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Virginia Resources Page
Inward Investment Guides

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 & Business Incentives, BDO Consulting (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

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

VIRGINIA at a glance

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

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

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

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

BASIC BUSINESS TAXES:
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

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
    18.3%
  • Food Products
    12.4%
  • Fabricated Metal Products
    7.9%
  • Machinery
    6.8%
  • Plastic & Rubber Products
    6.8%
  • Chemicals
    6.4%
  • Wood Products
    5.8%
  • Computer & Electronic Products
    5.0%
  • Printing & Related Support Activities
    4.5%
  • Furniture & Related Products
    4.1%
  • Other Manufacturing Industries
    21.1%
Source: Bureau of Labor Statistics, Quarterly Survey of Employment and Wages, 1st Quarter 2014