|
Spotsylvania Regional Medical Center is one of the - |
THE CURRENT economic downturn continues to pose challenges for the public and private sectors. While significant discussion is ongoing regarding the causes and potential solutions for the situation, the result is fairly straightforward. Businesses are more focused now on survival than expansion, and projects are delayed as corporate leaders remain in a wait-and-see mode with regard to the economy.
Consumers, many of whom are concerned about job security, are choosing to spend less, which has in turn forced businesses to cut back on production and reduce their work force. State and local governments have also been hit, as decreasing revenues have forced reduction in services at a time when the need for them is high.
While very few business sectors have been immune to the impacts of the down economy, one market segment that continues to see positive activity in our area is in the professional sectors. Spotsylvania County continues to experience relatively strong growth in defense and technology and is seeing an increase in requests for office space for state and federal government agencies. These sectors should fare well, as the region begins to see the positive impacts associated with the latest Base Realignment and Closure proceedings.
In addition to the potential increase in federal employment opportunities as more federal and contract positions are relocated to local military installations, the need for additional services and infrastructure should have a positive impact on our local economy, including the construction industry.
Another positive for our region has been the rapid growth in the health care sector. The recent expansion of HCA Virginia Health System (the Spotsylvania Regional Medical Center) and the continued growth of Mary Washington Healthcare have provided Spotsylvania County and the Fredericksburg region with a variety of employment opportunities. These developments act as strong economic magnets for attracting other product and service providers to the area, and are excellent examples of the area's high quality of life.
These days, almost every state and local initiative includes some type of incentive program. Understanding that the needs of businesses may differ, Spotsylvania County's approach has been to address each request on a case-by-case basis. In this manner, the county is able to develop an incentive program that is tailored to the specific needs of the prospect. Additionally, in 2009, the county created a technology and tourism zone program that serves both new and existing businesses, affording rebates on Business, Professional, and Occupational License and machinery and tools taxes.
Another incentive is the targeted industry program, which is a fast-track development review process designed to get qualified businesses operational as quickly as possible. As the economy and needs of the business community continue to change, Spotsylvania will remain proactive, modifying programs to stay competitive and continuing to expand our economic base.
Often in the pursuit of new business attraction, the importance of an area's existing businesses can be overlooked. The county regularly meets with existing businesses to discuss the business environment and to look for opportunities to provide support. The region is fortunate to have service providers who are willing to partner with local governments to provide aid in areas such as education and work force development.
Spotsylvania has also focused on identifying resources available to businesses through various state programs and initiatives. Somewhat underutilized, these initiatives can provide assistance in areas such as work force training and international trade. The economic activity of existing and small businesses has played a major role in keeping the county's unemployment rate below both regional and state averages.
Nationally, small businesses account for roughly 70 percent to 80 percent of business activity. This is certainly true in Spotsylvania County. During the past several years, the county has experienced significant growth in both small businesses and startup companies. One obstacle small businesses face is that many incentive programs are geared toward larger projects, requiring significant investment and high levels of employment. This has made incentives difficult to obtain. During the past year the county has focused--and will continue to focus--on developing local initiatives for small businesses.
Residents are beginning
As we move through this economic downturn, Spotsylvania County will work diligently to support existing businesses and to bring new employment opportunities to area residents.
Russell Seymour is director of the Spotsylvania County Department
