The TNV Economic Scorecard: September 2010

Of all the economic indicators available to him, unemployment is most important, Lt. Gov. Bill Bolling said.

“We have got to get that number down,” he said. “Economic development is the rising tide that can raise all ships. It helps families, businesses and government.”

That’s why his first priority is negotiating deals that create jobs like nonwovens maker Polymer Group Inc.’s $65-million expansion in Waynesboro, the lieutenant governor said.

“I’m excited about our progress,” Bolling said. “In the last month, we’ve secured 150 economic development deals. Economic growth is driven at the national level. What we can do at the state level is position Virginia to take advantage of any change at the national level.”

Waynesboro’s unemployment rate has remained stagnant. In July, it was 8.8 percent, the same as a year ago and a slight increase from 8.7 percent in June. The labor force and number of people employed have fallen slightly over those periods.

Still, the approach at the local level is the same, Bolling and others said. An aggressive economic development strategy is the key to making the city’s stagnant economic indicators budge, he said.

“You look at all the numbers, but it’s the ability to get people back to work that matters most,” he said.

To that end, PGI’s expansion, which brings 41 jobs, is a sign of hope for Waynesboro and also of the work yet to be done, Mayor Frank Lucente said.

“Forty jobs is good, but in my opinion, that’s a start,” he said. “If we could do this 100 more times, that’s when we can say we’ve got something. To turn this economy around, we have to start producing and have plants that make things. That’s where you get your wealth.”

Assistant City Manager Jim Shaw said this type of expansion could make for an especially strong impact on the city’s economic indicators.

“The jobs created are adding more than $1 million in total payroll,” he said. “It helps secure the jobs that are here, and the city will see return on investment through real estate and machine and tools taxes.”

In terms of job creation, the expansion is already having an impact, Vice Mayor Bruce Allen said.

“We already have people working at the site that wouldn’t be here,” he said. “That’s going to bring more money into the city now through the completion date.”