A 44 percent increase in the number of new corporate facilities and expansions in Virginia last year moved the state from 10th to 5th place in Site Selection Magazine’s annual ranking of top states by number of projects. In 2011, Virginia had 273 new projects and expansions, up from 190 in 2010.
In announcing the state’s higher ranking, Gov. Bob McDonnell said, “With the lowest unemployment rate in the Southeast, top schools and unique access to the Port of Virginia and population centers on the East Coast, Virginia is continuing to lead the way.”
According to Lt. Gov. Bill Bolling, who serves as Virginia’s chief jobs creation officer, the state has closed 754 economic development deals over the past two years and created 67,500 net new jobs. “We are doing better than almost any other state in the nation. However, our work is not yet done, and we will not stop working until every Virginian who wants a job can find a job,” he said in a statement.
Site Selection’s annual feature ranks the 50 states according to their success in attracting capital investment projects that meet one or more of three criteria: a minimum investment of $1 million, creation of 50 or more new jobs and new facility construction or floor space of at least 20,000 square feet.