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Economic Growth
In Virginia
A net potential gain of 3,660 in employemnt in Virginia will result from new manufacturing plants anti expansions of existing industries, which announced their plans during the first half of 1960.
'ITie semi-annual report on manufacturing developments in Virginia, released by Marvin M. Sutherland, Director, Virginia Department of Conservation and Economic Development, showed 31 new plants for a total anticipated employment of 1,730 and 33 expansions which will provide an estimated 2,800 workers. Fourteen Virginia plants closed during the period, lesulting in a total loss of 890 jobs.
Nineteen new manufacturing establishments announced their intention of establishing in Virginia during the second quarter, with total anticipated employment of 1,000. This represented an increase of seven plants over the first quarter's report.
There were 14 expansions ot existing industries reported during the second quarter, adding 1,100 jobs. 1'his was a drop of 7 when compared with the first quarter. Sutherland explained that figures on additional employment are available for only 7 of the 14 expansions. He said reasonable estimates are that the other 7 expansions will add from 300 to 1,000 workers.
Nine manufacturing concerns went out of business in Virginia during the second quarter, resulting in a loss of 400 in employment. Five plants closed during the first quarter, with a loss of 430 jobs.
Products of the new second quarter industries include furniture and wood products, foam rubber products, foundry patterns and apparel. Two of the new plants announced are for the Ailecn Knitwear Company, which set up a plant in Strasburg in 1933, another in New Market in 1957 and is placing additional plants in VVoodstixk and Culpeper. The new installations will add 300 to 4fK) employees and will bring this company's pay rolls in Virginia up to 600 or 700.
An important addition to the Olin Mathieson chemical industry in Smyth County, announced during the second quarter, is a projected plant to produce rocket fuel tor the federal government, estimated to cost in the neighborhood of $15,000,000. An unusual product in the fabricated metals category (machinery) is apparatus for the lemoval of rust, grease and scale
54.5%