COMMONWEALTH OF VIRGINIA
Profile
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP www.YesVirginia.org
Profile Commonwealth of Virginia
VIRGINIA OVERVIEW Every state talks about its positive business climate. In Virginia, we’ve let others do the talking. Virginia continues to rank among America's leading states for business by CNBC and Forbes.com. With low operating costs, a pro-business environment, access to global markets, and a skilled and educated workforce, Virginia makes it easy for businesses to say “Yes” to more opportunities, more growth and more success.
AAA Bond Rating—Virginia has maintained the AAA rating since 1938, longer than any other state.
The Commonwealth of Virginia’s unique combination of assets has encouraged businesses to prosper here for more than 400 years. Like you, they searched the world over for that convergence of resources that would help ensure their prosperity. For them, their search ended here. Chances are yours will too.
Virginia State Capitol
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Profile Commonwealth of Virginia
LOCATION Virginia’s premier location offers excellent domestic and international access. Centrally located on the U.S. East Coast, 43% of the U.S. population within a day’s drive and our integrated transportation system of highways, railroads, airports and seaports ensures that you can reach every one of your markets efficiently. Close proximity to Washington, D.C. facilitates contact with policy makers and the federal government system.
Virginia is headquarters to 37 Fortune 1000 firms.
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Profile Commonwealth of Virginia
LABOR MARKET DATA Population Gender Distribution (2015)
Male
Female
49.2 %
50.8%
Race/Ethnicity (2015) Classification
Profile Area
White
5,886,416
Black
1,654,264
Asian
545,973
Two or More
241,080
American Indian or Alaska Native Pacific Islander Hispanic (may be of any race)
Median Age (2015)
45,483 9,777 754,737 37.8 Years
Civilian Labor Force (2015) Virginia
4,240,470
Labor Force Participation (2011—2015) Virginia
64.7%
Unemployment Unemployment Rate (October 2016) Virginia
4.1%
U.S.
4.7%
Unemployed (2015) Virginia
188,562
Underemployed (3rd Quarter 2016 ) Virginia
429,302
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Profile Commonwealth of Virginia
LABOR MARKET DATA Commute Time (2011—2015) Worked from home
184,951
4.6%
Under 15 minutes
874,629
22.8%
15-24 minutes
1,150,828
30.0%
25-34 minutes
794,071
20.7%
35-44 minutes
280,035
7.3%
45-59 minutes
345,248
9.0%
Over 60 minutes
387,446
10.1%
Mean Travel Time to work (minutes)
Cyberstates ranked Virginia 2nd “State with the Highest Concentration of Tech Workers as Percentage of the Private Sector Workforce” . (2015)
27.9
Additional Labor Resources High school graduates not continuing (2014-2015)
10,780
Two-year college graduates (Spring 2014)
31,081
Two-year college enrollees (Fall 2015) Other college and university graduates (Spring 2014)
179,065 84,277
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Profile Commonwealth of Virginia
LABOR MARKET DATA Career Readiness Certificate (CRC) CRC Recipients (01/01/2015 - 05/31/2016)
10,094
Virginia’s CRC assists employers by certifying that a recipient possesses core skills in applied math, reading for information, and locating information. The CRC certification is based on established Workeys ® assessment tests. Virginia uses a three-tiered approach (bronze, silver, gold) to credentialing certificate holders that is based on the recipient’s level of development skills.
On average, more than 18,000 military personnel separate from the armed services in Virginia annually, adding a skilled, disciplined supply of potential recruits to the state’s labor supply.
