#13 Virginia

From the Governor

“I am proud that we have been able to expand and diversify Virginia’s economy and make targeted investments that strengthen our public education, infrastructure, and workforce development systems…. My administration will stay focused on connecting job seekers with the skills and training that employers are looking for, helping Virginia businesses grow and compete, and recruiting private sector investment to every corner of the Common- wealth.” —Gov. Ralph Northam

Old State, New Opportunities

Old Dominion is attracting new investment with its high quality of life, educated workforce and business-friendly environment. Volvo Trucks now has its largest facility in the world operating in Pulaski County, and Microsoft recently made its sixth expansion in the state. Amazon is also in the process of planning its HQ2 in Arlington, which is expected to create more than 25,000 jobs in the area in the next decade.

Key Contacts

Economic Development Partnership

Stephen Moret, President & CEO
901 East Cary Street, Suite 900
Richmond, VA 23219-4089
(804) 545-5612
[email protected]

Key Incentives

Virginia Jobs Investment Program: Offers discretionary services and funding to companies to create new jobs or implement technological change to reduce human resource development costs for new or expanding companies.

Commonwealth’s Development Opportunity Fund (COF): Offers “deal-closing” funds at the governor’s discretion to secure expansions or locations in Virginia when there is serious competition from other states.

Major Eligible Employer Grant Program (MEE): Offers cash grants of up to $25 million for projects with at least $100 million in capital investment that create a minimum of 1,000 new jobs.

Virginia Economic Development Incentive Grant (VEDIG): Variable grant determined by the Secretary of Commerce and Trade and on the recommendation of VEDP for companies that locate significant headquarters, administrators of service sector operations in the state.


Virginia Economic Development Partnership: vedp.org

Richmond Economic Development Authority: richmondeda.org

Greater Richmond Partnership: grpva.com

Virginia Beach Economic Development: yesvirginiabeach.com/Pages/index.aspx

Norfolk Department of Economic Development: norfolkdevelopment.com

Highlighted Program or Initiative

The Virginia Leaders in Export Trade (VALET) program assists Virginia exporters that have firmly established domestic operations in the state and are committed to international growth as an export strategy. The program provides participating companies with export planning services and assistance from a team of experienced providers to help companies meet their goals.

Big Deals

  • Klöckner Pentaplast announced in January 2019 a $25 million investment and 34 jobs in at its Richmond facility.
  • Microsoft announced in January 2019 the creation of more than 100 jobs in its sixth expansion in Mecklenburg County since 2010.
  • HalioDx announced in February 2019 it will expand its North American operations and establish a facility in the VA Bio+Tech Park.
  • Hershey Company announced in May 2019 it will create 65 jobs and invest $104 million to expand operations in August County.
  • Volvo announced in June 2019 a $400 million expansion and 777 jobs in Pulaski County. The Volvo Trucks facility is now the largest in the world with 1.6 million square feet and 3,500 employees.
  • Aieron announced in July 2019 an expansion of its head- quarters in Fairfax County and the creation of up to 50 jobs in the next three years.
  • Pharmaceutical Product Development announced in September 2019 up to 200 new jobs at a $63.7 million expansion of its bioanalytical lab in Henrico County.

Big Companies

21 Fortune 500 companies headquartered in the state, including:

Freddie Mac
General Dynamics
Capital One Financial
Northrop Grumman
DXC Technology
Dollar Tree
Altria Group
Norfolk Southern
Booz Allen Hamilton

C-Suite Testimonials

“Mecklenburg County has been a good home for Microsoft, and we’re committed to supporting the community through local partnerships to help deliver economic, social and environmental benefits such as expanding access to high-speed broadband services and supporting skills training for positions in the information technology industry.” —Noelle Walsh-Elwell, Corporate Vice President, Cloud Operations + Innovation, Microsoft

“Our location in Virginia will allow us to closely interact with all laboratories and hospitals in the region while benefiting from a quite competitive offering from the local authorities, including the Virginia Bio cluster.” —Stéphane Debono, CEO, HalioDx

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