Franklin Business Center’s 2021 economic impact

Published 1:19 am Monday, June 27, 2022

The 2021 economic impact report for the Franklin Business Center showed growth compared to 2020, according to a news release from Franklin Southampton Economic Development Inc.

The release continued by noting that eight new or expanding client leases were signed in 2021, raising the number of clients at the FBC to 35. 

FBC clients employ people in a total of 98 full-time and 76 part-time positions, which is a 38% increase in employment over 2020. 

The average salary of FBC full-time employees was $75,479.82 for 2021 and is slightly up from $74,269 in 2020. 

Rent paid in 2021 to the city of Franklin by FBC clients increased by 19.44% to $158,838 compared to $132,983 in 2020. 

While this growth is certainly impressive on its own, the secondary economic impact that occurs as a result of these employees “keeping it local” when dining, shopping and buying services in the Franklin-Southampton area is also important. Graduates of the FBC that remain in the area continue the benefits of their operations going forward.

NEW CLIENTS

AFO Realty LLC, owned by David Tunnicliffe, and Hometown Realty LLC, owned by Darlene Smithwick, recently signed leases at the Franklin Business Center. Both realty companies offer residential and commercial real estate services. 

Math Tech Queen LLC, owned and operated by Chaquita Kindred, was recently approved for FBC occupancy and will be offering web design and digital marketing services. 

Contact information for these businesses can be found under the client directory at www.franklinsouthamptonva.com/business-center/client-directory/.

The Franklin Business Center, a city-owned building operated and managed by FSEDI, continues to thrive as a mixed-use small business incubator program where assistance, shared services and graduated rent programs offer entrepreneurs and small business owners the opportunity to start, grow and thrive in a 40,000 square-foot historic office building. 

The center currently boasts a 91% occupancy rate.  

Those interested in growing or expanding their business at the Franklin Business Center should contact Kim Tucker at 757-562-1958.