Virginia’s Economic Development Landscape Hampton Roads Association of Financial Professionals Robert W. McClintock Research Director February 15, 2011
20092010 Investment $2.8 billion $2.6 billion Jobs 17,046 18,130 Announcements 311 304 Announced Investment and Employment All announcements are subject to revision.
Selected Statewide Projects - 2010 All announcements are subject to revision
Selected Hampton Roads Projects - 2010 All announcements are subject to revision
Announced Investment and Employment Regional Totals – Calendar Year 2010 All announcements are subject to revision.
Recent Trends in VEDP’s Pipeline • Prospect pipeline continues to improve (+22%) • Prospects visiting “on the ground” (+26%) • International investment – beginning to strengthen • Advanced manufacturing steadily coming back • Food processing, machinery, packaging, tech driven • R&D operations • Energy sector (solar, biomass, bio fuels, storage) • Corporate HQ’s, operation centers • Data centers -“the cloud is here” • Distribution centers – still off the radar
Key Developments at the Port of Virginia • Container volume up 9% in 2010 • 20-year lease signed with APM • Increases Virginia Port Authority capacity by 1 million TEUs • Includes the option to develop an additional tract of land on the site which could add another 1 million TEUs of capacity. • Norfolk Southern opened the Heartland Corridor double-stack rail route, providing 36-hour transit to Chicago • Craney Island construction underway, 8-10 years to complete
“Sweet Virginia breeze”:Mid-Atlantic Regional Employment • Virginia has the most workers in the Mid-Atlantic Region for the sectors of Shipbuilding & Repair, Marine Construction, and Transformer Manufacturing • Virginia has significant numbers of workers in the sectors of Manufacturing of Fabricated Structural Metal, Mechanical Power Transmission Equipment, and Motors & Generators
Opportunity at work Agenda - 2011 • Revitalization, Redevelopment, and Regional Cooperation • Funding sought for Main Street Program, Industrial Site Revitalization in distressed areas, Enterprise Zones, and Regional Collaboration Grants • Training Workers for Virginia Businesses • Funding for non-credit courses at Community Colleges; also to expand Career Pathways Program • Tax Credit Measures • Port Tax Credit • R&D Tax Credit • Virginia Winery & Vineyard Tax Credit
Opportunity at work Agenda - 2011 • Growing Virginia’s Innovation Economy • Funding for commercializing research in emerging technologies • Research matching funds to encourage collaboration between universities & private sector in key emerging sectors • Funding for attracting pre-eminent scholars to universities • Clean Energy Manufacturing Incentive Grant (CEMIG) • Supporting Small Business • New funding for Va Small Business Financing Authority • Expanding Tourism Economy • New funding for VTC programs for marketing grants to localities, Motion Picture Opportunity Fund, etc.
Prominent ACCOLADES • Forbes.com “Best State for Business”- Virginia took the top spot in 2006, 2007, 2008, and 2009 and ranked second overall in 2010. • Virginia is among CNBC’s “America's Top States for Business.” Virginia claimed the number one spot in both 2007 and 2009 while receiving second in 2008 and 2010. • Virginia is ranked the Top Pro-Business State by Pollina Corporate Real Estate, with previous top rankings in 2003, 2007 and 2009.