The U.S. Department of Commerce has granted $2.7 million for infrastructure enhancements in Floyd, Virginia’s Regional Commerce Center. This substantial funding will advance state roads, public water, wastewater management facilities, and fiber optic installations.
This economic boost aims to facilitate job creation, attract new ventures, and enhance residents’ living conditions. It will drive the local economy by bolstering key sectors like transport, utilities, and digital communications. The roadway improvements aim to cultivate connectivity within the city.
Moreover, this investment in public utilities manifests as a game-changer—it promotes environmental health and paves the way for future urban developments across the city.
The funding also includes a focus on establishing and expanding fiber optic installations. The city’s growth in the digital economy is expected to skyrocket, providing speedy, reliable internet to businesses and homes, facilitating e-commerce and distant work and education.
Lydeana Martin, Floyd’s Director of Community and Economic Development, asserts this funding will encourage business-ready sites development and reduce commute times. This move will entice more businesses to establish operations in the region, consequently creating jobs, intensifying the economy, and improving residents’ standards of living.
Moreover, Floyd plans to diversify its economic efforts by encouraging new businesses in various sectors, fostering an environment conducive to innovation. Beyond enhancing recreational activities, they aim to offer infrastructure and initiatives attractive to prospective businesses.
Featuring Jay Bekono, the COO of Floyd’s Henry’s Healthy Pets, who is also in support of business diversity in Floyd. Anticipating the infrastructure upgrades, he plans for business expansion in larger premises, thus adding to the local economy. The e-commerce approach has facilitated his company to reach global markets despite being located in a rural area.
Furthermore, local officials anticipate a surge in business investments due to these improvements. Not only will this help stimulate the local economy, but it also promises to open up employment opportunities for residents. The area’s appeal is also set to enhance with the renovation of old and construction of new buildings. Financial incentives might also be on the table for businesses willing to invest in the region.