Educational Attainment On-Time Graduation Rate (Class of 2016)
91.3%
Percentage of Virginia population age 25+ who are high school graduates (2011-2015)
88.3%
Percentage of Virginia population age 25+ who have earned a Bachelor's Degree or higher (2011-2015)
36.3%
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Profile Commonwealth of Virginia
LABOR MARKET DATA Employment by Sector* (1st Qtr. 2016) Agriculture Forestry Fishing and Hunting
12,060
0.3%
5,885
0.2%
10,845
0.3%
Construction
179,517
4.8%
Manufacturing
230,810
6.2%
Wholesale Trade
110,187
3.0%
Retail Trade
409,634
11.0%
Transportation and Warehousing
109,390
2.9%
68,116
1.8%
133,404
3.6%
51,088
1.4%
407,266
10.9%
72,935
2.0%
219,824
5.9%
62,805
1.7%
Healthcare and Social Assistance
422,705
11.4%
Arts, Entertainment & Recreation
45,774
1.2%
Accommodation & Food Services
328,787
8.8%
Other Services
133,709
3.6%
Total Government
696,921
18.7%
Federal Government
176,526
4.7%
State Government
143,981
3.9%
Local Government
376,414
10.1%
12,561
0.3%
3,724,221
100%
Mining Quarrying and Oil and Gas Extraction Utilities
Information Finance and Insurance Real Estate and Rental and Leasing Professional Scientific and Technical Services
Management of Companies and Enterprises Administrative and Support and Waste Management
Educational Services
Unclassified
Total:
Over 50 firms with annual revenue over $1 billion are headquartered in Virginia.
*By Business Establishment
Employment by Occupation (2014) Construction, Extraction & Maintenance
295,640
8.1%
5,580
0.2%
1,286,580
35.3%
Production, Transportation & Material Moving
390,800
10.7%
Sales & Office
927,220
25.4%
Service
742,700
20.4%
3,648,520
100.0%
Farming, Fishing & Forestry Managerial, Professional & Related
Total:
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Profile Commonwealth of Virginia
LABOR MARKET DATA Major Employers Manufacturing Company
Product/Service
Estimated Employment
BAE Systems Norfolk Ship Repair
Ship building & repair
1,500 - 2,499
Babcock & Wilcox Nuclear
Industrial machinery
1,500 - 2,499
Canon Virginia Inc.
Copiers, cameras & laser printers
1,000 - 1,499
E.I. DuPont de Nemours & Co.
Plastic films, synthetic fibers
1,500 - 2,499
The Goodyear Tire & Rubber Co.
Tires
1,500 - 2,499
Gwaltney of Smithfield
Meat processing
1,500 - 2,499
Huntington Ingalls Inc.
Ship building & repair
Micron Technology Inc.
Semiconductors
1,500 - 2,499
Orbital Sciences Corp.
Aerospace products
1,500 - 2,499
Perdue Farms Inc.
Poultry processing
1,500 - 2,499
Philip Morris USA
Tobacco
1,500 - 2,499
Raytheon Co.
Defense systems
1,500 - 2,499
Stihl Inc.
Power tools
1,500 - 2,499
Volvo Group North America
Trucks
1,500 - 2,499
Company
Product/Service
Estimated Employment
Booz Allen Hamilton Inc.
Consulting services
10,000+
Capital One
Financial services
10,000+
Inova Health System
Hospitals
10,000+
Science Applications International Corp. University of Virginia
Information technology
Virginia ranks third among the 50 states as a recipient of federal R&D funds.
10,000+
NonManufacturing
Higher education
5,000-9,999 10,000+
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Profile Commonwealth of Virginia
LABOR MARKET DATA Union Activity (1/1/2014—3/31/2016) Petitions filed for representation
89
Elections won by union
46
Elections won by company
11
At 5.4%, Virginia is tied for the eighth lowest unionization rate in the country.
