As others have pointed out, every string concatenation in VB will allocate a new string and then copy the data over and then de-allocate the original once it can. In a loop this can cause issues.
To work around this you can create a simple StringBuilder class like this one:
Option Explicit
Private data As String
Private allocLen As Long
Private currentPos As Long
Public Function Text() As String
Text = Left(data, currentPos)
End Function
Public Function Length() As Long
Length = currentPos
End Function
Public Sub Add(s As String)
Dim newLen As Long
newLen = Len(s)
If ((currentPos + newLen) > allocLen) Then
data = data & Space((currentPos + newLen))
allocLen = Len(data)
End If
Mid(data, currentPos + 1, newLen) = s
currentPos = currentPos + newLen
End Sub
Private Sub Class_Initialize()
data = Space(10240)
allocLen = Len(data)
currentPos = 1
End Sub
This class will minimize the number of string allocations by forcing the string to be built with spaces in it and then overwriting the spaces as needed. It re-allocates to roughly double its size when it finds that it does not have enough space pre-initialized. The Text method will return the portion of the string that is actually used.