Business Facilities - February 2008 - (Page 53)

BUSINESS REPORT Virginia By Bill Trüb Virginia’s VITAL Signs A new global business focus is quickening the pulse and changing the face of Virginia’s economy. L aunched in 2007, the Virginia International Trade Alliance (VITAL) is a collaboration of more than 60 companies across the state that aims to promote and advance international trade and investment. More specifically, VITAL initiatives include establishing a referral network for international inquiries; creating a consortium of private-sector service providers to assist foreign companies interested in establishing a presence in Virginia; developing an online service exporters directory; and selecting a slogan for use in marketing Virginia globally. The Virginia Economic Development Partnership and the Virginia Port Authority will support VITAL’s efforts by providing staff assistance. VITAL participants will serve as a central point for the development of a coordinated international marketing strategy, and will form task forces focused on key areas, such as branding Virginia, emerging markets, foreign-owned companies, global logistics, and building stronger relations with the emerging markets of China and India. VITAL is already showing signs of life. In November, London-based Rolls-Royce announced it will build a state-of-the-art aeroengine facility in Prince George County, VA. Initially, the company will invest $100 million to establish an assembly and test facility for its civil aerospace operations. Over time, the company has options to invest up to $500 million to support future advanced Governor Timothy M. Kaine announces Rolls-Royce’s decision to build an aeroengine facility in Prince George County, VA. manufacturing. The projects will create 500 new jobs. Virginia successfully competed against Georgia, Indiana, Mississippi, North Carolina, Ohio, South Carolina, and Texas, as well as locations overseas. “Rolls-Royce’s investment is transformational,” says Virginia Governor Timothy M. Kaine. “The company, which operates in four global markets, will bring international focus to our state’s aerospace industry.” VIRGINIA FAST FACTS Population (2006): 7,642,884 Largest Cities (2006): Virginia Beach, 435,619; Norfolk, 229,112; Chesapeake, 220,560; Arlington, 199,776; Richmond, 192,913 Targeted Industries: Advanced manufacturing, services and security, biotechnology, nanotechnology, R&D, energy, and transportation Key Incentives: Governor’s Opportunity Fund, Virginia Jobs Investment Program, Virginia Investment Partnership Grant Fund, Virginia Economic Development Incentive Grant, Recovery Tax Credit 1-YEAR VIRGINIA EMPLOYMENT GROWTH BY SECTOR Professional & Business Services Leisure & Hospitality Construction Trade, Transportation, & Utilities Government Education & Health Services PHOTO CREDIT: VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 2.4% 2.1% 2.1% 1.8% 1.6% 1.6% 0.8% 0.7% 0% -0.1% 1.7% -2 0 2 PERCENTAGE CHANGE FROM 11/06 — 11/07 4 Financial Activities Manufacturing Natural Resources & Mining Information TOTAL Non-agriculture SOURCE: BUREAU OF LABOR STATISTICS, NOVEMBER 2007 BUSINESS FACILITIES 53

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Business Facilites - February 2008 Contents First Word Snapshots Corporate Moves: Texas Capturing the Creative Class Green with Energy Automotive Opportunities in a Green Economy Corporate Moves: Wyoming Metro Spotlight: Overland Park, KS Metro Spotlight: Long Island, NY Get Ahead in Alabama Indiana: Sending Tech Messages How to Successfully Negotiate a Lease in Today's Real Estate Environment Legislation Spurring Innovation in Kentucky New Center will Propel Ontario's Automotive Future Virginia's Vital Signs Eating Well in the North of France Advertiser Index Ask the Expert

Business Facilities - February 2008

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