ROANOKE CO., Va. – It will be about five years before work is done and the 1,100 employees are all in place at the Wells Fargo facility off Plantation Road, but the effects will be felt before the end of 2023.
“So the timeline is such that the investment will begin before the end of the year. That’s the upfit of the space, the work on the actual location. That’s going to bring in contractors, subcontractors, and others,” said John Hull executive director of the Roanoke Regional Partnership.
Hull helped put the deal together to land the Wells Fargo project.
Hull said contractors will begin working on the upfit of the facility in just a few months, and contractors and their workers represent the first round of economic impact. Hull says he believes they will be working on upfitting the current building as opposed to new construction that would increase the footprint of the facility.
But it won’t be long before they start filling the space with workers making at or above $52,000 per year.
“Then you’ll have hiring activities start beginning next year that start beginning next year and then ramp up over about five years. So the fullest extent of this impact is going to be towards those latter years,” Hull said.
Hull believes the jobs will pull workers from up to an hour away.
Of the $322 million annual impact, Hull said nearly eight million dollars will go to housing demand. Five million dollars to hospitals and healthcare, and 2.3 million dollars in increased demand for restaurants. All areas will improve the variety of shopping and dining options.
He said it’s not too soon for home builders to begin taking notice.
“I think those housing developers should be getting underway as soon as possible,” Hull said.
Hull said success begets success, and the region is poised to bring in even more business in the future.
“I am bullish on our region. I think we have a lot of potential moving forward,” he said.