An Environment for Opportunity

If you are looking for information on the Lynchburg Economy, this page will help you review key details. Lynchburg is rapidly growing as Central Virginia’s urban center for commerce and culture. This is evident in our expanding diverse population, our flourishing higher education institutions, and our economic growth. Read below to find out more about why Lynchburg is thriving.

Economic Growth Reports

Economic Growth Reports

Click on the links below to download Lynchburg’s annual report and economic strategy.

Business

Business

Lynchburg contains all the right ingredients for success in business, research, and commercial development. Our growing population is coupling with rising incomes for a vibrant $8.74 billion economy. Lynchburg companies sell to customers all over the globe, exporting ideas, innovation, and some of the best advanced manufacturing and machining products in the world. Hill City retailers enjoy $1.6 billion in annual sales from over a quarter million local consumers and thousands of visitors a year, with per capita spending on the rise in a variety of products, with available market share in many categories.

Lynchburg’s Premier Industries

Lynchburg’s Premier Industries

We are proud the following industries operate locally here in Lynchburg.

  • AREVA NP INC.
  • AUTOMATED CONVEYOR SYSTEM
  • BWXT
  • BAUSCH & LOMB
  • BELVAC INC.
  • PACIFIC LIFE
  • C.B. FLEET, INC.
  • CENTRA HEALTH
  • CENTRAL VIRGINIA COMMUNITY COLLEGE
  • CITY OF LYNCHBURG
  • CENTRAL VA ORTHOPEDICS
  • DELTA STAR
  • FLOWERS BAKING COMPANY
  • FLOWSERVE CORPORATION
  • FOOD LION
  • FRITO LAY INC.
  • U.S. PIPE
  • GENWORTH
  • HARRIS
  • HORIZON BEHAVIORAL HEALTH
  • INTERNATIONAL PAPER COMPANY
  • J. CREW OUTFITTERS
  • KROGER
  • LIBERTY UNIVERSITY
  • PARKER HANNIFIN CORP.
  • RANDOLPH COLLEGE
  • R.R. DONNELLEY PRINTING
  • SODEXHO
  • SOUTHERN AIR INC.
  • MIDCONTINENT CABINETRY
  • TARGET CORP.
  • TESSY PLASTICS LLC
  • TRI TECH LABORATORIES INC
  • VDOT
  • YOUNG MEN’S CHRISTIAN ASSOCIATION
  • WALMART
  • WESTMINSTER CANTERBURY
Location and Transportation

Location and Transportation

Lynchburg is at the heart of Central Virginia, sited near the geographic center of the Commonwealth. This principal locality is contributing to the city’s status as the economic hub of the region. Nestled in the foothills of the Blue Ridge Mountains and bounded by the James River, Lynchburg is a prime location for pristine environment.

East of Lynchburg is the capital of Richmond, which is a short drive away. Also, North of Lynchburg is Washington, D.C. which is a quick train ride or drive. The major east coast shipping hub, the Port of Hampton Roads, can be reached in a matter of hours by rail or road.

Below you will find more information about all of Lynchburg’s modes of public transportation and major highways and interstates.

4-Lane Arterial Highways

Route

Distance

U.S. 29

North-South

U.S. 221

North-South

U.S. 460

East-West

U.S. 501

North-South

 

Interstates

Route

Distance

I-81

55 miles

I-64

65 miles

 

Commercial Air Service

  • Lynchburg Regional Airport
  • U.S. Airways Jet Service to International Hub
  • General Aviation Service
  • Lynchburg Regional Airport
  • Multiple FBOs
  • Falwell Airport
  • Runway Length: 2,900 ft

Freight & Passenger Rail Service

  • CSX Transportation
  • Norfolk Southern Railway Company
  • Passenger Rail
  • Amtrak
  • The Northeast Regional Line daily roundtrip commuter to Washington, D.C.
  • The Crescent Line with destinations north to New York, south to New Orleans

Public Transportation

  • Greater Lynchburg Transit Company
  • 16 Routes Covering 50 Square Miles
  • Bio Diesel-Fueled Fleet
  • Para-Transit Services
Utilities

Utilities

The following utility companies proudly service the Lynchburg Metropolitan Area.

Utility Providers

 

Electricity

American Electric Power

Natural Gas

Columbia Gas

Water

Water Resources, City of Lynchburg

Sewer/WWT

Water Resources, City of Lynchburg

Solid Waste Disposal           

Region 2000 Services Authority

Telecommunications

Verizon-Virginia 

 

Download the City of Lynchburg FY 2017 Rate Study & Annual Report

*In some cases commercial utility rates may be negotiable. Rates above based on recent published rates but are not guaranteed. Contact the utility provider for specific rates and rebates.

Taxes

Taxes

Lynchburg’s business environment is vibrant due to a sensible local and state tax codes that help foster investment and expansion. Our local taxes reflect Virginia as the fourth most tax-competitive state in the nation. In many instances, the rates below may be eligible for reimbursement or credits depending on your business, revenues or expenditures. For more information, contact the Office of Economic Development at 434-455-4491 or email melissa.dismond@lynchburgva.gov.

Corporate Income Tax

  • Rate of 6%
  • Unchanged in Over Forty Years
  • Three-Factor Apportionment Formula of Payroll, Property and Sales (Sales Double-Weighted)
  • Tax Credits for Job Creation and Investment
  • No Franchise or Net Worth Tax

Sales and Use Tax 

  • Rate of 4%
  • Tax on Gross Receipts from Retail Sales or Leases of Taxable Tangible
  • Personal Property Manufacturers Exempt from Tax on Purchases for Production
  • Distributors Exempt from Tax on Items Purchased for Resale

Local Option Sales Tax Trends Graph

Local Taxes

The Commissioner of the Revenue administer Lynchburg’s local taxes. For local tax purposes, businesses are classified as Manufacturers or Non-Manufacturers.

