'We're in a better position': Danville City Council members share thoughts on possible recession
Many speculating recession looming after rough week on Wall Street
DANVILLE, Va. – With talk of a recession after Wall Street's rough week last week, some Danville City Council members say their city is better prepared compared to the last time recession hit.
Danville City Council members who were on city council when the recession hit in 2008 say the city's economy has diversified and a lot of effort has been made to revitalize the river district.
They say the city has also strengthened partnerships with Pittsylvania County, including creating the Berry Hill Megasite.
"We have a lot of prospects that are looking at us, people who have not looked at us in the past are looking at us now. so we feel that if another recession was to hit this area, we're in a better position, much better position, to survive that and to move forward," Councilman Sherman Saunders said.
Councilman Larry Campbell Jr. says he believes the city has a bright future.
"What I'm saying is, I think we've turned the corner. We have a lot of companies that do not higher big numbers moving forward and we have new industry coming in," Campbell said.
Councilman Gary Miller said one thing that will help the city weather a recession if one comes is the city will not already be in a recession.
"In 2008, we were in a bad position when that recession hit," Miller said. "In 2004, Dan River closed...so we were in a recession here and then the big recession hit in 2008. So it was like a double whammy."
Saunders also pointed out that the city's bond rating and finances are strong.
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