Regional Review: FDI As Economic Engine for Growth in the South Atlantic States

Beth Mattson-Teig (Location USA / April 2013)

The South Atlantic region is home to a notable list of international firms from countries ranging from Japan and South Korea to Finland and Israel. Announcements of new foreign direct investment continue to pour in from a myriad of industries and a wide spectrum of projects big and small. More

The Top-10 Cities for Life Sciences Companies in 2013

Area Development Online Research Desk (March 2013)

JLL’s second annual life sciences cluster report ranks top-10 cities for life sciences companies in 2013. More

Market Report: Life Sciences Site Selection Focused on Smaller Cities, Access to Innovation and Incentives

Richard McBlaine, International Director, Solutions Development & Chairman - Strategic Consulting, Jones Lang LaSalle, Jones Lang LaSalle (Q1 / Winter 2013)

North American life sciences companies are shuffling and right-sizing their footprints to maximize ROI in R&D and other corporate functions and, increasingly looking toward smaller metropolitan areas with rising industry influence. More

The Return of Technology Clusters to the List of “Best-Performing Cities”

Area Development Online Research Desk (February 2013)

Milken Study Highlights Metros Recovering Most Quickly from the Economic Recession and Growing Their Economies. More

LINK: Best-Performing Cities 2012: Where America's Jobs Are Created and Sustained - Milken Institute

Which States Lead in the “New Economy”?

Area Development Online Research Desk (December 2012)

It’s been more than three years since the Great Recession ended, and only six states have regained employment levels enjoyed prior to the recession, while 17 states are still more than 5 percent below their pre-recession employment levels. This is according to The 2012 State New Economy Index from the Information Technology and Innovation Foundation (ITIF). More

LINK: The 2012 State New Economy Index - ITIF

Rural Jobs Challenge Awards Encourage Innovative Partnerships

Beth Mattson-Teig (Fall 2012)

The grants, which were awarded in August, are part of a national competition aimed at encouraging job creation and economic growth in rural communities across the country. More

Public-Private Partnerships Illuminate a Community's Business Environment

Mark Crawford (August 2012)

Companies choosing a location where PPPs are in place can benefit from the public and private sectors commitment to economic growth. More

Regional Review: South Atlantic Draws Firms From Around the Globe

Beth Mattson-Teig (August 2012)

Foreign direct investment is becoming a bigger economic engine for growth throughout the South Atlantic States. 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