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Virginia Coalfield Economic Development Authority

Virginia Coalfield Economic Development Authority. Joint Meeting of the Commission on Electric Utility Restructuring and the Coal and Energy Commission September 8, 2004. VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY Employment by Major Industry—12/31/91vs. 12/31/01. Employment Sectors.

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Virginia Coalfield Economic Development Authority

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  1. Virginia Coalfield Economic Development Authority Joint Meeting of the Commission on Electric Utility Restructuring and the Coal and Energy Commission September 8, 2004

  2. VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY Employment by Major Industry—12/31/91vs. 12/31/01 Employment Sectors Virginia Employment Commission: 9,025 Jobs Gained;6,053 Mining Jobs Lost; 779 Net Jobs Gained in these Sectors.

  3. Sector Gains • Services—3,819 jobs gained (41% increase) • Government—1,848 jobs gained (15% increase) • Trade—1,713 jobs gained (13% increase)

  4. Sector Losses • Mining—6,053 jobs lost (52% decrease) • Manufacturing—2,026 jobs lost (28% decrease)

  5. Mining Industry Transition Coal production and employment:

  6. Mining Industry Transition Largest employers

  7. Virginia Coal Production, 1814- 1999

  8. Coal Industry Employment Source: Virginia Employment Commission ES-202 Annual Average Weekly Wage by Size Code and Annual Average Employment by Size Code. Note: 1999-2003 data is based on NAICS codes: 1988-1998 data is based on SIC codes.

  9. Natural Gas Production Source: Virginia Energy Patterns and Trends website

  10. Natural Gas Production Largest companies: Equitable Resources/EREX Consol, Inc. Pocahontas Gas Partnership

  11. Non-traditional economic development investments • Appalachian School of Law--$1 million loan • Grundy Town Relocation—$1.5 million loan • University of Appalachia School of Pharmacy—$3 million in matching loan funds • Dickenson Community Hospital—$1,765,000 loan

  12. Loans and grants as of 12/31/03

  13. VCEDA Approved Funds 1988-2003 This chart shows the amount of funds approved for loans and grants from 7/1/88-6/30/03, categorized by purpose.

  14. Re-Branding of Region • Consolidate into one organization • Drop Virginia Southwest Promise • Simplify and unify VCEDA brand • Slogan, “Virginia’s Energy Region” • Reflects natural resource history of region while focusing on the skill and ingenuity of the workforce for present and future industries.

  15. Target Industries • Automotive • Wood Products • Customer Contact Industry • Electronics • Metal Fabrication • Independent Power Producers

  16. Industry Announcements2004 • New Industry • AOL/Virtus Marketing, Norton, VA • 67 Jobs - $500,000 Investment • Blue Ridge Wood Products, Bluefield, VA • 160 Jobs - $3,600,000 Investment • Expansions • VFP, Duffield, VA • 72 Jobs - $650,000 Investment • Joy Manufacturing, Duffield, VA • 45 Jobs - $1,400,000 Investment

  17. VCEDADiversification History • Since 1988, 61 companies have been recruited to the Coalfield region. • 18 Information Technology & related companies • 4 Automotive companies • 9 Wood Products companies • 3 Electronic & related companies • 11 Textile & related • 14 Other

  18. VCEDA Diversification History cont’d • More than 9,298 jobs have been created as a result of these recruitment efforts • Investment in these industries exceeds $184,327,540 • 31 Existing industry expansions have occurred, creating 2,098 new jobs and investing $81,867,956

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