Annual Impact Report
The Chincoteague pony is a breed of feral horse that lives on Assateague Island in Accomack County. Each July, the ponies swim to Chincoteague Island in an event made famous by Marguerite Henry’s novel, Misty of Chincoteague. The event will celebrate its 100th anniversary in 2025.
Ivy Creek Park, Lynchburg
Leadership Message
ONE YEAR INTO THE IMPLEMENTATION of the Innovative Framework for Economic Growth, VEDP is responding to new challenges and opportunities while positioning the whole of Virginia for economic growth.
The Commonwealth leads the pack in developing best-in-class workforce solutions including the Virginia Talent Accelerator Program, which once again earned the top spot in the Business Facilities Customized Workforce Training rankings for 2024. Virginia also continues to make major strides in project-ready site availability as companies jockey for a limited supply of sites across the country, with improved infrastructure and site funding helping to drive the Commonwealth back to the top spot in CNBC’s America’s Top States for Business rankings for 2024.
Virginia is now working to solidify and extend these advantages. With strong support from Governor Glenn Youngkin and the General Assembly, VEDP recently deployed $125 million in matching grants through the Virginia Business Ready Sites Program and secured an additional $75 million focused on megasite development — all strategically focused on building a competitive inventory of project-ready sites for new and expanding businesses while generating a healthy return on investment for the state General Fund. What was already emerging as one of the most advanced site development programs in the country got a further boost in April with the passage of the Virginia Business Ready Expedited Permitting Program, aimed at streamlining permitting timelines for selected economic development sites and projects.
Project wins are following these kinds of investments in VEDP’s capabilities and Virginia’s business climate. Major announcements in FY24 include Amazon’s 1,100-job operations facility in Virginia Beach, Wells Fargo’s 1,100-job expansion in Roanoke County, CoStar’s decision to relocate its headquarters to Arlington County, Framatome’s 515-job expansion in Lynchburg, Northrop Grumman Corporation’s 300-job facility in Waynesboro, and Topsoe’s $400 million facility in Chesterfield County.
Our involvement with companies that choose the Commonwealth doesn’t end when a project gets announced. VEDP’s International Trade division helps both new and experienced exporters enter new overseas markets and expand their international sales, helping to secure more than 13,000 trade-supported jobs for Virginia in FY24. In May, the International Trade team received the “E Star” Award from the U.S. Department of Commerce, the highest honor U.S. exporters and export service providers can receive from the federal government, for the second time.
This report details these accomplishments and other notable VEDP activities in FY24, made possible by the great work and support of our local, regional, and state partners, including Governor Glenn Youngkin, Secretary of Commerce and Trade Caren Merrick, the Virginia General Assembly, members and staff of the Major Employment and Investment (MEI) Project Approval Commission, The Port of Virginia, the Virginia Chamber of Commerce, the Virginia Economic Developers Association, county and city government leaders, and countless other partners across the Commonwealth.
Thank you for your support for VEDP and for economic development in Virginia. Together, we are positioning the Commonwealth for a bright economic future.
WILLIAM H. HAYTER Board Chair FY24
JASON EL KOUBI President and CEO
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 Commonwealth through economic development excellence
One VEDP
Working together as a collaborative, supportive team
Distinctive Insight
Cultivating deep expertise and diverse perspectives
Authentic Partnerships
Building strong partnerships based on integrity, authenticity, and respect
Growth Mindset
Embracing continuous improvement with humility and boldness
Results Focus
Competing with the grit to win and the curiosity to learn from our results
TRANSFORMATIONAL GOALS
Working closely with partners, VEDP has adopted five transformational goals for Virginia and VEDP for FY25–29 that reflect stakeholder input, incorporate elements of the innovative framework, and represent the central focus of its work:
1. Robust State Growth
Position Virginia to achieve a growth rate among that of the top 10 states in the U.S.
