SWVA-Economic-Analysis-Report

SWVA-Economic-Analysis-Report

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—SOUTHWEST=

VIRGINI

Nuthertic, Distinctive, live

SWVA Economic Analysis Report

ory

Prepared by : Jack Morgan, Policy Analyst Friends of Southwest Virginia

Table of Contents

Southwest Virginia Economic History and Trends 3 Creative Economy Trends 48 SWVA General Economic Trends, 2000-2012 9-12 SWVA Human Capital and Talent 12-13 Quality of Life and Anywhere Businesses 14-15 Outdoor Recreation/Appalachian Spring 16-17

Appendices 18-30

SWVA Economic History and Trends

Southwest Virginia Full-time and Part-time Jobs in Mining, ‘Manufacturing, Farm Employment, and Services 1970-2010

Feawe,

Like much of rural America, especially rural Appalachia, Southwest Virginia has seen strong downward trends in the traditional economic sectors of manufacturing, mining, and agriculture over the last four decades.

Beginning in the early 2000’s, Southwest Virginia began to look at its unique assets for economic development. strategy for a creative economy based off of the region’s authentic, distinctive, and alive assets of traditional music, art and craft, local food and drink, and outdoor beauty and recreation was put into motion, and The Crooked Road and ‘Round the Mountain were developed , branded, and marketed. The entire region itself also began community development efforts and a branding/marketing campaign under the Southwest Virginia Cultural Heritage Commi: Foundation).

jion (now

Creative Economy Trends

Tourism Impact

The development of a creative economy in Southwest Virginia has had a significant impact on tourism and the economy.

Southwest Virginia Travel Expenditures 2004-2012

‘© Travel expenditures in Southwest Virginia (SWVA) increased by 43% from 2004-2012, reaching

a record high $927 Million in 2012. This was a higher increase in travel expenditures than the Commonwealth of Virginia as a whole during this same time period (41%).

\crease from 2004.

9,504 jobs exist in SWVA as a direct result of travel, as of 2012.

Travel Expenditures County 2012 ($ Millions) Montgomery 129.50 Wythe 127.04 Washington 96.20 Franklin 94.89 Carroll 64.52 Pulaski 51.68 Tazewell 48.46 Bristol city 45.30 Wise 32.46 25.18 24.24 23.24 Floyd 22.42 Buchanan 19.18 Norton cit 18.05 Scott 16.23 Galax city 15.76 Radford city 15.01 Grayson B47 Bland R77 Russell 11.88 Lee 1179 Dickenson 717 SWVA 927.05

According to data from Virginia Tourism Corporation (VTC), travel expenditures in Southwest Virginia in 2012 totaled more than $927 Million. Montgomery and Wythe Counties ranked first and second in travel expenditures in the region, with $129.5 Million and $127 Million, respectively. Washington ($96.2 Million), Franklin ($94.9 Million), Carroll ($64.5 Million) counties also all had high travel expenditures in 2012, Though each of these counties have assets that draw heritage and/or recreation tourism, they are also the beneficiary of being located on the interstate(s) and see stop- in/stop-over travel expenditures. At the same time, counties in the lower half of the travel expenditure rankings are located off of the interstate. However, this does allow an opportunity to observe tourism when analyzing the change in travel of these localities from 2004-2012(See Chart). A majority of the localities with the highest percentage increases are located off of the interstate, thus strongly eliminating the effect of ‘passing through’ travelers. Furthermore, many of the localities with the

highest increase in travel expenditures have become known destinations for heritage tourism—many of which have a Crooked Road major venue and/or a thriving arts scene and community.

