Economy of Roanoke

and Western Railway until its merger with the Southern Railway created the Norfolk Southern Railway in 1982. Norfolk Southern continues to operate its marketing headquarters and some maintenance facilities in Roanoke. Wachovia Bank, then known as First Union, acquired Roanoke based Dominion Bank in 1993 and maintains an operations and customer service center in Roanoke. Other firms have been acquired by companies headquartered elsewhere, including such as Roanoke Electric Steel and architectural and engineering firm Hayes, Seay, Mattern and Mattern, (HSMM) which has been acquired by the multi-national conglomerate AECOM. Roanoke's rates of economic and population growth have been less than the state and national averages since the 1960s. The immediate Roanoke area has a low unemployment rate, but a brain drain of workers unable to find satisfactory employment and underemployment are sometimes cited as explanations.

The City of Roanoke has created initiatives to address the brain drain of the region such as a database to match job seekers who wish to reside in the Roanoke area with employers looking for candidates. Additionally, a career and lifestyle fair has been held shortly after Christmas in recent years to show the professional and social opportunities in the area to those visiting family for the holidays. Also, organizations of young professionals such as Valley Forward and Newva Connects have emerged.

However, Roanoke's economy has areas of strength. The city is the health care and retail hub of a large area, driving the expansion of Carilion Health System and Valley View Mall. Advance Auto Parts is headquartered in Roanoke and has expanded through the acquisition of other chains to become one of the largest auto parts retailers in the country. Norfolk Southern remains a major employer. FreightCar America hired several hundred persons to assemble rail cars in shops leased from Norfolk Southern and has closed a