NOTE: This report is based on announcements of planned manufacturing and
nonmanufacturing capital expenditures; many of the new facilities announced
are not yet in operation. The information indicates the kind of new economic
activity occurring in the state; it does not measure total employment growth.
Information is obtained from the Department of Economic Development's public
and private sector contacts at the state, regional, and local levels, as well
as from publishes and Department staff. The information is obtained on a
voluntary basis and no claim is made that the lists are complete.
Fifty-seven manufacturing and nonmanufacturing companies announced plans for
new facilities or the expansion of existing sites in the Commonwealth during
the first quarter of 1993. These companies plan to create 4,775 new jobs in
Virginia and invest more than $570 million. Although announced employment was
down almost 12 percent compared to the first quarter of 1992, planned capital
investment was up more than 200 percent. Manufacturers accounted for 97 percent
of the planned investment, while the announced jobs were evenly divided between
manufacturers and nonmanufacturers.
First Quarter 1993
Announcements Employment Investment
Manufacturing 2,375 $556.15
Nonmanufacturing 2,400 $ 16.15
Total 4,775 $572.30
* In millions
Manufacturers announced a total of 2,375 new jobs and over $555 million in
investment. Thirty-one existing plants accounted for 1,620 new jobs and 13
new plants contributed 755 jobs. Nine plants announced plans to hire 100 or
more persons. Two of those companies plan to create at least 250 jobs.
Expansions accounted for 80 percent of the total manufacturing investment
in the first quarter 1993. Eleven companies announced investments of $10 million
or more. Seven of these companies anticipate investments of at least $20 million.
Sixteen of the twenty manufacturing Standard Industrial Classification codes
reported activity in Virginia in 1993. The industries most prominently
represented were: fabricated metal products (440 jobs); food and kindred
products (393); lumber and wood products (240); and printing, publishing,
and allied products (214). Together these groups accounted for almost 55
percent of the manufacturing jobs announced this quarter.
The nonmanufacturing sector projected 2,400 new jobs as a result of nine new
facilities and four expansions. Five of the 13 nonmanufacturers plan to create
300 or more new jobs. Nonmanufacturing activity this quarter included
headquarters operations, wholesalers and distributors, and other business
considered basic employers.
The Commonwealth is divided into six geographic regions for purposes of analysis
(see attached map). In the first quarter of 1993, all six regions experienced
increased economic activity, with each region announcing the location of at
least one new firm and one expansion.
The Valley Region had the most announcements of the six regions. Typically,
manufacturers account for the majority of activity in this region. Manufacturing
accounted for 14 of the 16 announcements and 97 percent of the total investment.
However, new jobs created were evenly divided between manufacturers and
nonmanufacturers. This was due largely to an expansion by a nonmanufacturing
firm, Orkand Corporation, in Salem adding 400 jobs. Other significant
announcements in the region were: Transkrit Corporation, a new plant in
Roanoke City (170 jobs); and Yokohama Tire Company, a $33 million expansion
in Salem.
Regional Activity First Quarter 1993
Announcements Employment Investment
Valley 837 $131.05
Southern Piedmont 685 $125.10
Central Virginia 1,455 $ 4.50
Hampton Roads 1,132 $285.75
Southwest Virginia 295 $ 24.85
Northern Virginia 335 $ 1.05
Total 4,775 $572.30
* In millions
The Southern Piedmont Region had the second highest number of announcements
and the third highest investment of the six regions. Manufacturing firms
accounted for almost all of the activity this quarter. J.M. Huber Corporation
announced plans to build a new $90 million plant in Halifax County creating
120 new jobs. This announcement was the second largest planned investment this
quarter. Other significant announcements in the region were: HBA Cast Products
Company, a new plant in Pittsylvania County (100 jobs); C.M. Offray and Sons,
an expansion in Danville (100); and Burlington Klopman Fabrics, an expansion
in Pittsylvania County (100).
The Central Virginia Region, with the third highest number of announcements, had
the highest number of planned jobs of the six regions. The region is usually
balanced between manufacturing and nonmanufacturing announcements. In the first
quarter, both manufacturing and nonmanufacturing firms had five new announcements.
Of the 1,455 new jobs announced, nonmanufacturing firms accounted for over 85
percent. An expansion by Signet Banking Corporation in Henrico County creating
600 new jobs, was the largest single announcement in terms of employment in
the Commonwealth this quarter. Other significant announcements in the region
were: NationsBank, a new facility in Henrico County (300 jobs); Ben Hogan
Company, a new plant in Henrico County (150); and CSX Corporation, a new
facility in Henrico County (140).
The Hampton Roads Region had the highest announced investment total and the
second highest employment total. The investment figure for the first quarter
accounts for almost half of Virginia's total capital investment. Both
manufacturing and nonmanufacturing firms were represented in the region this
quarter. Manufacturers accounted for over 60 percent of the announced jobs and
97 percent of the new investment. Union Camp Corporation announced the largest
Investment this quarter, a $183 million expansion in Isle of Wight County.
Other significant announcements in the region were: Ford Motor Company,
a $77 million expansion in Norfolk; NEXCOM, a new facility in Virginia Beach
(350 jobs); Tecnico Corporation, an expansion in Chesapeake (330); and Tyson
Foods Inc., a $15 million expansion in Accomack County (250).
The Southwest Virginia Region is usually led by manufacturing announcements. In the firstquarter of 1993 all the announcements were by manufacturers. Expansions accounted for most ofthe activity. Two expansions, ASAA Technologies Inc. in Russell County, and Woodtech Inc. inTazewell County accounted for a large share of the new jobs created this quarter with 110 and 70jobs respectively.
┴ ┴The Northern Virginia Region is typically led by nonmanufacturing announcemnts. In thefirst quarter of 1993, two nonmanufacturers announced plans for new facilities and a manufacturerannounced plans to expand. The National Rifle Associations plans to locate a new facility in FairfaxCounty creating 300 jobs. This represents almost 90 percent of the announced new employmentin the region.
┴ ┴Overall, the first quarter's 57 announcements were dispersed among 39 cities and counties.Frederick County had five announcements, Henrico had four announcements, and eight otherlocalities had more than one announcement.