County/City Travel Expenditures % Change, 2004-2012

Galax city 71.30% Floyd 55.37% Russell 54.89% Pulaski 54.31% lee 53.52% Montgomery 52.48% Tazewell 52.06% Norton city 51.68% Bristol city 50.20%

47.48% Dickenson 47.23%

‘The City of Galax had the highest increase in travel expenditures, at 71.4%. Galax, a city once dominated by industry, has become a blossoming tourism destination thanks to downtown revitalization efforts, its traditional music and arts scene(Old Fiddlers Convention, Chestnut Creek School of the Arts), and its proximity to the Blue Ridge Parkway and the New River. Floyd County also saw significant travel expenditure increases (55.4%) for many similar reasons as above. Floyd County features a Crooked Road major venue (Floyd Country Store), a thriving and long-recognized arts community, a wine and agritourism scene, and over 40 miles of the Blue Ridge Parkway (more than any other county in Virgi

Other localities with significant increases in travel expenditures include Russell, Pulaski, Lee, Montgomery, Tazewell, Wise, and Dickenson counties and the cities of Bristol and Norton—all of which recorded increases over 47%. Six of these communities are located off of the interstate, and four are located directly on The Crooked Road. All of these communities also feature the Artisan Trails of Southwest Virginia through ‘Round the Mountain: Southwest Virginia’s Artisan Network.

These travel expenditures have a tremendous economic impact on communities in Southwest Virginia. Local tax revenue to Southwest Virginia local governments is one of the most significant impacts of travel and tourism. As aforementioned, $22.5 Million in local tax revenue was generated in 2012 as a result of travel expenditures—a 28% increase from 2004.

Meals and Lodging Tax Revenue

Travelers visiting Southwest Virginia spend money, as evidenced by the Virginia Tourism data on travel expenditures and tax receipts. In addition to the Virginia Tourism economic impact studies, direct analysis of meals and lodging tax revenue from towns, cities, and counties in SWVA also reveals a

significant economic benefit of tourism to local governments.

lodging revenue in 2000, and up almost 14% since 2010.

© Almost $35 Million in local meals tax revenue in SWVA in 2012, more than double the meals revenue in 2000, (Even when factoring in the cost of living with CPI calculator, revenues are still at nearly an 80% increase).

| 5000000 | 7.000000 | 36000000 | 5,00,000 | $4,000,000 | 300000 | s2.000000 | 1,000,000 | 90

|s20,00,000 '535,000.000, {520,000,000 [525,000.00 |s20,000,00 515,000,000, 10,000,000 55,000,000 | so

2000

Lodging Tax Revenue Southwest Virginia

200520102012

Meals Tax Revenue Southwest Virginia

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Souce-vs 20Moa

Meat Tax Revenue

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Meals and Lodging taxes exist most often in the region’s towns and cities, though some cour also have their own meals and lodging taxes as well. Some of the towns and cities that saw significant increases in revenue from meals and lodging taxes include Abingdon, Bristol, Damascus, Floyd, Galax, Marion, and Norton. Dickenson, Giles, and Patrick counties also saw significant increases in revenue from meals and lodging taxes. Of the towns and cities mentioned above, five (Abingdon, Bristol, Floyd, Galax, and Norton) are major stops along The Crooked Road and locations of major venues. All five have engaged in downtown revitalization efforts, as well.

‘Abingdon has also long been a center for arts and culture, and continues to serve as a destination for such (Barter Theatre, William King Museum, Heartwood). Abingdon also serves a basecamp town for the Virginia Creeper Trail and the Mt. Rogers National Recreation Area. Bristol has gone through extensive downtown revitalization and has built a brand around music as the Birthplace of Country Music and through the Bristol Rhythm & Roots Reunion, The Crooked Road passes through Damascus, but of more merit, Damascus—Trail Town, USA~ has capitalized on proximity to recreation (most notably the Appalachian and Virginia Creeper Trails) in order to increase visitation and commerce. Marion, while not directly on The Crooked Road, has a widely-known traditional music venue in the Lincoln Theatre and its “Song of the Mountains” shows. Furthermore, Marion has had great success in downtown revitalization centered around the Lincoln Theatre, the restored General Francis Marion Hotel, and several restaurants and shops.

