For Immediate Release

January 25, 2022

Region Weighs in on the 7th Annual ODU State of the

Commonwealth Report

(Lynchburg, VA) - Yesterday, January 24, Old Dominion University released their seventh annual State
of the Commonwealth Report. The report provides an overview of economic health for the
Commonwealth as a whole and the metropolitan statistical areas (MSAs) that make up its bulk, including
the Lynchburg MSA, which includes the City of Lynchburg, Amherst, Appomattox, Bedford, and
Campbell Counties, and the Towns of Altavista, Appomattox, Bedford, Brookneal, and the Village of
Rustburg. The report provides a ten-year view of data collected by the Bureau of Economic Analysis, the
Dragas Center for Economic Analysis and Policy, Old Dominion University, and other sources. The data
includes employment, gross domestic product (GDP), population, income, salaries, and other economic
health indicators. After a review of the report’s findings, our region is responding with our initial
thoughts.
What do the numbers NOT say?
What these statistics do not capture is the intangibles our region has compared to other markets. We have
a thriving urban hub, which has recently undergone a massive renovation, including two historic
renovated hotels, infrastructure upgrades, and beautification. Downtown Lynchburg has more residents in
apartments and condos and above-retail space now than any time in the last 50 years.
River Ridge mall, in the City of Lynchburg, has also undergone a fantastic renovation into a beautiful
shopping experience after more than 40 years of retail. Multi-family housing has also boomed in the past
5 years with a large number of townhouse and apartment complexes being built in all areas of the region.
Among Virginia’s metros, the Lynchburg MSA has the largest percentage of colleges per capita, resulting
in more young people in the city with a median age of 28. The ODU report also shows more people are
flocking to the Lynchburg MSA from both domestic and international locations. The Lynchburg region’s
population grew by 4.5 percent from 2010 to 2020, an increase of 11,732 people in ten years. Virginia as
a whole had a net domestic migration of negative 80,000 people over the same ten-year period.
Our economic drivers are education and healthcare, and manufacturing is our highest contributor to GDP.
From 2010 to 2020, we tracked 1,689 layoffs, but 3,545 new jobs. Median income in the region grew
from 2020 to 2021 from $43,000 up to $46,000. We saw companies move their headquarters here and
plan to stay long-term. Existing companies contributed to the highest amount of job growth with 61
business expansions.
Workforce is a national issue, and our state is not immune to the challenges. Our region is consistently
creating innovative solutions with programs such as the new Regional Career and Technical Academy
housed on the campus of the Central Virginia Community College, the Jubilee STEM Center, the XLR8
Stem Academy, and in-demand special skills trainings such as welding and machining. Additionally, the
Central Virginia Workforce Development Board has dedicated funding for skills training and is
partnering with numerous entities in the region to provide this training.
Our cost of living is 11.4 percent below the national average and one of the lowest in Virginia, according
to data collected by the C2ER Cost of Living Index. In 2019, Reviews.org named Lynchburg the No. 1
place in America for millennials to move, largely in part due to the low cost of living, education, and
outdoor recreation opportunities. A 2017 Gallup-Healthways report, named Lynchburg the “#8 Top City
 For Immediate Release
January 25, 2022

for Health & Happiness,” proving that the Lynchburg region provides a strong community and sense of
pride. People choose to move to communities which fulfill their needs, which we see in our ten-year
population growth.
Why are our numbers low?
As the ODU report itself says, “The metro-area estimates, especially those for 2020, should be viewed
with an abundance of caution . . . In all likelihood the advance estimates are likely to change significantly
in the coming year.”
There are many factors that contribute to these estimates, and we will continue to take a deeper dive into
the data. We will encourage discussion of these findings and continued research on the economic health
of the Lynchburg region. It’s also important to note that prior to 2016, the region did not have a regional
economic development strategy. Since that time, the Lynchburg Regional Business Alliance and our
regional economic development team have created a robust five-year campaign for economic growth. We
are seeing fruits of this campaign. Over time and as we continue to come out of the effects of the
onslaught of the pandemic, we will continue to see growth.
“The Lynchburg region is a thriving urban hub with a dynamic rural ring,” states Alliance CEO and Chief
Economic Development Officer, Megan Lucas. “It is a fantastic place to live, work, and play, and despite
this report, I believe many of our neighbors would agree.”
Megan Lucas continues, “Our region created its first regional economic development growth strategy in
2016 — the first in more than 20 years. We have been and will continue to work the plan with the help of
the local and regional partners that helped create it. We are confident that the innovative leaders in this
region will remain steadfast in moving forward, keeping focus on our goals, and taking into consideration
the information behind the data of this report.”
“We are continuing to review the data and encourage discussion of its findings. We have invited the
authors and researchers of the Old Dominion University State of the Commonwealth Report to come visit
our community,” concludes Mrs. Lucas.
If you would like to learn more about our region, you can check out our most recent economic overview
here which gives an overview of our region’s innovation, collaboration, and education or visit
YesLynchburgRegion.org to read about our region’s key industries and explore our talent and workforce
data tools.
If you have further questions, please contact us below.

About the Lynchburg Regional Business Alliance

The Lynchburg Regional Business Alliance is the region’s oldest and largest business and professional
association. As a combined chamber of commerce and economic development organization, the Alliance
serves as the united voice for the Lynchburg region’s business community. For nearly 750 local, member
organizations and their employees, our mission is to lead regional economic development through:
Generating Jobs & Investment; Promoting the Region’s Brand and Image Globally; Cultivating Talent,
and Enhancing the Business Climate.
To learn more about the chamber side of the Alliance, please visit us at: LynchburgRegion.org
 For Immediate Release
January 25, 2022

To learn more about our economic development work, please visit: YesLynchburgRegion.org

Contact Information
Ryan Weaks
Director of Marketing & Communications
Lynchburg Regional Business Alliance
(919) 370-0876 │ rweaks@lynchburgregion.org