Business Climate
Virginia has long been recognized as one of the best states for doing business. This success reflects the Commonwealth’s commitment to a diverse economy, a skilled workforce, a strong infrastructure, and a predictable and stable regulatory environment.
To continue the trajectory of success, Virginia must remain proactive. Demographic changes, technological advancements, and evolving workforce needs present opportunities and challenges alike. Continued investments in economic development, including business-ready sites, out-of-state marketing, and incentive programs, are needed to remain competitive with other states. Virginia must also continue proven policies, such as right-to-work, which have long enabled economic growth while avoiding measures that could undermine its strong business climate.
The recommendations in this section provide a comprehensive policy framework to ensure a successful business climate through 2035 and beyond.
Recommendations
- Champion and protect Virginia’s right-to-work statute as the foundation of workforce flexibility, employee choice, and the embodiment of the freedom of association
- Ensure predictable and stable wage policies, recognizing that higher labor costs substantially impact an employer’s ability to hire and retain unskilled workers new to the labor force
- Control workers’ compensation costs by supporting fair, evidence-based reforms and opposing measures that unnecessarily expand employer liability
- Identify cost-effective ways for employers to provide expanded employee benefit programs
- Reduce barriers to occupational licensure, including through the increase of practice mobility and reciprocal licensure
- Improve overall tax competitiveness to move Virginia into the top 20 states nationally by reducing barriers to capital investment and modernizing aspects of corporate income tax practices
- Clarify and address outdated provisions of Virginia’s business tax code, including statutory updates to the Business, Professional, and Occupational License (BPOL) tax to prevent double taxation for businesses with multistate activity
- Continue to support and advocate for increased and sustained funding for site development, public infrastructure, utility access, and placemaking, recognizing the importance of investment in business-ready sites and preservation-based economic and community development across the Commonwealth, including through the Virginia Business Ready Sites, Transportation Partnership Opportunity Fund, and Virginia Main Street programs
- Streamline and simplify business formation and establish integrated, one-stop portals for licensing and compliance issues
- Support efforts at the local level to digitize and streamline review and permitting processes related to commercial, industrial, and residential development
- Continue development of incentive and business assistance programs tailored to the size, location, and industrial trends of diverse jurisdictions throughout Virginia, informed by and in support of regional collaboration models such as GO Virginia and the Blue Ridge Innovation Corridor
- Continue to support and advocate for increased marketing funding to better promote Virginia in the global marketplace and to aid in the recruitment of domestic and foreign investment in the Commonwealth
- Proactively market and promote Virginia’s unique and leading advantages as a destination for quantum computing, artificial intelligence, advanced manufacturing, aerospace, defense, autonomous systems, biotechnology, pharmaceutical, and agribusiness firms and technologies
- Study potential dedicated funding sources to supplement and/or offset existing state appropriations for statewide economic development incentive programs, business recruitment/expansion/retention efforts, and job creation initiatives for eligible projects
- Foster vibrant tourism, hospitality, and travel industries to attract visitors and new Virginians
- Promote supply chain diversification, readiness, and resilience to best ensure that businesses in all regions and industries can withstand potential shocks and trade disruptions