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Profile Commonwealth of Virginia
LABOR MARKET DATA Estimated Earnings (May 2014) Occupation
Median Wage
Mean Wage
Median Salary
Mean Salary
Office Clerks, General
$14.55
$15.51
$30,258
$32,261
Customer Service Representatives
$15.35
$16.43
$31,924
$34,163
Bookkeeping, Accounting, and Auditing Clerks
$18.11
$18.99
$37,679
$39,499
Laborers & Freight, Stock, and Material Movers
$11.79
$13.07
$24,529
$27,182
Management Analysts
$45.80
$49.58
$95,257
$103,116
First-Line Supervisors of Office and Administrative Support Workers
$25.15
$27.56
$52,307
$57,326
Heavy and Tractor-Trailer Truck Drivers
$18.53
$19.44
$38,540
$40,425
Accountants and Auditors
$35.46
$38.59
$73,765
$80,255
Maintenance and Repair Workers, General
$18.09
$19.11
$37,624
$39,752
Software Developers, Applications
$50.31
$51.11
$104,657
$106,310
Software Developers, Systems Software
$52.50
$53.60
$109,198
$111,484
Computer Systems Analysts
$46.16
$47.88
$96,013
$99,595
Receptionists and Information Clerks
$13.23
$13.77
$27,508
$28,632
Secretaries and Administrative Assistants, Except Legal, Medical and Executive
$16.62
$17.27
$34,561
$35,921
Computer Programmers
$42.59
$42.84
$88,583
$89,114
Network and Computer Systems Administrators
$42.82
$44.13
$89,073
$91,777
First-Line Supervisors of Production and Operating Workers
$29.22
$30.05
$60,792
$62,521
Purchasing Agents, Except Wholesale, Retail, and Farm Products
$35.20
$36.43
$73,214
$75,785
Industrial Truck and Tractor Operators
$15.76
$16.59
$32,794
$34,515
Team Assemblers
$12.61
$13.68
$26,228
$28,447
Per Capita Personal Income (2014) $50,345
Median Family Income (2011—2015) $78,390
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Profile Commonwealth of Virginia
EDUCATION Public School Enrollment (Fall 2015) Level
Number
Enrollment
36
6,990
1,105
599,509
55
35,037
Middle
341
262,000
High School
306
376,447
Alternative
6
1,307
Special Education
2
139
Preschool Elementary Combined
Newsweek’s “America’s Top High Schools 2016” cites 4 Virginia high schools among the best in the nation including #1 ranked Thomas Jefferson High School for Science and Technology located in Alexandria.
Student Teacher Ratio (FY2015) Elementary
13:1
Secondary
12:1
Per Pupil Expenditure (FY2015) $11,523
On-Time Graduation Rate (Class of 2016) 91.3%
High School Graduates Continuing Education (2014-2015) 88.0%
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Profile Commonwealth of Virginia
EDUCATION Advanced Programs (2015—2016) Governor’s Career and Technical Academies Governor’s Academy for Career and Technical Education in Arlington Governor’s Career and Technical Academy for Engineering Studies Governor’s C&T Academy for Renewable Resources & Agricultural Sciences
Virginia Tech’s Engineering Program is ranked 16th in the nation in the 2016 U.S. News and World Report’s “Best Undergraduate Engineering Programs” list.
Loudoun Governor’s Career & Technical Academy Governor’s Career & Technical Education Academy for STEM in Richmond STEM for LIFE Governor’s Academy Stafford Academy for Technology (STAT) Governor’s School Enrollment
11,852
Senior International Baccalaureate (IB) Enrollment
2,836
Seniors Awarded IB Diplomas
1,880
Students taking 1 or more Advanced Placement (AP) Courses
165,590
Students taking 1 or more AP Exams
127,306
Students taking 1 or more college courses
58,002
Higher Education Facilities Facility Type
Fall 2015Enrollment
15 Four-Year Public Institutions
214,480
24 Two-Year Public Institutions
179,065
33 Private, Non-profit Institutions
135,121
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Profile Commonwealth of Virginia
WORKFORCE DEVELOPMENT Virginia’s workforce is readily recruitable, highly productive and comes with the benefits of strong work ethic and moderate cost. With a population of 8.3 million and a workforce of over 4.2 million, Virginia successfully supports the state’s substantial industry base. Our workforce participants are constantly updating their labor skills and looking for opportunities to apply their talents to new companies choosing Virginia. Growing faster than the national average, our workforce stands ready to fulfill present and future industry needs.
The University of Virginia ranked 3rd and The College of William and Mary ranked 6th in U.S. News and World Report’s 2016 “Top Public Colleges and Universities” list.
Workforce training assistance in Virginia is provided through the Virginia Jobs Investment Program (VJIP). VJIP is an economic development incentive providing customized recruiting and training services to companies that are creating new jobs or experiencing technological change. The program offsets your company’s recruitment and training costs, and connects you with all available resources to help with your workforce development efforts. Among your partners will be Virginia’s educational and vocational institutions, workforce development centers, employment service providers and more.
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Profile Commonwealth of Virginia
TRANSPORTATION Interstates I-95
I-64
I-395
I-85
I-664
I-264
I-81
I-581
I-464
I-77
I-564
I-295
I-66
I-495
I-195
14 Commercial airports serve Virginia, including two of the nation’s largest: Washington Dulles International and Ronald Reagan Washington National. Virginia airports also offer scheduled non-stop commercial airline service to nearly 200 destinations around the world.
