Hanover’s Perspective
Hanover County Department of Economic Development Releases FY 2024 Annual Report
Annually, the Department of Economic Development compiles an extensive report featuring the Department’s work completed over the past fiscal year, achievements, and data pertaining to economic development and tourism in Hanover County. This year’s report documents another strong year of performance by the Department and County, along with some highlights of key partnerships and collaborations which have enabled success.
The Department of Economic Development provides local assistance for businesses looking to relocate or expand within Hanover County including financing resources, workforce development solutions, possible incentives and technical support that will encourage investment and growth in our community to enhance the lives of our citizens.
VIEW THE FY 2024 ANNUAL REPORT HERE
FY 2024 HIGHLIGHTS:
- The Tract Technology Park received rezoning approval from the Hanover Board of Supervisors in March 2024. This data center campus will provide significant job opportunities for citizens and strong tax revenue which will enhance services provided to Hanover residents.
- Dozens of new businesses welcomed to the community including CEEUS, Inc., Performance Food Group, U.S. Cabinet Depot, National Tank & Equipment, BradyPLUS, Truck Enterprises, Sancerre Atlee Station, Locke Supply Company, Select Crane Sales, Bon Secours Occupational Health and Deutz.
- New retail and food service establishments include Intermission Beer Company, Hobby Lobby, Blake and Co., Padow’s Deli, Eggs Up Grill, Olde Towne Smokehouse, Hooked Seafood & Raw Bar and Hanover Smokehouse.
- Existing business expansions completed or announced during FY 2024 include Virginia Artesian Bottling Company, Lutron, Blazer Heating, Air Plumbing, Sheehy Ford of Ashland, Herman W. Allen Plumbing, Heating & Cooling and Republic National Distributing Company.
- Hanover County’s Gross Domestic Product 2022 exceeded $7.89 million and records the largest year-over-year percentage increase (12.72%) in more than 10 years. Hanover ranks #19 from 105 localities in Virginia for largest GDP.
- Hanover County’s Labor Force grew to a new high of 62,768 as of June 30, 2024, having eclipsed 60,000 in calendar years 2022 and 2023 from a pandemic low of 56,895 in 2021.
- Average annual wages remained steady at $53,762 as of 2023 calendar year, having exceeded $50,000 for the first time in 2022.
- A record year for tourism with visitor expenditures ($229,236,832) and hotel tax revenue ($1,555,015) reaching new highs.
- The USDA 2022 Census of Agriculture, released on February 23, 2024, reports that net cash farm income in Hanover County has increased 100% from 2017 to 2022 to $13.5 million. The number of farms in Hanover County deriving income from agri-tourism and recreational services has increased 189% from 2017 to 26 farms with income skyrocketing 970% during the same time frame.
- Hanover’s Business First program continued to see success with its business outreach initiative utilizing business walks to visit 69 businesses during FY 2024. Department staff recorded an additional 88 business visits during the fiscal year.
- Continued recognition of Legacy Businesses and the Marc S. Weiss Award recipient at department’s annual Business Appreciation event.
- The department’s Hiring in Hanover, VA App received two prestigious recognitions during FY 2024: IEDC Gold Award for Excellence in Economic Development and a VEDA GOAT Award. The app was recognized again in August 2024 with a VACo Achievement Award.
- Ongoing collaborations with our partner organizations to sponsor workshops, seminars and events including Dominion Energy Innovation Center’s Ag-X, SCORE Richmond mentoring sessions, Capital Region SBSD workshops, Hanover Chamber of Commerce events and regional professional organization events.