In the Roanoke region, we have worked deliberatively to leverage our competitive advantages, assets and amenities to create an attractive destination for business and talent. Through these efforts and targeted investment, particularly in the life sciences and advanced manufacturing sectors, our region has been a leader in attracting migration and employment growth, edging out larger metro areas, including Northern Virginia.
To build on this momentum, however, we must ensure we have the energy resources and policies in place to support our growing population and the evolving needs of businesses exploring expansion opportunities. We know that businesses will not continue to invest here without access to reliable, affordable energy.
Continued growth in advanced manufacturing and health care will require significant power, especially as these industries and their customers become increasingly reliant on artificial intelligence. Anticipating these energy needs, Gov. Youngkin and legislative leaders in Richmond have advanced proactive measures to build out our state’s nuclear industry. Last year, the governor signed legislation that would advance the deployment of small modular reactors (SMRs) in the commonwealth, and Appalachian Power has already announced plans to pursue the potential development of an SMR project in Campbell County.
As part of an “all-of-the-above” approach to energy generation, carbon-free sources like nuclear must work in tandem with renewable sources like wind and solar and more reliable sources like natural gas to meet growing regional demand. This flexible approach will protect residential and commercial consumers from over-reliance on one source of energy and ensure greater resiliency during extreme weather events. Just as important, a balanced energy policy will unleash innovation by incentivizing entrepreneurial companies to identify, develop and scale new energy solutions.
Over the last several decades, many global tech companies, advanced manufacturers and data centers have located in Northern Virginia and contributed billions of dollars to that region’s economy. Tax revenue from their investments has paid for schools, public safety, infrastructure and government services, while at the same time easing the tax burden on local residents. As these technology and knowledge-driven firms look to expand beyond Northern Virginia, our proximity to Virginia Tech, regional partnerships, vibrant culture and available land enhance our ability to recruit new business and a talented workforce to the region.
However, as prospective tech companies, advanced manufacturers, health care facilities and other high-energy users evaluate expansion opportunities, access to reliable and affordable energy will continue to be a decisive factor in their decision making. Shifting energy policies with expansive, unclear mandates create uncertainty and could ultimately harm our ability to compete with other regions. While access to clean, reliable and affordable energy alone is no guarantee of future economic success, its absence will almost certainly forestall future investment in the region.