- Invest in programs and promotional activities to develop overseas markets for Virginia-made goods and services and assist Virginia companies in accessing international opportunities, including for small businesses and underserved communities
- Work with Virginia’s colleges, universities, and other institutions to establish world-class programs for supply chain management
- Monitor and improve supply chain-dependent infrastructure such as airports, seaports and terminals, navigation channels, freight rail, interstate and U.S. highway systems, and spaceports
- Defend the principles of free enterprise, including transparency in government, private property rights, personal freedom, and the operation of free markets unfettered by unnecessary government intrusion
- Encourage business participation in local and state decision-making, especially in areas such as land use where opposition to reasonable and sensible economic development is rampant and stifles the growth of communities and opportunities
Acknowledgements
Business Climate Industry Council
CO-CHAIR
Todd P. Haymore
Hunton Andrews Kurth, LLP
CO-CHAIR
Christopher D. Lloyd
McGuireWoods Consulting LLC
Brian Anderson
ChamberRVA
Katharine Bond
iliox Advisors
Karin Bowles
Virginia Early Childhood Foundation
Mindy Boyd
Goodwill Industries of the Valleys
Dr. Towuanna Porter Brannon
Virginia Peninsula Community College
Virginia Bulger
Transurban North America
Angela Cain
Forvis Mazars, LLP
Mike Chinn
Virginia Business Roundtable for Early Education/Endicott Capital
Hank Coleman
Truist
Darren Conner
Dewberry
Dr. Marcia Conston
Tidewater Community College
Darrell Davis
DoorDash
Montgomery Deihl
Ocean Fleet Services (Representing Omega Protein)
Benjamin Dessart
Universal Corporation
Woody Fowler
Williams Mullen
Deborah Gandy
Chevy Chase Trust Company
Dr. Jinzhuo Garrett
PNC Bank
Paige Gill
Luck Companies
Kathy Glazer
Virginia Early Childhood Foundation
Andy Guggenheim
SIFMA
Brad Hall
Appalachian Power Company
Renee Haltom
Federal Reserve Bank of Richmond
John D. Hewa
Rappahannock Electric Cooperative
Joe Hines
Timmons Group
Victor Hoskins
Fairfax County Economic Development Authority
Mark J. Hourigan
Hourigan Group
April Hughes
American Cancer Society
Edmond Hughes
HII
Alex Iams
Fairfax County Economic Development Authority
Justin Ingram
PNC Bank
Suzy Kelly
Jo-Kell, Inc.
Arlene E. Lee
LEE Construction Group, Inc.
Rob Locke
Dominion Energy, Inc.
Kenny Magee
Virginia Natural Gas, Inc.
Charlie Martin
Altria
Tavis Maxwell
Capital One
Dr. Corey McCray
Paul D. Camp Community College
Barbara Nelson
The Port of Virginia
Paul Nester
RGC Resources
Thomas C. Palmer
Wells Fargo Bank, NA
Joe Peddicord
JPMorgan Chase
Samuel Proctor
Froehling & Robertson, Inc.
Fran Randall
Forvis Mazars, LLP
Matthew Rash
Apple Hospitality REIT, Inc.
Jon Riley
Luck Companies
Erik Rison
Smurfit Westrock
Brian Rountree
Bank of America
Matthew Schaaf
Truist
Wendy Shields
Altria
Rob Shuford
TowneBank
Paul Speidell
CVS Health
Linda Stanley
First Citizens Bank
Maria Tedesco
Atlantic Union Bank
Kelly Till
Lee Enterprises VA, Richmond Times-Dispatch
My Lan Tran
Virginia Asian Chamber of Commerce
Jennifer Wakefield
Greater Richmond Partnership
Jack L. White
McGuireWoods LLP
Bob Wills
Branch
Supply Chain and International Trade Industry Council
CO-CHAIR
Eric Sisco
Virginia International Gateway
CO-CHAIR
Keller Watts
Smithfield Foods, Inc.
Stephanie Agee
Virginia Economic Development Partnership
Bryan Caccavale
HII
Lauren Caplan
General Dynamics Information Technology
Walter Crenshaw
The AES Corporation
Declan Daly
TMEIC Corporation Americas
Eric Finkbeiner
SAIC
Clayton Forbes
Truist
Herb Frerichs
Perdue Farms Inc.
Melissa Frye
General Dynamics Information Technology
Jeff Gay
Truist
Justin Heckel
UPS
Miguel Mendoza
Amazon
Barbara Nelson
The Port of Virginia
Rebecca Polan
Allied Realty Company
Brian Roinestad
Atlantic Builders, Ltd.
Tamara Slade
The AES Corporation
Wendy Wellener
Dominion Energy, Inc.
David White
Virginia Maritime Association
Lindsay Berry Winter
Amazon
Thank You To Our Sponsors
