McDonnell signs economic-development legislation
During an afternoon visit to ICF International in Martinsville while on his “Virginia: Growing Strong” statewide tour, Gov. Bob McDonnell today ceremonially signed job creation and economic development legislation, including measures from his 2012 jobs and economic development agenda. Read more
Belchem to establish new operation in Alleghany
Gov. Bob McDonnell announced today that Balchem Corporation (NASDAQ: BCPC) will make an initial investment of approximately $10 million to establish an operation in Alleghany County.
The company will manufacture encapsulated ingredients for global applications in animal nutrition and health products, creating 55 new jobs over the next two to three years. Read more
DRS Technologies announces move to Northern Virginia
Gov. Bob McDonnell announced today that DRS Technologies Inc., a Finmeccanica Company, will be relocating its corporate headquarters from New Jersey to Arlington County.
The company, recognized as one of the leading defense technology companies in the world, will be expanding its regional office to accommodate over 100 employees. The relocation and expansion costs will bring in excess of $10 million of capital investment to the region. Read more
TV ad touts GOP efforts at economic development
A new TV ad from the Opportunity Virginia PAC touts Republican efforts to boost the Virginia economy.
The ad follows last week’s announcement that the March 2012 unemployment rate in Virginia fell to 5.6 percent, down substantially from the Commonwealth’s peak unemployment rate of 7.2 percent in January 2010. With the national unemployment rate hovering at 8.2 percent, Virginia’s unemployment rate ranks ninth in the nation and the lowest in the southeast.
“Virginia continues to outperform the nation as a whole in terms of economic vitality and job creation. This ad perfectly captures that story from the perspective of Virginia’s entrepreneurs and innovators,” said Bill Howell, the speaker of the Virginia House of Delegates.
State jobless rate continues slide
Virginia’s unemployment rate dropped for the fourth straight month.
The unemployment rate for the month of March was 5.6 percent. That is the lowest unemployment rate in Virginia in over three years, and a decline from 5.7 percent in February. Read more
He finally gets it: Governor accepts growth numbers
After months of talking down data showing a long-term growth trend, Gov. Bob McDonnell finally seems to be getting it.
“Virginia continues to gradually recover from the extremely difficult economic period of the past several years,” the Republican said Tuesday in a statement on the news that state revenue collections grew 17.2 percent in February.
On a year-to-date basis, total revenue collections are up 5.0 percent over 2011, ahead of the revised annual forecast of 4.6 percent growth. Read more
Rolls-Royce looking at expansion at Richmond facility
Rolls-Royce, the global power systems company, is considering a new advanced manufacturing facility at its Crosspointe location near Richmond.
The new factory would be an advanced blade manufacturing capability involving high-precision turbine blades for some of the world’s most sophisticated aircraft engines built by the company. Significant growth in the company’s aero engine order book provides the stimulus for this and other Rolls-Royce investments being made in America. Read more
