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Seal of the Governor
For Immediate Release: October 20, 2021
Contacts: Office of the Governor: Alena Yarmosky, Alena.Yarmosky@governor.virginia.gov | Virginia Economic Development Partnership: Suzanne Clark, sclark@vedp.org

Governor Northam Announces Virginia Secures $77 Billion in Capital Investment, Creating Nearly 100,000 New Jobs

Record-breaking investments build on successes of past administrations

RICHMOND—Governor Northam today announced that Virginia’s economy has generated a record $77 billion in capital investment commitments across more than 850 projects, as businesses expand their footprint in Virginia and new companies move into the Commonwealth. These projects will create nearly 100,000 new jobs and represent more capital investment secured than any previous Governor.
 
“Virginia’s economy is roaring because we’re investing in people, infrastructure, and our future,” said Governor Northam. “When you treat people right it’s good for everyone and good for business. Companies want to invest here, and people want to work here. The billions of dollars companies are investing in our Commonwealth will expand opportunities and help Virginia reach new heights.” 
 
The announcement comes just days after Governor Northam traveled to Wytheville, where he announced that the Commonwealth had attracted the largest job-creating investment in Southwest Virginia in a generation with nearly 2,500 jobs. This week, the Governor is visiting with companies making major capital investments in Loudoun, Bland, and Danville.
 
Virginia was named the “Top State for Business” by CNBC in 2019 and 2021—the first state to earn a back-to-back title. Virginia now holds more “Top State” titles than any other state in the nation. CNBC noted Virginia’s highly educated workforce, investments in infrastructure, commitment to diversity, and strong economy were major factors in determining the rankings. 
 
Under Governor Northam’s leadership, Virginia has made historic investments in early childhood education, increased funding for historically Black colleges and universities, and worked to expand degree programs in computer science and technology at public higher education institutions to help meet the increased demand for tech talent. Virginia’s workforce investments also include the new G3 program, which makes tuition-free community college and financial support for other expenses available to low- and middle-income students who pursue jobs in high-demand fields. Because companies rely on skilled workers, Governor Northam launched the $1.1 billion Tech Talent Investment Program. This program, the largest investment of its kind, is designed to increase the number of computer science graduates in the next 20 years.
 
Virginia’s strong economic performance has led to high-profile investments, including Amazon’s selection of Arlington to build its second headquarters, called Amazon HQ2, in 2018. Virginia successfully landed the United States’ largest competitive economic development project in history, beating more than 230 proposals. Amazon’s HQ2 is expected to bring more than $2.5 billion in capital investment and at least 25,000 new jobs.
 
During this administration, Governor Northam secured the single largest manufacturing project in the Commonwealth’s history. Micron, a semiconductor manufacturing company, announced a $3 billion expansion of their Manassas facility. The expansion is expected to generate an additional 1,100 jobs and will make Micron one of the largest exporters in the Commonwealth.
 
Jobs & Investment: By the numbers
Announcements and job creation since Governor Northam took office to October 19, 2021:
 
  • 860 – Economic development projects
  • $77.099 Billion – Capital investment commitments
  • 98,001 – Net jobs created in Virginia during Governor Northam’s term 
  • 4.0% – Unemployment Rate— 1.2 percentage points below the national 5.2% rate

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