Belvac expanding manufacturing operations into Bedford County
BEDFORD COUNTY, Va. – A Lynchburg company is expanding by investing more jobs and millions of dollars into Bedford County. Belvac plans on devoting about $3 million and 50 jobs to the region over the next five years. The can-making and printing company is expanding into a 40,000 square foot building at the New London Business and Technology Center. Jim Messier, chairman of the Bedford County Economic Development Authority, sees the opportunity as a way of increasing jobs during the pandemic. The company plans to start interior construction later this month and begin its operations this summer.
US manufacturing improves in July, future clouded by virus
The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index rose to 54.2 last month, up from a June reading of 52.6. The index dipped below 50 in March, indicating a recession in manufacturing as the coronavirus pandemic shut down factories. Timothy Fiore, chair of the ISM manufacturing survey committee, said it was encouraging that positive comments from survey participants were running two to one ahead of more cautious comments. Of 18 manufacturing industries, 13 reported growth in July led by wood products and furniture and related products. We expect manufacturing to grow gradually ahead with botched management of the pandemic and ongoing virus-related uncertain set to constrain activity.