2. Every Region Wins
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
4. Top State for Talent
Establish Virginia as a top state for talent retention, attraction, development, and alignment
5. Most Innovative, Collaborative, and Effective State EDO
Solidify VEDP’s position as one of America’s top state EDOs through an innovative strategy, collaborative approach, and effective outcomes
Sandy River Outdoor Adventures, Prince Edward County
VEDP Divisions
BUSINESS INVESTMENT
Collaborates with partners to implement lead generation and project management strategies
KNOWLEDGE WORK
Focuses on sector expertise, lead generation, and ecosystem-building activities in the business services, financial services, software, cybersecurity, and aerospace and defense industries
MANUFACTURING
Focuses on sector expertise, lead generation, and ecosystem-building activities in the advanced materials, food and beverage manufacturing, and biopharmaceuticals industries
LOGISTICS
Focuses on sector expertise, lead generation, and ecosystem-building activities in the logistics sector
STRATEGIC PROJECTS AND LEAD GENERATION
Focuses on high-profile engagements and targeted lead generation, both domestically and internationally, and identifies and converts high-potential leads and prospects into project opportunities
ECONOMIC COMPETITIVENESS
Develops strategies to improve the foundations for state, regional, and local economic growth
INTERNATIONAL TRADE
Provides export development programs, services, and grants to help Virginia companies grow their international sales
REAL ESTATE SOLUTIONS
Collaborates with partners to develop a portfolio of Virginia properties that meet the needs of companies
RESEARCH
Conducts in-depth analysis and creates tailored client materials that convey Virginia’s competitive advantages
VIRGINIA TALENT ACCELERATOR PROGRAM
Provides customized recruitment and training solutions that give Virginia a competitive edge in securing business investment projects
REGIONAL TALENT SOLUTIONS AND BUSINESS OUTREACH (RTSBO)
Connects Virginia companies with workforce solutions and collaborates with partners to strengthen relationships with existing businesses
EXTERNAL AFFAIRS
Oversees the budget, legislative, and policy development process; encourages collaboration and coordination among partners
HUMAN RESOURCES
Seeks to hire, retain, and develop the best and the brightest to accomplish VEDP’s mission and goals
VIRGINIA OFFICE OF EDUCATION ECONOMICS (VOEE)
Leverages data to guide educational and workforce policy and practice on the availability, quality, and supply of talent in Virginia
MARKETING AND COMMUNICATIONS
Markets the Commonwealth to raise awareness of Virginia’s advantages for business and to cultivate new leads
INCENTIVES
Reviews, vets, tracks, and coordinates VEDP’s performance-based incentive programs, along with incentive structuring for major projects
FISCAL AND SUPPORT SERVICES
Provides a financial framework for VEDP to accomplish its mission through accounting, budgeting, and procurement
INFORMATION TECHNOLOGY
Supports VEDP’s technology platforms, including a variety of custom tech solutions
VEDP Global Network
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.
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
VIRG I NIA
Regional Economic Development Organizations
A Strong Year for Business Development in the Commonwealth
In collaboration with local, regional, and state partners, VEDP had a successful FY24 in the first year of implementation of its new Innovative Framework for Economic Growth.
$8.2B
Capital Investment in VEDP-Assisted Project Announcements
VEDP-Assisted Project Announcements 76
8,210
Direct Jobs
Colonial Beach
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 FY24.
Overall average response that VEDP effectively manages economic development projects:
99.8%
Strongly Agree/Agree
INTERNATIONAL TRADE STATS
Virginia’s central location and commitment to expanding its global network make the Commonwealth the key partner for businesses, exporters, and service providers worldwide.
504
Companies participated in VEDP International Trade programs and services in FY24*
*the most companies VEDP International Trade has ever served in a year
$1.5B
Total international sales attributed to VEDP International Trade programs in FY24
13,123
Jobs supported by VEDP’s trade programs in FY24
Virginia’s International Trade Team
Recognized With Nation’s Top Export Award for Second Time
New Point Comfort Lighthouse, Mathews County
INTERNATIONAL TRADE CLIENT SATISFACTION
VEDP’s International Trade division achieved exceptionally high scores for the quality of its programs and services in FY24.
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
99%
Companies that say VEDP International Trade services helped them work toward achieving their strategic international goals
Existing Business Outreach
VEDP’s Regional Talent Solutions and Business Outreach (RTSBO) 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. Here’s how Virginia’s innovative approach to economic development has driven greater outreach and service delivery to the Commonwealth’s companies.
502
Existing business outreach visits (20% increase from FY23)
570
Consultative services delivered, including 323 connections with partner organizations
69%
Businesses visited had an optimistic business outlook
Virginia Diodes, Inc.,
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.
249
Client projects supported by the VJIP incentive
71
Localities that had a VJIP-supported project 85%
VEDP-assisted project wins supported by the VJIP incentive
$35.76
Average hourly wage for VJIP projects 4,434
Jobs supported by VJIP projects
$822M
Capital investment for VJIP projects 98%
FY24 VJIP Client Satisfaction Survey respondents “strongly agree” or “agree” that VJIP contributed to their growth and success
Virginia Beach
FEATURES
I’ve never seen [anything] like the Virginia Talent Accelerator Program, and I’ve been to many places around the world to look at facilities…It’s phenomenal.
CARSTEN RASMUSSEN Chief Operations Officer, The LEGO Group
The LEGO Group rendering, Chesterfield County
Talent Accelerator
Inside the Virginia Talent Accelerator Program’s Bespoke Workforce Solutions
WHEN THE LEGO GROUP was considering an East Coast location for their return to manufacturing in the United States, Virginia offered a nearly shovel-ready site in a well-established industrial park in the fast-growing Richmond metro area. But what helped seal the deal was the opportunity to work with the Virginia Talent Accelerator Program, ranked as the No. 1 Customized Workforce Training program by Business Facilities for two years in a row.
