Introduction
To the Honorable Chair, members of the Board of Supervisors, and the citizens of Montgomery County:
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DEPARTMENT STAFF
Brian Hamilton, CEcD
Economic Development Director hamiltonbt@montgomerycountyva.gov
Brenda Rigney, CEcD
Project Manager - Existing Industry rigneybb@montgomerycountyva.gov
Rachel Cline
Project Manager - Marketing and Business Development clinerf@montgomerycountyva.gov
Carley Andrews
Project Manager - Broadband gravescm@montgomerycountyva.gov
The Montgomery County, Va., Department of Economic Development (MCDED) has prepared this annual report to showcase the organization’s activities and accomplishments in 2024-2025. The report is also intended to be an economic development marketing tool for Montgomery County, and features the achievements of local companies, entrepreneurs, and other key allies.
The Department of Economic Development is dedicated to improving the quality of life throughout Montgomery Countyincluding the incorporated towns of Blacksburg and Christiansburg - by encouraging positive economic growth that:
• CREATES meaningful career opportunities;
• EXPANDS the commercial tax base to support the delivery of vital public services; and
• PROTECTS our enviable quality of life.
Our department accomplishes its mission through strategies that support the startup, retention, and expansion of businesses already in Montgomery County, as well as the attraction of new targeted industries to the community.
2024-25
by the NUMBERS
20
ACRES
Montgomery County now has a 20-acre graded pad available in Phase II of Falling Branch Corporate Park with utilities and a paved road running to the site.
61
BRE VISITS
Including follow up support services, the Department made 61 total visits with local companies through its Business Retention and Expansion (BRE) program.
31,000 10,030
SQUARE FEET
Alacran Consulting, the newest tenant in Falling Branch Corporate Park, will expand their Montgomery County presence with two buildings at 17,000 and 14,000 square feet, totaling 31,000 square feet of additional space.
37
PROSPECT LEADS
The Department saw 29 prospect inquiries from new businesses, as well as 8 inquiries from existing Montgomery County businesses looking to expand or relocate.
WEBSITE VISITS
YesMontgomeryVA.org was visited 10,030 times from 115 different countries and nearly all 50 states.
1,320
BROADBAND PASSINGS
With project partners AEP and GigaBeam Networks, Montgomery County extended broadband access to over 1,300 homes and businesses, wrapping up the first Virginia Telecommunications Initiative (VATI) grant and making significant progress on the second project.
COMMUNITY accolades
Best County to Live in Virginia, Niche.com
Montgomery County was named the sixth best county to live in in Virginia for 2025 by Niche based on factors such as employment statistics, the quality of local schools, location, and access to amenities. Niche also ranked Montgomery County the seventh best county in Virginia for young professionals, the eleventh best for families, and the twelfth best public schools.
2025 Best Online Master’s in IT Programs, U.S. News & World Report
Virginia Tech’s Master of Information Technology program was ranked #4 nationally by U.S. News & World Report’s Best Online Master’s in IT Programs, which considers factors such as graduation rates, instructor credentials, and performance with distance learners. The program also ranked #2 for veterans, the university’s fifth consecutive year in the top five in that category.
2024 Top 100 U.S. Universities, National Academy of Inventors
Virginia Tech was named #45 on the National Academy of Inventors’ 2024
Top 100 U.S. Universities list, as well as #73 on their 2024 Top 100 Worldwide Universities list. The lists highlight the importance of research and innovation taking place each year at academic institutions, and Virginia Tech’s placement is largely based on the university growing its number of issued patents from 32 in 2023 to 50 in 2024. In early 2025, seven Virginia Tech faculty members were also named senior members of the National Academy of Inventors, an honor extended to only 162 emerging inventors nationwide this year.
MSA Named to 2025 Best Performing Cities Report, Milken Institute
The Blacksburg-Christiansburg-Radford MSA was ranked among the top 25 bestperforming small cities on the Milken Institute’s “2025 Best Performing Cities: Mapping Economic Growth Across the U.S.” report. The report evaluated 403 metropolitan areas based on 13 metrics, including access to economic opportunities, labor market conditions, and high-tech industry growth.
2024 Top State for Business, CNBC
In 2024, CNBC ranked Virginia as the Top State for Business for the sixth time. Virginia placed in the top half or better for all 10 of the ranking’s categories, including taking the top spot for education, third in infrastructure such as shovel-ready sites, fifth in business friendliness, and ninth in workforce.
