Wednesday, June 04, 2008
Roanoke summit discusses economy
Roanoke Valley leaders discussed everything from cigarette butts to oil prices.
Discussion ranged from recession to cigarette butts.
The setting was Tuesday's Roanoke Regional Chamber of Commerce's fifth annual Economic Summit at the Hotel Roanoke & Conference Center.
Economist Christine Chmura told about 140 regional businesspeople Tuesday that several indicators suggest the economy, both nationally and regionally, is "slipping into recession."
She said unemployment claims in the Roanoke Metropolitan Statistical Area are rising faster than the state rate. The MSA includes the cities of Roanoke and Salem and the counties of Roanoke, Botetourt, Franklin and Craig.
A chamber-conducted business climate survey of members found that 44 percent of those who responded intend to add jobs by the end of the year, a figure that represents a 21 percent drop from 2006. The survey, which was not a formal measure, surveyed 996 members and had a response rate of 21 percent.
Businesses expecting revenues to fall grew 13 percent over 2007, and the percentage of those predicting a decrease in profits tripled over last year.
Sean McGinnis, director of Virginia Tech's Green Engineering Program, emphasized in the keynote address of the morning that companies large and small can save money, generate positive publicity and avoid regulatory nightmares by investing time and energy in environmentally friendly, or "green," business practices.
Scott Martin, Franklin County's director of commerce and leisure services, lightened the mood with a forceful yet amusing review of how the region should promote its access to natural resources and recreational activities and also work diligently to protect these assets as key contributors to economic development.
Roanoke City Councilwoman Gwen Mason led a panel discussion about sustainable business practices. She said small businesses can be important players. She and others talked about the aesthetic and polluting impact of cigarette butts tossed at intersections and elsewhere and the attractions of being a green community.
Nearly everyone who spoke, at the lectern or in the hallways, bemoaned the business impacts of rising energy costs, with escalating prices for gasoline highlighted.
"The era of cheap energy is over," McGinnis said.
Lee Wilhelm, chamber chairman, is president of Green Roofs of Virginia and chief executive officer of McNeil Roofing.
He said his company's suppliers are willing to quote prices only for 30 days in advance for materials, such as roofing and insulation, that rely on oil as one ingredient. Related uncertainty challenges bidding jobs, he said.
To discuss the region's economy and how it's affecting you, visit our Heads or Tails blog.





