Governor McAuliffe Signs Memorandum of Understanding with Jeollanam-do Provincial Government to Enhance Economic Activity

Thursday, 25 February 2016 09:58 by Info@YesVirginia.org
Governor McAuliffe Signs Memorandum of Understanding with South Korea’s Jeollanam-do Provincial Government to strengthen economic and cultural ties. VEDP joined Virginia Secretary of Commerce and Trade Maurice Jones, Virginia Secretary of Agriculture and Forestry Todd Haymore at the signing ceremony, and look forward to enhancing economic activity.

Governor McAuliffe Signs Memorandum of Understanding with South Korea’s Jeollanam-do Provincial Government to strengthen economic and cultural ties.

VEDP joined Virginia Secretary of Commerce and Trade Maurice Jones, Virginia Secretary of Agriculture and Forestry Todd Haymore at the signing ceremony, and look forward to enhancing economic activity.

The Commonwealth and Jeollanam-do Province share a common desire to exchange information to enhance mutually beneficial economic and cultural activity, including research and development, governmental collaboration, and other related activity pertaining to growth industries, including information and communication technology, agriculture, logistics, energy, and other areas within the global market.

Over the past four decades, the Republic of Korea has demonstrated incredible economic growth and global integration to become a high-tech industrialized economy. Today, the Republic of Korea is the world's 12th largest economy, and ranks 12th among Virginia export destinations. Some of the top opportunities for U.S. exporters in South Korea include:

  • Aerospace Industry
  • Defense Industry Equipment
  • Cosmetics
  • Energy: New and Renewable
  • Medical Equipment
  • Laboratory Scientific Instruments
  • Pollution Control Equipment
  • Education Services

This agreement solidifies the importance of leveraging partnerships in order to build a new Virginia economy. To learn more about Virginia’s global focus, click here.


Governor Terry McAuliffe and Governor Nak Yon Lee of Jeollanam-do Provincial Government celebrate signing of MOU.

Plastics Industry Thrives in Virginia

Wednesday, 17 February 2016 12:52 by Info@YesVirginia.org
This week, VEDP sponsored and attended the Plastics News Executive Forum in Naples, Florida. We had the opportunity to talk with many of the world’s top plastics processors and share the benefits of doing business in Virginia.

This week, VEDP sponsored and attended the Plastics News Executive Forum in Naples, Florida. We had the opportunity to talk with many of the world’s top plastics processors and share the benefits of doing business in Virginia.

Virginia’s strategic mid-Atlantic location and superior transportation network provide access to 43% of the U.S. population within a one-day (10 hour) drive. These assets combined with our competitive operating costs make an ideal location for plastics companies.

The Port of Virginia is a leading gateway to the global market, offering direct connection to over 100 foreign ports. The Port offers the single best infrastructure on the East Coast with no overhead obstructions, on-dock rail service, easy access to ocean lanes, and is the only East Coast port with Congressional authorization to dredge to 55 feet.

Virginia is home to over 200 plastics companies that employ more than 20,300 Virginians. A few companies who call Virginia home include Rubbermaid, TREX, General Packaging, Klockner Pentaplast, Hanwha Azdel and Variform.

Since 2005, plastics and advanced materials companies have invested $1.01 billion and created more than 4,600 new jobs in Virginia. To learn more about Virginia’s plastics industry, click here.

 
Panel of plastics professionals during the Plastics News Executive Forum.

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The Port of Virginia Reinvests in Richmond Marine Terminal

Wednesday, 10 February 2016 09:54 by Info@YesVirginia.org
The Port of Virginia signed a lease to continue operation of Richmond Marine Terminal through 2056 allowing the port to implement a long-term strategy to reinvest in RMT.

The Port of Virginia signed a lease to continue operation of Richmond Marine Terminal through 2056 allowing the port to implement a long-term strategy to reinvest in RMT.

In order to modernize the 120-acre barge terminal, a $4.2 million 350-ton crane was installed at RMT, which will speed up the loading and unloading of the container barge.

A new barge was added with 50 percent more capacity to carry containers in a single trip. Rail upgrades, regular dredging, new cargo-moving equipment and other improvements are also scheduled to occur.

