Each year, the Office of Economic Development & Tourism compiles an extensive report, featuring our department’s work completed over the past fiscal year, notable achievements, and the latest data pertaining to economic development and tourism in LYH. We are especially grateful for our partners, organizations, and businesses that help drive these initiatives in our community, making LYH a better city for our residents, workforce, students, and visitors.
Read Our Annual Report
- Support and grow LYH businesses and destination assets
- Position LYH as the best small city in America
- Drive long-term economic growth and resilience
- 2023 was a big year for companies choosing to invest in LYH by expanding their local operations. In May, Governor Youngkin announced that Delta Star will invest $30.2 million to expand its manufacturing and headquarters operation in Lynchburg, creating 149 new jobs.
We have focused on master planning for industrial and commercial sites, identifying 42.7 acres as developable, already resulting in new prospects with the potential for significant capital investment and job creation. Last year, our office secured funding from GO Virginia for the Airport Commerce Park and from the Virginia Business Ready Sites Program for two sites in Ivy Creek Innovation Park.
In 2022, the tourism sector supported more than 3,700 jobs in Lynchburg and $25 million in state and local tax revenues. This year, overnight visits throughout the City increased by 19% from FY 2022. Our staff secured 80 groups and events across all target markets with an estimated economic impact of $16 million dollars – a 33% increase in secured groups and events from FY 2022.
In December of 2022, Lynchburg was proud to be named the host city for the 2024 Professional Disc Golf Association Pro World Championships! This is the first time that this event has been held in the Commonwealth of Virginia, and by beating out a city in Finland, Lynchburg will be on the world stage, welcoming 350 athletes and an estimated 20,000 spectators the week of August 19th-24th next year. This event is estimated to bring an economic impact of $6.4 million dollars to the City.
In 2023, commencement exercises at our colleges and universities welcomed over 60,000 visitors with a local spending impact of $16.98 million. More than 742,000 guests traveled 50 miles or more to visit our local colleges and universities, averaging more than 10 visits per guest, which amounts to over 7.4 million visits throughout the year.
Our office supports and permits special events held in the City. Events build community pride, drive visitation, and showcase the cultural diversity of our City. This year, 45 events in the City drove nearly $1.5 million in local spending.