NRV Tech Companies Make Inc. 5000 List of America’s Fastest-Growing Companies

NRV Tech Companies Make Inc. 5000 List of America’s Fastest-Growing Companies

Montgomery County, VA – Two NRV tech companies made the Inc. 5000 list for 2021. These annual rankings by Inc. magazine list the “fastest-growing private companies in the United States” and are a “hallmark of entrepreneurial success”. According to Virginia Business, only 310 companies across the state of Virginia were included on this prestigious list.

Here are the two NRV companies that made the 2021 Inc. 5000 list along with their rankings:

#4,606 Modea: 56% 3-Year Growth
#4,712 Harmonia Holdings Group: 51% 3-Year Growth

This is the third time Modea has been ranked on the Inc. 5000 list since 2010. Harmonia Holdings Group has made the Inc. 5000 list eleven times since 2009.

Read more about the history of the Inc. 5000 rankings here.

See the full Inc. 5000 list for 2021 here.

Learn more about the fast-growing tech sector in Virginia’s New River Valley 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.

Pulaski County Featured in Business View Magazine

Pulaski County Featured in Business View Magazine

Pulaski County, VA – Pulaski County was recently featured in a Business View Civil and Municipal magazine article titled, “Ready, Set, Grow!”.

In the article, Pulaski County’s Chief Administrative Officer Jonathan Sweet shared what makes it a special place. Here’s what Sweet had to say about Pulaski County:

“It’s an amazing place full of amazing people, a rural community that offers everything you would expect a rural community to offer, and so much more.”

The article also describes Pulaski County’s plans for growth over the next decade. According to the article, “the County intends to grow the community by 5,000 people over the next decade. Sweet explains, ‘We don’t have to build more schools or bigger libraries, hire more law enforcement, or add more infrastructure to accommodate 40,000 people. We currently have the capacity. It would mean more people sharing the overhead and contributing to the local economy without being a burden. . . . We are creating new jobs, building the housing stock, and shaping a community for that generation of working professionals. We are even putting in certain amenities such as dog parks to accommodate what we think is going to be a wave of young professionals discovering Pulaski County.’”

Read the full article here.

Learn more about Pulaski County, a community in Virginia’s New River Valley, 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.

Passenger Rail Expanding to New River Valley

Passenger Rail Expanding to New River Valley

Montgomery County, VA – Passenger rail will be expanding to the New River Valley by 2025. Governor Ralph Northam announced this week that Virginia has reached an agreement with Norfolk Southern Railway to extend passenger rail service to the region. This will be the first time since 1979 that the NRV will have passenger rail service.

The current service, which stops in Roanoke, will be expanded to Christiansburg in 2025 after Norfolk Southern finishes rail infrastructure improvements. The route will be part of the Amtrak Northeast Corridor service. It will travel between Washington, D.C. and Christiansburg with stops in Alexandria, Burke, Manassas, Culpeper, Charlottesville, Lynchburg, and Roanoke.

Passenger rail in the NRV will help make the region more accessible. According to Governor Northam, “Bringing passenger rail service back to the New River Valley will fuel tourism, drive economic growth, and create new opportunities for the region’s 180,000 residents and 40,000 college students.”

Read the full press release about the Western Rail Initiative here.

Learn more about Christiansburg, a town in Virginia’s New River Valley, 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.

NRV Tech Industry Highlighted in Virginia Economic Review

NRV Tech Industry Highlighted in Virginia Economic Review

Montgomery County, VA – The Virginia Economic Review recently highlighted the NRV tech industry in an article titled “Virginia’s Smaller Metros Prove Fertile Ground for Tech Headquarters”. The article features some of the tech companies headquartered in Virginia’s New River Valley, such as Modea, Torc Robotics, and Ozmo, and why they chose to base their businesses in the region.

The article also highlights the business advantages that the New River Valley has to offer tech companies. As Ozmo’s CEO David Catalano stated when the company’s expansion was announced in 2019, “Our proximity to Virginia Tech provides us with a unique advantage of access to top talent, while also being able to offer exceptional quality of life for our employees.”

Click here to read the Virginia Economic Review’s article about the tech industry in Virginia’s smaller metros.

Click here to learn more about the tech industry in Virginia’s New River Valley.

###

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.

Montgomery County Receives Grant to Expand Broadband

Montgomery County Wins Grant to Expand Broadband

Montgomery County, VA – Montgomery County recently received a Virginia Telecommunication Initative (VATI) grant to expand broadband in the eastern parts of the county. Gigabeam will partner with Montgomery County to increase high-speed internet access in Allegheny Springs, Elliston, Lafayette, and Shawsville.

