Recent advances in quantum computing have caused industry experts to believe it’s becoming viable, and Virginia wants in on the action, according to the latest edition of the Virginia Economic Review.
The Virginia Economic Development Partnership, the state’s economic development authority, used the most recent issue of its quarterly magazine to dive into the field of quantum computing – what it is and potential ways to bring it to Virginia.
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Eleven companies graduated, and 13 joined Virginia Leaders in Export Trade on Thursday, a two-year Virginia Economic Development Partnership program representing 12 counties and eight independent cities across the commonwealth.
Only 25 companies are accepted into the VALET program each year, and 375 have graduated since it was established in the late 90s. Candidate organizations must demonstrate “firmly established domestic operations” and “[commitment] to international exporting as a growth strategy” to be accepted into the program, according to a press release from VEDP.
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Virginia ranked first in the nation in customized workforce training, according to the recently released annual State Rankings Report by Business Facilities magazine.
The Virginia Talent Accelerator Program earned the commonwealth its coveted ranking in the report by Business Facilities, a national publication that serves as a resource for corporate site selection.
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Amazon applied for economic development incentives from Virginia for its new HQ2 campus in Arlington, requesting the state pay $152 million to the company by 2026.
Arlington was chosen as the site for Amazon’s second quarters four years ago – a move the company said would bring 25,000 jobs to the area by 2030. The tech giant has roughly 8,400 employees assigned to HQ2, and the average wage of these jobs must meet or exceed $156,800, according to Amazon spokesperson Rachael Lightly.
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Pharmaceutical manufacturer Granules India, Ltd., announced a $12.5 million investment to create a drug packaging and shipping center in Prince William County. The India-based company manufactures off-patent drugs like ibuprofen and acetaminophen and said the center would help them be more vertically integrated, starting with the initial pharmaceutical component and going to final steps in the process.
“The addition of a U.S. packaging facility will result in Granules being among the few pharmaceutical companies to be vertically integrated from API [active pharmaceutical ingredient] to packaging, which will bolster the robustness of Granules’ supply chain while also enabling the company to react even faster to consumers’ growing needs for pharmaceutical products,” company Founder Dr. Krishna Prasad Chigurupati said in a press release from the governor’s office
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Site Selection Magazine says Virginia is the top state in its business climate ranking, beating out Georgia, Texas, North Carolina, and Arizona for the top spot. Although the commonwealth only ranked 11th in a survey of executives, one of the indicators in the index, it performed well in the other indicators, including data on corporate expansion and rankings in other lists like the Inc. 5000 list of the fastest-growing private corporations, CNBC’s Top States for Business, and the amount of bipartisan infrastructure bills and funding in each state. “Governor Glenn Youngkin has only been in office since January, but he wasted no time getting to work on tasks that collectively contribute to Virginia’s desirability as a location for business and industry,” Site Selection said, featuring an interview with Governor Youngkin. Youngkin said he’s focused on a business-friendly tax and regulatory environment, workforce development through education, safe communities, and efficient government. Additionally, he said Virginia needs to help companies make investment choices through elements including sites, utilities, and permitting confidence. “Third is to bring people together and to sometimes be the lead project manager, which is a role I’m comfortable stepping into occasionally to make sure we are delivering on the…
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Four Virginia communities will receive about $847,000 in state grants to restore and redevelop brownfield sites to make them more attractive for economic development projects.
More than $316,000 will help Bedford redevelop the former Winoa USA plant, nearly $108,000 will go to Patrick County to work on the former Pioneer Hospital property, another $300,000 will support efforts in Saltville to redevelop the Saltville Town Shop and nearly $123,000 will help redevelop the Marion Intermediate School in Smyth County.
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Industrial and residential lighting controls manufacturer Lutron Electronics will invest $28.3 million to expand its presence in Hanover County, according to a Thursday announcement of a plan to build a 145,000 square foot manufacturing facility.
“Lutron has been a fixture here in Hanover County, Virginia for many years. It is exciting to see them invest in a manufacturing facility in our industrial park along Lakeridge Parkway and to have quality jobs created for the citizens of Hanover County and the Greater Richmond Region,” Hanover County Supervisor Faye Prichard said in a press release from the governor’s office.
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Virginia’s advanced pharmaceutical manufacturing (APM) cluster will receive $52.9 million in grants as one of 21 winners in the federal Build Back Regional Challenge, according to the U.S. Economic Development Administration (EDA).
“After meeting with the Virginia Biotechnology Research Partnership and pushing the Department of Commerce to support this project, I am thrilled to see the Advanced Pharmaceutical Manufacturing Cluster Growth Hub named one of the American Rescue Plan Build Back Better Regional Challenge winners,” Senator Mark Warner (D-Virginia) said in a September 2 press release. “This support will continue to strengthen the foundation and accelerate the growth of pharmaceutical manufacturing in the United States. As a proud supporter of the American Rescue plan, I am glad to see that Virginia continues to reap the benefits through job creation and economic growth.”
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The Virginia Leaders in Export Trade (VALET) program announced 11 graduates on Wednesday, the culmination of a two-year program to help Virginia companies launch into international markets.
“The success of Virginia businesses both at home and broad is key to maintaining a strong and resilient economy,” Governor Glenn Youngkin said in a Virginia Economic Development Partnership (VEDP) press release.
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Virongy Biosciences, Inc., which develops anti-viral drugs and viral diagnostics, is expanding after recently relocating to the newly-opened Northern Virginia Bioscience Center in Prince William County. The $471,000 expansion may create up to 70 new jobs, and the company will use the site to develop diagnostics aimed at COVID-19 variants and other viruses. The announcement received praise from state and local officials.
“Prince William County has emerged as a hub for the life sciences industry, offering the infrastructure, R and D assets, and talent to attract and retain innovative biotech firms like Virongy,” said Governor Glenn Youngkin said in a press release announcing the expansion.
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