Economy
Modern day Franklin has two major industrial sectors which are agriculture and manufacturing. Franklin is listed as being the 13th most profitable and 12th largest farming community in the state. The neighboring communities Southampton County, Isle of Wight County and the City of Suffolk are all ranked in the top 20 most profitable farming counties, with Southampton County being the 8th largest in the state.
With the high agricultural profile of Franklin and the surrounding areas, it is no surprise that Agriculture is the primary industry for the city. It was not until the opening of the Camp Lumber Mill in 1887 that the manufacturing sector began to expand. The Camp Lumber Mill became the Union Camp Corporation which was eventually bought by International Paper. Today, the International Paper Paper Mill located on the eastern boundary of the city, aside the Blackwater River, produces lumber, pulp and paper products and other chemical by-products.
International Paper announced on October 22, 2009 that the paper mill will be permanently closed in the spring of 2010. This occurred in May 2010. They have since resumed limited manufacturing, producing fluff pulp.
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Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)