FY25: A YEAR OF SUCCESS FOR THE COMMONWEALTH

Read VEDP's FY25 Annual Report

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

Robust State Growth

Position Virginia to achieve a growth rate among that of the top 10 states in the U.S.

Central Location and Global Network

VEDP proudly connects Virginia to the rest of the world. VEDP's network of international research consultants covers more than 120 countries.

519

Companies participated in VEDP International Trade programs and services in FY25

$2.3B

Total international sales attributed to VEDP International Trade programs in FY25

20,960

Jobs supported by VEDP’s trade programs in FY25

A Strong Year For Business Development

VEDP plays a critical role in growing the Commonwealth’s economy and building a place where all residents can thrive.

218 Client Projects supported by the Virginia Jobs Investment Program incentive (VJIP)

13,524 Direct jobs filled through VEDP-assisted projects

38K+ Prospect calls completed by VEDP’s Call Center

99% Agree or strongly agree that VEDP effectively manages economic development projects

$15.6B Capital Investment In VEDP-Assisted Project Announcements

FY25 in Brief

VEDP continues to see bipartisan support and investment from administration partners and the General Assembly for its economic development efforts. Read more below about how VEDP uses these investments to make Virginia more competitive.

Hot Air Balloon in the sunset flying over trees

Rockbridge County

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.

South Holston Lake, Washington 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

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 tuns 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.

Listen to learn more about the supply chain industry in Virginia

Sky Meadows State Park, Fauquier 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.

Sustainable Growth Across 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.

Map of Virginia with blue highlights of VEDP Assisted Announcements

500+

Project wins

68,000+

New direct jobs

$104B+

In CapEx

Impact in Virginia

The effects of economic development can span decades, even generations. Here are some examples of companies who have taken major strides this year to impact Virginia’s economy.

More Case Studies, Data, and Economic Progress

With the support of the administration, the General Assembly, and hundreds of partners, substantial progress has been made in implementing many of the initiatives detailed in the Strategic Plan.

Read the Full FY25 Annual Report

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