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Virginia Unemployment PowerPoint Presentation
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Virginia Unemployment - PowerPoint PPT Presentation

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Virginia Unemployment

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  1. Virginia’s Economic Development Landscape                                    Hampton Roads Association of Financial Professionals                                    Robert W. McClintock                                    Research Director                                    February 15, 2011

  2. Virginia Unemployment

  3. Virginia Unemployment

  4. Virginia Unemployment

  5. Virginia Employment Growth

  6. Virginia Employment Growth

  7. Virginia Employment Growth

  8. Virginia Employment Growth

  9. Virginia GDP Growth

  10. Virginia Employment Forecast

  11. 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.

  12. Recent Major Announcements

  13. Selected Statewide Projects - 2010 All announcements are subject to revision

  14. Selected Hampton Roads Projects - 2010 All announcements are subject to revision

  15. Announced Investment and Employment Regional Totals – Calendar Year 2010 All announcements are subject to revision.

  16. 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

  17. 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

  18. “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

  19. Potential Wind Energy Employment

  20. Potential Wind Energy Employment

  21. 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

  22. 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.

  23. 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.

  24. “Whose on First?”