Signs Point to Strong Recovery for Lynchburg Economy
Lynchburg, VA - Positive economic news out of Lynchburg; the local economy is seeing a substantial recovery from the recession.
Multiple businesses are reporting their strongest months in years.
A contractor who builds homes in the Hill City, as well as a car dealer, both know the economy well, and both had record revenue numbers to report.
A new build in Rivermont, is one of more than 20 homes Scott Elliott and his company, CS Construction, have contracted in Lynchburg.
"We've been in business for ten years and this year has been phenomenal to say the least. It's been our busiest year" said Elliott.
He didn't stutter.
2013 has been his company's best year ever. They've had a 30% increase in new home construction.
"I just had a meeting 30 minutes ago where we gave bonuses to our employees because we're doing so great as a company" said Elliott.
The housing market is seen as the pulse of the American economy. And after years of flat lining, it's beating once again.
"We actually just hired four people in the last three weeks. We're still looking to hire more people" said Elliott.
"I've been surprised at how many people come in and write a check. It's amazing" said Robbie Caldwell, the General Sales Manager for Pinkerton Chevrolet.
"The month of March was our best month since we've been here. April, we saw a 25% increase over last April" he said.
Caldwell says consumer confidence has never been better.
During the recession, they'd be lucky to sell more than 60, maybe 70 cars a month. In March, they drove more than 100 off the lot.
And Pinkerton expects it will continue.
"We're looking at it being busy from right now 'til October really" said Caldwell.
Winter is when car sales tend to slow a bit.
But an interesting connection, Caldwell says Pinkerton's number one seller is their pick-up trucks. In part because home builders and construction companies are doing so well, that they're buying more.