Giles County has become a destination centered on outdoor recreation and dining. The New River runs through the heart of the county providing ample recreation opportunities, while The Cascades, Dismal Falls, and the Appalachian Trail also attract visitors. Mountain Lake Lodge, bed & breakfasts, and vacation rentals help serve the growing number of visitors. Furthermore, Giles County has seen a few restaurants open that not only serve visitors, but that have also developed into destinations themselves. Giles County is also well-positioned in proximity to the large population concentration in the Montgomery County/Radford area.

‘The Blue Ridge Parkway runs through Patrick County, and several bed & breakfasts and vacation rentals are located here to serve travelers of the Parkway. However, much of Patrick County’s increase in lodging revenue can be attributed to the opening–and growing success --of Primland Resort, near Meadows of Dan. This resort offers luxury accommodations and fine dining, in addition to outdoor recreation such as golf, shooting sports, and ATVs.

SWVA Employment Trends

SWVA Employment by Sector, 2012

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| SWVA Employment Change by Sector 2000-2012

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Several trends in employment in Southwest Virginia can be revealed after analyzing data from the Virginia Employment Commission’s Labor Market Information, TI employment, broken down into sectors, to a county and city level—meaning jobs that are physically located in that locality. As seen in the chart above, 2012 data reveals three major employer sectors in SWVA: Manufacturing, Retail Trade, and Healthcare/Social Assistance. ‘The manufacturing industry remains the highest employing sector in the region, at over 32,000 jobs—15% of all jobs in the region. Retail and Healthcare are both close behind with 29,640 and 29,461 jobs, respectively.

data shows total

The 2™ chart shows employment change by sector since 2000, revealing economic trends in the region. Although manufacturing is the largest sector in the SWVA economy, it has drastically declined by 39% since 2000. During this same time, sectors such as Professional, ., and Technical and Healthcare/Social Assistance have increased by 29% and 21%, respectively. The Real Estate and Finance/Insurance sectors also increased in employment (11.4% and 9.4%). These professional sectors combined together saw an increase in 7,369 jobs since 2000. The Healthcare/Social Assistance sector alone saw an increase in 5,366 jobs since 2000.

Furthermore, the Accommodation and Food Service sector also increased employment by 13% and 2,065 jobs, while the Retail sector had a slight 4% loss in employment. There were also 112 more business establishments in the Accommodation and Food Service sector in 2012, than in 2000. The Arts, Entertainment, and Recreation sector increased employment by 4%. However, employment in the ‘Arts, Entertainment, and Recreation sector during the spring and summer months increased 9.7% since 2000.

Specific areas gaining an increase in the Professional, Scientific, and Technical sector include the counties of Giles, Russell, Buchanan, Franklin, Scott, Carroll, Floyd, Grayson, Montgomery, Washington, and the city of Galax. Employment in Giles County in this sector increased by 354% from 2000, while Russell County saw an increase of 109%, Montgomery County—at a 38% increase—added almost 600 jobs in this sector from 2000-2012. Localities that saw significant employment increases in the Healthcare/Social Assistance sector include Grayson, Franklin, Montgomery, Washington, Floyd, and Patrick counties, and the City of Bristol. Grayson County increased employment by 67% in this sector, with Franklin County and Bristol not far behind at 64% and 59% increases, respectively. Montgomery County added 1,485 jobs in this sector, with Washington County (759) and Franklin County (566) also seeing large increases.

Professional, Scientific, and Technical Healthcare/Social Assistance Employmentin SWVA Employmentin SWVA,

Local sector include the city of Radford(53%), Floyd County(46%), Russell County(43%), Pulaski County(38%), Dickenson County(38%), Norton(36%), Lee County(35%), and Galax(25%). Montgomery County ‘employment in this sector increased by 731 jobs—a 20% increase.

ies with significant increases in employment in the Accommodation and Food Service

Similar sector trends emerge when exami

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‘Accommodation/Food Service Employment in SWVA

Employment Change by Sector Southwest Virginia Residents 2000-2012

sag. Forest, Fh, Mining se anutactrng

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ing the employment data from the US Census Bureau and American Community Survey. This data differs from the VEC data, though, as the Census data ‘measures employment based on people physically living in localities, rather than the jobs that are physically located there.