Governor Ralph Northam announced the grant in mid-March as part of $20.1 million in VATI funding awarded to 17 localities across the commonwealth. These grants are designed “to extend broadband service to areas that are unserved by an internet service provider.” According to Governor Northam, “Quality broadband service is key to growing our economy, and learning, competing, and succeeding in today’s digital world.” Expanding access to broadband in Montgomery County will benefit residents and businesses alike.

Here is more detailed information about the project:

Montgomery County and Gigabeam
$919,569

Montgomery County and Gigabeam will extend its broadband network. The new construction will bring fixed wireless broadband access to 1,292 serviceable units, including 44 businesses in Allegheny Springs, Elliston, Lafayette, and Shawsville.

Learn about other efforts to expand broadband access in Virginia’s New River Valley 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.

Qualtrax One of Best Places to Work in VA

Qualtrax One of Best Places to Work in VA

Montgomery County, VA – According to Virginia Business magazine, Blacksburg-based Qualtrax is one of the best places to work in Virginia. The tech company was featured on the magazine’s 11th Annual Best Places to Work in Virginia List. This is the fourth consecutive year that Qualtrax was included in the “Small Employers (up to 99 U.S. employees)” category.

Virginia Business worked with Best Companies Group out of Pennsylvania to compile the list. Employers were evaluated on categories such as number of paid holidays, retirement benefits, diversity training, and telecommuting options for employees. After evaluating the employers and compiling a list of the top 100 in the Commonwealth, Virginia Business then divided the list into categories for large, medium, and small employers.

See all the companies on the 2021 Best Places to Work in Virginia list here.

Learn more about Qualtrax’s previous honors on the Best Places to Work in Virginia list from 2020, 2019, and 2018.

Learn more about Qualtrax and the information technology industry in Virginia’s New River Valley here.

Explore more accolades won by NRV counties, city, towns, and universities 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.

NRV Accolades and Awards in 2020

NRV Accolades and Awards in 2020

New River Valley, VA – Throughout 2020, the New River Valley was frequently recognized for its outstanding lifestyle amenities, business growth, and educational opportunities. The region is truly a premiere destination to live, work, and do business. Below is a list of just a few of the accolades won in 2020 by the counties, city, towns, and universities that comprise Virginia’s New River Valley. Pulaski is 2nd Most Affordable Place to Buy a Home in VA High Quality of Life Floyd Voted Top Tiny Adventure Town 2020 Abundant Outdoor Amenities Harmonia Recognized as one of Virginia's "Fantastic 50" Expanding and Developing Businesses Exelaration Ranked #3 Best Tech Internship by Vault Educating Tomorrow’s Talent RU Ranked #33 Southern Regional University by U.S. News & World Report Top Tier Colleges & Universities Explore more accolades won by NRV counties, city, towns, and universities here.

Correction: September 1, 2021: This blog post was corrected to reflect that Pete Dye River Course was ranked #19 in the top 50 golf courses in Virginia for 2020. A previous version of this article incorrectly stated the course was ranked #18.

###
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.
Top Ten Posts of 2020

Top Ten Posts of 2020

New River Valley, VA – 2020 has been a year unlike any other, but there is still positive news happening around Virginia’s New River Valley. Recap this unique year with a list of the Top 10 Posts of 2020 on TheNRV.org. The following posts had the most pageviews online.

 

10. Torc Robotics to Invest $8.5 Million and Create 350 New Jobs in Blacksburg

In August it was announced that Torc Robotics will invest $8.5 million to expand its software development operations in Montgomery County. The company will establish an additional facility at the VT Corporate Research Center and create 350 new jobs.

9. NRV Commerce Park Welcomes Patton Logistics Group

In January it was announced that The Patton Logistics Group will invest $12 million to establish a new logistic and warehousing operation at NRV Commerce Park located in Pulaski County. The project will create 33 new jobs.

 

8. Pete Dye River Course Ranked 19th Best in VA for 2020

Pete Dye River Course of Virginia Tech

The Virginia Golf Ratings Panel ranked the Pete Dye River Course of Virginia Tech as #19 in a list of the top 50 golf courses in the state. The golf course is well known for its scenic views and 2.5 miles of frontage on the New River.

7. Why Blacksburg, VA is a Best Place to Live

Originally published in 2018, this blog post shared an editorial that Melody Warnick published on Livability about “why she thinks Blacksburg is a special place to live.” Warnick is a freelance writer, author, and Blacksburg local.

6. Kollmorgen Motion Solutions Used in Fight Against COVID-19

Kollmorgen Motion Solutions COVID-19

Kollmorgen played a critical role in the fight against COVID-19. The company’s motion solutions are being used by manufacturers around the country to make “respirators and other personal protective equipment” as well as other essential items that help diagnose and treat the virus.

