March 06, 1997

Jill Lawrence
Virginia Economic Development Partnership
(804) 371-0049
Jill Lawrence
(804) 371-0049
Governor Allen Announces 1996 Economic Development Results
-- Total Jobs Created Tops 200,000, Capital Investment Reaches $3.54 Billion --

Richmond - Governor George Allen today announced that the State secured $3.54 billion in committed capital investment in 1996. These successes indicate another year of outstanding performance in economic development, placing 1994, 1995 and 1996 as the three best years ever in the history of the Commonwealth in the recruitment of new investment. At the same time, the Governor confirmed the total number of net new jobs that have been created in the three years since he took office have now topped over 200,000.

"Economic development, competitive work for expansion of existing business and recruitment of new companies to Virginia have been top priorities in my administration. We have worked hard to foster a positive business environment conducive to investment and the creation of jobs by unleashing the strength and power of the free enterprise system," said Governor Allen. "The benefit of these record-shattering successes will be reaped by hard-working Virginians in every region of our Commonwealth. This great news is especially gratifying in that our children and future generations of Virginians will benefit from the additional jobs that will result from these new investments."

Last year proved to be the second strongest year in Virginia's history for investment and the third strongest for job creation. Foreign-affiliated capital investment reached an all-time high of $1.24 billion including the first manufacturing investment in Virginia by a South Korean company.

"Virginia's new vision for economic development as outlined in Governor Allen's Opportunity Virginia strategic plan is paying big dividends," said Secretary of Commerce and Trade Robert T. Skunda. "Our attention must also be directed to business retention and ensuring that Virginia remains an attractive and competitive location to do business, now and in the future."

A total of 206 companies announced the location of new facilities or the expansion of existing facilities within Virginia in 1996. These announcements will result in 44,000 direct and indirect jobs that will be created as a result of these new and expanded projects. These companies represent both manufacturing and non-manufacturing industries. Non-manufacturing industries include wholesale, distribution, fulfillment and computer-related centers, as well as company headquarters, back offices, and research and development facilities.

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