As regions across the country work to recover from the economic downturn due to the COVID-19 pandemic, I’d like to share some signs of optimism emerging from the New River Valley.
Manufacturing, tech sectors signal optimism for NRV
In late September, Onward NRV (www.onwardnrv.org) conducted a survey of local companies in the manufacturing and tech sectors to assess how the pandemic was impacting them. The survey revealed that while companies in both sectors have certainly faced their fair share of challenges this year, they have weathered the storm relatively well overall and are optimistic about the future.
I’ll share some specific insights with you now.
Starting off with the tech sector (www.theNRV.org/tech-sector), companies remained mostly stable in the wake of the pandemic. When respondents were asked to evaluate the current operating status of their companies, only 12% reported that their business had shrunk since the pandemic began. The vast majority indicated that their business had stayed about the same or even grown.
Employment through local tech companies has also remained stable despite COVID-19. Over half of respondents said their number of employees had remained the same since the beginning of the pandemic. Twelve percent of respondents did report a reduction in employee levels, but most anticipated rehiring eliminated positions within a year.
Over a quarter of respondents indicated they had actually increased employment during the pandemic. Additionally, over one-third of all respondents said that they had unfilled job openings, ranging from software developers and engineers to account executives.
To learn more, check out the whole article below.