Investment in '08 topped $60 million

Thanks to existing companies pouring millions into expansion projects, Cherokee County avoided the equivalent of an economic tsunami this year.

Economic investment is expected to top $60 million this year, with the vast majority of that coming from existing industries, Cherokee County Development Board Director Jim Cook said.

Cook won't release the final yearend figures until he presents his annual report to Cherokee County Council in February.

A hobbled national economy is one of the main reasons for the current downturn in local economic development.

"It's been a tough year economically in the county as well as in the state and nation," Cook said. "The amount of existing industries reinvesting is a good indicator that they are optimistic about the future."

Because of confidentiality agreements, Cook can't identify the industries which have expanded this year.

Only two companies, Giagni and OP Carolina, have located here this year. Giagni moved into an existing building on Huntington Drive, while OP Carolina plans to spend about $9 million on an ethanol distribution center in Blacksburg.

This year is in sharp contrast to 2007's economic investment figure of $80.1 million.

To make matters worse, the prevailing theme has been job loss — not creation — this year. Freightliner has cut its work force by nearly 400 in a series of layoffs this year. According to Development Board figures, there were 350 new jobs created in Cherokee County in 2007.