The Roanoke Regional Partnership Announces Thrive 2027 Campaign Raises over $4 Million

Just three months after announcing the public phase of Thrive 2027, the Roanoke Regional Partnership is pleased to report that the campaign surpassed its $3.6 million fundraising goal. The bold, five-year economic development plan will bring more than $4 million dollars to accelerate the local economy and enhance the region’s competitiveness for business and talent attraction.

John Hull, executive director of Roanoke Regional Partnership, standing at podium with board members seated behind him

In total, Thrive 2027 raised $4,041,900, pledged over five years, to achieve four initiatives for the Roanoke Region: economic growth and innovation; talent attraction and workforce development; commercial real estate and infrastructure; and placemaking and livability. Success measurements for these initiatives are the creation of 3,000 new jobs, $350 million in capital investments, a 10-percent increase in population growth from in-migration, a 15-percent increase in per capita income, and a 300-percent increase in inventory of certified sites by 2027.

John Hull, executive director with the Roanoke Regional Partnership, said, “More than 122 businesses across all sectors representing the diverse geography of the Roanoke Region of Virginia have made the commitment to invest in future growth for our great region. The Roanoke Regional Partnership is well positioned to continue its long tradition of generating significant economic wins and building a strong, diverse economy. The economic progress that we have seen and will continue to enjoy is made possible by the leadership and investment of both the public and the private sectors working together.”

The fundraising announcement was made to investors on Thursday, May 11 at the Vinton War Memorial. “I am very encouraged, although not surprised, to see the business community showing pride in the current state of our region and optimism about the future. Their commitment, alongside our local municipalities’ continued support, will allow the Roanoke Regional Partnership to help lead the way for success in the next five years and beyond!” campaign co-chair and CFO of Carilion, Don Halliwill, said of the campaign’s success.

“With this strong demonstration of support, the Roanoke Regional Partnership is positioned to facilitate economic growth, talent development, real estate investment and improved livability for this region.” Paul Nester, campaign co-chair added.

Cathy Underwood, campaign co-chair, recognized the strong role collaboration and community pride played in Thrive 2027’s success. “A team of incredible community leaders, along with Partnership staff, has worked tirelessly over the last 10 months to achieve this success. It is always exciting to see a community come together and invest their time and financial support in something as important as this work.”

The Roanoke Regional Partnership, which includes eight municipalities and more than 120 businesses, has a long history of success with economic and community growth. Five years ago, the Partnership launched the Accelerate 2022 fundraising campaign; despite the fourth year of the campaign overlapping a pandemic, Accelerate 2022 was a success that is still delivering results today. Thrive 2027 will work to continue that momentum and keep the Roanoke Region growing with a commitment to entrepreneurship and innovation, greater regional coordination on employer talent needs, regional coordination on real estate and infrastructure needs, and attracting and retaining an increasingly diverse segment of people and businesses by expanding the region’s livability story.

The Partnership is grateful for the generosity of the Thrive 2027 investors and volunteers who contributed to the success of this campaign. For more information visit https://roanoke.org/thrive-2027-investing-in-our-future/

 Several men holding plants smiling at the camera in a conference room

Würth Revcar Fasteners Expands in the Roanoke Region of Virginia

Würth Revcar Fasteners, Inc., a Würth Industry North America company and part of the worldwide Würth Group, has announced an expansion in the Roanoke Region. Würth Revcar Fasteners is adding 50 jobs and investing $5 million in renovations to an existing facility on Avery Row in Roanoke County.  The facility on Avery Row will serve as the company’s new headquarters and its primary distribution center for the East Coast. It will be used to ship directly to customers throughout North America and distribute inventory to eight regional branch locations.  The building will be the single largest Würth facility in North America and is expected to open in the third quarter of 2022.

Würth Revcar Fasteners is a full line/full-service assembly component supplier and an approved level one fastener distributor to many US Navy and military accounts worldwide. Revcar Fasteners was founded in Roanoke in 1969 and has been headquartered in the Roanoke Valley since that time. The Würth Group, the world’s largest industrial distributor and leader of innovative supply chain solutions, acquired the company in 1996 as part of the Würth Industry North America network of companies. Würth Revcar Fasteners has enjoyed steady growth over the years and has expanded its primary service area to include the East Coast and Gulf Regions of the United States.

“We are excited to relocate Würth Revcar to a new, larger headquarters in Roanoke,” shared Dan Hill, chief executive officer of Würth Industry North America, “This move represents another significant milestone for our fast-growing organization. The new facility supports our customer-centric distribution strategy in North America while accommodating our growing team. The additional space will also help drive innovation and provide the opportunity for further expansion.”

“We are excited about the opportunity for a world class headquarters that will allow us to attract, retain, and develop top talent in the same location as a highly efficient, large scale distribution facility,” said Chapman Revercomb, managing director of Wurth Revcar Fasteners. “We expect to add 50 office and warehousing positions as we ramp up operations in the new facility,” he added.

Würth Revcar Fasteners’ deep ties to the region guided the company as they conducted a thorough location search. “We are excited that 1 Avery Row will allow us to remain in the Roanoke Valley, where we’ve been headquartered for more than 50 years.”

According to Revercomb, their initial investment is expected to be in excess of $5 million in office renovations, sustainable energy solutions and warehouse infrastructure, with subsequent investments in warehouse automation and equipment to far exceed this first phase of investment.

The parties to the transaction express their appreciation to the Roanoke Regional Partnership and Roanoke County Economic Development for their role the project and for fostering a business environment that attracts new development and retention of Roanoke-based businesses.  Cushman & Wakefield | Thalhimer represented Würth Revcar Fasteners.  Binswanger represented the property owner, Blue Ridge Partners, L.L.C.

“As a family-owned company with a 75-year history, we place the utmost importance on positively impacting the communities we operate in, and we are thrilled to play a role in the growth of the Roanoke area through our new building,” says Dan Hill.

Virginia’s Talent Accelerator: A Leading Workforce Program

In 2019, the Commonwealth of Virginia realized that recruiting skilled talent and workforce development were crucial factors when it comes to location selection for businesses evaluating expansion and relocation projects.

That was the genesis of the Virginia Talent Accelerator Program.

Foundry at Kroehling Advanced Materials Foundry, Virginia Tech

Since the program’s inception, state and regional partners have created a world-class, turn-key custom recruitment and training incentive program that marries the community college system and workforce partners with public and private entities. The state made a significant investment into this program, and it’s paying big dividends for businesses operating in Virginia.

In its second year of operation, the Virginia Talent Accelerator Program ranked second nationally by Business Facilities magazine.

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Cost Advantages Bolster Economy in the Roanoke Region of Virginia

We crunched the numbers on recently published findings, and they tell a story that we here in the region already know – when it comes to the cost of doing business and the cost of living, the Roanoke Region offers serious advantages. Moody’s recently released data on the cost of doing business indicating Roanoke sits 18% lower than the national average.

This index incorporates costs including workforce, energy, taxes, and real estate to arrive at a national comparison. These cost advantages are fueling the region’s competitiveness and increasing economic growth projections.

Cost of living adds depth to this story as a complex mix of metrics that showcase the overall affordability of a region in a multi-faceted world. Numbers released by the Council for Community and Economic Research ranked the Roanoke metro area as the 57th lowest-cost metro in the nation with costs lower than 78% of participating metros, and 11% less than the national average.

Cost of Living Overall Third Quarter 2021
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