The Talent Accelerator team began developing sophisticated recruitment tools for the LEGO Group weeks before the project was announced to help the company leverage the publicity to build its future talent pool. The response was undeniable — thousands of candidates applied within 36 hours, and the pool continues to grow each day as the company continues to hire for the facility in advance of the planned opening in 2027.
The program is a differentiator for Virginia in a competitive national economic development environment and has produced tremendous return on investment, helping secure more than 13,000 jobs since its launch in early 2020. In addition to the LEGO Group, companies as diverse as Haleon (formerly GSK), Rocket Lab, and Tyson Foods have benefited from the program’s world-class training and recruitment solutions, which are fully customized to a company’s unique operations, equipment, standards, and culture. The program’s work, delivered in collaboration with the Virginia Community College System, is delivered by a talented in-house team of video producers, instructional designers, and 3D animators who develop highly customized visual media to expedite recruitment and accelerate new hire learning.
Every Talent Accelerator project begins with an analysis of company processes, job roles, tasks, culture, and existing recruitment and training processes. The process starts with data-driven recruiting campaigns featuring robust advertising and a range of services aimed at generating large pools of qualified candidates for positions at all levels of a company.
Once employees are in place, companies benefit from Talent Accelerator training services that include hands-on training, simulations, broadcastquality videos, illustrated work instructions, instructor-led classroom sessions, animations, and e-learning modules. The Virginia Talent Accelerator Program operates like a military Special Forces unit, a team of talent acquisition and instructional design experts that Virginia deploys across the Commonwealth.
The Talent Accelerator team is hired fresh from the private sector, with deep experience across a wide swath of industries. The technical training they provide is supplemented by modules in organizational development, operational excellence, and leadership. They deliver fully customized proprietary solutions that expedite recruiting and shorten the new hire learning curve.
In addition to delivering fully customized workforce solutions, the Talent Accelerator team provides clients with direct access to the talent generated by Virginia’s world-class universities and community colleges. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation. All company-specific materials developed during the course of the project become property of the client, and all proprietary information is protected by a nondisclosure agreement.
International Trade
Virginia’s International Trade Team Recognized With Nation’s Top Export Award for Second Time
VEDP’S INTERNATIONAL TRADE PROGRAMS provide direct support to Virginia companies committed to increasing their international export sales as a corporate growth strategy. These services help companies identify potential new markets, develop market entry strategies, and locate possible distributors and representatives for products or services — all at little to no cost to the company.
The team recently received the “E Star” Award from the U.S. Department of Commerce, the highest honor U.S. exporters and export service providers can receive from the federal government, for the second time. U.S. Deputy Under Secretary of Commerce for International Trade Diane Farrell presented the 2024 President’s “E Star” Award to VEDP President and CEO Jason El Koubi and Assistant Vice President of International Trade Lindsey Bertozzi in May.
The “E Star” Award, the nation’s top export honor, is presented to companies and organizations that have made significant contributions over the past four years to expand U.S. business in international markets. VEDP’s International Trade team previously won the “E Star” Award in 2007, and the International Trade team’s recognition in 2024 is a milestone achievement.
“Helping businesses develop the tools to generate sales beyond the U.S. is a catalyst for increased job growth across every region of Virginia,” El Koubi said. “The International Trade team’s work in this area is a key example of how Virginia is leading the way as a top state for business.”
The client companies who participated in VEDP-assisted programs in 2023 reported $1.5 billion in export revenue, which the “E” Awards Committee recognized as a significant contributor to export growth in the United States.
The mission of the International Trade team at VEDP, led by Senior Vice President and Chief Administrative Officer Stephanie Agee, is to increase the number of Virginia companies selling overseas and their volume of international business. VEDP helps both new and experienced exporters enter new international markets.
“It’s a true honor to receive the ‘E Star’ Award, the highest award given to an export promotion organization, and we are thankful to the Department of Commerce for recognizing the contributions of VEDP International Trade to export expansion in both Virginia and the United States,” Agee said. “Providing valuable, actionable resources to assist Virginia companies in growing their international sales is incredibly important to us and we are proud to do this work in support of economic growth throughout the Commonwealth.”
U.S. Deputy Under Secretary of Commerce for International Trade Diane Farrell (left) presented the 2024 President’s “E Star” Award to VEDP Assistant Vice President of International Trade Lindsey Bertozzi (center) and President and CEO Jason El Koubi in May 2024.
VEDP has demonstrated a sustained commitment to export expansion through development of new and innovative education programs to assist Virginia exporters and through the organization’s measurable growth of client companies in 2023.
GINA RAIMONDO
U.S. Secretary of Commerce
Virginia Secretary of Commerce and Trade Caren Merrick (center) joined officials from the Virginia and Taiwan governments to celebrate the opening of VEDP’s Taiwan office.
