CEO Guide to Site Selection

#14

Virginia

CEO Rank on Best & Worst States for Business

NEW IDEAS IN THE OLD DOMINION

Known for its strong workforce and solid education system, the state also offers generous tax credits, and the large portion of federal jobs that can be performed remotely helped Virginia’s economy weather the pandemic. Driven by the growth in ecommerce, the logistics sector was a bright spot in 2021. The state also saw significant interest in capital investment projects in technology and remains the leading data-center market in the world. Moog, CMA CGM Group and Crown Holdings have all announced projects here in the past year.

“Virginia has an incredible track record for attracting international companies. Our inclusive policies, strong workforce, quality infrastructure and access to the world- class Port of Virginia make the Commonwealth an ideal lo- cation for companies looking to move to the United States."
Glenn Youngkin
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

Yes

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

The Virginia Talent Accelerator Program: Provides free training and recruitment solutions to new and expanding companies, customized to their unique operations, equipment, standards and culture.

Data Center Retail Sales & Use Tax Exemption: Offers an exemption from retail sales and use tax for qualifying computer equipment purchased by data centers.

Green Job Creation Tax Credit: Offers a $500 credit against the Virginia individual or corporate income tax for each new green job paying an annual salary of at least $50,000.

Port Volume Increase Tax Credit: Offers benefits to manufacturing, distribution, agriculture, mineral and gas companies that utilize Virginia’s port facilities.

EDCs

Virginia Economic Development Partnership

vedp.org

Virginia Chamber of Commerce

vachamber.com

Richmond VA Economic and Community Development

rva.gov/economic-development

Greater Richmond Partnership

grpva.com

Virginia Beach Economic Development

yesvirginiabeach.com

Norfolk Department of Economic Development

norfolkdevelopment.com

HIGHLIGHTED PROGRAM OR INITIATIVE

On September 1, 2021, former governor Ralph Northam announced the launch of the nation’s first official state-led Supply Chain Optimization Program. It’s designed to help Virginia businesses streamline their supply chain manage- ment and boost their global competitiveness. Companies accepted into the program receive counseling, strategy development and training resources from international trade experts to improve performance and reduce costs.

BIG DEALS

  • Nestlé Purina PetCare Company announced in June 2021 a $182 million expansion in King William County.
  • SimpliSafe announced in July 2021 a $3 million expan- sion and 250 new jobs in Henrico County.
  • Tyson Foods announced in August 2021 a $300 million investment and 376 new jobs in Danville.
  • Italy-based Veronesi Holding S.p.A., announced in Sep- tember 2021 a $100 million investment to establish its first U.S. production operations. It will create 150 jobs.
  • German firm SCHOCK GmbH announced in September 2021, an $85 million investment in its first U.S. manufac- turing operation in Henry County. It will create 355 jobs.

BIG COMPANIES

Twenty-two Fortune 500 companies headquartered in state, including:

  • Freddie Mac 
  • General Dynamics 
  • Northrop Grumman
  • Capital One 
  • Financial Dollar Tree
  • Performance Food Group CarMax
  • Altria Group DXC Technology
  • Dominion Energy