The Office of Economic Development (OED) is pleased to provide this update on our activities from 2012 as we continue to strive to fulfill our mission as a catalyst for the economy. Please click HERE to view the full report.
Charlottesville's biannual vacancy study was completed in January. This was the tenth study in a series of semi-annual reports prepared by the Office of Economic Development, starting in July 2008. With an overall retail vacancy rate of 2.88% (13 vacancies), Charlottesville is well below the suburban Virginia average of 6.80%. This rate was reduced slightly from 3.10% in July 2012 due to reduced vacancies on the Downtown Mall, Preston Plaza, and McIntire Plaza. The rate remains comparable to the July 2008 pre-recession rate of 3.10%. CLICK HERE to view the January 2013 Vacancy Study.
Arts & Economic Prosperity IV (AEPIV)is the most comprehensive economic impact study of the nonprofit arts and culture industry ever conducted in the United States. AEPIV was conducted by Americans for the Arts, the nation’s leading nonprofit organization for advancing the arts and arts education in partnership with Piedmont Council for the Arts.
As one of 182 study partners across all 50 states and the District of Columbia, PCA facilitated the gathering of detailed economic and event attendance data from study partner nonprofit arts and culture organizations located throughout Charlottesville and Albemarle. In addition, PCA collaborated with the community’s other arts organizations to collect approximately 2,000 surveys from at least 900 arts and culture event attendees in Charlottesville and Albemarle during 2011.
According to data from the study, the arts and culture industry generates $114.4 million in annual economic activity in the Charlottesville area, supporting 1,921 full-time equivalent jobs and generating $9.2 million in local and state government revenues. To access the full report, CLICK HERE.
This report provides a snapshot of several key economic indicators for the City and surrounding area. CLICK HERE to view the most recent update.
In 2012, the Thomas Jefferson Partnership for Economic Development released this report to help better understand the current industry groups present in the regional economy and to identify future targets for appropriate growth. Target industry groups were identified for each locality in the TJPED region. To access the City of Charlottesville chapter, CLICK HERE.
Some highlights of the report include:
- The tech sector includes some 11,700 jobs spread across 640 firms in our metro area with average wages of $65,000. This is nearly 70% greater than the average salary of $39,000 in our area.
- 3,000 of those jobs are at 270 companies located in the City! Said another way - 42% of the tech companies in the MSA are in the City.
- The Tech sector has a total economic impact of $4.4 billion annually (this includes direct, indirect and induced spending).
- $182 million in state and local tax revenue are generated from the high tech sector annually.
To access the full report, click HERE
This report was developed by Economics Research Associates (ERA), which was retained by Martha Jefferson Hospital to advise on the development potential for the 13.6 acre site in Downtown Charlottesville. It provides a market analysis for key land uses (residential, hotel/conference center, retail, office, and research and development) and an analysis of redevelopment opportunities. The site will become vacant when the Hospital moves to Route 250 in Albemarle County by the year 2012.
To access the full report, click HERE