Region-wide, we see the number of people living in SWVA employed in manufacturing has fallen

by 36% since 2000, while employment in the Agriculture, Forestry, Fishing, and Mining sector has declined by 8%, as well. However, there are several sectors of growth during this time period. The number of Southwest Virginians employed in the Professional, Scientific, Management and

‘Administration sector increased by 5,503 people—a 41% increase. This is a much higher increase than the VEC data revealed for the similar sector. This can likely be attributed to a growing number of people living in SWVA, but commuting outside the region to, for example, Roanoke or Tri-Cities, TN. Growth in

employment was also significant in the Arts, Entertainment, Recreation, Accommodation, and Food sector (21%), Finance, Insurance, and Real Estate (20%), and Education, Healthcare, and Social

Assistance (19%).

Patrick County and Galax were the two localities that saw the highest increases in people employed in the Professional, Scientific, Management, and Administration. The number of people employed in this sector living in Patrick County nearly tripled (184%), while it doubled in the city of Galax (104%). All but one locality in the region increased the number employed in this sector, and twelve lities had increases over 40%

loc

Dickenson County saw the largest percentage growth in number of people employed in the Arts, Entertainment, Recreation, Accommodation, and Food sector, as it more than doubled with a 107% increase. Other high increases were in Bristol (64%), Floyd County (60%), Galax (58%), and Patrick County (48%). Dickenson, Bristol, Floyd, and Galax also all saw very high increases in travel expenditures (See Page 4). All five of these localities are located directly on The Crooked Road, as well.

Human Capital and Talent

In addition to the decline of traditional economic sectors, many rural areas across the country have suffered from what has been called ‘brain drain’ or ‘bright fight’. This is a problem in which rural areas are unable to keep their ‘best and brightest’ talents at home for their professional career, as many leave for higher education and never return. Southwest Virginia has certainly been no stranger to this problem, However, certain localities in the region have been more successful at retaining and attracting human capital and young talent,

Region-wide, the number of Southwest Virginians (25 and older) with a Bachelor’s Degree or higher has increased 30% since 2000, reaching 17.5% of the region, according to 2012 American Community Survey(ACS) data. While this percentage is still half the Virginia average (34.7%) and below the national average (28.5%), the percentage increase is equal to the national average, while still falling below Virginia’s increase rate (35%). Several localities in the region saw noteworthy high increases in education attainment, including Floyd County, Dickenson County, Washington County, Galax, Franklin County, Lee County, and Norton. All of these localities saw increases of over 40% from 2000-2012, with Floyd County recording the highest increase in the region—62%.

Southwest Virginia also saw a region-wide increase of 17.5% in 25-34 year olds with a Bachelor’s Degree from 2000-2012. This increase resulted in the overall percentage of the 25-34 age cohort in the region with a Bachelor’s Degree or higher to reach 23%. While this percentage is still well below Virginia and national numbers (38.5%; 31.6%), the percentage increase in SWVA was more closely aligned to the Virginia and national numbers of 22.6% and 18.6%, respectively. Several localities in the region saw extreme increases in number of 25-34 year olds with college degrees, including Galax, which more than quadrupled(339%) and Floyd County, which more than doubled(129%). Dickenson County (97%), Wise County (48%), Washington County (48%), Franklin County (46%), Bristol (26%), and Smyth County (23%) all saw increases at a higher percentage than Virginia, as a whole. The increases in this cohort were not widespread throughout the region, though, as ten localities declined in number of 25-

34 year olds with a college degree. Though, as a region comparison, Southwest Virginia saw a slightly higher increase in 25-34 year olds with a college degree than neighboring Western North Carolina,

A correlation seems to emerge when examining the specific localities that saw increases in education attainment and human capital. The communities that experienced growth in residents with college degrees are very similar to the communities that have high travel expenditures or experienced high increases in travel expenditures. These are also the same communities that saw large increases in local meals and lodging tax revenue. Similarities also exist between these communities and the localities that saw increases in employment in the hospitality sectors, as well as the professional, fic, technical, and management sectors

scien

This correlation reveals that the same assets and quality of place that attracts visitors and tourism to certain communities in Southwest Virginia, also attracts and retains residents and increases human capital. Human capital is an integral aspect of economic development, especially now in the 21" century with the shift toward a more creative-based and knowledge economy. According to Richard Florida and other experts, communities that attract the ‘creative class’ and increase human capital see greater economic growth, while communities that fail to so will continue to decline economically.

