Description

Similar to the national economy where
activity slowed somewhat in the second
quarter, employment growth in Virginia
decelerated during the same period. Retail
sales also slowed and initial unemployment
claims held steady in the state in contrast to
the decline of the last few years. Low
mortgage rates and appreciating home prices
are keeping housing activity on an upward
trend for now.
The transformation of the Danville economy
is the topic of this quarter’s feature article. As one of the hardest hit regions in the
state by textile and apparel losses, Danville has struggled to reinvent its economy.
The creation of the Institute for Advanced Learning and Research (IALR)—a topic
of our March 2003 feature—was a step in the direction of supporting a knowledge
economy that is now starting to bare fruit.
Twelve firms announced expansions into Danville since March 2004. Some of
those firms were attracted by the research to be performed at the IALR.
Nanotechnology is one initiative, among several, of the Institute that has been
staffed under the Institute for Nanotechnology Applications of Novel Organics.
Luna nanoWorks is a firm that has recently moved to the area with the expectation
of hiring interns from the local area and working with local institutions.
The economy continues to churn in Danville. The good news is that the churn is
now stirring in the right direction.