With over 3,300 businesses ranging from traditional mom-and-pops to high-growth small businesses, to headquarters of global corporations, the Lynchburg Region enjoys a diverse economy including nuclear technology, pharmaceuticals, healthcare, education, manufacturing and material handling. The area has a skilled labor force, a low unemployment rate and a below average cost of living. A diversity of small businesses within the Lynchburg Region has helped maintain a stable economy and minimized the downturns of the national economy.
With a proven track record of consistent growth, the Lynchburg Region is highly attractive to new and expanding businesses. In fact, the Region was ranked among the nation’s “Leading Locations for Business” by Area Development magazine.
Earlier this year, Tessy Plastics, a premier molder of custom injection molded plastic components, announced a $9.2 million expansion of its manufacturing operation in Lynchburg, which will create 34 new jobs. The state of Virginia successfully competed against New York for the project.
Innovairre Communications LLC, a global manufacturer of direct mail fundraising campaign materials for nonprofits, will create at least 12 new jobs in Bedford County and invest $4.85 million in Bedford County. Based in Cherry Hill, N. J., the company will occupy a facility on Elkton Farm Road in Forest. We’re thrilled that Innovairre selected Bedford County for this expansion,” said Mickey Johnson, chairman of the Bedford County Economic Development Authority. “The company has had a presence in Forest for 28 years, and we are proud to support its growth here.”
Standard Insurance Company has located in Altavista, and Pacific Life Insurance has headquartered its east coast operations in Lynchburg. In Bedford, Beale’s Brewery & Barbecue has opened in a historic building that once served as a woolen mill.
Lynchburg was re-designated as a Virginia Enterprise Zone (VEZ) in 2016. The VEZ program provides state and local incentives, attracting new business to the Region and bolstering existing ones. Businesses in enterprise zones can earn up to $200,000 in incentives during a five-year period in real property investment grants.
Water plays an important role in the Region’s ability to attract new business and retain existing ones. The Pedlar Reservoir and James River make the Region an optimal location for the food, beverage, and other industries. These sources provide more than 15 million gallons per day in excess water capacity, and drinking water meets or exceeds all state and federal regulations.