Economic Report Recommends County Establish $275 Million Job Creation Fund
An economic development report commissioned by a county business group recommends that the county establish a $275 million Job Creation Fund to increase competiveness with other jurisdictions and assist in the post-COVID recovery.
The report’s analysis shows that “the county’s share of regional employment and growth over the past 12 years has been steadily shrinking, putting pressure on its social safety net and overall prosperity,” according to a press release.
The report also “estimates economic underperformance is at least $37 million per year, a little less than the $42 million annual budget for libraries. The cumulative direct underperformance revenue impact from 2007 to 2019 is approximately $250 to $275 million.”
In addition, the combined state and local tax burdens are 10.1% higher than in Virginia, and that specific industries, including the professional, scientific, and technical services sectors, are particularly hard hit.