All Businesses

Real Estate Tax

Nominal Tax Rate per $100 of Assessed Value        

$1.1

 

Business Personal Property Tax

Nominal Tax Rates per $100 of Assessed Value       

$3.80

Value Used for Tax Calculation

Original Cost   

Assessment Ratio (in years)

 

1-5 years old

30%

6+ years old

25%

 

Manufacturing Businesses

Machinery and Tools

Nominal Tax Rater per $100 of Assessed Value       

$3.00

Value Used for Tax Calculation

Original Cost

Assessment Ratio (in years)

 

1-5 years old

30%

6+ years old

25%

 

Non-Manufacturing Businesses

Business, Professional and Occupational License Tax

All Businesses with Gross Receipts Less Than $100,000         

$50.00

Retail Merchants

20 cents per $100 of Gross Receipts

Contractor

16 cents per $100 of Gross Receipts

Business/Personal Service

36 cents per $100 of Gross Receipts

Professional Service

58 cents per $100 of Gross Receipts

Wholesale Merchant

$20 plus 28 cents per $100 of Gross Purchases

 

Hospitality & Service Sector Taxes

Local Sales and Use Tax
Retail Sales and Leases of Tangible Property: 1%

Meals & Lodging
Prepared Foods and Beverages: 6.5% of Sale

Lodging for Compensation Per Room Per Night: $1 plus 5.5% of Sale

Amusement Tax
Event or Activity Admission: 7% of Sale

Population

Population

We are honored to have a diverse community call Lynchburg their home.

Age, Gender & Race in Lynchburg

  • Median Age: 30.0 years
  • Male Population (% of total): 35,474 (46.9%)
  • Female Population (% of total): 40,094 (53.1%)
  • White: 48,674
  • Black: 22,140
  • Hispanic (of any race): 2,300
  • Asian: 1,868
  • Two or More Races: 1,662
  • Other: 950
  • American Indian: 237
  • Pacific Islander: 37
  • Total: 75,568
Income

Income

Lynchburg boasts an expanding disposable income paired with a low cost of living.

Median Household Income

$39,381

Per Capita Income in Past 12 Months (Lynchburg)

$21,236

Per Capita Personal Income (Lynchburg MSA)

$36,237

 

Sample of Prevailing Hourly Wages by Occupation

Construction Laborers

$9.50

Office Clerks, General

$11.20

Customer Service Representatives

$12.90

Truck Drivers

$15.15

Maintenance and Repair Workers, General               

$17.22

Licensed Practical Nurses

$18.18

Machinists

$20.10

Elementary School Teachers

$20.57

First-Line Supervisors

$25.96

General and Operations Managers

$39.37

 

Gross Regional Product & Aggregate Economic Activity

Gross Regional Product

$8,740,000,000

Manufacturer’s Shipments

$2,801,602,000

Retail Sales

$1,665,130,000

Retail Sales Per Capita

$23,171

Hospitality & Food Service Sales

$189,000,000

 

Sources: U.S. Census Bureau, Virginia Employment Commission, U.S. Bureau of Economic Analysis

Labor Force & Labor Participation Rate

Lynchburg Workforce Participation (% of Population)               

35,233 (59.8%)

Metro Area Workforce Participation (% of Population)

91,832 (63.8%)

Total Workforce

127,065

 

Lynchburg's Knowledge Workers Graph

Underemployment

Lynchburg

4,770

Metro Area

12,356

Total Underemployed           

17,126

 

Sample of Regional Growth Occupations

Occupation

Estimated Growth Rate by 2018

Network Systems and Data Communications Analysts            

59.4%

Healthcare Support Occupations

43.8%

Financial Advisors

42.7%

Mathematical Scientists

38.9%

HVAC Mechanics

36.2%

Computer Software Engineers

34.8%

Physical Therapists

34.6%

Counselors and Social Workers

32.7%

General Medical Practitioners

30.1%

Teachers and Professors (averaged)

23.5%

Architects

22.8%

Machine Operators

22.8%

Engineers

20.8%

Registered Nurses

20.3%

Finance and Insurance Services

16.9%

Construction Managers

16.9%

Arts, Design and Media Occupations

16.1%

Education

Education

Lynchburg is comprised of 6 distinguished and accredited Higher Education Institutions as well as a flourishing public school system.

Higher Education Institutions & Enrollment (Fall 2013)

Institution

Enrollment

Liberty University

77,338

Central Virginia Community College

4,730

Lynchburg College

2,713

Virginia University of Lynchburg

553

Randolph College

683

Sweet Briar College (Amherst County)

710

 

Public Schools

Public School Graduates Continuing Education (2012-2013 Academic Year)

79.4%

 

Educational Attainment Graphic 

 

Public School Enrollment (Fall 2013)

Level                

Facilities      

Enrollment

Elementary

11

4,375

Middle

3

1,838

High School

2

2,370

 

Student Teacher Ratio (FY 2013)

Elementary

10:1

Secondary

11:1

 

Per Pupil Expenditure (FY 2013)

$10,690.00

Commercial Real Estate in Lynchburg

Commercial Real Estate in Lynchburg

Lynchburg is the place for your business. Whether your business needs 100,000 square feet of warehouse, 1,000 square feet of retail or raw land for new construction, there is a building or site available for lease or sale in Lynchburg. Our diverse commercial real estate market offers competitive lease rates and reasonable sale prices, along with the infrastructure your business needs, from high-speed internet to rail access.

Search Available Properties

For information on our residential real estate market, please visit our Housing section here.

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