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Introducing Virginia
Colonial vs. Cutting Edge
Why Virginia Is for Business
Virginia named No. 1 in Forbes' first-ever ranking of top states for business.
While Colonial Williamsburg and its occupants bustle with all the charm of the 1770s, the rest of Virginia bustles with cutting edge activity and industries of the 21st century.
From manufacturing communication satellites to processing ready-to-bake cookie dough, Virginia’s unique combination of resources provides a strong foundation for success.
Industries with a significant presence in Virginia include:
- Aerospace
- Automotive
- Biosciences
- Distribution
- Electronics
- Financial Services
- Food Processing
- Information Technology and
- Telecommunications
- Microelectronics
- Motorsports
- Plastics
In Colonial Williamsburg, visitors enjoy a city alive with the sights and sounds of America’s formative days, from the clang of a blacksmith’s anvil to the beat of the Fifes and Drums. In the rest of the state, organizations enjoy one of the warmest business climates in the world, including benefits such as:
- Streamlined permitting process.
- Recruitment training programs to help new businesses become operational faster.
- Right-to-work law allowing individuals the right towork regardless of membership in a labor union or organization.
- AAA bond rating.
- Six percent corporate income tax rate, which has not been increased since 1972.
- Programs at little or no cost to help businesses increase international sales.
- 32 publicly funded and nonprofit small business incubators.
As the sun sets on Colonial Williamsburg, it transforms from a bustling 18th-century town to a venue for evening enchantment and candlelit entertainment. Period concerts, plays, tours and dances entice guests to be transported back more than two centuries and immerse themselves in Williamsburg’s 18thcentury nightlife.
Like its colonial attraction, Virginia stays busy around the clock, hosting headquarters or significant operations for companies including:
- AIRBUS
- AOL-TimeWarner
- Eli Lilly
- Ford Motor Company
- General Electric
- Micron Technology, Inc.
- Morgan McClure
- Motorsports, Inc.
- Nabisco
- Rubbermaid
- Wachovia Corporation
A birthplace of both the colonies and the Internet, Virginia remains a strong and diversified center of history and industry. Current rankings and acknowledgements include:
Virginia ranks third among the 50 states as a recipient of federal R&D funds and fourth in federal R&D funds per dollar of gross state product.
Virginia ranks 9th in terms of venture capital investment, is among the top 15 fastest growing states for venture capital investment and places within the top 10 states for total venture dollars invested.
Virginia exported $11.6 billion of merchandise in 2004.
Norfolk and Richmond placed within the Top 50 Entrepreneurial Cities in Visa’s most recent Entrepreneurial Index.
In terms of economic vitality, Virginia ranks 5th in the Milken Institute’s 2004 National State Technology and Science Index.
In Governing Magazine’s Government Performance Project, Grading the States 2005 survey, Virginia earned an overall grade of A- for management of state government. Among all 50 states, an A- was the highest grade earned, and was received by only Virginia and Utah, with Virginia being the only state to earn A’s in every category.
Virginia ranked 4th in the U.S. Chamber of Commerce’s 2005 State Liability Systems Ranking Study at doing the best job of creating a fair and reasonable litigation environment as evaluated by corporate America.
Sources: Virginia Economic Development Partnership (www.yesvirginia.org) and the Official Web site of Colonial Williamsburg (www.Williamsburg.com).
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IAMC Notes