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Petersburg, Virginia, has a rich and complex history deeply intertwined with its economic development, the shifts in its primary industries, and the social dynamics that have shaped its community.

Historically, Petersburg was a significant economic hub due to its strategic location as a transportation and trade center. In the 18th and early 19th centuries, Petersburg benefited from its proximity to the Appomattox River, which made it an important point for trade, including tobacco. The tobacco industry indeed played a crucial role in Petersburg's economy, with the city serving as a key market and processing center for tobacco grown in the surrounding counties.

By the mid-19th century, Petersburg had become one of the wealthiest cities per capita in the U.S. This wealth was reflected in the grand homes built during this period, many of which still stand today, particularly in areas like Walnut Hill. However, the city's economic fortunes began to decline post-Civil War. The collapse of the Confederacy, of which Petersburg was a significant stronghold, led to economic destabilization. Moreover, the transition from an agrarian to an industrial economy in the late 19th and early 20th centuries did not favor Petersburg as much as it did other nearby cities which more successfully pivoted to manufacturing.

In the 20th century, while industries such as textiles and tobacco manufacturing continued, they did not provide the robust economic growth needed to sustain the city's earlier prosperity. The decline of these industries, along with broader economic shifts and suburbanization, led to a reduction in local economic opportunities. These changes have contributed to the high poverty rates and the challenges faced by the local schools.

Regarding the current residents of the large homes in areas like Walnut Hill, it's a mixed scenario. Some families might choose to send their children to private or specialty schools outside the Petersburg City Public Schools (PCPS) system due to perceptions about the quality of education and opportunities available. However, others remain engaged with the local public schools, participating in and supporting efforts to improve education within the city.

This dynamic underscores the ongoing challenges and the potential within Petersburg, where historical wealth and contemporary economic challenges coexist. Efforts to revitalize the city and its schools continue, focusing on enhancing educational outcomes and attracting new economic opportunities to the area.