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RICHMOND—Governor Ralph Northam today celebrated Virginia’s rise to first-in-the-nation in Site Selection magazine’s annual Prosperity Cup ranking, “which is awarded to the most competitive state-level economic development group” in the United States. The award represents a five-spot jump from sixth in 2017 and 2018. Site Selection, an internationally circulated business publication covering real estate and economic development, recognized Virginia Economic Development Partnership (VEDP) President and CEO Stephen Moret and the VEDP team for their focus on state competitiveness and in particular for helping secure two marquee projects in 2018: Amazon HQ2 in Arlington and the $3-billion Micron expansion in Manassas.
“VEDP plays a critical role in promoting economic growth and job creation in the Commonwealth, and Virginia’s top ranking in Site Selection’s 2019 Prosperity Cup stands as a powerful testament to Stephen Moret’s leadership and his team’s commitment and strong collaboration with state, local, and regional allies,” said Governor Northam. “Virginia has secured more than $17 billion in statewide capital investment since I took office in January 2018, and we will stay focused on the mission with our public and private sector partners to ensure that our Commonwealth continues its rebound as the best place for business.”
“Virginia’s return to its former standing as a top state for business is a top priority of this Administration, and Site Selection’s award demonstrates that VEDP’s hard work and partnership across the state, regional, and local levels is making a positive impact,” said Secretary of Commerce and Trade Brian Ball. “Economic development is a team sport, and the Prosperity Cup and marquee wins Virginia celebrated in 2018 are evidence of the power of partnership and commitment. Working together, we will continue to move Virginia forward.”
The Prosperity Cup evaluates the economic competitiveness of states and state economic development groups based on 10 criteria, including new and expanded facilities, job creation, capital investment, and tax climate. In addition, the Prosperity Cup considers each state’s rank in the corporate real estate executive portion of the 2018 Site Selection Business Climate ranking, performance in the Beacon Hill Institute’s State Competitiveness Index, and other factors.
“One of the top five aspirational goals included in our Strategic Plan is to reestablish VEDP as one of America’s most effective state economic development organizations,” said VEDP President and CEO Stephen Moret. “The Prosperity Cup award reflects VEDP’s progress over the last two years, as well as the contributions of our amazing partners, including Governor Northam, Secretary Ball, Secretary Layne, Major Employment & Investment (MEI) Commission members and staff, the Virginia General Assembly, the VEDP Board, the Virginia Economic Developers Association (VEDA), the Virginia Chamber of Commerce, the Virginia Port Authority, the Virginia Rural Center, and Virginia’s many local and regional economic development organizations, among others. We have come a long way in the last few years, but we know there is much left to do to fully achieve our aspirations for Virginia and VEDP. Nevertheless, I’m grateful for this recognition of our substantial progress together.”
Site Selection debuted its Top Competitive States ranking in 2002, and in 2016, the prestigious ranking became known as the Prosperity Cup.
Read more about the 2019 Prosperity Cup ranking here.
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