Lynchburg lands in Forbes magazine’s top 25 list

By Bryan Gentry

Published: March 26, 2008

The Lynchburg region ranks 24 on Forbes’ national list of Best Places for Business and Careers, published last week.

The annual list rates and compares the nation’s 200 largest metropolitan statistical areas, based on nine factors, like the cost of doing business, the presence of good colleges, and cost of living and crime rates.

“What we’re trying to do is gauge the overall business climate,” said Kurt Badenhausen, Forbes magazine associate editor. “These are important factors that businesses are considering when making relocation decisions.”

Lynchburg was one of only three Virginia communities to make the top 25, coming just ahead of Northern Virginia. The Richmond metropolitan area ranked seventh.

The Raleigh, N.C., area was ranked first.

With a population of 241,000, the Lynchburg region was the second smallest region in the top 25.

The list also included huge metro areas such as Atlanta and Seattle.

“When I first looked at (the list), I was shocked, given the fact that we were included in all those larger metro areas in the country,” said Lee Cobb, executive director of Region 2000’s Economic Development Partnership.

“But when I thought about it more … this is just a very positive reflection of what we all thought to be a very fine environment for conducting business.

“It’s not just us talking now,” he said. “I suppose you’d call (Forbes) an icon of the business world. … They rated us independently.”

The Lynchburg region ranked near the top in some categories. The area has the eighth lowest crime rate, 27th lowest cost of doing business, and the 34th lowest cost of living.

In other areas, the region didn’t come in as strong. It ranked at 189 for cultural and leisure and at 164 for educational attainment.
Cobb said those are factors people in the region are working on.

The region’s engineering programs — one at Liberty University and a University of Virginia program at Central Virginia Community College — could help raise the educational attainment. He also said the Region 2000 Technology Council has programs to interest young people in high-tech careers.

He said the Young Professionals of Central Virginia organization is a direct response to the need for social activities that keep young people in the area. The Academy of Fine Arts and other organizations are improving cultural offerings, he said.

“I don’t think the community is just sitting still and allowing the situation to stagnate,” he said.
In 2007, the Lynchburg area ranked 65 on the same Forbes list. Improvements in job growth, net migration, and income growth helped improve the ranking this year.

On Forbes list of the best smaller metro areas, Charlottesville and Blacksburg both made the top 10. Danville ranked 135.