enhance all these assets as we move forward,” Isner said.

Anna Keffer is an intern for the New River Voice.