Quality of Life/Quality of Place

Tourism Human Capital/Talent

Local Tax Revenue Business Development

Quality of Life and Anywhere Businesses

‘One dynamic benefit of attracting new residents and talent to a community is that these new residents often lead to business development by becoming entrepreneurs themselves and/or attracting businesses and industries, In recent years, Southwest Virginia has seen several cases where quality of life and quality of place have attracted a new resident to a community, who then starts a new business which, in turn, further enhances the quality of life in that community. Thus, creating what can be called a Double Quality of Life Business.

Several wineries in Southwest Virginia are prime examples of a double quality of life business,

‘* Abingdon Vineyard and Winery was opened by a couple who relocated to Abingdon, after retiring to Florida from Chicago,

© Mt. Vale Vineyard near Galax was started by a couple from Raleigh, NC area who retired to Galax area after previously visiting the Galax and Fries area. They sought to escape the city to a more rural and scenic area

© Stanburn Winery in Patrick County was started by a family who moved back to Patrick County from the Charlotte, NC area because of desire to raise their kids in Patrick County and outside of an urban area.

© West Wind Farm Vineyard and Winery in Wythe County was started by a couple who retired to SWVA from Greensboro, NC area. Their two nephews, who now have a leading role in the winery, also relocated back to SWVA from Charlottesville and Greensboro,

Another recent example would be the Virginia Sweetwater Distillery/Appalachian Mount its Mercantile in Marion, This is Southwest Virginia’s first legal moonshine distillery located outside of Marion, and its related mercantile store on Main St in Downtown Marion, Scott Schumaker,

originally from Vermont by way of Florida, sought relocation to a small, scenic mountain community and fell in love with Marion. He had been experimenting with distilling as a hobby, and has now turned this into a business and attraction,

Many Bed & Breakfasts in the region also fall under this category of business, including:

«Inn at Riverbend in Giles County, started by a couple who traveled the country seeking a house for an inn and landed on the New River and Giles County.

Collins House B&B in Marion is owned by a couple from Minnesota.

‘© Several B&Bs and vacation rentals along the Blue Ridge Parkway, mainly in Floyd County, have similar backstories.

‘Anywhere Businesses are businesses that could literally be located almost anywhere, but the quality of life of Southwest Virginia has played a role in attracting them to the region, and allow for them to attract talented employees. Examples, currently, are mostly found in the New River Valley area, and include companies such as backcountry.com (the nation’s largest online retailer of outdoor gear) and Inorganic Ventures (manufacturer of chemical and inorganic blends) in Christiansburg; Rackspace (internet cloud hosting) in Blacksburg; and NanoSonic(nanotechnology products) in Pembroke, Giles County.

‘al

backcountry.com

“4 got off the plane and it just felt like Backcountry. The area’s outdoor culture aligned nicely with the company’s culture.” “Jeff Carter, Vice President for Fulfillment

“it was important to Backcountry.com to be centrally located to serve our customers, but we wanted an environment that supported our brand focusing on outdoors and adventure.” —Jill Layfield, cEO

(A) rackspace.

HOSTING

“The Blacksburg area Is a top ranking place for outdoor enthusiasts and place to raise a family. Both of these traits are important factors in recruiting experienced talent and making our decision easy to invest in growing our Blacksburg operations. "Robert McAden, Business Operations Manager

NanoSonic

“They like the area. They like the New River; they know what an inner-tube is. They know where the Appalachian Trail is, They enjoy it, and they’re more likely to stay here…You don’t need to be at MIT, and you don’t need to be at Stanford. You can do it right here in Giles County.”— Richard Claus, President & Co-Founder.

