Virginia's New Corporate Facilities and Expansions Landed in 2011 Increase 44 Percent over 2010
– Virginia Jumps from 10th to 5th in Site Selection Magazine's Top States by Number of Projects –
RICHMOND – Governor McDonnell today announced that the number of new corporate facilities and expansions landed in Virginia in 2011 increased 44 percent over 2010. The increase moved Virginia from 10th to 5th place in "top states by number of projects" in Site Selection Magazine's annual ranking. In 2011, Virginia had 273 new projects and expansions, up from 190 in 2010.
Speaking about new projects and expansions in 2011, Governor McDonnell said, "As companies rebound from a difficult economy, we are seeing more top businesses voting with their feet and locating and expanding in business-friendly states with a well-trained workforce and a 21st century infrastructure. With the lowest unemployment rate in the Southeast, top schools and unique access to the Port of Virginia and population centers on the East Coast, Virginia is continuing to lead the way. I applaud this progress and my administration will continue to focus on helping the private sector expand jobs and opportunity for our citizens."
Lieutenant Governor Bill Bolling, who serves as Virginia's Chief Jobs Creation Officer, added, "For the past two years we have been working hard to enhance our economic development infrastructure, close deals and create jobs in Virginia. These statistics show that our efforts are succeeding and they are being recognized by businesses and economic development organizations all across the country. In the past two years we have closed 754 economic development deals and created 67,500 net new jobs. We are doing better than almost any other state in the nation. However, our work is not yet done, and we will not stop working until every Virginian who wants a job can find a job."
The Virginia Economic Development Partnership offers one of the country's most advanced, on-line site selection search tools, VirginiaScan, which allows people to search for the best location for their business based on workforce needs, sites and building specifications and business locations. In February of last year, Governor McDonnell announced the launch of the enhanced "Business One Stop" website to make it easier for businesses to start and grow in Virginia.
From Site Selection Magazine:
All five top states, and many others, recorded substantial increases in new plant activity for 2011, reflecting keen interest on the part of capital investors to get busy with expansion plans in general and, in many cases, to move operations back to the U.S. in light of decreasing labor cost benefits associated with offshore strategies and heightened logistics costs related to non-U.S. operations.
Site Selection's Governor's Cup ranks the 50 states according to their success in attracting capital investment projects that meet one or more of these three criteria: a minimum investment of US$1 million, creation of 50 or more new jobs and new facility construction or floor space of at least 20,000 sq. ft. (1,860 sq. m.). The magazine does not count equipment upgrades or additions nor construction jobs in its final numbers.
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