Virginia Scores Two of the Top 10 Deals in Site Selection Magazine
--Governor Gilmore praises the state's economic development team for worldwide recognition--
Richmond - Governor Jim Gilmore today announced that Site Selection, a widely-read economic development trade magazine, has ranked two of Virginia’s economic development projects among the publication’s highly acclaimed "Top 10 Deals of 1998." GEICO’s new $45 million regional service center in Virginia Beach and MCI WorldCom’s $200 million campus in Loudoun County were listed as two of the top 10 deals based on the number of projected new jobs in the magazine’s May issue.
GEICO is expected to create 4,500 new jobs at its regional service center in Virginia Beach. MCI WorldCom plans to hire up to 4,000 employees at its information technology campus in Loudoun County. Virginia was the only state with two deals in the top 10.
"This coveted honor reflects the priority our administration has placed on economic development achievement," Governor Gilmore said. "Our success stems from the hard work of members of the Virginia Economic Development Partnership and our dedicated economic development professionals across the Commonwealth."
Virginia also shined in Site Selection’s "Very Honorable Mentions of 1998" with five projects being named to the list – more than any other state. Virginia’s new or expanded facilities included on the honorable mentions list are:
America Online, Loudoun County: $150 million investment, 2,100 jobs
First Data Resources, Chesapeake: $10 million investment, 500 jobs
Hewlett-Packard, Henrico County: $35.4 million investment, 700 jobs
MCI WorldCom, Chesapeake: $15 million investment, 1,100 jobs
Towers Perrin, Chesapeake: $33 million investment, 1,000 jobs
In addition to capturing more deals in the top 10 than any other state, Virginia’s state level economic development arm, the Virginia Economic Development Partnership (VEDP), was named Top Development Group in the same issue. VEDP was one of only two states that won the honor based on new capital investment and new jobs, plus per-capita capital investment and per-capita jobs. Site Selection also reviewed each nomination for evidence of new, value-adding services and programs to benefit both prospective new firms and existing companies, as well as leadership, problem-solving, innovation and cooperation.
An awards ceremony took place on April 25 at the 1999 International Development Research Council’s Spring Congress in Boston, Massachusetts.