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| Chris Driver |
(434) 942-5424 |
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The Lynchburg Metropolitan Statistical Area includes the cities of Lynchburg and Bedford, and counties of Amherst, Appomattox, Bedford, and Campbell. Located in the Piedmont section of Virginia, Lynchburg is within 14 miles of the geographic center of the state. The metropolitan area is generally described as hilly to rolling, with the official elevation in downtown Lynchburg being 795 feet above sea level. The average annual temperature in Lynchburg is 56 degrees, with an average of 76 degrees in July and 35 degrees in January. The average annual rainfall is 38.27 inches, and average annual snowfall is 18.2 inches. With relatively mild temperatures, it is not exceedingly hot in summer or exceedingly cold in winter.
Real property values are generally influenced by the economic, governmental, social, and environmental forces that interact to create an economic climate. These forces are evident on the international, national, regional, and local levels. The international economy is a composite of the separate nations, the national economy is a composite of the various states and regions, the state or regional economy is a composite of the various cities and counties, and the local economy is a composite of the various economic forces that interact within that locality. The major economic forces which influence a locality include population trends, income levels, employment opportunities, transportation facilities, the availability of financing, the government structure, and tax structure. Some major economic trends and factors that influence central Virginia will be discussed below.
The population for Lynchburg MSA increased from 206,226 in 1990 to 228,616 in 2000. The population increase is significantly impacted by Bedford County, with 32.5% growth during the past decade. If Bedford County is removed from the district, the population increase is 4.7% (U.S. Census Bureau). These figures and the following chart generally indicate a stagnant population in the city of Lynchburg and some growth in the surrounding counties during the next ten years.
POPULATION
MSA
| 1990 Actual
| 2000 Actual
| % Change
| 2010 Projection
| % Change
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| Cities:
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| Lynchburg
| 66,120
| 65,269
| (1.3)
| 65,300
| 0.1
| Bedford
| 6,176
| 6,299
| 2.0
| 6,898
| 9.5
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| Counties:
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| Amherst
| 28,578
| 31,894
| 11.6
| 32,898
| 3.1
| Appomattox
| 12,300
| 13,705
| 11.4
| 14,600
| 6.5
| Bedford
| 45,553
| 60,371
| 32.5
| 71,601
| 18.6
| Campbell
| 47,499
| 51,078
| 7.5
| 53,703
| 5.1
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| Total
| 206,226
| 228,616
| 10.9
| 245,000
| 7.2
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| Virginia
| 6,189,197
| 7,078,515
| 14.4
| 7,737,597
| 9.3
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| USA
| 248,765,170
| 281,421,906
| 13.1
| 299,862,000
| 6.6
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Source: U.S. Bureau of the Census
Weldon Cooper Center, University of Virginia
Per capita income is the total personal income of all residents in a geographical area divided by the number of residents age 15 and over. According to the U.S. Census Bureau, the 1999 per capita income for the Lynchburg MSA was as follows: Lynchburg city, $18,263, Campbell County, $18,134; Bedford city, $15,423, Bedford County, $21,582; Amherst County, $16,952; and Appomattox County, $18,086. The Bureau of Economic Analysis reported per capita personal income (PCPI) for central Virginia in 2004 as follows: Lynchburg city and Campbell County, $26,917; Bedford city and Bedford County, $31,317; Amherst County, $23,751; and Appomattox County, $24,986. The 2004 PCPI for Lynchburg and Campbell County increased 5.6% from 2003, while Bedford city and Bedford County experienced a 5.2% increase from the previous year. Appomattox County’s 2004 PCPI increased 4.0% from 2003, and Amherst County’s PCPI increased 5.1% (Bureau of Economic Analysis).
A household is all persons, both related and unrelated, who occupy a housing unit. Median household income for the Lynchburg MSA in 2003 was as follows: Lynchburg city, $31,877; Campbell County, $38,527; Bedford city, $30,605; Bedford County, $47,143; Amherst County, $37,465; and Appomattox County, $36,859 (Virginia Employment Commission).
