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.
Munters Group AB broke ground May 20, 2021 on a $36 million state-of-the-art facility in Botetourt Center at Greenfield. The 365,000 square-foot facility replaces an existing plant in Buena Vista, Virginia and all 200 employees will be retained to work in the new Botetourt location.
Munters Group AB is a global leader in innovative, energy-efficient and sustainable climate solutions for mission-critical processes. The expansive Botetourt facility will house manufacturing, research and development, and sales in the data center cooling systems and high-temperature industrial process systems industry.
“Today marks a milestone in the development of a new facility which will allow for the expansion needed to service the data centers market in the U.S.,” said Michael Gantert, president of the data center division. “Building in the Roanoke Region allows the company to continue caring for our workers while opening doors to attract additional team members.”
“Botetourt County welcomes Munters Group AB to our corporate community at Greenfield,” said Dr. Mac Scothorn, chairman of the Botetourt County Board of Supervisors. “The past several years has seen substantial growth as Botetourt continues to develop into one of the most competitive locations for companies looking to do business in Virginia. We are proud to add Munters Group and excited to see progress on the site.”