Foreign Direct Investment
VEDP Bolsters FDI Attraction Efforts With Opening of Taiwan Office
VEDP’S ONGOING EFFORTS to secure foreign direct investment (FDI) in Virginia reached a major milestone in September 2023 with the opening of the Virginia-Taiwan Trade office in Taipei City, aimed at strengthening business relationships between Virginia and foreign companies, including mutual trade and investment initiatives. The Taiwan office is VEDP’s fourth foreign office, in addition to offices in Europe (Germany), Japan, and South Korea.
Taiwan is the fourth fastest-growing source of FDI in the United States, while the U.S. is Taiwan’s second-largest trading partner. Specific to Virginia, Taiwan is the Commonwealth’s ninth-largest export market and 10th-largest import source market. In 2022, Virginia exported $730 million in products to Taiwan while importing $1 billion in goods.
VEDP’s international offices support company executives with the site selection process in the United States, confidentially and free of charge, and ensure that Virginia is on the list of states being considered for new operations in the United States. The new office, along with the existing offices in Europe, Japan, and Korea, will offer
services to assist Taiwanese companies with opportunities in Virginia and bring investment and jobs to the Commonwealth. Virginia is already realizing benefits from having a physical footprint in Taiwan — multiple media requests from within the country show an increased interest in Virginia’s economy on the international stage.
“Taiwan and Virginia share a commitment to innovation, collaboration, and leadership, and the new office will showcase the Commonwealth’s advantages to prospective investors and businesses and expand markets for Virginia products,” said Virginia Secretary of Commerce and Trade Caren Merrick.
Foreign direct investment is a foundational component of the U.S. economy, bringing highquality, skilled jobs to the country. Nationally, jobs at foreign-owned companies pay 7% more than the economy-wide average. More than 1,000 foreignowned companies operate in Virginia, employing more than 200,000 people. VEDP’s Taiwan office helps the Commonwealth’s concerted, government-wide effort to maximize foreign investment and create jobs in Virginia.
FY24 in Brief
VEDP continues to see bipartisan support from administration partners and the General Assembly for its economic development efforts, including historic investments in the Innovative Framework for Economic Growth, the Virginia Business Ready Sites Program, and the Virginia Office of Education Economics (VOEE). Explore the following ways VEDP is continuing to utilize these investments to make Virginia more competitive.
VEDP SECTOR TEAM LEADERS HELP DRIVE SHIFT IN FOCUS
As part of the Innovative Framework for Economic Growth, VEDP created three new sector teams within the organization to prioritize lead generation and ecosystem-building in the sectors with the most predicted growth in the coming years. These sectors include knowledge work, manufacturing, and logistics. Three new vice presidents at VEDP are leading the charge of revolutionizing economic development in the Commonwealth.
TED SNIFFIN
Vice President, Knowledge Work
SNEHA ATWAL
Vice President, Manufacturing
Vice President of Knowledge Work Ted Sniffin leads a team that focuses on sector expertise, lead generation, and ecosystem-building activities in the business services, financial services, software and cybersecurity, and aerospace and defense industries. Prior to joining VEDP, Sniffin served as Managing Director of Global Business Development at Amazon Web Services, where he led global business development for the Worldwide Public Sector business.
Vice President of Manufacturing Sneha Atwal provides primary staff leadership for developing and implementing strategies to promote employment growth within the advanced materials, food processing and manufacturing, and biopharmaceuticals industries in Virginia. Prior to joining VEDP, Atwal served as Global Head of Regulatory Strategy & Emerging Issues with Celanese, a global chemical manufacturer.
ERIC JEHU
Vice President, Logistics
Vice President of Logistics Eric Jehu provides primary staff leadership for developing and implementing strategies to promote employment growth within the logistics industry in Virginia. Before joining VEDP, Jehu served as Vice President of Business Development for Ardent Global Logistics, and served in multiple roles over 17 years at Expeditors International, a top 10 global third-party logistics (3PL) company.
Anthem GO Outside Festival, Roanoke
FY24 in Brief Continued
SOLVING THE EDUCATION AND EMPLOYMENT EQUATION
In FY24, the Virginia Office of Education Economics (VOEE) launched five dashboards specifically tracking education and workforce alignment in the Commonwealth. From identifying which jobs are in the highest demand to curating job postings for new graduates, these dashboards are a powerful resource for higher education institutions across the region. These new tools help VOEE fulfill its mission of providing a unified, consistent source of information and analysis on linkages between education and employment outcomes. The new dashboards include Education and Workforce Alignment, Virginia 2024 High Demand Occupations, Job Posting Analytics Explorer, Virginia Post-Secondary Completion, and Virginia College and Career Outcomes Explorer. Find out more at voee.org
AI’S EMERGING OPPORTUNITY FOR VIRGINIA
As part of Virginia’s proactive efforts related to AI, VEDP produced a report in accordance with an executive order with insights from leading AI researchers, economists, and private-sector companies on Virginia’s competitive position with respect to generative AI, workforce implications, and recommendations on how Virginia can capture economic growth driven by rapidly evolving Gen AI technology.
