The Commonwealth of Virginia and the Virginia Economic
Development Partnership (VEDP) enthusiastically encourage the expansion of existing
Virginia businesses. The team at the Virginia Economic Development Partnership
understands the complicated demands of the site selection process and offer years
of experience to help you make the most informed expansion decision with the least
amount of your time and effort.
The Partnership will assign an experienced Business Development Manager or International
Investment Manager to guide you through the process and provide access and information
to statewide programs, partners and resources that can help your business expand
and grow is easy. The Partnership divides its business development efforts into
two markets—domestic and international. After an initial conversation to better
understand your needs, your manager will prepare a summary of the most current
market, economic and demographic information. He or she will also supply individually
tailored research of suitable land and buildings, labor availability and other
issues. They also will work with local utility companies and other business development
partners to ensure your requirements will be met there too. If necessary, he or
she will coordinate with other government agencies, helping you with such matters
as meeting environmental regulations or designing workforce training programs.
Plus, the Partnership employs experts in Business Development Finance, Technical
Services and Research to help your project team further streamline the selection
process.
Every state talks about its positive business climate.
In Virginia, we’ve let others do the talking. Virginia continues to rank among America's leading states for business by CNBC and Forbes.com. In each analysis, cost of doing business,
quality of workforce, and regulatory environment all drove Virginia to the top.
A Virginia business location will positively impact your bottom line. Let us show
you how.
As you are aware, Virginia businesses benefit from a low-cost operating environment. Companies have improved their bottom lines just by locating in Virginia. From soft costs like healthier, more productive workers, to hard costs like cheaper, available and reliable electricity, companies benefit from the unique combination of resources that only a Virginia location can offer.
- Virginia manufacturers have one of the lowest average
workers’ compensation costs in the country. At $2.09 per $100 of payroll
in January 2009, it ranks 4th lowest nationally and is 44 percent lower
than the U.S. average.
- Unemployment tax burden, tied for 2nd lowest in the nation, that is 42 percent lower than
the national average.
- In 2009, the average cost per unit of electricity for
the industrial sector was 6.22 cents in Virginia, compared to 6.82 cents
for the nation.
- 6 percent corporate income tax rate has not been increased
since 1972
- Building costs in Virginia range from 6-22 percent
below the national average, depending on the region of the Commonwealth.
Virginia has one of the country’s most technically
advanced, on-line site selection search tool—VirginiaScan. VirginiaScan allows
you to search our database of more than 1,800 qualified sites and buildings
across the Commonwealth. In addition to site and building specifications, VirginiaScan
enables you to search for your ideal business location using Virginia workforce
statistics, existing business data and a host of other information that is driving
today’s business site-selection process.
To access VirginiaScan
and begin your search for the perfect site or building, click
here.
Workforce training assistance in Virginia is provided
through the Virginia Department of Business Assistance’s Virginia Jobs Investment
Program (VJIP). VJIP provides customized recruiting and training services to
companies that are creating new jobs or experiencing technological change. The
Department of Business Assistance assigns one state point-of-contact to coordinate
all the resources available to your company. Among your partners will be Virginia’s
educational and vocational institutions, Workforce Development Centers, Employment
Service Providers and more.
To learn more about the Virginia Jobs Investment Program,
please visit the Virginia
Department of Business Assistance.
Virginia actively works with expanding Virginia employers that create a higher standard of living for Virginians, enhance the local and state economies, and increase revenues to state and local governments. Incentives are Virginia's investment in its economic future and a business decision for both the Commonwealth and the company. As a result, they must make good fiscal sense for all parties.
Designed to target the needs of the company and the development plans of localities and the state, Virginia offers a variety of performance-based incentives. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth.
For a brief overview of Virginia’s business incentives,
please click
here to visit the Business Incentives webpage.
For a comprehensive guide to Virginia’s business incentives,
please see A
Virginia Guide To Business Incentives.
|
