A Bumpy Ride for Virginia's Economy

By: Erin Tate
By: Erin Tate

Michael Schewel visited with local officials and economic developers in Verona Thursday.

He congratulated the Shenandoah Valley for its low unemployment rate, but told officials the economy will continue to bump along for a while.

The number of new companies settling in Virginia is down 25 percent. But Schewel said the Commonwealth is prepared for new business development as soon as the economy improves.

"We're telling these companies, ‘Come to Virginia. This is a place you want to be. We're close to the capitol. We've got the infrastructure. We've got the university of resources. We've got the workforce.’ We're actively doing that," he said.

Virginia is currently reforming some programs to attract more employers to the state. It's also working with more public defense contractors. Virginia is the second largest recipient of defense funds in the country.

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