August 18, 1998

Lila White
(804) 692-3110

Jill Lawrence
(804) 371-0049
Governor Gilmore Announces Record Pace for Economic Development
-- Job totals through July 31 exceed all of 1997 - -

Richmond - Governor Jim Gilmore today announced that Virginia has secured 28,298 new jobs since January as a result of major economic development announcements. More jobs were created in the first seven months of 1998 than for all of 1997.

"This exceptional performance for business recruitment and expansion demonstrates that Virginia is a state of choice," said Governor Gilmore. "We will continue pursuing aggressive economic development strategies to maintain this momentum; ensuring that Virginia's economy remains vibrant and that every region of the Commonwealth benefits from prosperity."

According to a mid-year analysis by the Virginia Economic Development Partnership, the Commonwealth has announced $1.15 billion in capital investment and more than 28,000 new jobs since January 1. At the conclusion of 1997, Virginia 's total capital investment was $2.6 billion and 20,883 new jobs were created.

Virginia has recently attracted respected companies such as Mercantile Logistics, Value City Furniture, Applied Materials, and Cresstale, Ltd. Major expansions of Virginia companies such as Orbital Sciences, MCI, Capital One, and Sprint also highlight 1998's economic development successes.

"With a strong economy and our traditional assets, Virginia has become a leader in corporate location and expansion decisions," said Secretary of Commerce and Trade Barry E. DuVal.

In order to develop a blueprint for continued success, Governor Gilmore charged Secretary DuVal with leading The Virginia Strategy: Prosperity Into The New Century, a strategic plan for the Commonwealth's economic development. This process is engaging the talents of over 150 business and community leaders from across Virginia to create an economic development strategic plan that will identify the issues and opportunities necessary to advance Virginia into the 21st century. The recommendations from The Virginia Strategy will be presented in December.

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