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Virginia Resources Page
Inward Investment Guides

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 Direct Financial Incentives 2014

Area Development Online Research Desk (Q1 2014)
Virginia's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. More

Public Power Communities: Future-Focused

Steve Stackhouse-Kaelble (Q1 2014)
America’s public power communities are places where local governments and other public entities have taken charge to deliver services their communities need to prosper. More

The Southland Delivers a Solid Economic Performance

Mark Crawford (Q1 2014)
The southern states have embraced the transition from traditional to knowledge-based economies and work hard to attract new projects and the high-paying jobs that come with them. More

Ports Jockey for Post-Panamax “Pole Position”

Tim Feemster, Managing Principal, Foremost Quality Logistics (Q1 2014)
East and Gulf Coast ports are gearing up to accommodate the supersized containerships that will be able to traverse the expanded Panama Canal — and the delayed expansion process has given them the advantage of time to get ready. More

Manufacturing in America: Bigger, Better and Bolder

Mark Crawford (Q1 2014)
American manufacturing is on the upswing, with advances in innovation and productivity buoyed by decreased energy and transportation costs, and new efforts to increase work force skills. More

VIRGINIA at a glance

POPULATION: 8,096,604 (July 1, 2011 estimate)

LABOR FORCE: 4,333,724 (August 2012)

RIGHT TO WORK: Yes

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, homeland security, cyber security, modeling and simulation, data centers, finance and insurance, corporate headquarters

COLLEGE GRADUATES: (Age 25 and over) 34.2% (2010)

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

Sales and Use Tax: 5 percent (4 percent state plus 1 percent local tax) in all counties and cities; 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

BUSINESS INCENTIVES:
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)

CORPORATE INCOME TAX INCENTIVES:
• 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
    19.0%
  • Food Products
    12.3%
  • Fabricated Metal Products
    7.6%
  • Machinery
    7.3%
  • Chemicals
    6.5%
  • Plastic & Rubber Products
    6.4%
  • Wood Products
    5.3%
  • Computer & Electronic Products
    5.3%
  • Printing & Related Support Activities
    4.7%
  • Furniture & Related Products
    4.0%
  • Other Manufacturing Industries
    21.6%