FIVE-YEAR PROJECT summary
Since 2020, the Department has made 13 total announcements from new and existing businesses. These announcements have resulted in nearly 900 new jobs, with just under $135 million in new investment.*
FALLING BRANCH corporate park
MONTGOMERY COUNTY COMPLETING CONSTRUCTION ON LARGEST SHOVEL-READY
SITE
Construction will soon be complete on major site improvements in Phase II of Falling Branch Corporate Park, creating the largest shovel-ready site in Montgomery County.
Work began on the 38-acre site in the summer of 2024, including grading out a 20-acre pad, extending utilities to the site, and extending the paved Parkway Drive to serve the new site. Prepping the graded pad shaves crucial time off of the construction timeline for prospective businesses looking at Falling Branch Corporate Park, making the site much more marketable. The improvements will also take the site from a Tier 4 to a Tier 5 according to the Virginia Economic Development Partnership’s (VEDP) site readiness rankings.
The construction project was awarded to Main Street Builders, LLC., in early 2024 for just under $2.8 million, but the work was also supported by two significant grants. In 2023, Montgomery County received a VDOT Economic Development Access grant toward the extension of Parkway Drive, including $700,000 in unmatched funds and another $150,000 to match Montgomery County’s contributions to the project. Montgomery County was also awarded a $324,000 GO Virginia Region 2 grant in 2023 toward the extension of the waterline. The Town of Christiansburg partnered with Montgomery County on the GO Virginia grant application, contributing $300,000 in matching funds in addition to the County’s contributions.
From a greenfield lot in 2024 to Montgomery County’s largest shovel-ready site in 2025, site improvements are nearly complete on a new 20-acre graded pad in Falling Branch Corporate Park.
Phase II - Summer 2024
ALACRAN
CONSULTING TO EXPAND BUSINESS WITH TWO BUILDINGS IN FALLING BRANCH CORPORATE PARK
Work is well underway in Falling Branch Corporate Park on a new location for the park’s latest tenant, Alacran Consulting, as the company expands their existing presence in Montgomery County.
Alacran purchased Lot 7 in Phase I of the park from the Economic Development Authority in 2023 for $130,000 and construction on the site began in 2024. The new location will include two separate buildings at 17,000 square feet and 14,000 square feet respectively, and will support the company’s existing operations at the Radford Army Ammunition Plan. The Christiansburg location will primarily focus on breaking down product into smaller batches prior to distribution to their customers.
Alacran also recently graduated from the Virginia Economic Development Partnership’s two-year VALET program, which assists Virginia companies committed to growing their international exports. VALET helps Virginia exporters with developing sales plans, creates networking opportunities with potential international partners, and offers customized market research. Alacran was selected to participate in the VALET program in 2022 and graduated in early 2024.
Alacran Consulting is Falling Branch Corporate Park’s newest tenant, with two buildings currently under construction in Phase I of the park that will expand the company’s existing Montgomery County presence.
Phase II - Summer 2025
EXISTING INDUSTRY & Workforce
BUSINESS RETENTION & EXPANSION PROGRAM
The Economic Development Department uses its Business Retention & Expansion (BRE) program to maintain good relationships and communication with companies in Montgomery County. Department staff arrange BRE visits with local businesses to identify and help solve any problems or barriers that may be undermining their overall success and growth in our community.
Between July 2024 and June 2025, the Department visited with local companies either in-person or virtually a total of 61 times.
MELD MANUFACTURING CORPORATION PARTNERS WITH U.S. AIR FORCE
In August 2024, MELD Manufacturing Corporation announced a new partnership with the United States Air Force. The $975 million contract will support the Air Force Rapid Sustainment Office (RSO) to optimize the readiness of deployed assets by utilizing MELD’s advanced additive manufacturing capabilities with solid-state metal additives. The MELD additive technology allows for large-scale component production using aerospace-grade materials and has already been used to print a number of flight-critical components.
Out of all the companies chosen for the RSO partnership, MELD is notably the only large-scale solid-state metal 3D printer chosen, as well as the only company with additive technology both invented and manufactured in the United States. The contract also joins a growing list of defense investments in MELD, including the Air Force, the U.S. Army, the Naval Air Systems Command (NAVAIR), and the Naval Sea Systems Command (NAVSEA).
In addition to the ROS contract, this past year MELD was also recognized as one of the 2025 Best Places to Work in Virginia by Virginia Business, and the company also took home a “Coolest Thing Made in Virginia” award from the Virginia Manufacturer’s Association.
IV LABS INC. ACQUIRES PURE ANALYTICAL LABS
In 2024, IV Labs Inc., the parent company of Christiansburg’s Inorganic Ventures, announced the acquisition of PURE Analytical Laboratories, allowing both companies to serve new and expanding precision markets.
