FISCAL YEAR
VEDP.org
Annual Impact Report
5
Table of Contents Leadership Message
03
Who We Are
04
Our Partners
09
Impact Metrics
12
Features VEDP Trade Missions Help Virginia Companies Navigate International Markets
20
Inside the Push to Position Virginia as America’s Top State for Talent
22
Virginia Business Ready Sites Program
24
Perceptions of Virginia: Steadily Improving and a Big Opportunity to Invest
26
FY25 in Brief
28
Impact in Virginia
32
Case Studies
34
Progress Report
44
To read more and view audited financial statements once available, visit vedp.org/FY25AnnualReport
Key West Cottages, Chincoteague
FISCAL YEAR
Annual Impact Report 2025
FY25 Annual Impact Report | 1
Bridgewater Plaza, Bedford County
2 | Virginia Economic Development Partnership
Leadership Message VEDP continues to fine-tune its holistic operating model, play to
This report details these accomplishments and other notable
the Commonwealth’s strengths, and adjust to market trends while
VEDP activities in FY25, made possible by the support of our
positioning the whole of Virginia for economic growth.
local, regional, and state partners, including Gov. Youngkin, Secretary of Commerce and Trade (SOCT) Juan Pablo Segura
The Commonwealth leads the pack in developing best-in-class
and former SOCT Caren Merrick, the Virginia General Assembly,
workforce solutions including the Virginia Talent Accelerator Program,
members and staff of the Major Employment and Investment
which earned the top spot in the Business Facilities Customized
(MEI) Project Approval Commission, The Port of Virginia,
Workforce Training rankings for 2025, claiming the honor for the third
the Virginia Chamber of Commerce, the Virginia Economic
consecutive year. Virginia also continues to make major strides in site
Developers Association, county and city government leaders, and
availability as companies compete for a limited supply of pad-ready
countless other partners across the Commonwealth.
sites across the country, with improved infrastructure and site funding helping to drive the Commonwealth back to the top spot in CNBC’s
Thank you for your support for VEDP and for economic
America’s Top State for Business rankings in 2024.
development in Virginia. Together, we are positioning the Commonwealth for a bright economic future.
Virginia is working on solidifying and extending these advantages. With strong support from Gov. Glenn Youngkin and the General Assembly, VEDP finished FY25 with $15.6 billion in capital investment and 13,514 direct jobs created from 86 project announcements. Major announcements from FY25 include Microporous LLC’s 2,000-job facility in Pittsylvania County, LS GreenLink USA, Inc.’s
JOHN HEWA FY26 Chair
BILL HAYTER FY25 Chair
$681 million facility in Chesapeake, Afton Scientific’s $200 million expansion in Albemarle County, Micron Technology, Inc.’s $2.2 billion expansion in Manassas, the LEGO Group’s $366 million distribution center in Prince George County, and Amazon’s 1,000-job robotics JASON EL KOUBI President and CEO
fulfillment center in Goochland County.
VEDP is governed by a 17-member Board of Directors. The Board selects the President and Chief Executive Officer and ensures that VEDP complies with all Board and statutory directives. The Board works with VEDP’s staff to develop, implement, and update strategic and marketing plans for the Commonwealth and an operational plan for VEDP. John Hewa - Chair President and CEO Rappahannock Electric Cooperative
William H. Hayter Retired President & CEO The First Bank & Trust Company
Anne Oman Director, Virginia House Appropriations Committee Ex Officio Member
The Honorable Juan Pablo Segura - Vice Chair Secretary of Commerce and Trade Commonwealth of Virginia
Todd House Senior Director of Global External Affairs CyrusOne
Mimi Rainero Coles Marketing & Business Development Vice President Permatile Concrete Products Company
April Kees Director, Virginia Senate Finance and Appropriations Committee Ex Officio Member
Emily O’Quinn Chair, GO Virginia Ex Oficio Member Senior Vice President of Investor Relations and Corporate Communications Alpha Metallurgical Resources
The Honorable Stephen E. Cummings Secretary of Finance Commonwealth of Virginia, Ex Officio Member Stephen A. Edwards CEO and Executive Director, The Port of Virginia Ex Officio Member Richard “Rick” O. Harrell, III President (retired) R.O. Harrell, Inc.
Pace Lochte Assistant Vice President for Economic Development University of Virginia Connie Loughhead President Des Champs Technologies Sonya Montgomery CEO SRM1, LLC
Nick Rush Partner Advanced Insurance Planning, LLC William D. Sessoms, Jr. Executive Vice President TowneBank Steven David Stone Equity Principal Offit Kurman
FY25 Annual Impact Report | 3
Who We Are
The Virginia Economic Development Partnership (VEDP) is the state economic development authority for the Commonwealth of Virginia. Created in 1995, VEDP collaborates with local, regional, and state partners to encourage the expansion and diversification of Virginia’s economy. VEDP works to accomplish these objectives through a variety of activities, including marketing and lead generation; business retention, expansion, and attraction; trade development; business intelligence; competitive benchmarking; site development; performance-based incentives; and talent solutions.
Working closely with multiple departments within VEDP, the organization has adopted the following purpose and values to guide efforts to expand and diversify the Virginia economy.