Employment by sector for the Lynchburg MSA for the first quarters of 2005 and 2006 was as follows:
2005 2006
Manufacturing 19.6% 19.1%
Construction, Mining, Natural Resources 7.5% 7.4%
Transportation, Utilities 2.6% 2.4%
Trade 16.2% 16.0%
Financial 4.5% 4.5%
Services 34.0% 35.0%
Information,Government 15.6% 15.6%
Source: Virginia Economic Development Partnership
Service was the largest growth segment between 1997 and 2001. Several large manufacturing plants were constructed during the past 10 years in an industrial park being developed by the Lynchburg Industrial Development Authority. Industrial growth has created demand for a variety of service companies.
The average weekly wage for the Lynchburg MSA (excluding Appomattox County) as of the fourth quarter of 2003 was $606, a 3.1% increase from the average weekly wage of $588 for the fourth quarter of 2002 (Bureau of Labor Statistics).
In November 2006, the Lynchburg MSA civilian labor force, number unemployed, and unemployment rates were as follows (Virginia Employment Commission):
Civilian Labor Force Unemployed Rate
Lynchburg 31,584 1,016 3.2%
Bedford City 2,672 105 3.9%
Amherst County 15,975 509 3.2%
Appomattox County 7,080 228 3.2%
Bedford County 34,767 881 2.5%
Campbell County 27,681 911 3.3%
Unemployment in central Virginia has historically been lower than the state and national averages, primarily due to the diverse economy. The rate has generally been between 3.8% and 5.3% during the past five years, with higher rates in the early 1990s (Virginia Employment Commission).
Lynchburg's economy experienced a recession during the early 1990s, due primarily to its heavy reliance on manufacturing and the national recession. However, Lynchburg's economy gradually rebounded, and the city's Office of Economic Development has been promoting Lynchburg as a viable industrial marketplace. The Lynchburg Center for Industry, a 175-acre industrial park on Graves Mill Road, has helped attract industry to the area, including Bausch & Lomb, Adams Wholesalers, Adjustable Steel, and Starmark, Inc. Frito-Lay, Tessy Plastics Corporation, and AMG Plastics are located in the Lynchburg Industrial Park.
Transportation within central Virginia includes adequate rail service, air service, and highways. Major highways in the Lynchburg area include four-lane U.S. Routes 460 and 29 and two-lane U.S. Routes 501 and 221; however, portions of Route 221 were recently improved to a four-lane highway. Access to Interstate 81 is about 40 miles to the west of Lynchburg and Interstate 64 is about 60 miles to the north of the city. The lack of an interstate highway has been a disadvantage to the growth and expansion of Lynchburg and central Virginia. Rail service is provided to the area by Norfolk Southern Railroad and Amtrak. Air service to Lynchburg is provided by USAir Express and Delta Connection and was upgraded in the mid 1990s with the construction of a new terminal complex.
Central Virginia has been promoting its many tourist attractions for several years and the city of Lynchburg is central to many of these sites. Natural Bridge is about 45 miles to the northwest; the Appomattox Civil War Surrender Grounds are about 25 miles to the east; the Hill Shrine, Patrick Henry's last home in Veral Place, is about 30 miles to the southeast; and Poplar Forest, the summer home of Thomas Jefferson, is located in Forest, Virginia, west of the city limits. Wintergreen Ski Resort is approximately 50 miles to the north; Smith Mountain Lake is approximately 30 miles to the west; and the Peaks of Otter on the Blue Ridge Parkway is approximately 25 miles to the northwest.
Opportunities for higher education in the Lynchburg MSA include Lynchburg College, a private liberal arts college which offers a few post-graduate programs; Liberty University, a liberal arts university and seminary; Randolph-Macon Woman's College, a liberal arts college; and Sweet Briar College, a liberal arts woman's college located 20 miles north of the city of Lynchburg.
The major emphasis in this economy is a combination of manufacturing, trade, and tourism. The information presented above indicates that the diverse central Virginia economy is stable and has a history of steady growth. This growth should continue in the foreseeable future.
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