5. 10 Things to Do in the NRV This Summer

Blog readers were clearly looking for fun and safe things to do this summer around the New River Valley. Originally published in 2018, this blog post lists ten unique spots to visit throughout the region.

4. H&V Delivering Critical Materials in the Fight Against COVID-19

Hollingsworth & Vose COVID-19

Hollingsworth & Vose was busy throughout 2020 “making filtration material that is a critical component in Respiratory Protection Equipment being used to fight the virus.” They continued to increase their production throughout the year to help with the COVID-19 pandemic response.

3. Pulaski is the Most Affordable Place to Live in VA

The town of Pulaski was named the cheapest place to live in Virginia for the second year in a row by HomeSnacks.net. In particular, “housing in Pulaski is [very affordable] when taken as a proportion of income, whether you’re renting or buying.”

 

2. Virginia Tech Ranked 7th Most Loved College by The Princeton Review

Virginia Tech Ranked 7th Most Loved College by The Princeton Review

The Princeton Review ranked Virginia Tech the 7th most loved college for 2021. VT also ranked first for best counseling services, eighth for best campus food, and fifteenth for town-gown relations are great.

1. Virginia Tech Ranks Top 3 Best College Campuses in America

Niche.com ranked Virginia Tech third in their list of 2020 Best College Campuses. Rankings were “based on key statistics and student reviews using data from the U.S. Department of Education.”

 

Correction: September 1, 2021: This blog post was corrected to reflect that Pete Dye River Course was ranked #19 in the top 50 golf courses in Virginia for 2020. A previous version of this article incorrectly stated the course was ranked #18.

###
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.
NRV Manufacturing Sector Outlook Positive

NRV Manufacturers Persevere Through Pandemic, Sector Outlook Positive

New River Valley, VA – In September 2020, Onward New River Valley conducted a survey of manufacturing companies in Virginia’s New River Valley. The goal of the Industry Competitiveness Survey was to better understand how local manufacturing companies were operating and adapting in the wake of COVID-19. The survey was intended to identify common challenges among local companies and expose best practices that would support the overall competitiveness and continued growth of the local manufacturing industry.

Survey responses were collected during a two-week period in September 2020. The survey was sent to 35 manufacturers in Virginia’s New River Valley (NRV) with 48% responding. The survey results, along with individual interviews, revealed several insights about the manufacturing industry in the region; these insights are described below.

Operating Status

Overall, manufacturers in the NRV have persevered through the COVID-19 pandemic with varying impacts on their operations. The vast majority (76%) of respondents reported operating at or above pre-pandemic capacity, while 24% indicated operating at about half capacity. Roughly half of respondents indicated a decrease in their sales pipeline (43%) and overall revenue (52%).

Survey respondents seemed to signal that their supply chains had only been moderately impacted by the COVID-19 pandemic. Less than one-third of respondents reported increased costs for either inputs/raw materials (29%) or freight (27%). Almost half of respondents reported experiencing an increase in supplier lead times (48%) and a reduction in the availability of inputs/raw materials (43%).

However, these changes in the supply chain do not seem to be affecting production levels for NRV manufacturers. Two-thirds (66%) of respondents reported stable or increasing production levels.

Employment

Employment through manufacturing companies in the NRV has remained mostly stable during the pandemic. The majority (62%) of respondents said their number of employees remained the same or increased since the beginning of the pandemic. Of the 38% of respondents that reported a reduction in employees (most indicating a slight reduction) since the beginning of the pandemic, the majority (63%) anticipated rehiring eliminated positions within a year of the survey date.

Over half (62%) of respondents reported having unfilled job openings. The types of unfilled positions varied among respondents, but a need for both production workers and engineers was a consistent theme. There is clearly a continuing need for talent recruitment and retention efforts across the manufacturing industry in NRV.

Health & Safety Concerns

In late September, over three-fourths of respondents indicated that at least 90% of their employees were physically working on-site. With most employees in the NRV manufacturing industry working in person amid the pandemic, it is no surprise that a large majority (81%) of respondents reported that health and safety was one of their current top three concerns for their business. Manufacturers have devoted significant attention to implementing new public health policies and technologies to keep their employees safe and their operations running during the pandemic.

NRV manufacturers have increased the number of employees that are working remotely to help mitigate these health and safety concerns. Pre-pandemic, only one respondent (5 ) reported having more than 5% of their employees working remotely, which increased to 62% of respondents by late September. This increase in remote work for some employees could be designed to offset the increased needs for physical space to comply with regulations and distancing requirements. One survey respondent stated that “physical distancing mandates are only feasible with a partial remote workforce.”