PURPOSE
VALUES
Enriching lives, communities, and the
One VEDP
Growth Mindset
Commonwealth through economic
Working together as a collaborative,
Embracing continuous improvement with
development excellence
supportive team
humility and boldness
Distinctive Insight
Results Focus
Cultivating deep expertise and diverse
Competing with the grit to win and the
perspectives
curiosity to learn from our results
Authentic Partnerships Building strong partnerships based on integrity, authenticity, and respect
4 | Virginia Economic Development Partnership
Breaks Interstate Park, Dickenson County
TRANSFORMATIONAL GOALS Working closely with partners, VEDP has adopted five transformational goals for Virginia and VEDP for FY 25-29 that reflect stakeholder input, incorporate elements of the innovative framework, and represent the central focus of its work:
1. Robust State Growth
4. Top State for Talent
Position Virginia to achieve a growth
Establish Virginia as a top state
rate among that of the top 10 states
for talent retention, attraction,
in the United States
development, and alignment
2. Every Region Wins
5. Most Innovative, Collaborative, and Effective State EDO
Ensure that every region participates in the growth of the Commonwealth
3. Best State Business Climate Cultivate a leading business climate and sector-specific ecosystems
Solidify VEDP’s position as one of America’s top state EDOs through an innovative strategy, collaborative approach, and effective outcomes
FY25 Annual Impact Report | 5
VEDP Divisions BUSINESS INVESTMENT
KNOWLEDGE WORK
Collaborates with partners to implement lead
Focuses on sector expertise, lead generation, and
generation and project management strategies
ecosystem-building activities in the business services, financial services, software, cybersecurity, and aerospace and defense industries
MANUFACTURING
LOGISTICS
Focuses on sector expertise, lead generation, and
Focuses on sector expertise, lead generation, and
ecosystem-building activities in the advanced
ecosystem-building activities in the logistics sector
materials, food and beverage manufacturing, and biopharmaceuticals industries
STRATEGIC PROJECTS AND LEAD GENERATION
ECONOMIC COMPETITIVENESS
Focuses on high-profile engagements and targeted lead
Develops strategies to improve the foundations for
generation, both domestically and internationally, and
state, regional, and local economic growth
identifies and converts high-potential leads and prospects into project opportunities
INTERNATIONAL TRADE
REAL ESTATE SOLUTIONS
Provides export development programs, services,
Collaborates with partners to develop a portfolio of
and grants to help Virginia companies grow their
Virginia properties that meet the needs of companies
international sales 6 | Virginia Economic Development Partnership
RESEARCH Conducts in-depth analysis and creates tailored client materials that convey Virginia’s competitive
VIRGINIA OFFICE OF EDUCATION ECONOMICS (VOEE) Leverages data to guide educational and workforce
advantages
policy and practice on the availability, quality, and
VIRGINIA TALENT ACCELERATOR PROGRAM
MARKETING AND COMMUNICATIONS
Provides customized recruitment and training
Markets the Commonwealth to raise awareness of
solutions that give Virginia a competitive edge in
Virginia’s advantages for business and to cultivate
securing business investment projects
new leads
REGIONAL TALENT SOLUTIONS AND BUSINESS OUTREACH (RTSBO)
INCENTIVES
Connects Virginia companies with workforce
performance-based incentive programs, along with
solutions and collaborates with partners to strengthen relationships with existing businesses
supply of talent in Virginia
Reviews, vets, tracks, and coordinates VEDP’s incentive structuring for major projects
EXTERNAL AFFAIRS
FISCAL AND SUPPORT SERVICES
Oversees the budget, legislative, and policy
Provides a financial framework for VEDP to
development process; encourages collaboration and
accomplish its mission through accounting,
coordination among partners
budgeting, and procurement
HUMAN RESOURCES
INFORMATION TECHNOLOGY
Seeks to hire, retain, and develop the best and the
Supports VEDP’s technology platforms, including a
brightest to accomplish VEDP’s mission and goals
variety of custom tech solutions FY25 Annual Impact Report | 7
VEDP Global Network
1 EUROPE
2 KOREA
3 JAPAN
4 TAIWAN
FOREIGN DIRECT INVESTMENT OFFICES VEDP’s international business investment offices implement lead generation strategies to identify and convert high-potential foreign direct investment leads and prospects into project opportunities for Virginia.
TRADE REPRESENTATION VEDP’s network of international research consultants covers more than 120 countries around the world. These experts provide in-country market research for Virginia exporters, specific to the needs and opportunities for each company.
8 | Virginia Economic Development Partnership
Our Partners VEDP conducts its work in collaboration with hundreds of economic development partners. Core VEDP partners include the Governor and the Administration, the Virginia General Assembly, other state agencies, 17 regional economic development organizations, and more than 100 local economic development partners, utilities, railroads, and trade associations.
STATE COUNCIL OF HIGHER EDUCATION FOR VIRGINIA
G I NIA VI R
FY25 Annual Impact Report | 9
Regional Economic Development Organizations
Unaffiliated localities
10 10 || Virginia VirginiaEconomic EconomicDevelopment DevelopmentPartnership Partnership
FY25 FY24Annual AnnualImpact ImpactReport Report || 1111
A Strong Year for Business Development in the Commonwealth In collaboration with local, regional, and state partners, VEDP had a successful FY25, the first year of the implementation of the Innovative Framework for Economic Growth.
$15.6B
Capital Investment in VEDP-Assisted Project Announcements
86
13,524 299 240
VEDP-assisted project announcements
Direct jobs
BY THE NUMBERS:
38,226
Prospect calls completed by VEDP’s Call Center
183
Prospect meetings conducted by VEDP’s business managers and lead generation teams
12 | Virginia Economic Development Partnership
16,995
Prospects targeted
Leads created
Leads converted
BUSINESS INVESTMENT: PARTNER AND CLIENT SATISFACTION VEDP implements partner and client surveys to assist in evaluating project management effectiveness. The program received high approval in FY25. Overall average response that VEDP effectively manages economic development projects:
99%
Strongly Agree/Agree
Smith Mountain Lake FY25 Annual Impact Report | 13
14 | Virginia Economic Development Partnership
Virginia International Gateway, Portsmouth
RTSBO Stats
Service Center Metals, Prince George County
Existing Business Outreach VEDP’s Regional Talent Solutions and Business Outreach team meets with Virginia businesses in collaboration with our local and regional economic development partners to foster relationships with companies that drive Virginia’s economy and highlight existing business needs, particularly around talent. These efforts uncover challenges that might cause businesses to consider relocating, identify potential growth opportunities, and cultivate supplier ecosystems domestically and internationally. The top three challenges reported by businesses across all industries and regions were workforce quantity, lack of awareness of resources, and workforce quality.
616
728
64%
Existing business
Consultative services
Businesses visited
outreach visits
delivered, including
had an optimistic
392 connections with
business outlook
partner organizations FY25 Annual Impact Report | 15
16 | Virginia Economic Development Partnership
VIRGINIA JOBS INVESTMENT PROGRAM The Virginia Jobs Investment Program (VJIP), Virginia’s most frequently used recruitment and training incentive, is a discretionary incentive that provides funding and services to qualifying companies to support new job creation or upskilling in conjunction with new or expanding operations. The cash grant and accompanying services are intended to offset a company’s recruitment and training costs.