While Inorganic Ventures manufactures certified reference materials (CRMs) that are utilized by laboratories worldwide to gather accurate data, PURE produces quality starting materials such as ultrahigh purity metals that are then used by Inorganic Ventures to formulate customized CRMs for their clients. The combined expertise and resources from the two companies will help boost IV Labs’ research and development program, and the acquisition will also ensure that their spin-off MERGE Chemistry has a reliable, domestic source of rare earth elements and precious metals.
With the acquisition, PURE continued operations from its existing headquarters in Feasterville, PA, and all 100+ employees of both Inorganic Ventures and PURE were retained at their Christiansburg and Pennsylvania locations.
NEW GO VIRGINIA PROJECTS BOOST BIOTECH IN REGION
Over the past year, Montgomery County has supported two GO Virginia projects intended to bolster biotechnology and life sciences in our region.
In the fall of 2024, GO Virginia awarded a $100,000 grant toward the creation of a pilot program for modular clean room space, a project supported by an additional $221,500 in matching funds through a collaboration between Montgomery County, Roanoke, Virginia Tech, the Fralin Biomedical Research Institute at Virginia Tech Carilion (VTC), and Verge. The modular cleanroom space located at VTC in Roanoke will initially support three local biotech startups, including Roanoke-based Tiny Cargo Co. and Acomhal Research, which both specialize in cancer research, and Blacksburg’s Qentoros, who have developed a product to support horses with musculoskeletal injuries. All three companies were also previously selected for the first cohort of Johnson & Johnson’s J-LAB virtual residency in partnership with the Virginia Tech Corporate Research Center, and the modular cleanroom space will support their work as part of the J-LABS program.
In 2025, GO Virginia Region 2 also joined in on a multi-regional initiative promoting Virginia as a biotechnology hub called Project VITAL, or Virginia Innovations and Technology Advancements in Life Sciences, which will receive a $14.3 million investment from GO Virginia. In Region 2, Project VITAL will build on Virginia Tech and Carilion Clinic’s positions at the forefront of research for medical devices, neurotechnology, and oncology therapies to grow those critical assets into a robust talent pipeline for biotechnology in our region. The initiative will promote expanded research and workforce development opportunities by leveraging collaboration both within our region and with other participating localities across Virginia. Project VITAL is projected to create over 1,300 new jobs with a potential economic impact of $40.8 million.
Inorganic Ventures staff celebrate the official acquisition of PURE Analytical Laboratories outside their Christiansburg headquarters in Falling Branch Corporate Park.
Source: Inorganic Ventures
BUSINESS ATTRACTION
& Marketing
From July 2024 to June 2025, the Department and its allies generated 37 prospect leads. Of these 37 leads, 29 were from new businesses not previously located in Montgomery County, and 8 came from existing businesses.
PROSPECT ACTIVITY
2024-2025 PROSPECTS BY INDUSTRY (37)
2024-2025
SOURCE OF LEADS
DEPARTMENT’S PROSPECT TRACKING SYSTEM
DEFINITIONS:
Located: Project chose to locate in Montgomery County
Active: Project is under active consideration
Inactive: No project activity in 3 months or more
Closed: Project located elsewhere, or no activity in over a year
BUSINESS ATTRACTION
& Marketing
TRADE SHOWS
The Department actively markets Montgomery County to prospective businesses and site consultants at industry trade shows. The goal of these efforts is to develop leads on new projects that may have an interest in locating to our community.
AUVSI XPONENTIAL
With the continued growth and success of the autonomous systems industry in Montgomery County, the Department was again selected by the Virginia Economic Development Partnership (VEDP) to attend the Association for Uncrewed Systems International (AUVSI) Xponential annual conference. Xponential 2025 was hosted in Houston, TX, and staff took part in pre-set meetings alongside VEDP with companies interested in Virginia for potential growth opportunities.
RSAC 2025
In April 2025, Montgomery County also traveled with VEDP to the RSAC 2025 Conference, the premier global cybersecurity gathering hosted annually in San Francisco, CA. Staff joined VEDP for pre-set meetings and walked the expo floor of over 650 exhibitors to discuss opportunities in Virginia, which has the highest concentration of tech talent in the country. The Virginia team also took part in the Billington Cybersecurity breakfast event co-sponsored by VEDP, Booz Allen, Microsoft, and several other top cybersecurity organizations.
