Annual Joint Meeting Held on October 13October 16, 2020
The Economic Development Authority and Office of Economic Development staff held its annual joint meeting with the Board of Supervisors this week where they unveiled that Bedford County is showing signs up an upturn following the peak of the Coronavirus closings and disruptions.
The Virginia unemployment rate continues to drop from its high in April of around 10%, down to 6.1% in August. In Bedford County, it’s even lower – now at 4.7%. For the first time since March, the combined number of initial (first time) and continued (weekly) unemployment Claims in the region fell and continued claims actually dropped by 16% week over week in Bedford County.
And what about wages and income?
Household income is $61,541 (increase of 5% year over year). Per capita income also increased by 11%.
The EDA will continue to incentivize high growth, high paying companies because that drives up the income for our residents and families.
Additionally, the Office of Economic Development continues to assist businesses that have been negatively impacted by the Coronavirus effects on customer traffic, supply chain issues, and needs for PPE. See https://www.bedfordeconomicdevelopment.com/ for more info.