218 Client projects supported with the VJIP incentive
64 Localities had a VJIP-supported project
69% Percentage of VEDP wins supported by a talent incentive that received VJIP
$37.01 Average hourly wage for VJIP projects
3,926 Jobs supported by VJIP projects
$678M Capital investment for VJIP projects
100% Percentage of FY25 VJIP Client Satisfaction Survey respondents that “strongly agree” or “agree” that VJIP contributed to their growth and success
Page County
FY25 Annual Impact Report | 17
FY 18 | Virginia Economic Development Partnership
FEATURES
FY25 Annual Impact Report | 19
INTERNATIONAL TRADE STATS
VEDP’s International Trade division helps both new and experienced exporters enter new international markets to fulfill its mission of increasing the number of Virginia companies selling overseas and their volume of international business.
519
Companies enrolled in VEDP’s International Trade programs in FY25* *the most companies VEDP International Trade has ever served in a year
$2.3B
20,960
attributed to VEDP’s trade
companies enrolled in VEDP’s
programs in FY25
trade programs FY25
Estimated international sales
CLIENT SATISFACTION
Trade-supported jobs from
VEDP’s International Trade division achieved exceptionally high scores for the quality of its programs and services in FY25.
99%
Companies that were “extremely likely” or “likely” to recommend VEDP’s export assistance programs to other Virginia companies
99%
Companies that rated the quality of VEDP International Trade’s export assistance as “excellent” or “above average”
99%
Companies that were “extremely likely” or “likely” to use VEDP International Trade for export assistance in the future
98%
Companies that say VEDP International Trade services helped them work toward achieving their strategic international goals
Survey of companies enrolled in International Trade programs during FY25 (66% response rate). Sales figures are based on self-reported estimates from participants and are not independently verified or validated. Methodology details may be found at http://go.exportvirginia.org/methodology
20 | Virginia Economic Development Partnership
Rockbridge County
FE ATURE
International Trade
VEDP Trade Missions Help Virginia Companies Navigate International Markets VEDP’S TRADE MISSION PROGRAM, one of the most
international sales to diversify and expand its sales base.
direct forms of assistance from its International Trade team, offers bespoke support from a team of market research
Company representatives found the missions both
and trade development experts covering more than 120
effective and efficient in exploring international markets,
countries. The goal of each mission, spearheaded by VEDP
and, Carney said, “It’s a service that we couldn’t do on our
trade staff with essential support from a global network
own as a company.” Trade missions allow participating
of consultants, is to connect companies with business -
companies to accomplish that goal with help from
critical contacts, whether that means a vetted local partner,
VEDP’s experienced team, learning the intricacies of a
distributor, or potential customer.
market while meeting vetted partners.
VEDP trade missions offer an excellent opportunity for
“There are a lot of non-tariff trade barriers that don’t
Virginia companies to evaluate other regions of the world,
necessarily pop up in market research but become obvious
begin to establish a foothold in a new market, or grow
when you talk to customers about their needs.” Carney said.
their presence in an existing market. VEDP’s consultants conduct in-depth market research and curate tailored
Trade mission participants have likened the meetings to
business matchmaking on behalf of each participating
speed dating, with numerous introductions made over the
company, and VEDP provides a business and cultural
span of a few days. Through those meetings, companies
briefing and networking opportunities throughout the
can lay the groundwork for relationships with potential
mission.
distributors and customers.
FDP Brakes, a global supplier of disc pads and
VEDP hosted 11 trade missions in FY25 with 85
brake shoes based in the Middle Peninsula town of
participants, along with 33 independent market visits,
Tappahannock, has participated in VEDP trade missions
where a single company travels to a particular market. In
to Canada, Colombia, and Mexico. The domestic brake
total, companies visited 33 different countries on VEDP-
manufacturing industry is highly consolidated — as Chris
hosted missions in FY25. Along with other VEDP trade
Carney, the company’s general counsel, put it, “When
development activities, these efforts support more than
someone has 80% of the market, you’re either selling
$2 billion in international sales and more than 20,000
to them or you’re not” — leading FDP to investigate
trade-supported jobs.
“There are a lot of non-tariff trade barriers that don’t necessarily pop up in market research but become obvious when you talk to Chris Carney, General Counsel, FDP Brakes customers about their needs,”
FY25 Annual Impact Report | 21
Virginia’s talent value proposition starts with its top-notch education system, ranked No. 1 in the country by CNBC in its 2025 Top States for Business rankings.
22 | Virginia Economic Development Partnership
Brightpoint Community College
F EAT U R E
Talent Accelerator
Inside the Push to Position Virginia as America’s Top State for Talent ONCE AGAIN, Business Facilities ranked the Talent
policy and practice at the intersection between
Accelerator as the top Customized Workforce
education and the labor market. VOEE provides a
Training program in the country. Virginia beat out
suite of user-friendly, interactive dashboards that
heavy competition to claim the honor for the third
include information about education production, labor
consecutive year.
market trends, and career pathways. This past year, VOEE also developed a Degree Program Labor Market
As a nationally recognized program, the Talent
Profile to support SCHEV’s program approval process,
Accelerator plays a prominent role in Virginia’s talent
published reports on Manufacturing, Data Science, and
strategy, but it is just one piece. To achieve Virginia’s
Cybersecurity, and began a multiyear project to identify
transformational goal to become America’s Top State
credentials that lead to High Demand Occupations.
for Talent requires a comprehensive, multi-level, cross-agency approach.
VOEE’s work and talent-focused programs like V-TOP ensure that Virginia’s workforce is prepared
Virginia’s talent value starts with its top-notch
to meet the needs of new and existing Virginia
education system, ranked No. 1 in the country by
companies, while the Commonwealth’s highly
CNBC in its 2025 Top States for Business rankings.
ranked education system is also a major attraction
Virginia’s strong education system, both at the K-12
for companies. Once a company is considering
and collegiate levels, serves as an engine for talent
Virginia, the Talent Accelerator provides additional
and innovation.
enticements to choose the Commonwealth. The program has become a differentiator for Virginia
Internships and other work-based learning
in a competitive national economic development
opportunities provide an important bridge between
environment. Talent Accelerator training services
education and employment, but in a recent survey of
span the entire organization chart at a company, from
Virginia graduates, fewer than half of respondents
training workers from entry-level operators through to
completed an internship during their undergraduate
company executives.
experience. To address this gap, the Virginia Talent + Opportunity Partnership (V-TOP) has continued
To date, the Talent Accelerator has helped secure
its work in expanding paid internships across the
more than 17,000 jobs. The program’s projects are
Commonwealth. As of the beginning of Fiscal Year
geographically dispersed, helping VEDP ensure that
2026, VEDP administers V-TOP in collaboration with
every region participates in the Commonwealth’s
the State Council of Higher Education for Virginia
economic growth.