The research indicated that Virginia is in a strong position to capture growth from AI, but proactive policies should be pursued to prepare the workforce and position the Commonwealth as a leader in Gen AI innovation. Several of Virginia’s target industries will see rapid growth due to AI, including software and cybersecurity, data centers, and technology consulting firms. Virginia ranks third in total AI job postings, ahead of all Southeastern peer states, and has advanced two spots since the original report was published. While insights continue to evolve, the latest analysis indicates that AI tool integration will lead to productivity gains for many occupations.
Commonwealth Crossing Business Centre, Henry County
HISTORIC FUNDING FOR SITE DEVELOPMENT
The Virginia Business Ready Sites Program (VBRSP), which awarded $90 million in development grants in 2023 and is awarding $126 million in 2024, certifies sites in advance by partnering with localities, utilities, and state agencies to assemble permits and approvals to make way for a smooth construction process. Site readiness has been the deciding factor for numerous major recent Virginia wins and was a primary reason Virginia was named America’s Top State for Business by CNBC in 2024. Building on the VBRSP’s success, VEDP worked with the General Assembly and the Governor’s administration to establish the new Virginia Business Ready Expedited Permitting Program to establish the permitting process for transformational economic development projects in Virginia.
Deloitte, Arlington County
New River Community College
Germanna Community College
Impact in Virginia
VEDP-assisted projects have added more than 100,000 new direct jobs and $100 billion in capital expenditure in Virginia since the beginning of 2018. 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, 2018 to July 1, 2024)
620+ Project Wins ~103,000 New Direct Jobs
$103B+ in CapEx 67% Expansions*
*Percentage of projects that are expansion projects
Mack Trucks, Roanoke County
CASE STUDIES
Wells Fargo
Jobs: 1,100 New Jobs
CapEx: $87M
In brief: The expansion is Virginia’s largest ever non-manufacturing project west of the Blue Ridge Mountains.
Banking on Virginia: Wells Fargo Expansion to Create 1,100 New Jobs in the Roanoke Region
VIRGINIA’S BANKING BOOST
WELLS FARGO & COMPANY is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the United States, and is a leading middle-market banking provider in the United States.
Wells Fargo provides a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through four reportable operating segments: consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations.
In 2023, the team at Wells Fargo realized exponential growth was on the horizon and began seeking the right location to enhance and expand its customer service experience. Wells Fargo first established its customer support operation in Roanoke County in 2008 and had firsthand knowledge of the region’s strong pool of talent that could support an expansion of this magnitude.
THE VIRGINIA SOLUTION INVESTING IN A PRODUCTIVE COMMUNITY
The Roanoke Region of Virginia is the largest metropolitan area in western Virginia. The workforce ranges beyond the boundaries of the region, comprising a total labor pool of more than 300,000 people. There are 25 colleges and universities and more than 100,000 undergraduate and graduate students within a 60-minute radius of the region, ensuring a stable long-term workforce pipeline. With a cost of living below the national average, a diverse arts and cultural community, and nationally recognized outdoor recreation, the Roanoke Region easily attracts and retains talent. The Virginia Employment Commission estimates that employment in the region will increase through 2028, which means an increase in skilled job seekers and businesses seeking workers.
A deep bench of talent ensures that businesses like Wells Fargo will find a ready workforce for growing Virginia operations. The company was already one of the largest private employers in Roanoke County, and was confident that its successful operation could become an even larger hub.
Nuclear Energy Powerhouse Doubles Down on Virginia: Framatome Expands in Lynchburg
FOR MORE THAN 60 YEARS, Framatome, Inc., an international leader in nuclear energy, has called Virginia home. The company, once part of Babcock & Wilcox (B&W), first became one of the Lynchburg Region’s leading employers in 1956 when it opened a plant to manufacture nuclear fuel elements, cores, and other reactor parts. It was the first privately financed nuclear facility built in the United States.
France-based Framatome ANP and B&W became partners in the commercial nuclear fuel business in 1987, followed in 1989 by another partnership providing technical services to the nuclear power industry. Framatome ANP acquired total interest in these joint ventures in 1993.
During the company’s decades-long tenure in Lynchburg, Framatome has time and again chosen Virginia as the location to expand its business. In 2018, Framatome announced the relocation of its North American headquarters from Charlotte, N.C., to the City of Lynchburg. When demand surged for servicing existing nuclear power plants and developing solutions for advanced and small modular reactors, Framatome turned to its reliable, long-term business partner, Virginia, for expansion, announcing plans to expand its Lynchburg facilities in 2023 to meet increasing demand.
THE VIRGINIA SOLUTION INNOVATION AT HOME
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.
In addition, the Virginia Talent Accelerator Program, ranked the No. 1 Customized Workforce Training program in the U.S. in 2023 and 2024 by Business Facilities, develops innovative recruitment and training solutions that accelerate a new facility’s startup. Every solution is fully customized to each client’s unique talent needs, processes, and culture, and offered at no cost to expanding companies like Framatome.
