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Cardinal News

Serving Southwest and Southside Virginia

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Economy

FloydFest 2023 had to be canceled over environmental and permit issues when organizers started working on a new festival site in northern Floyd County. An economic impact study found that FloydFest brings about $4 million in spending to the region every summer. Courtesy of Across-the-Way Productions and Roger Gupta.
Posted inEconomy

The economic impact of FloydFest’s cancellation

by Ralph Berrier Jr. April 26, 2023April 26, 2023

The long-running festival brings about $4 million to Floyd and neighboring counties each year, but businesses say tourism is so big in Floyd that its absence won’t hurt much.

Carter Bank & Trust in Martinsville. Photo by Matt Busse.
Posted inEconomy

Jim Justice’s family businesses in legal dispute with Martinsville bank over millions in loans

Matt Busse. by Matt Busse April 24, 2023April 25, 2023

Carter Bank & Trust filed court documents seeking repayment from the Justices’ businesses on over $300 million in loans. The companies say they have a plan to pay off the loans but argue that the bank isn’t interested.

A radio console at the WLSD station in Wise County. WLSD, which celebrates its 70th anniversary this year, plays classic hits at 1220 AM and 92.5 FM. Photo courtesy of Adam Sturgill/WLSD.
Posted inEconomy

Radio stations push reach and utility of AM as some carmakers move to drop it

Matt Busse. by Matt Busse April 24, 2023April 23, 2023

As auto manufacturers expand their electric vehicle offerings, many new models will ship without AM radios. Broadcasters and some government officials say the medium remains vital for public safety.

From left: Danville council member Sherman Saunders, Danville Mayor Alonzo Jones, U.S. Senator Tim Kaine, Pittsylvania County Supervisor Robert Tucker. Photo by Dean-Paul Stephens.
Posted inEconomy

Sen. Kaine visits Southern Virginia Mega Site, says workforce development will be key to attracting business

Dean-Paul Stephens. by Dean-Paul Stephens April 21, 2023April 21, 2023

The U.S. senator toured the Pittsylvania County site and said that workforce development has now become a bigger issue than tax incentives to businesses considering a site.

Danville-Pittsylvania County Habitat for Humanity is building more than 25 homes in a new neighborhood called Habitat Village North. Local leaders hope that projects like this will help ease the region's housing crunch.
Posted inEconomy

Demand for housing is soaring in Danville. Both the city and developers are responding.

Avatar photo by Grace Mamon April 21, 2023April 20, 2023

Danville needs to see 80 houses built every year for the next few years to meet current housing demand. And with the Caesars Virginia casino resort coming in 2024 and the Pittsylvania County mega site working to attract a major developer, the need for housing will only increase.  There’s a housing shortage across the board […]

Plans are in progress to turn the 60,000-square-foot former Winoa USA facility in the town of Bedford into a regional workforce training center for metal-related industries. Courtesy of the Town of Bedford Economic Development Authority.
Posted inEconomy

This steel mill closed in 2020. It’s being turned into a technical training center.

Matt Busse. by Matt Busse April 18, 2023April 21, 2023

Officials have a vision for turning a former steel abrasives plant in Bedford into a home for technical skills education, workforce training – and maybe even a new foundry.

Whitney Rankin, a Caesars Virginia roulette instructor, demonstrates how to deal a blackjack hand. Photo by Grace Mamon.
Posted inEconomy

Virginia’s next casino is training dozens of card dealers. And it’s still hiring.

Avatar photo by Grace Mamon April 17, 2023April 16, 2023

Caesars Virginia is looking to hire 100 dealers for its temporary casino in Danville, and even more for the permanent facility. No experience is required for aspiring dealers; dealer school will go “on and on” even after the casino opens.

The 2019 STP 500 at Martinsville Speedway viewed from the frontstretch. Brad Keselowski (#2) leads Chase Elliott (#9), Kyle Busch (#18) and the rest of the field following a restart. Photo courtesy of Dough4872.
Posted inEconomy

Martinsville region kicks into high gear for NASCAR race weekend

Dean-Paul Stephens. by Dean-Paul Stephens April 14, 2023April 14, 2023

Local officials anticipate record attendance at the 45,000-seat Martinsville Speedway.

The Northern Virginia Electric Co-opeative's biomass plant in Halifax County. Courtesy of NOVEC.
Posted inEconomy

Effort to sell wood-burning biomass plant’s renewable energy credits fails to muster support in General Assembly

Matt Busse. by Matt Busse April 13, 2023April 13, 2023

The Northern Virginia Electric Cooperative hoped that a legislative amendment would open a new market for credits from its wood-fueled biomass plant in South Boston, but the state Senate didn’t take action on it.

Posted inEconomy

Sen. Warner says rural Virginia needs capital, affordable housing and internet access to stay competitive

Matt Busse. by Matt Busse April 13, 2023April 12, 2023

Warner spoke about the challenges facing rural communities during a conference hosted in Roanoke by the Federal Reserve Bank of Richmond.

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