Economic Development

Why Smyth County?

 

Smyth County is proud to boast a low cost of doing business. Businesses who call our area home draw their employees from a skilled, hard-working labor pool while simultaneously benefiting from low worker’s compensation outlays, unemployment tax burdens, utility costs, and building costs that are substantially lower than state and national averages. Read on to find out how Smyth County will go beyond your expectations.

  •  Virginia’s manufacturers paid only $2.09 per $100 of payroll for workers’ compensation in January 2009, the 4th lowest rate in the nation and 44% less than the national average.

  •  Virginia’s manufacturers paid only $2.09 per $100 of payroll for workers’ compensation in January 2009, the 4th lowest rate in the nation and 44% less than the national average.

  • Virginia’s unemployment tax burden is 37% less than the national average, and is 4th lowest in the nation.

  • The Virginia statewide average cost per unit of electricity for the industrial sector in 2011 was over 8% lower than the national average.

  • Companies in Smyth County pay a 6% corporate income tax, a rate that has not changed since 1972.

  • Building costs in the Smyth County region are nearly 21% lower than the national average.

  • Virginia is the northernmost right to work state on the East Coast.   

  • As of 2011, the average hourly wage of a worker in Smyth County is nearly 38% lower than the statewide average.

    • Source: Virginia Workforce Connection

  •  Smyth County’s water and sewer rates are competitive on a regional and statewide basis.


 

Enterprise Zone Incentives

 

Enterprise Zones are areas declared eligible by the Governor of Virginia for financial incentives and regulatory exemptions. Businesses that choose to locate within one of these areas, and that meet certain other requirements, are qualified to receive these incentives and exemptions. Smyth County is pleased to currently offer two enterprise zones, covering nearly all the commercial and industrial areas of the County. Here is a quick look at what businesses within these areas enjoy:

  • State Incentives
    • Job Creation Grants
    • Real Property Investment Grants
  • Local Incentives
    • Economic Stimulus Grants for Manufacturers
    • Building Permit Fee Rebates
    • Water and Sewer Cost Reductions
    • Exemptions on increased assessed property value
    • Tax Credits
    • Tourism-Business Marketing Grants (Saltville EZ only)
    • Storefront Improvement Grants (Saltville EZ only)
    • Broadband Connection Assistance (Saltville EZ only)
    • Loan Application Assistance (Saltville EZ only)
    • Training Assistance (Saltville EZ only)

For more detailed information on the terrific opportunities available to businesses within our Enterprise Zones, please click on the links below:

State Enterprise Zone Incentives

Chilhowie Enterprise Zone Information

Marion & Atkins Enterprise Zone Information

Saltville Enterprise Zone Information