2017 Annual Report

Regional Economic Impact Executive Summary In response to rapidly declining employment in Southwest Virginia’s historically prominent industries of farming, mining, and manufacturing, stakeholders around the region began to invest in developing the creative economy. Since the start of the Crooked Road in 2004, travel expenditures in the region have increased from $648.9 million to $1011.81 in 2016. Additionally, local tax revenues have increased by 46.51% and state tax revenues by 41.06% in the same time period. The upward trend in these travel related tax revenues has an impact at the local level through increasing meals and lodging tax revenues in the region’s towns.

Overall employment in SWVA has dropped by 2.3% since 2001, but employment in the leisure and hospitality industry sector has increased by 14%. 1 Overall, the data suggests that the creative economy related outcomes are on a positive trend in Southwest Virginia, though the overall economy still faces challenges.

Creative Economy Impacts Key Facts

• Travel expenditures increased by 56% from 2004 To 2016.

• Southwest Virginia counties and cities collected almost $26 million in local travel related tax revenue in 2016. • Even through overall employment in SWVA is slightly down compared to a decade ago, employment in leisure and hospitality has grown by 14%.

1 Data from Bureau of Labor Statistics Quarterly Census of Employment andWages