Revenue numbers up, but not enough?
The McDonnell administration announced on Monday that January revenue collections rose 3.4 percent over the prior year and that total revenue collections are up 4 percent year-to-date.
And yet to hear the governor tell it, the numbers indicate a need for continued belt-tightening. Read more
Honeywell invests #27.5M in new Chesterfield County facility
Honeywell, a Fortune 100 manufacturing and technology company, will invest $27.5 million to add to its Advanced Fibers and Composites operation in Chesterfield County.
AF&C manufactures the lightest, strongest polyethylene fiber available anywhere in the world, which is used for ballistic protection with the U.S. military and law enforcement agencies and in certain industrial applications. The project will create 50 new jobs.
Virginia successfully competed against North Carolina and South Carolina. Read more
McDonnell announces 1,350 jobs in Chesterfield, Dinwiddie
Gov. Bob McDonnell and Amazon.com Inc. (NASDAQ: AMZN) today announced the company’s plans to open two fulfillment centers in Virginia, investing a total of $135 million. The company will invest $85 million and create more than 1,000 jobs in Chesterfield County, and invest $50 million in Dinwiddie County, creating more than 350 jobs.
“This project that includes a $135 million investment and more than 1,350 new jobs is a tremendous win for the greater Richmond region. Amazon is known all over the world, and the new centers in Chesterfield and Dinwiddie counties will fulfill orders across the United States. The establishment of these new operations is testament to the positive business climate and success the company has experienced in the Commonwealth,” McDonnell said. Read more
Rubbermaid to expand Winchester operations
Rubbermaid Commercial Products, a leader in solution-based commercial products, will invest $67.25 million to expand operations in the City of Winchester and establish a distribution operation in Frederick County.
The company, best-known for its commercial cleaning, materials management, washroom and foodservice products, will add a total of 71 new jobs. In the City of Winchester, RCP is investing in high-technology, energy-efficient injection molding machines to upgrade the facility’s production capability. In Frederick County, the company will retrofit an existing 454,000-square-foot facility into a state-of-the-art logistics center.
“This significant investment is a logistics strategy that will streamline the manufacture and distribution of the products. The upgraded production facility and state-of-the-art logistics center will help support RCP’s growing global demand for commercial janitorial and sanitation products while creating new jobs and investment in two localities of the Commonwealth,” Gov. Bob McDonnell said. Read more
Webb, Warner announce $200M for economic development
Sens. Jim Webb and Mark Warner today announced that the U.S. Department of Commerce National Institute of Standards and Technology will invest $212,800 in GENEDGE ALLIANCE, a statewide manufacturing support program based at Patrick Henry Community College in Martinsville, Virginia. Both Senators have consistently supported federal funding in Congress for the program, which supports industrial and manufacturing jobs by helping private businesses across the Commonwealth compete and succeed.
“I have been a big supporter of this concept, where high-quality advisors help small and mid-sized companies compete nationally,” said Sen. Webb. “The GENEDGE ALLIANCE manufacturing program is a strong example of a public-private partnership that will strengthen Virginia communities and invigorate local economies.”
“The GENEDGE ALLIANCE is a good example of a smart federal grant program that consistently produces a measurable return on investment,” Sen. Warner said. “GENEDGE consultants have helped employers across the Commonwealth upgrade processes and increase their growth opportunities. This grant represents a targeted investment that will strengthen Virginia’s economy and workforce.”
Since 1992, Virginia’s GENEDGE ALLIANCE has provided comprehensive services that produce quantifiable results for the companies they serve. The Manufacturing Extension Partnership (MEP) works in conjunction with companies to provide high quality analysis that helps companies increase productivity, lower costs, identify growth opportunities, improve technology application, and strengthen production. For every $1 invested in GENEDGE ALLIANCE assistance and service, $36 has been returned to the client’s bottom line, and descriptions of many GENEDGE ALLIANCE success stories from across Virginia can be found here.
GENEDGE ALLIANCE is a network affiliate of NIST-MEP, a national network of more than 59 affiliate centers, bringing enterprise expertise to over 149,000 businesses across the United States. GENEDGE ALLIANCE field offices are located throughout Virginia and their partnerships with the Old Dominion University Business Gateway (ODUBG) at Old Dominion University and the Manufacturing Technology Center (MTC) in Wytheville support companies across the Commonwealth.
McDonnell: Revenue collections up again, but that’s not good news
Gov. Bob McDonnell announced today that October revenue collections increased by 3.1 percent over the prior year – the 19th month out of the last 20 in which state revenue collections exceeded the previous year’s amount.
With the McDonnell administration preparing its first biennial budget, though, the governor’s office is trying to sound a political alarm about money issues even with the continued good news about the state economy.
“While Virginia’s economy continues to grow and recover from the economic challenges of past years, that rate of growth has slowed somewhat in recent months. All indicators at the state, national and global levels continue to urge caution as our economy struggles to regain its footing,” McDonnell said.
Actually, all indicators at the state level are positive. On a year-to-date basis, total revenue collections have risen 5.8 percent, ahead of the revised annual forecast of 3.7 percent growth. Adjusted for the accelerated sales tax program, state revenues have grown 5.0 percent, ahead of the economic base forecast of 3.5 percent growth.
“Virginia’s economy is showing modest growth and signs of improvement that surpass those of the nation’s economy as a whole, but the fragile national economy, persistent uncertainty in federal funding of programs that directly impact the states, and our economy’s vulnerability to upheaval due to national and world events requires economists and elected officials to take a conservative, responsible fiscal approach when budgeting for the future,” McDonnell said.
Virginia tourism: An $18.9B industry in 2010
Gov. Bob McDonnell announced today that visitors to Virginia generated $18.9 billion in revenue in 2010, a 6.7 percent increase over 2009. In 2010, tourism in Virginia supported 204,000 jobs and provided more than $1.3 billion in state and local taxes. The Virginia Tourism Corporation receives its annual economic impact data from the U.S. Travel Association. The information is based on domestic visitor spending (travelers from within the United States) from per person trips taken 50 miles or more away from home.
“The increase in revenue from tourism is very encouraging,” said McDonnell. “Given current economic conditions across the country, a 6.7 percent increase is impressive. Tourism is an instant revenue generator and job creator for Virginia, which is why I continue to advocate for more resources for tourism marketing. Smart investments in tourism provide economic benefits to communities across the Commonwealth and good jobs for our citizens.”
The 6.7 percent growth in domestic visitor spending follows Governor McDonnell’s recent announcement that tourism spending by overseas travelers to Virginia increased by more than 12 percent in 2010. Additionally, Canadian visitors to Virginia showed an even greater increase as nearly 575,000 Canadians traveled to Virginia and spent more than $133 million, a 16.6 percent increase in spending over 2009.
“We are pleased to have tourism revenue trending upward,” said Alisa Bailey, president and CEO of the Virginia Tourism Corporation. “However the economy continues to pose challenges for visitors and our industry. We’ll work with our industry partners to build on these positive gains, increase our marketing efforts and bring more visitors to Virginia.”
For information about Virginia’s travel destinations and trip planning resources, visit www.Virginia.org or call 1-800-VISITVA to request a free, Virginia is for Lovers Travel Guide.
