Virginia Breaks All-time Corporate Investment Record in 2000
-Governor Gilmore Announces Over $6 Billion in Capital Investment-
Richmond - Governor Jim Gilmore Wednesday night announced in his State of the Commonwealth Address that annual capital investment by new and existing Virginia companies exceeded $6 billion for the first time in 2000. According to the Virginia Economic Development Partnership, the previous record of $5.8 billion, set in 1995, was surpassed with last month's expansion announcement by Infineon Technologies Richmond. The final annual total will be released in early 2001 after Virginia's localities submit their economic development data to the Partnership.
"I am proud to announce that Virginia has once again had a record-breaking year in economic development," said Governor Gilmore. "We have been successful in bringing new jobs and investment to all regions of the Commonwealth as well as maintaining a positive business climate."
Major Highlights of 2000 announcements include:
• Infineon Technologies Richmond, the East Coast's first producer of the 300-mm wafer chip, will invest $1.1 billion in Henrico County and create 1,100 new jobs.
• America Online announced the construction of a new $555 million technology center in Prince William County and an expansion of its Loudoun County campus with two new buildings that will house 1,200 employees.
• Through an investment of $52 million, Boehringer Ingelheim Corporation will expand its manufacturing capacity in Petersburg.
• Nautica, a leading fashion and lifestyle company, selected Henry County for its $40 million distribution center. The company expects to create 375 new jobs.
• Wal-Mart will hire 400 new employees to work in its $50 million distribution facility in James City County.
• Between Goochland, Henrico, Chesterfield and Fairfax counties, Capital One will create 8,000 new jobs and invest $700 million in its most recent expansion.
• ACT MicroDevices, a producer of fiber optic subcomponents will locate a $28 million manufacturing facility in Montgomery County.
• Dendrite, a leading global provider of highly specialized, integrated product and service offerings for the pharmaceutical and consumer package goods industries, will hire 335 people and invest $30 million in Chesapeake.
In Manassas, Dominion Semiconductor will invest $700 million and create 600 new jobs in its fabrication plant through a joint venture with SanDisk Corporation.
"The numbers prove that Governor Gilmore's strategic plan for economic development is working," said Secretary of Commerce and Trade Barry E. DuVal. "This is an historic moment in Virginia and we should look forward to the continued growth of our economy."
The Virginia Economic Development Partnership (VEDP) monitors economic development activity in Virginia through a capital investment and employment database. VEDP was created by the Virginia General assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Partnership is a state authority, which is governed by a 15-member Board of Directors appointed by the Governor. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business development and international trade.