The Virginia community that has made Framatome successful in the U.S. for more than six decades was a major factor in Framatome’s decision to expand in the region. Virginia is America’s Top State for Business according to CNBC because of the partnerships like the one between the City of Lynchburg and Framatome. Whether it be through periods of economic growth or financial uncertainty, the Lynchburg Region has continued to provide a strong workforce pipeline for Framatome to thrive.
EXPONENTIAL GROWTH
The nuclear sector has grown exponentially over the past five years, representing nearly 40,000 jobs in the U.S. in 2023. Virginia has strong growth in all key subsectors that supply materials and products to the nuclear industry. In all identified critical subsectors, Virginia is growing even faster than the nation overall. In some of these sectors, Virginia’s growth outpaces the national average by a large margin. For example, in the inorganic chemicals manufacturing industry, Virginia’s job growth is nearly 60 points ahead of the industry’s growth across the United States.
In December 2023, Framatome announced plans to invest $49.4 million to expand, modernize, and enhance its facilities in the City of Lynchburg to meet increased demand. Virginia successfully competed with North Carolina and Pennsylvania for the project, which is creating 515 new jobs.
Framatome
Jobs: 515 New Jobs CapEx: $49.4M
In brief: Framatome first came to Virginia through an acquisition in 1989 and moved its U.S. headquarters from North Carolina to Lynchburg in 2018. The company announced a $49.4 million expansion in 2023.
Press Glass
Jobs: 335 New Jobs
CapEx: $155.2M
In brief: Press Glass’s expansion at Commonwealth Crossing marks the largest single capital investment by a business in Henry County history.
Virginia: The Clear Choice for Press Glass
PRIMED FOR EXPANSION
POLAND-BASED PRESS GLASS, INC., the largest independent glass fabricator in Europe, first announced its Virginia location in 2018. That investment to build a manufacturing facility in Henry County created 212 new jobs for local citizens. By 2023, the company was ready to expand its U.S. operation to meet the increasing demand for its state-of-the-art glass products.
Press Glass’s handiwork can be admired all over the world. From Oslo’s Barcode to the skyscrapers of New York, Press Glass has made a name for itself as a leading glass manufacturer for industrial projects worldwide. Headquartered in Konopiska, Poland, Press Glass was founded in 1991 and has 15 factories in Europe and the United States. As the largest independent flat glass processing operation in Europe, the company processes glass for fabricators of windows and doors, facades, and interior glass constructions.
After nearly five years at its manufacturing location in Henry County, Press Glass knew it was preparing for a major expansion. The company needed space for an additional 360,000-sq.-ft. building to bolster its U.S. presence, access to a premier talent base, and an advantageous location with robust infrastructure to manufacture glass for the commercial construction industry. Virginia delivered.
THE VIRGINIA SOLUTION CUTTING-EDGE TALENT
Southern Virginia is a region built on manufacturing that delivers strategic access to markets, a skilled talent pool, and innovative, targeted workforce training. Business in Henry County thrives on a community built on a strong work ethic, which was a major factor in the decision for Press Glass. The company had spent years contributing to the region’s thriving manufacturing sector, and seized the opportunity to solidify that relationship. Southern Virginia is located along the Virginia-North Carolina line at the foothills of the Blue Ridge Mountains. An excellent highway system coupled with easy access to interstates make the region extremely well-suited to reach Mid-Atlantic markets and international shipping facilities. The region offers a direct route to the The Port of Virginia’s Hampton Roads facilities, and from there, the Atlantic Ocean.
One in every five people employed in Martinsville-Henry County work in manufacturing. This powerhouse pipeline for talent delivered experienced employees for Press Glass in 2018, and helped win the project for Virginia in 2023.
Our clients have trusted us and recognized the high quality of Press Glass products, so the expansion of the factory in Ridgeway is a natural step to increase the availability of our offerings and strengthen our position in the American market. Administration of Governor Glenn Youngkin | Martinsville-Henry County Economic Development Corporation Henry County | Virginia Department of Housing and Community Development
MACIEJ MIGALSKI President, Press Glass, Inc.
Northrop Grumman Bets on Virginia’s Workforce: Waynesboro Facility Provides High-End Tech Jobs
NORTHROP GRUMMAN CORPORATION, a global aerospace and defense technology company, announced plans to invest more than $200 million to build a new advanced electronics manufacturing and testing facility in the City of Waynesboro. This expansion will create more than 300 new high-end technology jobs and commerce opportunities to support the region over the next few years as the state-of-the-art facility is fully established.
Northrop Grumman broke ground on the 63-acre Waynesboro site in February. Construction of the 314,000-sq.-ft. plant is expected to be completed by 2025, and production is forecasted to start in 2026. Located a couple of hours from Northrop Grumman’s Fairfax County headquarters, the new Waynesboro facility adds to the company’s growing presence in the Commonwealth.
