Press Releases
The Virginia Economic Development Partnership Announces Fiscal Year 2014 Results
August 21, 2014RICHMOND - The Virginia Economic Development Partnership (VEDP) today announced the economic results for Fiscal Year (FY) 2014, which ended June 30. In 1995, the Virginia General Assembly created the VEDP to better serve those seeking a prime business location and increased trade opportunities, and, therefore, to foster increased expansion of the Commonwealth's economy.
VEDP-assisted projects generate a steady revenue source for the Commonwealth, increasing its ability to fund the important needs for Virginia’s citizens.
- 183 VEDP-assisted projects in FY2014 accounted for more than 15,000 new announced jobs and $5.19 billion new announced capital investment across the Commonwealth.
- These 183 successfully announced projects will generate new state revenue for Virginia— an estimated $280 million after five years and approximately $620 million after 10 years.
- The projects also will generate new local revenue across Virginia—an estimated $276 million after five years and approximately $612 million after 10 years.
- These figures are in present-value terms and represent revenues after all VEDP operating costs—budget and incentives—are netted out.
- On average, Virginia is cash positive in 27 months on projects receiving incentives.
Compared to FY2013, project numbers increased by 14%, jobs increased 46% and capital investment is up 92%.
- Existing business expansions remain fundamentally important to economic performance, representing 62% of jobs, 43% of capital investment in FY2014.
- Manufacturing industry sector represents 48% of job totals, 60% of total capital investment
- Data centers remain a dominant sector for investment ($1.54B), and represent over two-thirds of all non-manufacturing investment.
- Professional, Scientific, and Technical Services remain a dominant sector for job growth (4,056 jobs).
- International investment is up 214% ($2.34 billion), represents 18% of all projects with 4,425 new jobs (up 92% from FY13).
Speaking about today’s announcement, Governor McAuliffe said, “The increased number of jobs and capital investment for Fiscal Year 2014 speaks volumes about Virginia’s business climate, our ability to compete for economic development projects on a national and global level, and the commitment to our valued corporate partners across the Commonwealth. As Virginia's economy continues to face federal budget cuts and sequestration, now is the time to build a new Virginia economy by investing in an aggressive economic development program as a solution to offset lost revenue. The Virginia Economic Development Partnership, in collaboration with its economic development allies at the local and regional level, is vital to the economic success of Virginia. The Partnership’s international trade, business attraction and business expansion programs continue to play a critical role in the Commonwealth’s economic vitality that puts us ahead of the competition. We are proud of these results, and look forward to working together to continue the momentum in FY2015.”
FY2014 results for VEDP-assisted projects were distributed across the regions of the Commonwealth:
- Southwest Virginia: 1,063 jobs; $90 million investment
- Valley: 1,152 jobs; $217 million investment
- Northern Virginia: 5,590 jobs; $1.36 billion investment
- Hampton Roads: 823 jobs; $218 million investment
- Southern Virginia: 1,400 jobs; $566 million investment
- Central Virginia: 5,001 jobs; $2.74 billion investment
“The Virginia Economic Development Partnership is energized by our FY2014 results,” said VEDP President and CEO Martin Briley. “Economic development is an increasingly competitive arena, and Virginia must remain diligent in our efforts. The numbers are in, and the Virginia Economic Development Partnership surpassed our goals for investment by 92% and for job creation by 31% for the fiscal year. Partnerships are a critical component to economic development and Virginia’s success. We will continue to work with our local and regional allies, our colleges and universities, our state partners, and our elected officials to aggressively market Virginia in in the national and global marketplace.”
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 24-member Board of Directors appointed by the Governor and the Virginia General Assembly. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, China, Germany, Japan, India, and the United Kingdom.