“From the surrounding universities and mountains, to the walking trails and high-tech capabilities, the NRV was a place that had all the required resources in our business and our personal lives.”—Christopher Gaines, Vice President of Operations

Outdoor Recreation/Appalachian Spring

The outdoors can serve as major aspect of asset-based economic development, especially in areas of rural Appalachia, such as Southwest Virginia. The USDA Economic Research Service has done extensive research on the rural economy, and have cited outdoor amenities in their ‘rural growth trifecta’, along with the creative class and entrepreneurial development (both of which can be a by-product of outdoor amenities).’ Their research also found that rural recreation counties have grown faster in recent years than any other rural counties, They also found a significant correlation between recreation counties and employment growth, as well as education attainment and income. *

The outdoor industry nationwide is an overlooked economic giant. *

According to Outdoor Industry Association data, Americans spend $646 Billion a year on outdoor recreation, which is more than on pharmaceuticals and motor vehicles/parts.

Americans spend more on bicycle gear and trips($81 Billion) than on airplane tickets and fees($51 Billion).

The outdoor recreation economy grew steadily by 5% annually from 2005-2011

in state and local taxes.

138,000 jobs exist in Virginia because of outdoor recreation.

n in outdoor recreation spending in Virginia, leading to $923 Million

Under the Appalachian Spring initiative, Southwest Virginia is looking to capitalize on this economic potential of outdoor recreation. However, Southwest Virginia already sees a significant economic impact from outdoor recreation, and the region’s state parks are a great example.

McGranahan, Wojan, and Lambert. "The Rural Growth Trifecta: Outdoor Amenities, Creative Class, and Entrepreneurial Context. Journal of Economic Geography. 2011. Pp. 529-557

Reeder and Brown. “Recreation, Tourism, and Rural Well-Being. " USDA Economic Research Report 7. 2005. ® The Outdoor Recreation Economy”. Outdoor Industry Association, Southwick Associates, Inc. 2011,

; = | 2013 Economic Impact | of SWVA State Parks

$16,000,000

$14,00,000

| s12,00,000 $10,000,000 000,000 $000,000 $:4000.000

| s2.000,000

| so ©

2013 Attendance at SWVA State Parks

Breaks

sm Claytor Lake

‘Fairy Stone

‘= Grayson Highlands

‘a Hungry Mother

‘= Natural Tunnel

New River Trail SWVA Museum wilderness Road

Breaks

mClaytor Lake “Fairy Stone

1 Grayson Highlands Hungry Mother ‘Natural Tunnel New River Teal SWWA Musuem wilderness Road

‘State Park Attendance 2013

New River Trail State Park. 948,465 Breaks Interstate Park 287,593 Claytor Lake State Park. 275,289, ‘Natural Tunnel State Parke 246,398 Hungry Mother State Parle 240,241 Grayson Highlands State 142,032 Park

‘Wilderness Road State Park 136,233, ‘Southwest VA Museum State 124,813 Park

Fairy Stone State Park, 31,993 ‘SWVA State Parks 2,493, 057

Source: VA DCR/VA State Parks

Appendices

A. Travel Expenditures Charts B. Meals and Lodging Tax Revenue Graphs C. Human Capital Charts

Southwest Virginia Travel Expenditures, 2004-2012

Travel Travel Travel Expenditures Expenditures Expenditures % 2004 ($ County Change, 2004

