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Virginia Resources Page
Inward Investment Guides

U.S. Legislative, Incentives, & Economic Development Policies Update

Jason Hickey, President, Hickey & Associates, LLC (Q1 2016)
Growing companies need to be aware of the many changes states are making to their incentives policies. More

Data Center Demand Emerges Throughout New Locations in North America

Area Development Research Desk (Directory 2016)
Data centers are key economic drivers in markets within which they operate, and operators have looked to be more efficient with their locations, expanding into regions with more flexible utility costs, incentives packages or lower taxes. More

Regional Report: Diverse Industries Reflect Economic Gains in the South-Atlantic

Mark Crawford (Directory 2016)
A region that gets its pro-business message across, the South Atlantic’s growth in manufacturing, Information technology, and life sciences has moved beyond big cities to its smaller metro areas as well. More

Location Notebook: TVA Hitching Its Wagon to the Auto Industry

Cynthia Kincaid , Kincaid Strategic Partners (Q3 2015)
TVA is driving to make automotive manufacturing the cornerstone of the region. More

How U.S. States are Targeting Foreign Direct Investment

Thomas J. Stringer, Esq., Managing Director & Practice Leader, Site Selection and Business Incentives Group, BDO USA (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

Expanding the Cloud: The Top Data Center Markets in North America

Area Development Research Desk (Data Centers 2015)
The data center market is seeing high demand and low price. The competitive pricing is due in part to the large number of options available, yet the industry is expected to enjoy 32 percent growth in North America by 2016, ultimately becoming a $14.8 billion market. 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

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