RMT is strategically located along the James River and I-95, and connects Richmond and the state to global trade through The Port of Virginia’s container terminals in the Norfolk Harbor.

The Port of Virginia offers direct service to more than 45 counties worldwide. It’s the only U.S. East Coast port with congressional authorization for 55-foot depth channels, and has the ability to be the first and last port of call.

To learn more about Virginia’s port and infrastructure advantages, click here.


New crane at Richmond Marine Terminal during lease signing event in Richmond.

Virginia — Largest Data Center Market in U.S. Brings Significant Economic Impact

Thursday, 4 February 2016 13:28 by Info@YesVirginia.org
Northern Virginia has surpassed the Tri-State New Jersey / New York region as the largest data center market in the U.S., with nearly 20 percent of the market share in enterprise demand in 2015, according to a study published by JLL.

Northern Virginia has surpassed the Tri-State New Jersey / New York region as the largest data center market in the U.S., with nearly 20 percent of the market share in enterprise demand in 2015, according to a study published by JLL.

Although Virginia’s data center industry is largely concentrated in Northern Virginia, the sector supports communities across the Commonwealth. In 2014, the total statewide economic impact attributable to the data center industry was approximately 36,043 jobs, $2.7 billion in wages, $8.6 billion in economic output, and $298.9 million in state and local tax revenue.

The substantial benefit of the data center industry boom across Virginia is highlighted in a recently published report by the Northern Virginia Technology Council —The Economic and Fiscal Contribution that Data Centers Make to Virginia.

According to the NVTC report, data centers are a critical part of the infrastructure that supports the modern economy, not only in the technology sector, but in advanced manufacturing, entertainment, finance, healthcare, information, retail, telecommunications, and almost every other sector of the economy as well.

The industry generates significant tax revenues. Data centers are very capital-intensive and that translates into a disproportionate amount of property tax revenue, by far the largest source of revenue for Virginia localities.

Click here to access NVTC’s full report and learn more about Virginia’s thriving data center industry.

 

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About VEDP

Virginia Economic Development Partnership is the Best State for Business

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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YesVirginia Business Blog | Richmond, Virginia Receives a Top 3 Ranking on Gallup’s Job Creation Index

Richmond, Virginia Receives a Top 3 Ranking on Gallup’s Job Creation Index

Tuesday, 3 April 2012 13:26 by Info@YesVirginia.org
Richmond, Va., was recently ranked No. 3 on Gallup’s Job Creation Index. Comparing the 50 largest metro areas across the U.S., the index looks at net job creation — contrasting percentage of companies hiring against companies letting employees go...

Richmond, Va., was recently ranked No. 3 on Gallup’s Job Creation Index. Comparing the 50 largest metro areas across the U.S., the index looks at net job creation — contrasting percentage of companies hiring against companies letting employees go.

What makes this ranking unique is that it reflects the perception of the local workforce regarding job creation in their city. Gallup performed a survey over calendar year 2011, interviewing employees in each metro area about whether their employers were expanding or downsizing.

Thirty-six percent of Richmond’s workforce stated that their employer was expanding while only 14 percent said their company was decreasing its workforce, yielding a net job creation index score of 22.

Richmond’s No. 3 ranking illustrates the positive job creation momentum in Virginia, and the workforce survey correlates with actual results. Governor McDonnell recently announced that January’s seasonally adjusted unemployment in Virginia fell to 5.8 percent, a three-year low.

Coming shortly after Virginia was named the 2012 Best State to Make a Living by MoneyRates.com, Gallup’s Job Creation ranking illustrates the high quality of life and career opportunities employees find in Virginia, as well as why the Commonwealth is able to attract a world-class workforce. New and established companies alike continually praise the skill and productivity of Virginia’s workforce.

To learn more about Virginia’s stellar employee base and why the Commonwealth is continually ranked America’s Top State for Business, click here.

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About VEDP

Virginia Economic Development Partnership is the Best State for Business

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.

Archive

© Copyright 2017

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

© 2014 All rights reserved.