News Summary
Virginia is experiencing significant job growth thanks to its targeted economic development initiatives. With an investment of $126 million in site development, over 3,720 new jobs have been created since the launch of the Virginia Business Ready Sites Program. The program focuses on enhancing the infrastructure of selected sites to attract businesses, promising further opportunities in 2024. Major companies like Canon Virginia and Plenty Unlimited are expanding, contributing to a vibrant economic landscape. As collaborations continue across sectors, Virginia emerges as a national leader in site development and job creation.
Virginia’s Economic Development Initiatives Creating New Jobs Like Never Before!
Exciting developments are taking place across the beautiful state of Virginia, as a targeted economic initiative launched last year continues to bear fruit. In 2022, Virginia kicked off its ambitious effort for site development, and as of July 2024, a whopping 3,720 new jobs have been announced as a direct result!
A Solid Investment Boost
Governor Glenn Youngkin stepped into action, granting an impressive $126 million through the Virginia Business Ready Sites Program (VBRSP). This initiative is all about bringing the right infrastructure to selected sites across the state. The focus? Making sure these sites are ready to welcome businesses and create jobs.
The VBRSP has earmarked funds for no less than 23 sites scattered throughout Virginia, enhancing the infrastructure to ensure these locations are ready for action. Administered by the Virginia Economic Development Partnership (VEDP), the collaboration includes localities, utilities, and state agencies working hand in hand for a common goal: transforming these sites into attractive prospects for economic growth.
What Makes These Sites Prime Real Estate?
Eligible locations must feature at least 100 contiguous developable acres, or 50 acres for specific areas in western Virginia. The program’s ultimate aim is to gather permits and approvals that facilitate a smoother construction process, helping businesses get up and running without unnecessary delays.
The Numbers Speak Volumes
Since launching, the VBRSP has funded a total of 45 sites, directly leading to the announcement of over 3,700 new jobs! In 2024 alone, the program plans to invest in 23 more sites covering over 10,000 acres of developable land, promising even more opportunities for both businesses and job seekers.
Virginia in the Spotlight
Virginia is making waves in the economic development sector, with Secretary of Commerce and Trade highlighting that speed to market is crucial for site selection. The VBRSP is enhancing Virginia’s inventory of suitable sites, ensuring that businesses have the perfect opportunities to flourish.
Jason El Koubi, the President and CEO of VEDP, has pointed out that Virginia is truly emerging as a national leader in site development due to the strategic diversity established under VBRSP.
Exciting Businesses Fueling the Growth
Among the many exciting projects underway, the Richmond International Airport (RIC) is driving significant economic activity, contributing around $2.1 billion annually and creating nearly 16,000 jobs. Cargo traffic has also seen stellar growth, averaging 16 million pounds per month, with a peak of 20.3 million pounds in May—a record since 2014!
Additionally, manufacturing giant Canon Virginia, Inc. is expanding its facility in Newport News, focusing on production involving natural silk protein, retraining 30 employees in the process. Another remarkable venture comes from Plenty Unlimited, which has opened a vertical farming facility in Chesterfield, aiming to produce over four million pounds of strawberries annually while planning to create 300 jobs.
Investments from All Corners
Other businesses are also making big moves! For example, Shamrock Farms has committed to a $59 million investment in Augusta County, which will create 28 jobs, while Marble Systems plans to invest $9.7 million in Caroline County, generating 59 new jobs. Such investments highlight Virginia’s top-tier business climate, as recognized by Business Facilities, which has also rated the Virginia Talent Accelerator Program as No. 1 for customized workforce training.
Innovations and Educational Initiatives
To top it all off, the opening of Virginia Tech’s Innovation Campus in Alexandria reinforces the area’s educational and technological capabilities. The presence of esteemed companies like Northrop Grumman, which is investing over $200 million in an advanced manufacturing facility in Waynesboro, bodes well for job creation and local economic strengthening.
Concluding Thoughts
Virginia is on a roll, with an administration fostering collaboration and investment to enhance the state’s business climate. By focusing on economic growth and job creation opportunities, the future looks bright for workers and businesses alike. Keep an eye on the developments in this thriving state, as the best is yet to come!
Deeper Dive: News & Info About This Topic
- Business Facilities: 2024 State of the Year
- Wikipedia: Economic Development
- West Virginia Watch: Economic Development Plan
- Google Search: Economic Development in Virginia
- WV News: Small Business Growth in Harrison County
- Google Scholar: Economic Development Initiatives in Virginia
- Lootpress: West Virginia Small Business Development Center
- Encyclopedia Britannica: Economic Development
- WTRF: New Business Investment in West Virginia
- Google News: New Jobs in Virginia
Author: STAFF HERE WILLIAMSBURG WRITER
WILLIAMSBURG STAFF WRITER The WILLIAMSBURG STAFF WRITER represents the experienced team at HEREWilliamsburg.com, your go-to source for actionable local news and information in Williamsburg, James City County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Williamsburg Farmers Market, Yorktown Market Days, and Busch Gardens Food & Wine Festival. Our coverage extends to key organizations like the Greater Williamsburg Chamber of Commerce and Colonial Williamsburg Foundation, plus leading businesses in education and hospitality that power the local economy such as College of William & Mary, The Williamsburg Winery, and Sodexo. As part of the broader HERE network, including HEREVirginiaBeach.com, we provide comprehensive, credible insights into Virginia's dynamic landscape.