VIRGINIA CONSULTANTS FORUM
In addition to traditional trade shows, in May 2025, staff also attended the Virginia Consultants Forum in Tysons, VA. Hosted by the Virginia Economic Developers Association (VEDA) and VEDP, the forum provided an opportunity to engage directly with leading site consultants to promote Montgomery County, as well as gain insights into the latest site selection trends.
Yesmontgomeryva.gov is the official website of the Department of Economic Development, and showcases the quality of life and business climate in Montgomery County. From July 2024 through June 2025, the website had 10,030 visits from 115 different countries and 49 states.
Source: Onward NRV
RSAC 2025
COUNTY Broadband Initiatives
MONTGOMERY COUNTY WRAPS UP FIRST OF TWO BROADBAND GRANT PROJECTS
Installation is now complete on the first of Montgomery County’s two Virginia Telecommunication Initiative (VATI) broadband grant projects awarded through the Virginia Department of Housing and Community Development (DHCD).
The first grant project, awarded in the 2021 round of VATI funding, received a nearly $920,000 grant to put toward the installation of high-speed fiber internet service in the eastern area of Montgomery County, including Shawsville, Elliston, Lafayette, and Alleghany Springs. The $1.4 million project included matching funds from Montgomery County and internet service provider GigaBeam Networks, LLC., as well as the leveraging of Appalachian Power’s existing fiber network, a key time and cost-savings factor. Construction on the 2021 VATI project was completed in summer of 2025 and extended fiber internet access to 1,320 homes, businesses, and churches in the eastern portion of the County.
While wrapping up the first grant project this year, work was simultaneously underway on Montgomery County’s second broadband initiative, a $50 million project that was awarded $27.6 million in the 2022 round of VATI funding. The project covers the remainder of the unserved areas of the county outside the two incorporated towns and is also being built out in partnership with GigaBeam Networks and Appalachian Power. The second broadband project is expected to be completed by the end of 2026 and will provide high-speed fiber broadband access to an additional 8,800 homes and businesses.
SPONSORSHIPS BY THE DEPARTMENT IN 2024-2025
COMMUNITY Outreach
The Department sponsored several events and programs in 2024-2025 for business outreach and to support the initiatives of its many partners and allies:
• Montgomery County Chamber of Commerce Golf Tournament
• Montgomery County Chamber of Commerce Annual Banquet
• New River/Mount Rogers Workforce Development Board’s 2024 Business Success Symposium: “Making Resources Work for You”
• “Launch Christiansburg,” an education program to help current and prospective smal businesses in Christiansburg grow
Project staff and DHCD representatives inspect the ongoing construction on Montgomery County’s broadband expansion project, bringing high speed fiber internet to unserved areas of the county.
Source: DHCD
REAL ESTATE and INFRASTRUCTURE
PASSENGER RAIL GROUNDBREAKING AT HISTORIC CAMBRIA STATION IN CHRISTIANSBURG
On April 24, 2025, the $264 million New River Valley Passenger Rail Project officially broke ground at the historic Cambria Yard in Christiansburg that originally served rail passengers from 1904 until 1979, marking the upcoming return of passenger rail service in the NRV for the first time in over 40 years.
The long-awaited groundbreaking was attended by Virginia Governor Glen Younkin, U.S. Senator Tim Kaine, U.S. Congressman Morgan Griffith and several other state, local, and university representatives, many of whom spoke highly of the economic impact that the rail station will likely spur for tourism, job growth, and new investment in the region.
The shift to the Cambria site rather than proceeding with previous renderings elsewhere in Christiansburg reflect a new agreement between the Virginia Passenger Rail Authority and Norfolk Southern to purchase the railway’s Manassas line. The new location will require less remediation work, expediting the timeline and lowering the cost of construction considerably.
“We are here today because people came to the table and worked together to execute a new and dramatically better deal – one that accelerates the return of passenger rail service to the New River Valley years earlier, on a better line, and at a much lower cost
to Virginia’s taxpayers,” Governor Youngkin told the crowd at the groundbreaking ceremony. “I look forward to all that this station will do to support and grow such an important region of the Commonwealth.”
Expected to be operational by 2027, the new stop will extend passenger rail service from Roanoke to Christiansburg with two daily roundtrips between the NRV and Washington, D.C., providing an alternative to the busy Interstate 81 corridor. Construction will include renovating the existing Cambria Station and the addition of a covered platform, access roads, parking lots, and a layover station located in nearby Radford. The station will be owned and operated by the New River Valley Passenger Rail Authority, which includes representatives from the seven localities and two universities in the NRV that have collaborated for many years to bring rail service back to the region.