UNTAPPED TALENT
Northrop Grumman has had a presence in Virginia for more than 30 years. The company employs approximately 6,800 Virginians across the Commonwealth, with corporate headquarters in Falls Church, an office in Fairfax County, and manufacturing facilities in Loudoun County and Charlottesville. Expanding into the Shenandoah Valley and Waynesboro provides Northrop Grumman an opportunity to reach untapped talent for its new ventures.
Virginia’s talent pool will help Northrop Grumman solve some of the biggest challenges in global security and advance human discovery. The company’s implementation of digital solutions across its business is transforming how it designs,
tests, and manufactures the next generation of systems, and will drive improved performance and productivity across the company.
Among its catalogue of innovations, Northrop Grumman led the design, build, total system integration, and preparation of the observatory for launch of the James Webb Space Telescope. The engineering marvel is the world’s most powerful space telescope in human history. The company is currently developing the world’s first sixth-generation aircraft, the B-21 Raider, equipped with the most advanced capabilities in survivability, advanced networking, and rapid upgradeability.
Northrop Grumman’s engineering, manufacturing, and office facilities put Virginia’s best-in-class talent to work problem-solving for national security and space exploration. From intelligence analysis to satellite design to supply chain and communications, Northrop Grumman is driven by a shared purpose to solve customers’ toughest problems.
Northrop Grumman
Jobs: 300 New Jobs
CapEx: $200M
In brief: Northrop Grumman moved its headquarters from California to the Virginia city of Falls Church in 2011. The company’s Virginia facilities also include manufacturing facilities in Charlottesville and Loudoun County, multiple Northern Virginia offices, and aerospace facilities on Wallops Island on the Eastern Shore.
The new facility will increase capacity to manufacture and test advanced electronics and mission solutions to meet our customers’ growing needs. We are pleased to expand our technology presence in the Commonwealth.
KATHY WARDEN Chair, Chief Executive Officer, and President, Northrop Grumman Corporation
PARTNERS
Administration of Governor Glenn Youngkin | City of Waynesboro
Shenandoah Valley Partnership | Virginia Community College System
Location, Location, Location: CoStar Moves Global Headquarters to Virginia
FOUNDED IN 1987, CoStar Group, Inc., is a leading global provider of online real estate marketplaces, information, and analytics in the property markets. The company is on a mission to digitize the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives. CoStar has grown to over 6,200 employees in 14 countries and is included in the S&P 500 Index, one of the premier benchmarks of the U.S. equities market, and in the NASDAQ 100, one of the world’s preeminent large-cap indexes.
CoStar established its headquarters for research and data analytics in the City of Richmond in 2016 and now employs more than 1,000 team members, representing one of the top 25 largest employers in the city. In 2021, CoStar announced plans to build a corporate campus in Richmond, creating an additional 2,000 new jobs. The campus consists of approximately 750,000 square feet of office and retail space with a 26-story, LEED-certified office building and a six-story, multipurpose building to be used as a central location for employee amenities.
THE ‘PERFECT HOME’ IN VIRGINIA
Since establishing its headquarters for research and data analytics in 2016, and announcing a corporate campus in 2021, CoStar has experienced tremendous success. The company has developed strong partnerships with the
City of Richmond, the Commonwealth, and Virginia’s higher education institutions. When the time came to relocate the company’s global headquarters, these partnerships, combined with Virginia’s robust talent pipeline and toprated quality of life, fostered an ideal business environment for CoStar to continue its growth in the Commonwealth.
In February, 2024, CoStar announced plans to invest $20 million to relocate its global headquarters from Washington, D.C. to Arlington County. The company purchased a 560,000-sq.-ft. office building in Rosslyn known as Central Place Tower, and will occupy 150,000 square feet of commercial office space. The move to the new headquarters includes 500 relocated jobs and 150 new jobs to the Commonwealth.
“The financially strategic acquisition of this building will provide the perfect home for the employees at our current headquarters,” said CoStar Group Founder and Chief Executive Officer Andy Florance.
The ability to create an inclusive, welcoming hub not just for CoStar, but also for the community, was a key tenet in the company’s growth plan. CoStar’s decision to expand its presence in Virginia is a testament to the Commonwealth’s leadership in innovation and exceptional business climate. Administration of Governor Glenn Youngkin | Arlington County
CoStar Group
Jobs: 650 New Jobs CapEx: $20M
In brief: The CoStar Group’s headquarters move from Washington, D.C. to Arlington County is the company’s second major Virginia announcement in the last five years after a 2,000-job announcement in Richmond in 2021.
