Capital One recently announced plans to invest $150 million to establish a new data center in Chesterfield County, bringing 50 new jobs to the area. Virginia successfully competed against Texas for this project.
Chesterfield County was selected due to its proximity to Capital One’s existing operations in the Greater Richmond area. The Fortune 500 company has successfully operated in Virginia for more than two decades.
Central Virginia is seeing a growing cluster of data centers due its abundant power, advanced fiber network, and low risk of natural disasters. In addition, the strong partnership between local officials and utility providers allows deals such as this to be put together quickly.
Virginia is fast becoming a popular place for data centers across the Commonwealth. Data processing was the dominant sector for investment in 2011 at $960 million, accounting for almost half of the nonmanufacturing investment.
The Commonwealth not only offers companies low electricity rates below the national average; it maintains a highly qualified workforce to support the sector, with the highest concentration of high-tech workers according to Cyberstates 2011. In addition, the Retail Sales and Use Tax Exemption provides a competitive cost advantage on qualified equipment for data centers.
To learn more about Virginia’s capabilities and why companies have invested more than $4.4 billion in the Commonwealth’s data center industry over the past ten years, click here.