In April, President Tom Barkin, Regional Executive Matt Martin, and Regional Economist Laura Ullrich from the Federal Reserve Bank met with local community and business leaders in North Carolina’s Surry and Yadkin counties. This visit was part of the Bank’s Community Conversations program aimed at understanding the economic strengths and opportunities facing the region.
The visit included special guests Joe Weisenthal and Tracy Alloway from Bloomberg’s Odd Lots podcast. They documented a day in the life of a Federal Reserve Bank president to see how local insights inform monetary policy.
Surry and Yadkin counties have faced significant economic challenges since the decline of the textile industry in the 1990s. In response, these communities have adopted a “grow your own” approach to workforce development. Central to this strategy is Surry Yadkin Works, a nonprofit organization that matches students with local workforce needs through training programs, internships, and apprenticeships.
“Surry Yadkin Works’ collaborative, grassroots approach to workforce development seems to be working,” said Martin. The program currently has a 69% retention rate among participants, contributing to an unemployment rate of 3.2%, which is below the state average.
However, there are challenges ahead. To sustain growth, additional resources are needed for staff to build stronger partnerships with more local businesses. Infrastructure development is also crucial as efforts continue to attract and maintain a younger workforce. A housing study is underway to attract large developers, and plans for a large-scale childcare facility are in progress.
This new facility aims to provide cost-effective solutions through shared resources and administrative services and could potentially redefine early childhood education in North Carolina.
The past industrial history of Surry and Yadkin counties contrasts with today’s collaborative efforts towards economic advancement.
To hear more about this Community Conversation, listeners can access the full Odd Lots podcast episode online once available.
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