POPULATION: 7,712,091 (July 2007 estimate)

LABOR FORCE: 4,165,061 (June 2008)

RIGHT TO WORK: Yes

TRADITIONAL INDUSTRIES: Transportation equipment, electronic equipment, machinery, printing, food processing, chemicals, wood products, tourism, maritime industry

EXPANDING INDUSTRIES: Aerospace, life sciences, advanced manufacturing, defense/homeland security, information technology, finance and insurance, global logistics, modeling and simulation, energy, corporate headquarters, plastics and advanced materials

COLLEGE GRADUATES: (Age 25 and over) 32.7% (2006)

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:
Work Force Training and Recruitment Programs
Foreign-trade zones
Technology zones
Economic Development Access Program
Rail Industrial Access Program
Community development block grants

Small Business Financing Authority:
• Industrial Development Bonds (IDBs)
• Loan Guaranty Program
• Economic Development Loan Fund (EDLF)
• Child Care Financing Program (CCFP)
• Virginia Capital Access Program (VCAP)
• Southside Region Tobacco Capital Access Program (TCAP)
• New Markets Tax Credit Program (NMTC)
• Virginia Community Reinvestment Program
• Providing Access To Capital for Entrepreneurs (P.A.C.E.)

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)
Commonwealth Technology Research Fund
Tobacco Region Opportunity Fund (TROF)
Virginia Coalfield Economic Development Authority
Virginia's Small Business Development Center Network (VSBDC)
Center for Innovative Technology (CIT)
Virginia Leaders in Export Trade Program (VALET)

Corporate Income Tax Credits:
• Major Business Facilities Job Tax Credit
• Day Care Facility Investment Tax Credit
• Recycling Equipment Tax Credit
• Worker Retraining Tax Credit