County Millions) County 2012

‘Wythe 86.99 Montgomery 129.50 Galax city 71.30% Montgomery 85.04 Wythe 127.04 Floyd 55.37% Franklin 73.30 Washington 96.20 Russell 54.89% ‘Washington 73.25 Frankli 94.89 Pulaski 54.31% Carroll 44.88 Carroll 64.52 lee 53.52% Pulaski 33.49 Pulaski 51.68 Montgomery 52.48% Tazewell 31.87 Tazewell 48.46 Tazewell 52.06% Bristol city 30.16 Bristol city 45.30 Norton city 51.68% Wise 22.01 Wise 32.46 Bristol city 50.20% Patrick 18.46 Patrick 25.78 Wise 47.48% Giles 18.09 Giles 24.24 Dickenson 47.23% ‘Smyth 17.48 ‘Smyth 23.24 Wythe 46.04% Buchanan 14.68 Floyd 22.42 Carroll 43.76% Floyd 14.43, Buchanan 19.18 Patrick 39.65% Scott 11.96 Norton city 18.05 Radford city 37.96% Norton city 11.90 Scott 16.23 Scott 35.70% Grayson 11.05 Galax city 15.76 Giles 34.00% Radford city 10.88 Radford city 15.01 Bland 33.58% Bland 9.56 Grayson BAT Smyth 32.95% Galax city 9.20 Bland a7 Washington 31.33% lee 7.68 Russell 11.88 Buchanan 30.65% Russell 7.67 lee 179 Franklin 29.45% Dickenson 4.87 Dickenson Tar Grayson 21.90%

SWVA 648.90 SWVA 927.05 SWVA 42.86%

Source: Virginia Tourism Corporation; US Travel

Abingdon Meals and Lodging Tax Revenue

| $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000

2005,

| Lodging Tax Revenue | Abingdon, VA |

‘$800,000 ‘$600,000 ‘$400,000 $200,000

s 2000 2005

Source: VA Auditor of Public Accounts Local Government Report

Meals Tax Revenue Abingdon, VA

2012

—meals Tax Revenue

—Lodging Tax Revenue

Bristol Meals and Lodging Tax Revenue

Meals Tax Revenue Bristol, VA | $6,000,000 | $5,000,000 | $4,000,000 | $3,000,000 | 2.000000 | 51,000,000

30 | 2000 2005 L

Lodging Tax Revenue Bristol, VA

| $1,000,000 ‘$800,000 $600,000 $400,000 $200,000

Source: VA Auditor of Public Accounts Local Government Report

—Meals Tax Revenue

Lodging Tax Revenue

Damascus Meals and Lodging Tax Revenue

Meals Tax Revenue

Damascus, VA 2003 2008 2012 Lodging Tax Revenue

Damascus, VA $30,000 $25,000 $20,000 | $15,000 | sone | $5,000 | so

| 2003 2008 2012

Source: Town of Damascus

—WMeals Tax Revenue

—Lodging Tax Revenue

Source:

$250,000

$200,000

$150,000

| $100,000 $50,000

$25,000 $20,000 $15,000 $10,000

$5,000

‘Town of Floyd

Floyd Meals and Lodging Tax Revenue

Meals Tax Revenue Floyd, VA |

2006 2010 2012,

Lodging Tax Revenue Floyd, VA

——Lodging Tax Revenue

2008 2010 2012

Galax Meals and Lodging Taxes

Meals Tax Revenue Galax, VA

$800,000 —Meeals Tax Revenue

| | $200,000 | $0 |

2000 2005 2012 |

Lodging Tax Revenue Galax, VA

| $90,000

| 520,000

$70,000

$60,000

Revenue

$40,000 $30,000 $20,000 $10,000

| | | | | | | | Sereno —toasneto | | | | ° | ‘ |

2005 2010 2012

Source: VA Auditor of Public Accounts

SWVA Population Change, 2000-2012

County/City % Change Franklin 15.58% Montgomery 11.20% Floyd 9.09% Lee 7.60% Washington 6.56% wythe 5.49% Radford 3.95% Wise 2.99% Giles 2.87% Carroll 2.48% Bristol 2.14% Norton 1.69% Galax 151% Bland 0.67% Tazewell 0.55% Pulaski “0.74% Scott “1.48% Smyth “3.05% Dickenson 3.26% Patrick 4.83% Russell “5.33% Buchanan “12.08% Grayson -15.33% SWVA 3.36%