|| Again in Business Facilities’ 2012 State Rankings Report
Virginia again received a top three ranking in two coveted categories—the Commonwealth was ranked No. 3 in Best Business Climate and No. 2 for Economic Growth Potential. Virginia also received top ten recognition in the categories of Employment Leaders, Credit Quality, Per Capita Income, and Workforce Health and Safety.
As part of its eighth annual ranking, Business Facilities magazine weighed factors such as educational climate, the availability of workforce training, cost of labor, infrastructure, utility costs, credit rating and business tax climate. The magazine gave extra credit to states that have established pro-business policies.
According to Business Facilities magazine, “As the Commonwealth continues to rack up an impressive tally of corporate headquarters relocations, Virginia also has established itself as a high-tech hub with its new Commonwealth Center for Advanced Manufacturing, anchored by jet-engine maker Rolls-Royce.”
Virginia also received recognition for its leadership in two industry sectors— Aerospace and Biotech.
The Commonwealth was ranked No. 7 in the category of Aerospace/Defense Industry Leaders. With more than 230 aerospace companies calling Virginia home, the Commonwealth continues to attract industry leaders such as Alcoa Howmet, Cobham Composite Products, Dynamic Aviation, Northrop Grumman, Dynamic Aviation, Orbital Sciences, Rockwell Collins and Rolls-Royce. First in the nation for Department of Defense Prime Contracts in 2011, companies have invested more than $1.5 billion in relocating or expanding in Virginia over the last 10 years.
Virginia was also ranked No. 2 as an Emerging Biotech Hub. Located in the heart of the Mid-Atlantic life sciences cluster, Virginia offers biotech companies access to 11 federally-funded R&D centers as well as leading private institutions, such as SRI International and the Howard Hughes Medical Institute. With the highest concentration of high-tech workers according to Cyberstates 2011, it’s easy to see why nearly 800 life science companies have chosen to locate operations in the Commonwealth.
To learn why companies have prospered in the Commonwealth for more than 400 years, click here.
Navy Federal Credit Union recently announced plans to expand its member service operation in Winchester, Va. The multi-million dollar investment will bring 400 new jobs to Frederick County.
Virginia successfully competed against Florida, as Navy Federal elected to construct an additional building on its Winchester campus.
Headquartered in Fairfax County, Va., Navy Federal’s additional investment in nearby Frederick County is further testament to the success the company has found in Virginia. Navy Federal has operated its member service center in Frederick County for six years, growing to more than 500 employees at the existing facility.
As the world’s largest credit union with $50 billion in assets, Navy Federal has successfully grown from seven members in 1933 to four million members today. The company serves Department of Defense personnel and their families through a full range of financial products and services.
Member service operations are dependent upon skilled employees to provide excellent customer services critical to their success. The company’s continued growth in Virginia illustrates the high quality and motivation of its premier workforce.
As Navy Federal President and CEO Cutler Dawson said, “We have tremendous team members that work at our Winchester facility. This expansion will allow us to bring aboard even more in the future.”
To learn more about Virginia’s skilled workforce and why companies keep coming to the Commonwealth for its pro-business environment, click here.
Secretary Cheng visited Cadence headquarters in Staunton, Va., to announce the company was well ahead of schedule in both job creation and capital investment for the expansion announced in May 2011.
In just over a year, Cadence has filled 55 of the 65 jobs the company announced it would create over a three-year period, and the company expects to create 50 additional jobs by the end of the year. Cadence has already put to work $11 million of the $15 million the company announced it would invest over the same three-year period.
A medical instrument components manufacturer, Cadence’s impressive growth is being fueled by strong demand in the medical device industry. The company manufactures high-performance, custom-made cutting blades used in in surgical devices and scientific applications. As a premier contract manufacturer, the company is a sought-after partner for its manufacturing knowledge and high performance solutions.
With options as far away as Costa Rica, Cadence decided to expand at its existing headquarters location at Green Hills Industry and Technology Park in Staunton, Va. Founded in the Commonwealth in 1985, the company has thrived due to Virginia’s pro-business climate, competitive operating costs, and highly-skilled manufacturing workforce.
“Our impressive job creation story is really a story about great employees doing amazing things that open the door for more employees to join our team,” said Cadence CEO Peter Harris. “So as Virginians and Americans, we should all thank the hard work of many individual Cadence employees for their success in creating jobs during this period of economic challenge for the country.”
To learn why manufacturing companies like Cadence continue to find success in the Commonwealth, investing more than $13.7 billion over the last 10 years, click here.
Secretary Cheng congratulates Cadence employees on their tremendous growth at company headquarters in Staunton, Va.
Following Governor McDonnell’s announcement in July, last week Morooka America celebrated the opening of its first U.S. track carrier manufacturing plant in Hanover County. The project will bring 50 new jobs to the Central Virginia region.
Morooka America will operate under a license agreement with Japan-based Morooka Company Ltd., a leading manufacturer of rubber track carriers used in the construction, pipeline installation and agricultural industries. Using its specialized rubber tracks, the Morooka Carrier offers the additional traction needed to transport heavy materials through challenging terrain.
With the U.S. as the leading export destination for Morooka products, the Virginia facility will allow the company to optimize its supply chain and more efficiently serve and grow its North and South American markets.
Virginia offers a strategic location for both the manufacturing and distribution of Morooka’s products. With nearly 240,000 workers employed in the manufacturing industry, Virginia’s workforce stands ready to support the industry’s needs.
In addition, Virginia’s central East Coast location and premier logistics network offer easy access to U.S. and international markets. With 14 railroads, six major interstate highways, nine commercial airports, the international Port of Virginia, and the Virginia Inland Port, the Commonwealth’s substantial logistics infrastructure is a major advantage for companies.
To learn why global manufacturing companies continue to establish operations in Virginia, investing more than $13.7 billion over the last 10 years, click here.
Secretary Cheng addresses the crowd at the Morooka America ribbon-cutting event in Hanover County, Va.
The Virginia Economic Development Partnership (VEDP), a state authority created by the Virginia General Assembly to better serve those seeking a prime business location and increased trade opportunities, provides confidential site selection and international trade services. VEDP's mission: To enhance the quality of life and raise the standard of living for all Virginians, in collaboration with Virginia communities, through aggressive business recruitment, expansion assistance, and trade development, thereby expanding the tax base and creating higher-income employment opportunities.
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