(SCHEV). As a valued partner of companies across the Commonwealth, VEDP is uniquely positioned to
Virginia is committed to delivering a workforce
engage employers and ensure the success of this
to support the needs of the Commonwealth’s
innovative program.
business community, in both a macro and a micro sense — from VOEE’s labor market analyses to the
Another key to both student and employer success
Talent Accelerator’s highly customized solutions.
is the alignment between academic and training
Becoming America’s Top State for Talent is an
programs and employment opportunities. The
ambitious goal, and VEDP is approaching the task in a
Virginia Office of Education Economics (VOEE), a data
holistic, systemic manner to create opportunities for
analysis division of VEDP, is tasked with informing
employers and workers alike. FY25 Annual Impact Report | 23
FE ATU RE
Site Development
Virginia Business Ready Sites Program Helps Virginia Minimize Risk for New Companies
VIRGINIA’S STRATEGIC INVESTMENTS IN SITE
Another site transformation success story is the Southern Virginia
DEVELOPMENT have helped pave the way for numerous
Megasite at Berry Hill. In November 2024 battery separator
wins across every region of the state and are positioning the
manufacturer Microporous LLC chose the VBRSP-prepared Lot 1
Commonwealth as the prime location for companies looking to
of the Southern Virginia Megasite at Berry Hill for its $1.35 billion
scale quickly.
manufacturing facility. Microporous noted that the prepared site was a key factor in its decision to come to Virginia.
Many of these site investments are driven by the Virginia Business Ready Sites Program (VBRSP), which identifies and assesses
Ultimately, site selection is an exercise in risk avoidance.
potential industrial sites across the Commonwealth for grant
Preliminary site engineering and infrastructure development
funding to further ready the site for economic development
significantly mitigate risks for companies and inspire confidence
projects. The program has awarded more than $280 million in
that a site won’t present development risks. Virginia’s status as a
grants over the past four years, helping to develop the sites and
premier business destination is in no small part due to its ability
obtain permits and approvals to make for a smoother construction
to minimize those risks.
process. One of the main priorities for the VBRSP is speed to market, and its preparation efforts are aimed at helping companies
The activity at Fairwinds Landing and the Southern Virginia
get new facilities up and running as efficiently as possible.
Megasite at Berry Hill is a testament to the success of the VBRSP in preparing sites for investment. Virginia has lost out on projects
In 2024, the VBRSP invested in Fairwinds Landing at Lambert’s
in the past to more developed sites in other states that enabled
Point Docks in Norfolk. The site’s deepwater channel access
businesses to build and expand more quickly. Companies have
makes it prime for redevelopment to be a maritime hub for the
found what they need in Virginia in part because of the funding
shipbuilding and offshore wind industries. An early win for the
provided by the VBRSP, to the tune of more than $6 billion in
site came when it was chosen as the home of Dominion Energy’s
capital expenditure and 10,000 jobs announced on sites that have
Offshore Wind Operations Center. As the site was cleaned up and
benefited from the program.
prepared for new uses, Newport News Shipbuilding (a division of HII) and L3Harris have located operations there, along with other
While projects like these serve as a proof of concept for the VBRSP,
companies with various short- to long-term leases to support
with companies choosing sites that the program has targeted
the varied maritime industries. Fairwinds Landing has been a
and funded for development, that success means that Virginia’s
successful transformation for Norfolk and the VBRSP, taking an
pipeline of prepared sites has shrunk significantly. Continued
underutilized coal transload facility and bringing new life and
funding for the VBRSP is necessary to replenish Virginia’s site
investment to the property.
inventory to continue to compete for transformational projects.
24 | Virginia Economic Development Partnership
The VBRSP has awarded more than $280 million in grants over the past four years, helping to develop the sites and obtain permits and approvals to make for a smoother construction process.
Fairwinds Landing, Norfolk
FY25 Annual Impact Report | 25
OVERALL BUSINESS CLIMATE RATINGS FOR VIRGINIA (OUT OF 5):
3.8 3.3 Site Selection Consultants
Corporate Executives
PERCEPTIONS Corporate executives and site selection consultants were asked to rate VEDP in various categories on a scale of 1 to 5.
CATEGORY
SITE SELECTION CONSULTANTS
CORPORATE EXECUTIVES
Arranging site visits
4.6
4.1
Responsiveness to company information requests/needs
4.5
4.1
Overall cooperation from state officials
4.5
4.1
Overall cooperation from local/municipal officials
4.4
4.1
Obtaining accurate business location information
4.3
4.1
Discussion and/or negotiation on relevant incentive or financing programs
4.3
4.1
Assistance in finding suitable sites and/or buildings
4.3
3.9
Sharp Top Mountain, Bedford County
26 | Virginia Economic Development Partnership
Source: Development Counselors International, VEDP Perception Study, 2024
F EAT UR E
Marketing
Perceptions of Virginia: Steadily Improving and a Big Opportunity to Invest FISCAL 2025 WAS AN IMPACTFUL YEAR FOR
digital campaigns are among the opportunities to
VIRGINIA ECONOMIC DEVELOPMENT marketing
better reach CEOs to change their perceptions and
efforts as the Commonwealth works to close the gap
bolster lead generation efforts.
between perception and reality among key audiences. The year began with Virginia being named America’s
In addition to the Talent Accelerator, VEDP has earned
Top State for Business by CNBC for a record sixth time.
acclaim the last two years for the ramped-up Virginia Business Ready Sites Program (VBRSP). Companies
VEDP made strong inroads with the critical site
are making site selection decisions on increasingly
consultant audience this past year, creating
quick timelines, and initiatives like the VBRSP and the
workstreams aimed at that audience in particular as
best-in-class Virginia Talent Accelerator Program help
Virginia competes for transformative projects. The
the Commonwealth demonstrate its ability to operate
CNBC win was a major part of VEDP’s web presence,
at the speed of business, providing success stories
content creation, and partner-centered marketing. VEDP
where targeted marketing can help improve and solidify
honed in on the reasons behind the ranking to market
executive perceptions of Virginia’s business climate.
