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Virginia Resources Page
Inward Investment Guides

How U.S. States are Targeting Foreign Direct Investment

Thomas J. Stringer, Esq., Principal, Site Selection & Business Incentives, Ryan & Company (Location USA 2015)
State and regional economic development organizations are developing a variety of strategies to market their best assets, build relationships, and improve their business climates to attract FDI. More

Building a Sustainable Labor Pipeline

Matt Jackson, Managing Director, JLL (Q1 2015)
More companies are thinking through the long-term goals of training a sustainable supply of labor, and maintaining a productive workforce as manufacturing technology continues to evolve. More

The Mystery Impact of Data Centers on Local Economies Revealed

John Lenio, Economist and Managing Director, Economic Incentives Group (EIG), CBRE  (Data Centers 2015)
Although they do not create as many permanent jobs as other types of projects, capital investment in data centers can be quite substantial, justifying large incentives offerings. More

Front Line: In Prince William County, VA, Serious Gaming Boosts Training Simulation

Dan Emerson (Directory 2015)
Earlier this year, George Mason University, celebrated the opening of its new Simulation and Game Institute (SGI) which could become a regional pipeline for STEM talent. More

Regional Report: Economy Sizzling in the South Atlantic States

Steve Stackhouse-Kaelble (Directory 2015)
With numerous new and expanded facilities being announced in 2013 and 2014, the South Atlantic region’s string of success stories is continuing. More

Front Line: Preparing for Takeoff in the Drone Industry

Craig Guillot (Q4 2014)
As drones become smaller, more affordable, and easier to operate, they’re being eyed for use in everything from agriculture to construction and real estate. The Federal Aviation Administration (FAA) says there could be 30,000 of them in American skies by 2020, and according to the Association for Unmanned Vehicle Systems International (AUVSI), the business of manufacturing and flying drones could become an $82 billion industry within 10 years. More

The Regional Impact of Quality of Life on Entrepreneurial Decisions

Dan White, Moody's Analytics (Q2 2014)
One of the most often cited reasons for the location of a new business is quality of life, yet it is one of the areas policymakers most often overlook. More

Cultivate STEM Talent to Grow Your Bottom Line

Elizabeth Narehood, Managing Director, Future Focus Foundation , Virginia's Region 2000 Business and Economic Development Alliance (Workforce 2014)
Industrial, educational, and government leaders are joining forces to build the robust STEM talent pipeline necessary for U.S. companies to compete in the global economy. More

VIRGINIA at a glance

POPULATION: 8,260,405 (July 1, 2013 estimate)

LABOR FORCE: 4,240,111 (August 2013)


TRADITIONAL INDUSTRIES:Transportation equipment, electronic equipment, machinery, metal fabricating, printing, food processing, chemicals, plastics, wood products, tourism, maritime shipping, warehousing, information technology

EXPANDING INDUSTRIES: Aerospace, composites and advanced materials, advanced manufacturing, global logistics, alternative energy, life sciences, cyber security, modeling and simulation, data centers, finance and insurance, corporate headquarters

COLLEGE GRADUATES: (Age 25 and over) 36.1% (2013)

Corporate Income Tax: 6 percent of federal taxable income, with modifications

Sales and Use Tax: 5.3 percent (4.3 percent state plus 1 percent local tax) in all counties and cities. There is an additional 0.7 percent state tax imposed in the localities that make up Northern Virginia and Hampton Roads. Broad tax exemptions for manufacturers and R&D are available.

Property Tax: Not taxed at the state level and varies among local entities; real property assessed at 100 percent of fair market value; business personal property (including machinery and tools) assessed at varying percentage of original cost

Virginia Jobs Investment Program (VJIP):
• Virginia New Jobs Program
• Workforce Retraining Program
• Small Business New Jobs and Retraining Program

Technology Zones

Economic Development Access Program

Rail Industrial Access Program

Transportation Partnership Opportunity Fund (TPOF)

Foreign-trade zones (FTZs)

Community Development Block Grants (CDBG)

Virginia Small Business Financing Authority:
• Industrial Development Bonds (IDBs)
• Economic Development Loan Fund (EDLF)
• Loan Guaranty Program
• Environmental Compliance Assistance Fund (ECAF)
• Small Business Microloan Program (SBMP)
• Child Care Financing Program (CCFP)
• Virginia Capital Access Program (VCAP)

Enterprise Zone Job Creation and Real Property Investment Grants

Governor's Opportunity Fund (GOF)

Virginia Investment Partnership Grant (VIP)

Major Eligible Employer Grant (MEE)

Virginia Economic Development Incentive Grant (VEDIG)

Clean Energy Manufacturing Incentive Grant (CEMIG)

Tobacco Region Opportunity Fund (TROF)

Virginia Coalfield Economic Development Authority (VCEDA)

Virginia's Small Business Development Center Network (VSBDC)

Center for Innovative Technology (CIT)

Virginia Leaders in Export Trade (VALET)

Governor's Agriculture and Forestry Industries Development Fund (AFID)

• Major Business Facility Job Tax Credit
• Day Care Facility Investment Tax Credit
• Recycling Equipment Tax Credit
• Worker Retraining Tax Credit
• Green Job Creation Tax Credit
• Refundable Research & Development Expenses Tax Credit
• Port Volume Increase Tax Credit
• International Trade Facility Tax Credit
• Barge and Rail Usage Tax Credit

Principal Manufacturing industries

  • Transportation Equipment
  • Food Products
  • Fabricated Metal Products
  • Machinery
  • Plastic & Rubber Products
  • Chemicals
  • Wood Products
  • Computer & Electronic Products
  • Printing & Related Support Activities
  • Furniture & Related Products
  • Other Manufacturing Industries
Source: Bureau of Labor Statistics, Quarterly Survey of Employment and Wages, 1st Quarter 2014