Advantages & Accolades
Virginia is the right place for your business. And we’re not the only ones who think so:
- Forbes.com ranked Virginia as the #1 Best State for Business 2013
- CNBC put Virginia on its list of Top Five States for Businesses
- U.S. Chamber of Commerce’s Enterprising States Study (2013) rated Virginia as the state with the #1 Highest Concentration of STEM Jobs
- Virginia was selected by Education Week as having one of the Best Overall Education Systems in the Nation
Benefits of Business in Southern Virginia
Southern Virginia is more than highly connected. It’s fully connected. The region boasts a robust, open-access fiber optic network owned by Mid-Atlantic Broadband (MBC) that connects every single business, industrial and technology park in the region.
A variety of competitive network providers provide direct connectivity to key carrier interconnection hubs in Northern Virginia and the Southeastern United States.
- Cox Communications
- Level 3
- Lightower Networks
- Lumos Networks
- Verizon Business
The result is a reliable, scalable infrastructure that allows businesses to locate operations anywhere in Southern Virginia—with access to cost-effective broadband connectivity at unlimited capacity.
There are many reasons Forbes rated Virginia as The Best State for Business in 2013.
1. Simplified Permitting and Licensing
Many communities offer expedited reviews utilizing an administrative, rather than a public process. If you have a special project or initiative, you can count on Southern Virginia ’s business-friendly regulatory climate to help you get it done.
2. Low Operating Costs and Tax Rates
The area is home to more 30 full-service communities—each one completely independent. Your business will benefit from simplified tax structure and you’ll get a tax bill from just one locality.
3. Incentive Programs for Qualifying Businesses
In addition to a variety of state incentive programs, many local municipalities offer a wide array of cash grant or cost-avoidance/cost-reduction incentives, reviewed and approved on a case-by-case basis.
Virginia is the northernmost “right to work” state with the third lowest rate of unionization in the country.
Three words sum up Southern Virginia’s workforce: ready, able and willing.
As of 2012, the area was home to more than 500,000 workers with an impressive range of skills, trades and educational attainment. In fact, more than 23% of the region’s population age 25 and older hold a bachelor’s degree or higher.
Virginia leads the nation with the highest concentration of high-tech workers. It also ranks #1 with the highest concentration of Science, Technology, Engineering and Mathematics (STEM) jobs.
There are also multiple opportunities available for shared research and collaboration with universities. In Southern Virginia alone, university and college partnerships are possible with the Commonwealth Center for Advanced Manufacturing (CCAM), Institute of Advanced Learning & Research (IALR), the Center for Advanced Engineering & Research (CAER), New College Institute (NCI), and many other public and private institutions.
Low Operating Costs & Taxes
Business-Friendly Tax Policies
Southern Virginia conveniently benefits from the State of Virginia’s low operating costs and business-friendly tax policy.
- Virginia’s Corporate Income Tax has remained at 6% since 1972
- Virginia’s Sales & Use Taxes are 4.3%, compared to the national median of 6%
- Manufacturers do not pay tax on purchases used for production
- Distributors do not pay tax on items purchased for resale
- Virginia’s Unemployment Taxes are more than 30% below the national average
- Virginia’s Worker’s Compensation Costs are among the lowest in the country – more than 40% below the national average.
Low Cost of Real Estate
Southern Virginia has some of Virginia’s lowest real estate prices and property taxes.
In fact, land costs, lease rates, and construction costs are as much as 23% lower than other parts of the country. Your business will also benefit from affordable utility costs, including lower electric rates than much of the country – especially West Coast and Northeast locations.
Competitive Labor Costs
Wage rates typically run below both national and state averages.
The Cost of Living/ACCRA Index runs between 88.2 and 92.4 in the Southern Virginia region.
Inquiries about doing business in Southern Virginia contact firstname.lastname@example.org.