NRV Companies Announce 2,530 Jobs and $551 Million in Investment Since 2018

New River Valley, VA – Virginia’s New River Valley has seen great economic success in the last 5 years. 24 new or expanding companies announced plans to create 2,530 jobs and invest over $551 million in the NRV region.

Onward NRV, the regional economic development organization for Virginia’s New River Valley, reported that the economic growth surpassed their goals set in their Onward 2023 five-year strategic plan for the region. Their original goals were $180 million in new capital investment and 1,720 new jobs.

Onward NRV Executive Director Katie Boswell said, “Virginia’s New River Valley is a great place to live, work, and do business, which is why so many companies have located or expanded in our region over the past five years. We appreciate the businesses who choose to grow in our region, which helps to bring jobs and economic vitality to the New River Valley. Finally, we are grateful for our partnerships with our local economic development organizations, the Virginia Economic Development Partnership, and the many other regional stakeholders that contribute to economic development. Without collaboration, these projects would not be possible.”

Here are some selected wins that highlight the New River Valley’s economic growth and success over the past five years:

  • Volvo Group announced in June 2019 that they would invest nearly $400 million to expand its Volvo Trucks North America assembly operation in Pulaski County, creating 777 new jobs.
  • Torc Robotics announced in August 2020 they would create 350 new jobs and invest $8.5 million to expand their software development operations in Montgomery County.
  • Oransi announced in April 2021 they would create 101 new jobs and bring their first manufacturing facility to the City of Radford, investing $5.6 million.
  • Hollingsworth & Vose announced in January 2023 that they would expand one of their two existing plants in Floyd County, bringing $40.2 million in capital investment and 25 new jobs.

Browse press releases from NRV economic development announcements over the past five years here.

Explore the Virginia Economic Development Partnership’s list of economic development announcements here.

Virginia’s New River Valley is the perfect location to let your business flourish. The area is affordable, accessible, innovative, and enjoyable. To learn more about doing business in Virginia’s New River Valley click here.


Virginia’s New River Valley: Virginia’s New River Valley is an eclectic mix of interconnected small towns that each offer their own unique vibe and appeal. The region provides an abundance of cultural and social offerings due to the presence of three world-class universities, while retaining the charm and benefits of small town living. The NRV is home to a diverse and innovative business community with companies that range from high-tech startups to foreign-based corporations to specialty agribusiness. These organizations benefit from the collaborative spirit of our region and a loyal, highly-skilled, and educated workforce. The scenic beauty of the region also fosters a deep connection to nature, which is deepened by access to outdoor recreation and the preservation of our natural environment. It’s clear why Virginia’s New River Valley is “A Natural Fit.”

Onward NRV: Onward NRV is a public/private, regional economic development organization whose mission is to attract and retain world class jobs, investment, and talent in Virginia’s New River Valley. It’s also a movement where leaders from business, government, and higher education work together to promote the economic vitality of the region.

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