to site selectors, highlighting the Commonwealth’s top-notch education system, strong infrastructure, and
Competitive funding for VEDP’s marketing and site
effective site development.
development efforts will position the Commonwealth more effectively with executives and help us remain
However, a more detailed look into Virginia’s marketing
at the forefront for consultants in order to compete
efforts reveals a need to devote more resources to
for projects. To reach executives, Virginia must
reaching one particular audience: corporate executives.
market directly to them in the places where they are
External and internal surveys of executives show that
consuming business news, including paid campaigns
Virginia is not top of mind for business leaders. While
on LinkedIn and in top publications like CNBC,
targeted marketing and earned media have increased
Bloomberg, and The Wall Street Journal. Continuing
perceptions of Virginia’s business climate, our state’s
and strengthening VEDP’s marketing efforts to shape
relative advantages compared to peers remain
perceptions of the Commonwealth will demonstrate
unclear to executives. Paid media in major business
to businesses that Virginia is the ideal place to locate
publications, expanded web presence, and targeted
or expand their operations.
FY25 Annual Impact Report | 27
FY25 in Brief
Washington Dulles International Airport
DULLES AIR CARGO PRIMED FOR TAKEOFF AS A MAJOR EAST COAST HUB Over six decades, Washington Dulles International Airport has evolved from a small operation on the outskirts of the Beltway to a key player in supply chains. Now, Dulles is primed to become one of the largest air cargo hubs on the East Coast, tapping into the same advantages that make it a thriving passenger hub. The airport has grown its cargo haul to more than 300,000 tons annually and has organically grown its exports by 14% from 2023 to 2024. With these investments, Dulles stands ready to launch as a major cargo gateway.
RBW Sports & Classics, Danville-Pittsylvania County
CLASSIC STYLE, ELECTRIC FUTURE: UK EV MAKER POWERS INTO VIRGINIA RBW Sports & Classics, the United Kingdom’s only manufacturer of hand-built electric classic sports cars, is investing $8 million to establish a manufacturing facility at Cane Creek Centre, an industrial park jointly owned by the City of Danville and Pittsylvania County. The new facility will produce the company’s first left-hand drive RBW EV Roadster and GT models for the U.S. market, creating 144 new jobs for the region.
28 | Virginia Economic Development Partnership
Federal Pacific Electric Corporation, Washington County
FEDERAL PACIFIC SERVES ENERGY NEEDS WITH WASHINGTON COUNTY EXPANSION Federal Pacific Electric Corporation, a division of Electro-Mechanical, LLC, is investing $16.6 million to expand its operations in Washington County, adding a 200,000-sq.-ft. facility and creating more than 109 new jobs. Electro-Mechanical, headquartered in Bristol, manufactures a variety of products used in the generation, distribution, and control of electricity. The expansion will enhance its capacity to produce switchgear and other electrical apparatus to serve clients worldwide. VEDP is supporting the project through the Virginia Talent Accelerator Program.
Micron Technology, Inc., Manassas
MICRON POWERS UP IN MANASSAS, BRINGING HUNDREDS OF JOBS AND BILLIONS IN INVESTMENT Micron Technology, Inc., one of the world’s largest semiconductor companies, is expanding in the city of Manassas, investing up to $2.2 billion and creating 340 jobs in the process. This massive expansion project will enhance the facility’s semiconductor manufacturing capabilities, supporting the growing demand for memory and storage solutions across multiple industries. VEDP is supporting Micron’s job creation through the Virginia Talent Accelerator Program, ranked the No. 1 Customized Workforce Training Program in the United States by Business Facilities for the past three consecutive years. FY25 Annual Impact Report | 29
Impact in Virginia VEDP-assisted projects have added more than 68,000 jobs and $104 billion in capital expenditure in Virginia since the beginning of 2020. Working in collaboration with state, regional, and local economic development partners, VEDP’s economic development activities provide jobs for Virginians and promote economic growth in the Commonwealth.
VEDP-Assisted Announcements (Jan. 1, 2020 to July 1, 2025)
506
$104B+
68,000+
64%
Project wins
New direct jobs
in CapEx
Expansions*
*Percentage of projects that are expansion projects 30 | Virginia Economic Development Partnership
Super Radiator Coils, Chesterfield County
FY25 Annual Impact Report | 31
FY 32 | Virginia Economic Development Partnership
CASE STUDIES FY25 Annual Impact Report | 33
CASE STUDY: FY25 ANNOUNCEMENTS
Microporous
Jobs: 2,015 New Jobs CapEx: $1.35B In brief: Microporous chose a development-ready site at the Southern Virginia Megasite in Pittsylvania County that was prepared with funding from the Virginia Business Ready Sites Program.
Microporous Ignites Virginia’s Battery Manufacturing Future with $1.35 Billion Investment Committed A LEGACY OF INNOVATION MEETS STRATEGIC EXPANSION MICROPOROUS LLC is a global leader in battery separator technology with over 80 years of experience in the industry. The company has evolved from producing rubber industrial products to becoming the world’s third-largest manufacturer of lead-acid battery separators.
into the lithium-ion battery separator market due to its significant current and future projected growth. The company is focused on serving the North American lithium-ion battery market. VI RG INI A
the United States. Microporous executives traveled to D.C. to see how funds would be distributed and discovered that the company qualified for grant funding. However, there were certain criteria tied to the grant funding within the Advanced Energy Manufacturing and Recycling grant program the company qualified for. One of the criteria was that the location picked for expansion had to be within a DOEdesignated “energy community,” an area negatively affected by a coal
In 2022, Microporous LLC made the strategic decision to expand
T HE
support the company’s expansion into the industry of lithium-ion in
SOLUTI O N
mine or a coal-powered electrical power generating plant closure. Virginia presented a comprehensive package for a developmentready site in Pittsylvania County at the Southern Virginia Megasite and comprehensive workforce recruitment and development support. This ultimately is what swayed Microporous to open a lithium-ion
INFRASTRUCTURE, TALENT, AND SUPPORT
manufacturing facility in Southern Virginia, bringing $1.35 billion in
Microporous leadership researched if the company could be a
The company was influenced by several factors, including the
candidate for U.S. Department of Energy (DOE) funding to help
state’s robust infrastructure, skilled workforce, and comprehensive
34 | Virginia Economic Development Partnership
investment and 2,015 jobs to the region.
support system. The Southern Virginia Megasite offered a shovel-
Support for Microporous’ job creation will be provided through the
ready location with essential utilities, rail access, and completed
Virginia Talent Accelerator Program,which provides recruitment and
environmental reviews.
training services that are fully customized to a company’s unique products, processes, equipment, standards, and culture. All program
A portion of Lot 1 was pad-ready due to the Southern Virginia
services are provided at no cost to qualified new and expanding
Megasite receiving Virginia Business Ready Sites Program
companies as an incentive for job creation.
