Virginia's Economic Development Accomplishments Nationally Recognized

RICHMOND - Virginia Governor Mark R. Warner today announced that Site Selection, a widely-read economic development trade magazine, awarded Virginia with an unprecedented high ranking in the publication’s highly acclaimed Governor’s Cup competition. Never ranked above eighth in the United States, the Commonwealth tied for fourth place this year. Site Selection’s annual Governor’s Cup competition assesses states’ success in fostering business expansion activity.

“Virginia succeeded in 2001 because of our strong business climate and the hard work of the Virginia Economic Development Partnership as well as local and regional economic development professionals,” said Governor Warner. “It is a great honor to be recognized by this leading economic development magazine for our accomplishments. Virginia will continue to maintain this aggressive economic development strategy at the local, regional and state levels.”

According to Site Selection, “major new projects were announced throughout 2001 in the Commonwealth of Virginia, particularly in the telecommunications, Internet services and other high tech sectors. But business expansion in other sectors helped make Virginia a finalist, as well.” To select the Governor’s Cup winners, Site Selection ranks each state by criteria such as the number of 100-plus job projects, total new jobs created and the state’s ranking in Site Selection’s annual business climate survey. In this year’s competition, Virginia placed among the top four states in each of these categories.

The Virginia Economic Development Partnership, a marketing organization, was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Partnership is a state authority, which is governed by a 15-member Board of Directors appointed by the Governor. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business development and international trade.

Read more about the Governor’s Cup at www.siteselection.com or contact Site Selection Editor Mark Arend at (770) 446-6996.