Governor Youngkin Releases Economic Development Policy to Grow Virginia’s Economy

Governor Glenn Youngkin today unveiled “Compete to Win”, a comprehensive economic development policy to grow Virginia’s economy which he announced at the 2022 Virginia Economic Summit hosted by the Virginia Chamber of Commerce and Virginia Economic Development Partnership. Developed to address Virginia’s sluggish economic performance in recent years, the ambitious plan outlines a roadmap to enhance the Commonwealth’s competitive position and accelerate economic growth over the next three years. Key focus areas include acceleration of support for prioritized industries and new sectors, workforce development and growth, site and infrastructure development, increased housing supply and tax reform, cost and ease of doing business, and the growth of small businesses and entrepreneurship.

“Economic development is essential to making Virginia an attractive place to live, work, and raise a family,” said Governor Glenn Youngkin. “While we have made substantial progress in a post-pandemic economy over the past year, there is still much recovery work to be done. Now is the time to hit the accelerator and build a best-in-class business environment so Virginia can compete to win, and this comprehensive plan will enable us to do just that. I look forward to the collaboration ahead to solidify the Commonwealth’s position as the top state for business in the nation.”

“Virginia’s economic future depends on bold vision and even bolder execution,” said Secretary of Commerce and Trade Caren Merrick. “We are committed to ensuring the Commonwealth has the business climate, prepared sites, workforce pipeline, entrepreneurial ecosystem, and livability to successfully compete and drive economic growth across the Commonwealth, and we are ready to continue this critical work with a strategic roadmap to follow.”

To accomplish its economic development goals, Governor Youngkin’s Administration will undertake six strategies to drive economic development in Virginia into high gear: 

  1. Accelerate Support for Target Industries and New Sectors: Elevate industries where Virginia has competitive advantages and establish strategic segments for key sectors to generate growth for rural and urban Virginia, leverage all of government plus enablers to capture growth in industries where Virginia is in a strong position to win and enhance Virginia’s competitiveness for high-growth industries.
  2. Unleash a Talented Workforce: Grow Virginia’s workforce, improve connections between talent and businesses, and prepare Virginians to acquire in-demand, marketable skills.
  3. Accelerate Site and Infrastructure Development: Prepare sites, utilities, and roadways to meet market demand, streamline Virginia’s permitting processes to increase speed to market, and proactively invest in the necessary infrastructure to support growth.
  4. Make Virginia More Affordable: Address housing supply shortages, energy costs, and individual taxes to reduce the cost of living in Virginia.
  5. Break Down Barriers: Evaluate Virginia’s business taxes, licensing, and other costs, and modernize Virginia’s regulatory processes to reduce costs of doing business and remove barriers to success.
  6. Drive Innovation: Strengthen a statewide culture conducive to entrepreneurship by enhancing connections between businesses, universities, investors, and talent and reducing burdensome regulations for small businesses and early-stage companies.

Read the 2022 Compete to Win policy here.

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