(VBRSP) funding in 2022. The VBRSP, a VEDP-administered program, partners with localities and landowners to fund infrastructure improvements that build development operationsready sites for employers ready to expand in the Commonwealth.
COMMITMENT TO COMMUNITY AND LOOKING FORWARD Microporous is dedicated to integrating into the Virginia community
UNPRECEDENTED FEDERAL AND STATE COLLABORATION
and contributing to its growth. The company plans to invest in local workforce development and community initiatives. The facility will focus on water-based separator coating processes, with emissions
The project garnered significant federal and state support,
limited to steam, minimizing environmental impact.
including a $100 million grant award from the DOE and a $160 million Section 48C Investment Tax Credit allocation through the
Microporous expects to begin sitework and facility construction by
Inflation Reduction Act. Virginia supplemented this federal support
the end of 2025. The full $1.35 billion investment will be deployed over
with a comprehensive package of state and local incentives,
a 10-year period, with the promise of revitalizing Southern Virginia’s
including performance-based grants.
economy through high-tech job creation and industrial innovation.
PART N ER S Administration of Governor Glenn Youngkin | Danville-Pittsylvania County Regional Industrial Facility Authority Pittsylvania County | City of Danville | Southern Virginia Regional Alliance | Virginia Tobacco Region Revitalization Commission Virginia General Assembly and Major Employment and Investment (MEI) Project Approval Commission Virginia Community College System
FY25 Annual Impact Report | 35
CASE STUDY: FY25 ANNOUNCEMENTS
LS GreenLink USA
Jobs: 330 New Jobs CapEx: $681M In brief: LS GreenLink’s Chesapeake facility represents the largest economic development deal in city history and will be the tallest structure in Virginia.
LS GreenLink Facility Solidifies Virginia, Hampton Roads as Offshore Wind Hub LS GREENLINK USA, INC., is a subsidiary of LS Cable &
leader in offshore wind industry manufacturing.” The facility will
System, Ltd., a global leader in power and communication
also include a 660-foot Vertical Continuous Vulcanization tower
cable and system solutions based in South Korea. In 2024,
that will make it the tallest structure in Virginia when completed.
the company announced a $681 million investment to build
a development on approximately 100 acres of brownfield in the
AN IDEAL LOCATION FOR THE INDUSTRY
city of Chesapeake. The company broke ground on the Phase 1
The facility will have a dedicated pier at the Deep Water Terminal,
in 2025 and expects to begin operations there in 2028, creating
convenient to The Port of Virginia’s facilities at Norfolk Harbor,
more than 330 full-time jobs. The announcement represents the
interstates 64, 264, and 464, and the federally maintained
largest economic development deal in Chesapeake history.
channel of the Southern Branch of the Elizabeth River. The site is
a state-of-the-art, 750,000-sq.-ft. high-voltage direct current submarine cable manufacturing and port facility as Phase 1 of
also convenient to the Coastal Virginia Offshore Wind Project off The new facility will serve the global offshore wind industry and,
Virginia Beach and Kitty Hawk North in North Carolina, helping
as Gov. Glenn Youngkin said, “showcase the Commonwealth as a
to position the port and the Hampton Roads region as a key hub
36 | Virginia Economic Development Partnership
said “with this facility, LS GreenLink is laying the foundation for leadership in advanced manufacturing while reinforcing the global energy infrastructure that powers industries and communities worldwide.” T HE
VI RGI N I A
SOLUT I ON
CREATIVE SITE DEVELOPMENT, TOP-NOTCH TALENT Framatome is known for its innovative solutions and high-value technology. Framatome and Virginia have that in common, as innovation is at the heart of how Virginia does business. Ranked No. 1 for education by CNBC, Virginia’s stellar universities and school systems provide a best-in-class talent pipeline to ensure companies find a ready workforce eager to fulfill new roles. The choice of a brownfield site illustrates Virginia’s creativity and adaptability in delivering shovel-ready sites to companies. The Virginia Business Ready Sites Program (VBRSP) certifies sites in advance by partnering with localities, utilities, and state agencies to assemble permits and approvals to set the stage for a smooth construction process. LS GreenLink also chose Chesapeake over sites in 15 other states because of the high-quality talent in the area, particularly military veterans from the numerous bases in the region, including Naval Station Norfolk, the world’s largest naval base. Numerous educational providers, including Tidewater Community College and Centura College, have started offshore wind training programs certified by the Global Wind Organization, both in the Hampton Roads region and across the Commonwealth. The company will for offshore wind development. The region is in a unique position
also benefit from the Virginia Talent Accelerator Program, ranked
to offer large, developable tracts of land with deep-water access
the No. 1 Customized Workforce Training Program in the country
convenient to major offshore wind projects.
by Business Facilities in 2024.
The facility will primarily serve customers in North America and
Virginia’s sites work and initiatives like the Talent Accelerator
Europe, and the company said it already has its first customer
are a prime example of the way the Commonwealth works
from Europe. In April 2025, LS Cable & System President Bon-
to eliminate risk for prospective companies, in this case by
kyu Koo said that the facility’s order book is filling up into the
providing a strong site in a great location and actively providing
2030s. The company is already considering expanding the
a top-notch workforce. Not only does Virginia have everything a
facility, which as planned will take up less than half of the site.
company needs to succeed, but it goes above and beyond to do the work in advance. Cutting through red tape and eliminating
Patrick Y. Shim, Managing Director of LS GreenLink USA, Inc.,
risk for companies is a bipartisan priority for the Commonwealth.