Overall Industry Outlook

Manufacturing leaders signaled an overall positive outlook for the coming year. Almost three-fourths (71%) of respondents anticipated that the remaining duration of COVID-19 impacts on their business would resolve within one year from the survey date.

Respondents were asked to give their overall outlook on the status of their company over the next 6-12 months. The vast majority (90%) of respondents reported that they had a steady or positive outlook for their company during that time period.

Leaders were also asked to forecast how many employees they anticipated having within six months to one year. Almost two-thirds (62%) of respondents expected a modest or significant increase in employment levels within a year, with no one anticipating a reduction in employees.

Learn more about the survey and read a final report of the results 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.

NRV Tech Sector Outlook Strong

NRV Tech Companies Shift to Remote Work During Pandemic, Sector Outlook Strong

New River Valley, VA – In September 2020, Onward New River Valley conducted a survey of technology companies in Virginia’s New River Valley. The goal of the Industry Competitiveness Survey was to better understand how local information technology companies were operating and adapting in the wake of COVID-19. The survey was intended to identify common challenges among local companies and expose best practices that would support the overall competitiveness and continued growth of the local tech sector.

Survey responses were collected during a two-week period in September 2020. The survey was sent to 28 information technology companies in Virginia’s New River Valley (NRV) with 71% responding. The survey results revealed several insights about the tech sector in the region; these insights are described below.

Operating Status
Overall, tech companies have remained mostly stable in the wake of the COVID-19 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 (88%) indicated that their business had stayed about the same (50%) or even grown (38%).

Most (58%) respondents reported stable or increasing revenue compared to pre-pandemic, but over half (55%) of respondents reported a decrease in their sales pipeline. Consequently, it’s no surprise that a majority (63%) of respondents ranked marketing as one of their current top three concerns with the decrease in sales pipeline that tech companies are reporting.

Several respondents reported that lead generation is a current challenge due to the pandemic. One person wrote, “I feel that there is some lack of quality in our sales pipeline now that we’ve shifted all of our client meetings remote,” while another stated, “finding new ways to engage prospective clients without tradeshows and travel is a top priority.” Marketing and selling in a remote environment are clear challenges that tech companies in the NRV are facing and will continue to face in the near future.

Employment
Employment through tech companies in the NRV has remained stable despite COVID-19. Most (63%) of respondents said their number of employees has remained the same since the beginning of the pandemic. Twelve percent of respondents did report a reduction in employee levels, but two-thirds (67%) of them anticipate rehiring eliminated positions within a year.

Over a quarter (25%) of respondents indicated they had increased employment during the pandemic, reporting either a slight (17%) or substantial (8%) increase. Furthermore, over one-third (38%) of respondents said that they currently have unfilled job openings. Respondents reported that the most common hard to fill positions are software engineers, account executives, and production schedulers. There is clearly a continuing need for talent recruitment and retention efforts across the tech sector in the NRV.

Remote Work Trends
The survey revealed that COVID-19 has caused local tech companies to shift most of their workforce to remote work. Prior to the pandemic, three-fourths (75%) of survey respondents reported that less than 20% of their workforce worked remotely. In contrast, two-thirds (67%) of respondents reported that more than 81% of their employees were remote in late September. Respondents did indicate a slight decrease in the percentage of employees working remotely from July to September, signaling some tech workers were returning to the office.

Several tech leaders indicated that having a higher portion of their employees work remotely may persist even after the pandemic is over. One respondent stated that their company would have a “50% decrease in physical space needs” due to the increase in remote work, while another said, “we definitely value having a physical location and will keep it, but this only continues to fuel our ability to have employees located anywhere.”

Almost half (46%) of respondents reported offering incentives for employees to work from home. Helping employees set up their home offices, whether through transferring existing equipment home or purchasing new equipment for employees, was one of the most frequently mentioned incentives. Other common incentives included providing stipends or reimbursements to run employees’ home offices and upgrading employees’ home internet service.

Overall Outlook
Tech leaders signaled an overall strong outlook for the coming year. Within the next twelve months, the vast majority (88%) of respondents reported that they had a steady or positive outlook for their company. Over three-fourths (79%) of respondents anticipated that the remaining duration of COVID-19 impacts on their business would resolve within one year from the survey date.

Leaders were also asked to forecast how many employees they anticipated having within six months to one year. Within six months, over half (54%) of respondents anticipated that their employment numbers would increase. Within the next year, three-fourths (75%) anticipated a modest (58%) or significant (17%) increase in employment. Only 4% of respondents expected to reduce employment within the next year.

Learn more about the survey and read a final report of the results 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.