Ground has been broken on the highly-anticipated New River Passenger Rail station, bringing passenger rail back to historic Cambria in Christiansburg for the first time in over 40 years.
Source: Virginia Passenger Rail Authority (VPRA)
Source: Virginia Passenger Rail Authority (VPRA)
FACADE GRANT PROGRAMS NOW AVAILABLE FOR BUSINESSES IN BOTH BLACKSBURG AND CHRISTIANSBURG
Businesses in Blacksburg and Christiansburg now have the opportunity to boost their business’ first impressions through facade improvement grant programs offered by both towns.
The Town of Christiansburg first established its facade grant program in 2019 with the aim of helping businesses or property owners in historic business areas to revitalize older commercial buildings. However, in the past year, Christiansburg has also expanded the program to cover commercial buildings and non-profits throughout the entire town. The one-to-one matching grant reimburses up to $5,000 worth of qualifying exterior upgrades.
The Town of Blacksburg also established its own facade grant program this year called Blacksburg Spark. The program is currently open to businesses located in the downtown commercial zoning district, but the hope is to later expand it to other parts of town as well. The first round of applications were opened to businesses in the spring of 2025, and funds will be distributed later this year.
The two town facade grant programs are supported by their respective Small Business Solutions Managers, positions that were established in both towns in the last few years to cultivate the local small business community by connecting business owners with resources to grow and thrive.
Source: Virginia Tech
VIRGINIA TECH OPENS NEW ACADEMIC BUILDING FOR SCHOOL OF CONSTRUCTION
At the start of the 2024-2025 academic year, Virginia Tech officially opened Hitt Hall, a roughly 10,000 square foot building in the North Academic District.
The state-of-the-art building allows for an expanded presence for the Myers-Lawson School of Construction with tailored spaces for innovative construction education and research, such as the two-story Innovation Lab designed for large student-led projects. The new facility will allow students to gain hands-on experience with new technologies to better prepare them for careers in construction engineering or building construction.
Hitt Hall also provided the university with additional general classroom space that can be used across many disciplines, as well as a new dining option for students in the North Academic District. The 600-seat Perry Place facility features nine new dining venues including Chick-fil-A, AMP Coffee, and Solarex, the first all-day breakfast diner on campus. Perry Place also offers the university’s most sustainable grab-and-go options to date, with many products packaged in 100 percent compostable containers.
Virginia Tech’s Hitt Hall provides hands-on experience for construction engineering students in the Myers-Lawson School of Construction, as well as a new on-campus dining option.
BOARDS and COMMISSIONS
The Economic Development Department provides administrative support to the following entities:
Economic Development Authority of Montgomery County, VA
The Economic Development Authority (EDA) was created in 1970 by the Montgomery County Board of Supervisors. The EDA has the authority to issue industrial development bonds as well as acquire, lease and/or sell real estate property. The EDA meets the third Tuesday of every month. The Department provides staff support to the EDA.
EDA Directors
Michael Miller - Chair
Elli Travis - Vice Chair
Joseph Ferrell
Eric Johnsen
Reid Broughton
Rachael Stanton
Carmen Elliott
Staff Support
Brian T. Hamilton – Secretary/Treasurer
Brenda Rigney – Assistant Secretary/Treasurer
Marty McMahon – Legal Counsel
Angie Hill – County Administrator
MBC Development Corporation
The MBC Development Corporation is a 501(c) 3 organization created in 1985 to enhance and broaden the employment base in Montgomery County by providing small businesses with low interest loans not available from conventional sources.
Since its creation, the MBC has provided over 40 small business loans totaling more than $1.8 million.
Board Members
Tom Via - President
Robert Parks - Vice President
Michael Barber
Jason Hardy
Nathan Hockersmith
Liam Watson
Jeanne Symanoskie
Mary Biggs
Rob Hoover
Paul Mylum
Heidi Myers
Montgomery Regional Economic Development Commision
The Montgomery Regional Economic Development Commission (EDC) was created in 1982 by a resolution of the Montgomery County Board of Supervisors. The EDC acts in an advisory capacity on economic development matters for the County. It meets the third Thursday of every month. The Department provides staff support to the EDC.
EDC Directors
Peter Anderson - Chair
John Overton - Vice Chair
Derek Kitts
Steve Baffuto
Wendy Glass
Michael Barber
Nicole Hair
Lauren Colliver
Jason Karas
Richard Gibson
Staff Support
Brian T. Hamilton – Department Director
Brenda Rigney – Secretary
Staff Support
Brenda Rigney - Secretary / Treasurer
Marty McMahon - Legal Counsel
Brian Hamilton - Department Director
