Roanoke along with the entire region and Nation has felt the impact of the global pandemic on economic activity, especially in the hospitality and tourism sector. However last year and this year have proven just how resilient our local economy is, seeing some of the strongest growth in years. A recent report by Moody’s Analytics indicated a combined growth in the gross metropolitan product of more than 9% for our region – the highest in more than 15 years.
Projects such as Carilion’s $500 million expansion and the recent opening of the latest research facility at Fralin Biomedical Research Institute at VTC – a $90 million investment with 400 additional jobs, led the way. These key projects were joined by new investments in businesses in the technology, manufacturing, finance, hospitality, and retail sectors. The Roanoke Innovation Corridor and Downtown continue to be the focus of many of these investments through expansions and new startups were also located in Gainsboro, Grandin Village, Southeast, and along Franklin Road and Williamson Road.
Each of these investments demonstrates confidence in local market conditions and a vibrant future for our neighborhoods, corridors, and districts. These investments have been accompanied by major new events bringing thousands of visitors to our community and drawing attention from the world over – Carilion Clinic IRONMAN 70.3 Virginia’s Blue Ridge Triathlon and Virginia’s Blue Ridge Twenty24 are but two of the latest. Continued regional partnerships in the development of the Wood Haven Technology Park and Thrive 2027, the Roanoke Regional Partnership’s Strategic Economic Development Plan along with the City’s own economic development strategic planning effort about to kick off, preview many strong years ahead.
Economic Strength
