Martinsville city

Today Governor McDonnell visit the construction progress at RTI International Metals' new facility in Martinsville.

After speculation that Martinsville Speedway may  lose one of it's two NASCAR Sprint Cup Series races, Lt. Gov.

The Martinsville School Board has passed a $20.1 million budget for next year. That's about $3.5 million less than the current budget. The spending plan calls for 52 positions to be cut, and 31 people will lose their jobs.

School budgets are of interest to homeowners because they directly impact property tax levels. They can also indirectly affect property values -- homes in school districts with good reputations are sought after by young families.

Read more in the Martinsville Bulletin....

Some 530 workers in Martinsville and Henry County will lose their jobs before the end of the year, when Stanley Furniture Co. halts furniture production in Virginia. The production lines will move to factories in Southeast Asia.

The job cuts will be "permanent but not immediate," said Glenn Prillaman, Stanley's president and CEO.

An increase in area unemployment can have a negative impact on property values, as homeowners struggle to pay mortgages or are forced to sell their homes to make ends meet.

Read more in The Roanoke Times....

Officials in Martinsville have announced that Faneuil Inc. will establish a call center in the city. The company expects to create 80 jobs by August, and as many as 250 jobs over the next few years.

Martinsville currently has the highest unemployment rate in Virginia -- in March, it stood at 22%.  An increase in local job opportunities will help to stabilize the city's housing market by allowing people to pay their mortgages and stay in their homes.

Read more in The Roanoke Times....