Progress Report
This section offers an update on the progress made by the Virginia Economic Development Partnership Authority (VEDP) in FY24 relative to VEDP’s Strategic, Operational, and Marketing Plans. These plans were previously submitted in accordance with the Code 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 (FY21–FY25)
The Strategic Plan for Economic Development of the Commonwealth of Virginia adopted by the VEDP Board in FY21 was a five-year plan (FY21–FY25) for which implementation began in January 2021. The FY21–FY25 Strategic Plan includes five transformational goals with metrics to measure progress toward achieving those goals. Virginia has made major strides in accomplishing these goals since they were established in the original 2017 Strategic Plan:
1. Robust state growth
Virginia has experienced accelerated job growth, becoming the 16th-fastest-growing state in 2024, an improvement from its 28th-place ranking in 2017; Virginia has secured over 620 VEDP-assisted project wins since 2018, bringing over 100,000 jobs and $103B in capital expenditures to the state
2. Every region wins 17 of 18 marketing regions have seen net-positive job growth since 2017
3. Best state for business
For a record sixth time, Virginia obtained the No. 1 spot in CNBC’s America’s Top States for Business rankings and has an average position of sixth across key business climate rankings
4. Top state economic development organization (EDO)
In 2023, VEDP was recognized by Development Counsellors International (DCI) as one of the leading EDOs in the nation
5. Super collaborator
VEDP has strengthened collaboration with hundreds of state, regional, and local economic development partners, regularly achieving a partner satisfaction rate of over 80%
KEY HIGHLIGHTS OF STRATEGIC PLAN IMPLEMENTATION FOR FY24:
With the support of the Administration, the General Assembly, and hundreds of 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):
Enhancing Virginia’s economic competitiveness:
■ Virginia reclaimed the No. 1 ranking in CNBC’s America’s Top States for Business rankings in 2024, up from the No. 2 spot in 2023.
■ With new state funding, VEDP awarded over $125M in Virginia Business Ready Sites Program (VBRSP) grants to over 20 site development projects across the Commonwealth, representing the largest investment grant round to date.
■ 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 second consecutive year.
■ With new state funding, VEDP identified new megasites and conducted analysis to estimate state and local ROI for new site development through the Virginia Business Ready Sites Acquisition Program.
■ With VEDP support, the General Assembly passed legislation to establish the Virginia Business Ready Expedited Permitting Program to streamline permitting timelines for select economic development projects. The Governor signed this legislation in April 2024.
■ VEDP collaborated with partners and companies on over 15 federal grant applications in FY24, generating over $300M in project-specific federal grants and tax incentives for companies locating in Virginia and more than $3.5M in grant funding for partner organizations.
Enhancing VEDP’s capabilities:
■ With support from the Administration and the General Assembly, VEDP began implementation of the Innovative Framework for Economic Growth, establishing three dedicated sector teams to drive growth in the Knowledge Work, Manufacturing, and Logistics sectors.
■ Development Counsellors International’s 2023 “Winning Strategies in Economic Development Marketing” report recognized VEDP as a best-in-class economic development organization (top five in the nation).
■ VEDP established the Regional Talent Solutions and Business Outreach division in FY23 to engage key businesses across the Commonwealth and address their talent and growth needs; in its first year, the division made 415 visits to companies across all of Virginia’s regions.
■ VEDP’s International Trade team received the 2024 President’s “E Star” Award from the U.S. Department of Commerce, the nation’s highest honor for exporters and those who provide export services.
■ With new state funding and support from the Administration, VEDP opened a Taiwan trade office focused on foreign direct investment and export assistance.
Cultivating target industry growth clusters:
■ Working in collaboration with state, regional, and local partners, VEDP-assisted projects resulted in over 8,200 announced jobs and $8.2B in capital investment in FY24.
■ Wells Fargo invested $87M to modernize and expand its customer support center in Roanoke County, creating 1,100 new jobs. This announcement marks Virginia’s largest-ever non-manufacturing project west of the Blue Ridge Mountains.
■ Amazon announced plans to build 1,100-job state-of-the-art operations facilities in the City of Virginia Beach.
■ CoStar Group relocated its 650-job corporate headquarters from Washington, D.C. to Arlington County.
STRATEGIC PLAN UPDATE (FY25–FY29)
In FY24, VEDP updated its Strategic Plan and transformational goals in accordance with the Code of Virginia (§ 2.2-205 and § 2.2-2237.1), which requires a biennial update. The FY25–FY29 Strategic Plan includes the following five transformational goals, with implementation beginning in FY25:
1. Robust state growth: Position Virginia to achieve a growth rate among that of the top 10 states in the U.S.
2. Every region wins: Ensure that every region participates in the growth of the Commonwealth
3. CNBC’s America’s Top States for Business: Cultivate a leading business climate and sector-specific ecosystems
4. Top state for talent: Establish Virginia as a top state for talent retention, attraction, development, and alignment
5. Most innovative, collaborative, and effective state EDO: Solidify VEDP’s position as one of America’s top state economic development organizations through an innovative strategy, collaborative approach, and effective outcomes
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