The Commonwealth of Virginia and the Virginia Economic Development Partnership (VEDP) enthusiastically encourage the expansion of existing Virginia businesses. The VEDP has an entire team of professionals dedicated to helping Virginia businesses expand their footprint in the Commonwealth. These professionals 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 Expansion 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. 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.
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 has the 3rd lowest average worker's compensation costs in the nation and has been consistently among the lowest cost states for over 15 years.
- The unemployment tax burden is the 4th lowest in the nation and is 24% lower than
the national average.
- In 2012, the average cost per unit of electricity for
the industrial sector was 6.23 cents in Virginia, compared to 6.63 cents
for the nation.
- The 6% corporate income tax rate has not increased in over forty years,
since 1972.
- Building costs in Virginia range from 8% to 22%
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.
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