PART N ER S Administration of Governor Glenn Youngkin | City of Chesapeake | Hampton Roads Alliance Virginia Maritime Association | The Port of Virginia | Virginia Department of Environmental Quality | Dominion Energy Virginia General Assembly and Major Employment and Investment (MEI) Project Approval Commission Virginia Community College System FY25 Annual Impact Report | 37
CASE STUDY: FY25 ANNOUNCEMENTS
Afton Scientific CapEx: More than $200M
In brief: Afton Scientific’s second expansion of its Albemarle County facility in the last five years will more than double the company’s headcount.
38 | Virginia Economic Development Partnership
Poised for Growth: Strong Biotech Workforce Helps Afton Scientific Build AFTON SCIENTIFIC has operated from its
or pilfer them from any industry,” Thorpe said. “I
Albemarle County facility for more than 20 years,
had worked my entire career since 1980 in pharma,
manufacturing sterile injectables administered
and I knew where we needed to go, but virtually
directly into the bloodstream or body tissue.
everybody was right out of college, up and down the
As a contract manufacturer, the company’s
organization. They’re now senior staff here and have
customers include multinational pharmaceutical
been here 20 years — it’s the first company they’ve
companies and emerging biotechs around the world, and it supports critical life-saving therapies and chronic disease treatments for diseases including cystic fibrosis, breast cancer, and primary immunodeficiency disease.
years — the most recent was announced in 2024, with construction ongoing. CEO Thomas Thorpe characterized the company as in transition from a small company to a larger manufacturer, and his confidence in the Virginia workforce was one major reason he was comfortable doubling down on the Commonwealth.
relative specialties of Virginia’s top-notch colleges from Virginia Tech, its quality assurance professionals from the nearby University of Virginia, and its microbiologists from James Madison University. The company was able to lean on the Commonwealth’s well-documented educational strengths as it grew from a precarious startup to an established part of the Virginia pharmaceutical ecosystem. As a growing company, Afton’s workforce needs are
Afton currently employs about 90 people, and the latest expansion is expected to more than double the company’s headcount. When Afton was founded in the early 2000s, it was looking for a different kind of employee. VIRGINIA
Thorpe’s early hiring experiences highlighted the and universities. Afton’s engineers tended to come
Afton has expanded the facility twice in the last five
THE
worked for and they’re still here.”
constantly evolving, with technological advances improving the company’s processes and requiring expertise in different topics, particularly around maintaining and calibrating its systems. With the latest expansion, the company is engaging with Virginia Talent Accelerator Program, ranked as the top Customized Workforce Training program in
SOLUT I ON
LEVELING UP WITH A VIRGINIA WORKFORCE
the country by Business Facilities for the last three
“As a founder, I could not afford to hire an
to develop customized training fully customized to
experienced pharmaceutical engineer from Merck
Afton’s unique talent needs, processes, and culture.
years. VEDP’s Talent Accelerator team is working with nearby Piedmont Virginia Community College
PART N ER S Administration of Governor Glenn Youngkin | Albemarle County | Central Virginia Partnership Virginia Community College System
FY25 Annual Impact Report | 39
Powered by Proximity: How Virginia Fuels 22nd Century Technologies’ Domestic and Global Growth 22ND CENTURY TECHNOLOGIES INC., a leading IT services
95 — to a concentration of federal agencies in the backyard to a
integrator and workforce solutions provider founded in 1997, is
robust skilled workforce, Northern Virginia checked all the boxes
a Certified National Minority Business Enterprise and a trusted
for 22nd Century Technologies.
partner to the public sector. The company holds multi-year contracts with 14 federal executive agencies, 37 additional
In June, the company announced it will invest $1 million to
federal agencies, 50 state governments, 115 city and county
expand its headquarters in Fairfax County and offices across
agencies, and 37 school districts.
Virginia. This strategic investment and growth will support 880 new jobs to help deliver major federal and state contracts.
The company moved its operational headquarters to McLean in 2008 and operates 14 regional offices nationwide with 6,000
“Virginia has been a game changer for us. Since moving our
employees supporting clients across all 50 U.S. states, Canada and
operational headquarters here in 2008, we’ve grown substantially,
Mexico. Since the move to Virginia, the company has grown from a
driven by access to talent, partnerships, and a pro-business
$6 million business to a $600 million government contractor.
environment,” said 22nd Century Technologies CEO Anil Sharma. “This expansion reflects our commitment to innovation and
In the past two years, the company has expanded into IP-enabled
public service.”
services by launching customer-centric tech products through its Innovation Lab and acquiring niche tech product firms to deepen
With its headquarters rooted in Northern Virginia, 22nd Century
its portfolio.
Technologies continues to benefit from unparalleled proximity to the seat of the federal government and access to one of the
22nd Century Technologies’ surge in growth over the past 17
nation’s most skilled and diverse workforces. This strategic
years coupled with the recent launch of new products, meant the
location has strengthened the company’s ability to serve
company was primed for a headquarter expansion. And what
public sector clients while fueling innovation and expansion.
better place to continue that momentum than in Virginia, where the
Virginia remains the foundation for its innovation, workforce
company’s success story first began and continues to thrive.
development, and global reach.
TH E
V IRGINIA
SOLU TION
PROXIMITY TO THE HEART OF GOVERNMENT
“ Virginia has been a game changer for us. Since moving
Government contracting is 22nd Century Technologies’ bread and
substantially, driven by access to talent, partnerships,
our operational headquarters here in 2008, we’ve grown
butter, so naturally the business wants to be close to the seat of government, Washington D.C. Virginia provides proximity to the nation’s capital and all the benefits that come with that proximity. From access to infrastructure — Amtrak, Washington Dulles International Airport, Ronald Reagan National Airport, Interstate
and a pro-business environment.” ANIL SHARMA CEO, 22nd Century Technologies
PART N ER S Administration of Governor Glenn Youngkin | Fairfax County Economic Development Authority
40 | Virginia Economic Development Partnership
CASE STUDY: FY25 ANNOUNCEMENTS
22nd Century Technologies Jobs: 880 New Jobs CapEx: $1M In brief: 22nd Century Technologies has grown into a $600 million government contractor since moving its headquarters to McLean in 2008.