Commercial Air Service Charlottesville-Albemarle, Charlottesville Lynchburg Regional Airport, Lynchburg Newport News-Williamsburg International Airport, Newport News Norfolk International Airport, Norfolk Richmond International Airport, Sandston Roanoke Regional Airport, Roanoke Ronald Reagan Washington National Airport, Arlington Shenandoah Valley Regional Airport, Weyers Cave Washington Dulles International Airport, Dulles
General Aviation Service General aviation airports are located in 56 Virginia communities
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Profile Commonwealth of Virginia
TRANSPORTATION Freight Rail Service Bay Coast Railroad Buckingham Branch Railroad CSX Transportation Chesapeake Western Railway
The Port of Virginia offers 50-foot deep shipping channels, able to accommodate 10,000+ TEU vessels; and is the only East Coast port with Congressional authorization to dredge to 55 feet.
Commonwealth Railway Norfolk & Portsmouth Belt Line Railroad Norfolk Southern Railway North Carolina & Virginia Railroad Shenandoah Valley Railroad Virginia Southern Railroad Winchester & Western Railroad
Seaports Port of Richmond Port of Virginia (APM Terminals Virginia) Port of Virginia (Norfolk International Terminal) Port of Virginia (Newport News Marine Terminal) Port of Virginia (Inland Port Front Royal)
Other Ports of Entry Port of Washington-Dulles Richmond-Petersburg Newport News New River Valley Airport (Virginia TradePort) Norfolk
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Profile Commonwealth of Virginia
UTILITIES & TAXES Utilities Companies have improved their bottom lines just by locating in Virginia. From soft costs like healthier, more productive workers, to hard costs like cheaper, available and reliable electricity, these companies have benefited from the combination of resources that only a Virginia location can offer.
Virginia offers stable, low tax costs for corporations and individuals including the benefits of no franchise tax or net-worth tax, 5.3% or 6.0% sales tax, no inventory tax, no local income tax, and a 6.0% corporate income tax rate that has not changed since 1972.
In Summer 2015, the average cost per unit of electricity for the industrial sector was 6.77 cents per kilowatt hour in Virginia, compared to 7.13 cents for the nation. In 2014, the average price of natural gas to industrial consumers is 6.43 dollars per thousand cubic feet. Taxes Virginia's corporate income tax has not been raised in forty years, since 1972. At 6 percent, our rate is one of the lowest in the nation. In Virginia, items taxed at the state level are not taxed at the local level, with the exception of the sales and use tax levied by both state and local governments. The combined state and local sales tax is either 5.3 or 6 percent depending upon the locality. Virginia also differs from most states in that its counties and cities are separate taxing entities. A company pays either county or city taxes depending upon its location. If the company is located within the corporate limits of a town, it is subject to town and county levies. Manufacturers pay real estate, machinery and tools, truck and automobile, utility, and sales taxes. Nonmanufacturers pay real estate, tangible personal property, truck and automobile, utility, and sales taxes. They also may pay either a merchants' capital or a license tax. Virginia Guide to Local Taxes on Business
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Profile Commonwealth of Virginia
INCENTIVES Incentives Virginia works enthusiastically with new and expanding employers that create a high standard of living for Virginians and enhance local and state economies through increased revenue growth. Incentives are Virginia’s investment in its economic future and a business decision for both the Commonwealth and the company. As a result, they must make good fiscal sense for all parties.
Virginia’s workers compensation and unemployment insurance rates are among the lowest in the nation.
Designed to target the needs of the company and the development plans of localities and the state, Virginia offers a variety of performance-based incentives. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth. Guide to Business Incentives
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Profile Commonwealth of Virginia
LIFESTYLE Lifestyle If you live in Virginia, you will know why visitors spend billions of dollars each year to enjoy our beautiful state. Boundless outdoor and cultural activities, and one of the nation’s highest concentrations of historic resources all combine to provide limitless opportunities, and you and your family will discover just how rewarding living in Virginia year-round can be.
Tourism generates $23 billion in revenue for Virginia, supports 222,600 jobs and provides more than $1.6 billion in state and local taxes for communities.
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