FSEDI: 2024 Saw Exciting Growth!

2024 was an exciting year, both in Franklin Southampton and for Franklin Southampton Economic Development, Inc. (FSEDI). In what was a good economic year from Hampton Roads and the country as a whole, Franklin Southampton also had a number of positive economic highlights. They include the following:

The Franklin Business Center (FBC) reached 100% occupancy for the second time in its history. Occupancy stayed at that level for six months. For 2024, FBC companies employed around 200 full and part-time employees. The median wage level of FBC workers was over $94,000, almost twice the local average. The FBC also hosted a Monday food truck most weeks to support downtown Franklin workers.
Progress continued on obtaining approvals for the Global Concentrate development in Franklin. City approvals are anticipated in 2025 for the nine-digit industrial investment project that will be the largest investment in the City’s history.
The Franklin Southampton Community Visioning process has created momentum for a plan for economic and community development activities going forward. A public event will be held on Tuesday, February 4 from 9:30 to 11:30 a.m. at the Camp Community College Workforce Development Center to provide an opportunity to meet new community leaders as well as hear about the Community Visioning process. Over 50 community thought and decision leaders have been involved in the Community Visioning process to date. Norfolk Southern has provided funding to assist with the Community Visioning process.
FSEDI obtained a Virginia Business Ready Sites Program (VBRSP) grant for the Beale Farm property. The grant will complete much of the due diligence work necessary to increase the marketability of the site and raise its level in the Virginia tier system. Work will be starting shortly on those activities.
A variety of Business Retention and Expansion meetings were held with local businesses. Our local economic base remains healthy and vibrant.
Federal Reserve Bank of Richmond President Tom Barkin came to Franklin on February 21 to conduct an open session with the community and meet with business leaders in various industries. As part of the Fed’s Community Conversations series, this event was a rare opportunity to have Fed officials see our area.
STARTUP Franklin Southampton 2024 named two new winners, Jett Production Company and Serentiy Acres Homestead at the Business Expo and Awards at the Hubs Vine attended by over 100 people. New funding commitments have been secured for STARTUP Franklin Southampton 2025. Applications for the coming round are now being accepted. New funding from the Downtown Franklin Association, Dominion Energy, TowneBank and an anonymous donor have assisted STARTUP Franklin Southampton 2025.
FSEDI staff attended many ribbon-cuttings and community events to support our local businesses and make connections.
FSEDI continued its partnership with the Hampton Roads Small Business Development Center (SBDC). A number of local businesses have been counseled and improved through guidance from the SBDC.
Ryan Homes began selling townhomes at The Summit in Franklin in November. The company joins national builder D.R. Horton in building new homes in Franklin Southampton. Sales have been strong.
Franklin Business Center client Agricision, Inc. was selected to participate in the Startup World Cup Virginia Regional. There were one of 10 businesses that had a full pitch in front of a full house of potential investors, contest judges and economic development professionals in Virginia Beach. While Agricision did not advance to the world finals, Franklin Southampton was the smallest community represented in the Startup World Cup Virginia Regional.
The return of the National Small Business Week event on May 3 brought a full house to the Franklin Business Center. Bryan Stephens, the President of the Hampton Roads Chamber, was the keynote speaker. This event was a great time to celebrate small business in Franklin Southampton.
FSEDI continued to be a Neighborhood Champion for Small Business Saturday on November 30. Traffic was driven to independent business through this important national promotion.
FSEDI sponsored the first Franklin Southampton Restaurant Week in October. This event, which featured six local restaurants, is planned to be an annual happening in Franklin Southampton.
President & CEO Karl Heck was selected to participate in a competitive process for the 2025Federal Reserve Bank of Richmond Rural Investment Collaborative program. Heck’s participation will support the Franklin Southampton Community Visioning process. A total of 25 community leaders from five states were selected for this program.

2025 promises continued positive steps forward for Franklin Southampton. We are looking forward to new opportunities, as well as expansions from existing local businesses. Thank you for being a community supportive of economic development and expansion.