FY25 Annual Impact Report | 41
Progress Report This section offers an update on the progress made by the Virginia Economic Development Partnership Authority (VEDP) in FY25 relative to VEDP’s Strategic, Operational, and Marketing plans. These plans were previously submitted in accordance with the Code of Virginia and other requirements. Due to the confidentiality of these plans and their exclusion from mandatory disclosure provisions (Code of Virginia §2.2-3705.7. 33.), this progress report references specific elements of the plans without revealing information that is protected by the Code for competitive purposes.
STRATEGIC PLAN (FY25–FY29) The Strategic Plan for Economic Development of the Commonwealth of Virginia, adopted by the VEDP Board in FY24, is a five-year plan (FY25-FY29) for which implementation began in July 2024. The FY25-FY29 Strategic Plan includes five updated transformational goals with metrics to measure progress toward achieving those goals. Virginia has made strides toward accomplishing these goals since they were updated:
1. Robust state growth
4. Top state for talent
Virginia has been the 20 -fastest-
In 2024, Virginia saw the reversal of a
growing state by employment over
years-long net domestic outmigration
the past five years. Efforts to improve
trend, with a net gain of interstate
Virginia’s long-term growth rate led
movers for the first time in nearly a
VEDP to exceed its job and capex
decade. Virginia continued to prioritize
targets, announcing 13,514 jobs and
talent-related investments with sustained
$15.6 billion in capital investment,
and new funding to promote access to
including numerous landmark project
work-based learning experiences and
announcements.
middle-income housing.
th
2. Every region wins All 18 marketing regions have seen net positive job growth since 2020.
3. Best state business climate
5. Most innovative, collaborative, and effective state EDO VEDP continues to deliver best-in-class service and support through its No. 1-ranked Talent Accelerator program,
Virginia improved its average rank
international trade services for over 500
across key business climate rankings
companies, and increased business
from sixth to fifth and pursued
development activity in priority sectors.
prioritized efforts to strengthen target sector ecosystems. Virginia was ranked #1 for Education and #2 for Infrastructure in CNBC’s 2025 America’s Top States for Business.
42 | Virginia Economic Development Partnership
KEY HIGHLIGHTS OF STRATEGIC PLAN IMPLEMENTATION FOR FY25: With the support of the Administration, the General Assembly, and hundreds of other partners, much progress has been made in implementing many of the initiatives detailed in the Strategic Plan. The following are just a few examples of initiative progress and accomplishments across the Plan’s three strategic focus areas (not comprehensive):
Enhance Virginia’s human capital development engine: ■
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With continued state support, the Virginia Talent Accelerator Program solidified its status as the national leader for customized talent solutions, ranking No. 1 in the U.S. for Customized Workforce Training in the annual Business Facilities State Rankings Report for the third consecutive year.
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With General Assembly support, VEDP received $6 million in funding to promote and expand Virginia’s flagship internship program, the Virginia Talent and Opportunity Partnership, to employers across the Commonwealth. For the third consecutive year, Virginia claimed the top ranking in the Education category of CNBC’s Top States for Business rankings, highlighting the Commonwealth’s top-tier education system.
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In 2024, Virginia saw its first year of positive net domestic in-migration in a decade, seeing more people move into the Commonwealth than move away to the other 49 states. VEDP supported the launch of Virginia Housing’s Workforce Housing Investment Program, catalyzing workforce housing developments in 10 localities across the Commonwealth to create 740 workforce housing units, leveraging over $254 million in private investment. Enhance Virginia’s human capital development engine” section: “VEDP hired a senior leader to refine and execute Virginia’s Top State for Talent strategy in collaboration with state, regional, and local partners across the Commonwealth’s talent and workforce ecosystem.
Strengthen Virginia’s economic competitiveness: ■
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Virginia was named Business Facilities’ 2024 State of the Year, marking the third time the Commonwealth has received this top honor from the publication. With continued state funding, the Virginia Business Ready Sites Program (VBRSP) awarded over $40 million in grants to over 13 site development projects across the Commonwealth, representing the largest investment grant round to date. Virginia advanced three spots to No. 9 in Chief Executive’s Best and Worst States for Business rankings, making the top 10 for the first time since 2013. Working in collaboration with state, regional, and local partners, VEDP-assisted projects resulted in over 13,500 announced jobs and more than $15 billion in capital investment. Virginia secured numerous milestone project announcements, including Microporous, the largest economic development announcement in Southern Virginia history, and LS Cable, the largest capital investment in the history of Hampton Roads.
VEDP collaborated with partners and companies on over 25 federal grant applications in FY25, generating approximately $5.5 million in project-specific funding for VEDP partner organizations. These grants will help develop Virginia’s biopharmaceutical manufacturing workforce and support smalland mid-sized firms seeking to adopt smart manufacturing practices, including AI technology.
Build VEDP’s capabilities: ■
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In partnership with key state agency partners, Virginia launched the Made in Virginia Investment Accelerator, a first-of-its-kind initiative to ensure Virginia continues to compete for the nation’s most transformative investment projects.
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With continued support from the Administration and General Assembly, VEDP reached full-scale implementation of the Innovative Framework for Economic Growth and achieved full staffing levels for three dedicated teams to drive growth in the Knowledge Work, Manufacturing, and Logistics sectors. VEDP’s International Trade division served a record 520 companies this year, continuing to deliver top-tier customer service while expanding the scope of export and supply chain assistance programs. VEDP’s Regional Talent Solutions and Business Outreach team continued to engage key businesses across the Commonwealth and address their talent and growth needs, conducting over 560 outreach visits in FY25. The Virginia Office of Education Economics (VOEE) added additional staff capacity and developed new dashboard capabilities to promote further alignment between education and industry workforce needs. VEDP launched the Virginia International Soft Landing Support web page, providing a one-stop shop for foreign companies interested in establishing a U.S. presence.
The Virginia Economic Development Partnership’s team of dedicated and knowledgeable professionals is committed to Virginia’s economic success and connects industry-leading businesses to the resources they need to make relocations and expansions successful. From site selection, customized research, cost analysis, and coordination with public and private partners to discretionary incentives and workforce solutions VEDP’s services are tailored to companies’ unique requirements. To learn more about VEDP’s expertise and resources, visit vedp.org
© October 2025
Roanoke County