From the Governor
“The commonwealth’s economy continues to grow as more Virginians join the workforce and more companies choose us for investment…. As the unemployment rate declines, we are remaining laser-focused on bringing quality, well-paying jobs to every corner of Virginia and ensuring our workforce has the 21st-century, in-demand skills employers are seeking.” —Gov. Ralph Northam
Talent and Tech
After a lengthy contest, Amazon chose Arlington, Virginia as one of two new headquarters sites. Virginia’s large talent pool and accessible location have also attractied investments from other tech companies. MicroStrategy recently added 300 new jobs and renewed its headquarters lease in Fairfax County, and Micron Technology is investing $3 billion to expand its operations in Manassas. Facebook also announced in September it will expand its data center in Henrico County.
Major Eligible Employer Grant Program (MEE): Offers discretionary incentives and cash grants of up to $25 million over five to seven years for companies that invest at least $100 million and create at least 1,000 new jobs.
Commonwealth’s Development Opportunity Fund (COF): Offers “deal closing” cash grants to offset qualifying costs such as site acquisition and development, utility extension, transportation access or construction required to secure an expansion or location in the state.
Virginia Jobs Investment Program (VJIP): Offers recruitment and training assistance for companies that create new jobs or experience technological change to reduce human resource development costs.
Virginia Economic Development Partnership: vedp.org
Virginia Economic Developers Association: goveda.org
Richmond Economic Development Authority: richmondeda.org
Greater Richmond Partnership: grpva.com
Highlighted Program or Initiative
Virginia Leaders in Expert Trade (VALET) is a two-year international business acceleration program that offers a combination of capital resources and professional services including executive training, international sales plan development, educational events and customized research. VALET accepts up to 25 companies per year, and average participants increase their international sales by 54%.
- Amazon announced in November plans to open a headquarters in Arlington, Virginia, creating 25,000 jobs.
- MicroStrategy announced in March 2018 it will renew its headquarters lease in Fairfax County and create 300 jobs.
- Gerber Products announced in April 2018 it will relocate its U.S. headquarters from New Jersey to the headquarters of its sister company, Nestlé USA, in Arlington County. The move is expected to create 150 jobs.
- Cascades announced in July 2018 a $275 million containerboard operation in Hanover County that will create 140 jobs.
- Micron Technology announced in August 2018 a $3 billion investment in its operations in the city of Manassas and the creation of 1,100 jobs by 2030.
- InterChange Cold Storage announced in August 2018 a $41.6 million cold storage and blast freezing facility and 88 new jobs in Rockingham County.
- Facebook announced in September 2018 a $750 million expansion of its data center in Henrico County.
21 Fortune 500 companies are headquartered in the state, including:
Capital One Financial
Performance Food Group
“Micron is grateful for the extensive engagement of state and local officials… to help bring our Manassas expansion to fruition. We are excited to increase our commitment to the community through the creation of new, highly skilled jobs, expanded facilities and education initiatives.” —Sanjay Mehrotra, President and CEO, Micron Technology
“We are pleased to establish Arconic’s global headquarters in Fairfax County, Virginia—an area that is home to several aerospace and defense customers, a world-class talent base and which offers a favorable quality of life for employees and a high level of connectivity to our key locations.” —Chip Blankenship, CEO, Arconic
“Closer proximity to Nestlé USA’s new headquarters in Arlington will provide efficiencies that will be reinvested in our people, products and production to fuel growth…. Northern Virginia also offers a great quality of life for our employees and provides access to strong talent for our current and future needs.” —Bill Partyka, President and CEO, Gerber