Capital One Continues to Expand Across the Commonwealth
Home-grown Company Builds on Virginia's Technology Infrastructure
Headquartered in Virginia since its founding as part of Signet Bank in 1988, Capital One has grown to become a Fortune 500 company and one of the most recognized brands in the country. As the nation’s sixth largest bank based on deposits, the company is now the largest direct bank in the country with its acquisition of ING Direct.
Capital One has continuously expanded operations across the Commonwealth—since 1995 Capital One has invested more than $1 billion in Virginia, creating more than 17,500 jobs, making it the ninth largest private sector employer in the Commonwealth.
Most recently, Capital One announced plans to invest $150 million to establish a new data center in Chesterfield County, bringing 50 new jobs to the area. Chesterfield County was selected due to its proximity to Capital One’s existing operations in the Greater Richmond area, successfully competing against Texas for the project.
Central Virginia has seen a growing cluster of data centers due its abundant power, advanced fiber-optic network, and low risk of natural disasters. In addition, the strong partnership between local officials and utility providers allows deals such as this to be put together quickly.
Virginia is fast becoming a popular place for data centers across the Commonwealth. Data processing was the dominant sector for investment in 2011 at $960 million, accounting for almost half of the nonmanufacturing investment.
The Commonwealth not only offers companies low electricity rates below the national average; it maintains a highly qualified workforce to support the sector, with the highest concentration of high-tech workers according to Cyberstates 2011. In addition, the Retail Sales and Use Tax Exemption provides a competitive cost advantage on qualified equipment for data centers.
Known for its scientific approach and use of technology to support complex marketing strategies, Capital One continues to invest in Virginia due to its high-technology labor pool and access to technology infrastructure.
"In today’s environment, information technology is a competitive advantage. With the new Chesterfield data center as a key element of the company’s simplified and automated infrastructure, we are proud to continue our strong relationship with Virginia and expand our workforce here," said Rob Alexander, Chief Information Officer of Capital One.
To learn more about Virginia’s technology capabilities and why companies have invested more than $4.4 billion in the Commonwealth’s data center industry over the past ten years, click here.
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