While residential growth continues to slow, commercial construction is on an upward swing in Virginia, and much of it is taking place in Winchester and Frederick County.
Office buildings, retail shopping centers, and warehousing facilities are being built or — in the case of existing businesses — remodeled and expanded — and new companies are moving into the area, fueling job growth and pumping tax revenues into the economy.
In July, construction employment in Virginia soared to its highest level in 13 months, according to William Mezger, chief economist for the Winchester Employment Commission.
"While residential construction is down, commercial construction is very, very high," he said recently.
The Winchester Metropolitan Statistical Area, which includes the city, Frederick County, and Hampshire County, W.Va., ranked fourth in July in terms of job growth, and by year’s end, is expected to rank in the state’s top three MSAs with an average rate of 2.1 percent, according to Virginia Economic Trends, a publication of Chmura Economics & Analytics, a research consulting firm in Richmond.
The publication also listed wage growth in the Winchester MSA at 9.4 percent in 2006 and projected wage growth to be 7 percent for 2007, leading all other MSAs in the state.
The business growth in the Winchester area was also recognized by Inc. Magazine, which ranked Winchester 19 out of 233 as one of the nation’s best places for doing business for cities with an employment base of less than 150,000.
In its 2006 annual report, the Economic Development Commission listed nine companies that it assisted in finding locations, work-force training, and other needs that involve relocation or expansion. Those companies added a total of 300 jobs and also invested $59.1 million into the local economy.
"That provides additional tax revenue, which pays for the services we require and desire," said EDC Executive Director Patrick Barker.
The residential real estate tax isn’t enough to cover the services that homes require, such as police, fire and rescue, and schools, said Ellen Murphy, commissioner of the revenue for Frederick County.
"That’s why we have a real estate tax rate of 52.5 cents (per $100) — because Frederick County has a good balance of residential and commercial and industrial development," she said, adding that the rate is low compared to real estate rates in most parts of the country.
"That’s why I blow a kiss to HP Hood every time I drive by," Murphy said, of the dairy processing company in Kernstown, which underwent a $43 million expansion in 2004. " I know how much it helps me save on my real estate taxes."
Paul Kosubinski, vice president of Projet, said the company chose Winchester because of its location near Loudoun County — one of its prime markets — and outside the air defense zone, a protective barrier around the Washington D.C. area.
The aircraft management and consultant company is putting the finishing touches on a new $23 million facility at Winchester Regional Airport.
Locating within the air defense zone would have required Projet to file flight plans and get clearance with the Federal Aviation Administration.
"Winchester is the closest airport to Northern Virginia that lies right outside that zone," he said. "It allows us to get in and out real quick."
The company also saves about 25 percent in general costs of doing business by being in Winchester compared Northern Virginia, Kosubinski said.
Tennessee-based Ozburn-Hessey Logistics chose Winchester for a warehouse location because of the city’s proximity to Interstate 81 and the Virginia Inland Port in Warren County, said Martin Meyer, senior vice president of ProVenture, a real estate subsidiary of Ozburn-Hessey.
"If you look at the Winchester-Front Royal area, it’s like one of those best kept secrets," he said.
The company which provides storage, repackaging, and transport of products for businesses nationwide, built a $15 million facility north of Winchester in Stonewall Industrial Park last year.
Products stored at the warehouse come from the Port of Virginia in Norfolk and are transferred to Virginia Inland Port.
"It’s pretty seamless," Meyer said. "They will deliver it to the building."
Original article written by Lorraine Halsted of the Wincester Star
Wednesday, December 5, 2007
Wednesday, November 28, 2007
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