The New River Valley is seeing slowing job numbers, mostly in the manufacturing sector. Historically, the area has been one of the nation’s most resilient economies.
Economically, the New River Valley has a lot in its favor. It has two universities, health care facilities and manufacturing companies, including Volvo, which laid off hundreds of workers earlier this year.
“The hiring rate is pretty slow at the moment,” said Kevin Byrd, executive director with the New River Valley Regional Commission. “When someone leaves a position, they’re just not refilling it.”
Byrd said over the past two years, companies that rely on global supply chains have been hiring fewer workers.
“Some of our higher wage positions in the region, such as manufacturing, are the ones that are experiencing that slow decline,” Byrd said. “And that’s what’s kind of troublesome because the in-demand jobs might not have the wages that are comparable to manufacturing.”
Lower-wage hospitality jobs are available, as well as jobs in health care, which require returning to school. Byrd said these trends are similar around Virginia and the United States, due in part to uncertainty around tariffs. What is unusual is that the New River Valley normally fares much better in times of economic uncertainty.
“We’ve really enjoyed a very stable economy and when you think about that in the context of rural, it’s pretty significant to have that much diversity,” Byrd said.
Byrd said unemployment still remains low, and the downturn isn’t dramatic. Recent college graduates are also facing challenges.
“Most of the people who are under or unemployed right now, are folks who are new entrants into the workforce,” Byrd said.
He said it’s important to help more students with internships while in school, and start building relationships with employers before they graduate.
Byrd pointed out that the New River Valley bounced back quickly after the Great Recession and the COVID-19 pandemic. He expects hiring will pick up here too, when tariff policies become less chaotic.
He remains hopeful that hiring at manufacturing companies will pick up, and says health care and hospitality job numbers remain strong.
