As I dive into the 2024 data, a favorite holiday tradition of mine, the numbers paint a compelling picture.
For the Roanoke Region, the economic story of the past 11 months and beyond is one of resilience, collaboration, and continued transformation. The numbers and trendlines don’t lie, and the story they tell is clear: the Roanoke Region is on a strong growth trajectory, with an outlook that should inspire optimism and encouragement for the work being done.
So, let’s set the stage, consider with me a few key indicators that highlight the region’s remarkable progress:
- Employment growth: Between August 2023 and August 2024, the Roanoke metro outpaced the commonwealth of Virginia as a whole, the United States overall, and even larger metros like NOVA, Hampton Roads and several others in Virginia.
- Job creation: Since 2020, the Roanoke market has added over 3,300 jobs in education and health sciences and 1,700 in advanced manufacturing — growing significantly the volume of middle-class opportunities. That’s 5,000 good-paying jobs in four years.
- Population gains: Net in-migration in 2024, according to Moody’s Analytics, is projected to be nearly three times (267%) that of 2020, underscoring the region’s growing appeal to new residents.
- Record labor force participation: In 2024, Roanoke reached its highest-ever levels of employment and labor force participation, signaling a vibrant and engaged workforce.
- Historic investment: Companies assisted by the Roanoke Regional Partnership have announced 2,300 new jobs and $493.5 million in capital investment in the last two years.
These numbers are pulled straight from reputable sources such as Moody’s Analytics and the Bureau of Labor Statistics. These top economic observers shed light on the transformation our region is undergoing. The market is no longer in economic recovery but is now in the midst of economic expansion. This type of change doesn’t happen in a vacuum. Transformation requires creative partnerships, collective effort and a shared vision.
To truly understand the full scope of this change, let’s go back nearly 20 years.
Between 2007 and 2017, the region faced economic stagnation and job loss. Norfolk Southern’s corporate headquarters moved, and shifting economic winds meant that economic development wins of that era barely kept pace with those losses. But today’s Roanoke is a vastly different place, as the data clearly demonstrate.
This kind of turnaround is only possible through strategic initiatives. Efforts like Roanoke Outside, introduced in 2010 as the region’s first truly focused branding campaign, created a platform to attract visitors, businesses and talent by showcasing our outdoor culture and amenities. Similarly, the Get2KnowNoke talent attraction initiative, established in 2017, provides relocation support through local job boards, neighborhood finders, and community connections while equipping businesses with recruitment resources. These initiatives have significantly boosted our ability to promote the region’s exceptional livability and lifestyle, accelerating in-migration.
As Virginia Tech Carilion School of Medicine and Fralin Biomedical Research Institute at VTC became the cornerstones of our city’s Innovation Corridor, and technology-driven manufacturers such as Eldor, Constellations Brands and Altec began filling the industrial park at Botetourt Center at Greenfield — the Roanoke Regional Partnership leveraged those wins to launch the most ambitious strategy in its 40-year history, Thrive 2027.
The Roanoke Regional Partnership’s Thrive 2027 campaign, kicked off in 2022 with lofty goals to create 6,000 direct and indirect jobs, attract $350 million of new capital investment, boost in-migration, and increase the regional inventory of prepared real estate in a region consisting of eight localities spanning north to south from the Alleghany Highlands through Franklin County and encompassing the Roanoke metropolitan area.
The public and private leadership of the Roanoke Regional Partnership thoughtfully developed strategies around economic growth/innovation, talent attraction and workforce support, placemaking and real estate development to address critical regional needs and supporting each other to drive economic growth.
We’re halfway through the Thrive 2027 campaign and the results are undeniable. Thanks to collective effort by the private sector and local government partners, we have announced 2,300 direct jobs, an approximate 3,000 indirect jobs and $493.5 million of new capital investment. That’s 77% of the direct employment goal and 141% of the capital investment goal. These successes include impactful and innovative wins like the Tiny Cargo Company, STS Group and a record-setting expansion of Wells Fargo, among others.
These project successes represent companies that sell goods and services outside the immediate region and, therefore, bring new income to this region as a result. These capital investments each have a multiplier effect acting as a catalyst — driving new investments, supporting local businesses and fostering additional job creation. By attracting companies that generate income from beyond our borders, we build a stronger, more dynamic economy that benefits everyone in the community.
At the heart of this transformation is regionalism — the ability to collaborate across municipal and county lines to achieve shared goals. Roanoke’s public and private sector leaders have united in a way that exemplifies what’s possible when diverse stakeholders come together with a common purpose.
The public and private sectors contribute far more than just funding to the region’s success — they contribute time, effort and invaluable expertise. While financial investment is essential to build capacity and drive meaningful growth, the technical knowledge, project-specific insights and strategic guidance provided by these partners are equally essential. Similarly, the eight local government partners play an indispensable role, working tirelessly to attract new industries and support the expansion of existing businesses, ensuring the region’s continued progress.
This progress isn’t just about numbers on a spreadsheet. It’s about what those numbers mean for our community. More families have access to stable, good-paying jobs. Newcomers are discovering what we’ve always known — that Roanoke Region is an incredible place to call home. And our children are growing up in a region with opportunities that weren’t here just a decade ago.
Without regionalism, without investment from public and private partners, without a creative strategy to tackle complex challenges, much of what we’re celebrating today might have been lost. Businesses might have passed us by. Workers might have left for opportunities elsewhere. And the vibrancy we’re now experiencing might never have come to life.
The Roanoke Region is thriving because of the choices we’ve made as a community to invest in our future. But to sustain this momentum and to further build upon economic expansion, we need the continued support of everyone — business leaders, elected officials and residents alike. Regionalism must remain a top priority. Success is only achieved by working together.
Partnerships have always been the secret sauce to the region’s success, and I am proud to report partnerships remain strong and are paying dividends by way of record-setting economic growth.
Together, we thrive.
