2024 State Of The Year: Businesses Expand Horizons In Virginia

Across the commonwealth, companies find vast opportunity to innovate and grow. Top talent, strong infrastructure, and teamwork make it happen.

2024 State of the Year Virginia
(Photo: Virginia Economic Development Partnership)
By BF Editors
From the January/February 2025 Issue
2024 State of the Year Virginia

Virginia is consistently recognized as having one of the strongest business climates in the United States, due in part to its strategic location, skilled workforce, and pro-business policies. In 2024, Governor Glenn Youngkin, Virginia Economic Development Partnership (VEDP), and their partners throughout the state continued taking action toward economic growth for the business community and residents.

“From advanced manufacturing to data centers to professional services, Virginia is attracting companies across industries with its business-friendly environment and programs to support the distinct needs of those businesses,” says Business Facilities Editorial Director Anne Cosgrove. “From the recent news of a $1 billion-plus investment by Microporous LLC to manufacture battery separators to Beanstalk Farms investing $4.1 million for indoor farming and distribution, businesses of all sizes see the promise and profit in choosing Virginia.”

“Virginia is a prime location for businesses of all varieties, and this honor from Business Facilities underscores the work we’ve been doing since day one to make Virginia the best place for business investment and job creation,” said Gov. Youngkin. “The Commonwealth has experienced record job growth from companies that are drawn by our best-in-class talent, infrastructure, and business-friendly environment. I am thrilled that Virginia has earned this recognition from a leading source for site selection experts.” 

“Businesses want to operate in states where they feel welcome and can create a long-term growth plan, and Virginia offers that stability,” said Secretary of Commerce and Trade Caren Merrick. “This is a state where people want to live and work, and we look forward to building on this foundation.” 

“Being named State of the Year is a testament to Virginia’s status as a top state for economic development and the businesses that support our communities, and all our state, regional, and local partners who contributed to this honor,” says VEDP President and CEO Jason El Koubi. “Teamwork and collaboration are hallmarks of the Commonwealth’s approach to economic development, and I look forward to continuing to work alongside our partners as we continue to make Virginia a great place to do business.”

In its evaluation for 2024 State of the Year, Business Facilities considered successes related to education and workforce, infrastructure, and business attraction and retention. When it comes to education and workforce, Virginia offers many advantages.

“From K-12 schools to its renowned higher education institutions to the Virginia Talent Accelerator Program, the award-winning customized workforce training program delivered by VEDP, companies in the state have access to a highly educated and skilled population,” says Cosgrove. In its 2024 State Rankings report earlier this year, Business Facilities ranked the Virginia Talent Accelerator Program No. 1 for Customized Workforce Training.

For a growing number of site selection teams, identifying sites complete with transportation and utility infrastructure has moved up the priority list. Launched in 2023 and operated by VEDP, the Virginia Business Ready Sites Program (VBRSP) certifies and prepares sites for prospective companies. With the support of Gov. Youngkin, the program has made significant progress. In August, the governor awarded $126 million in development grants for 23 sites in 12 regions of the state.

The Virginia Tech Innovation Campus in Alexandria, VA. (Photo: Virginia Tech)

Education & Top-Notch Talent

In Alexandria, VA, Virginia Tech has opened its Innovation Campus on 3.5 acres in the 19-acre first phase of a new mixed-use development and innovation district in North Potomac Yard. This strategic location, just south of Reagan National Airport, positions Virginia Tech and its future partners near the nation’s capital, diverse industries, and leading tech companies, including Amazon’s HQ2.

The first academic building, an 11-story, 300,000 square-foot structure, opened in January 2025 with an official opening planned for late February. Academic Building One provides instruction, research, office, and support spaces for graduate-level programs in computer science and computer engineering, as well as select other programs – including the Pamplin College of Business. Experiential learning environments within this building are designed to enhance the Virginia Tech experience including flexible multi-purpose areas, research and testing labs, and maker spaces.

Campus plans call for Virginia Tech to build two additional buildings, each about 150,000 square feet, as the campus grows.

Investment Abounds Across Virginia

The partnerships among government, economic development, and other stakeholders in economic development underpin the success of supporting business in Virginia. Investments throughout the commonwealth state span a range of industries and regions.

2024 State of the Year Virginia
Microporous is a manufacturer, developer, and marketer of battery separators and engineered materials, investing more than $1 billion in Virginia. At the groundbreaking, Microporous CEO John Reeves speaks about the company’s investment in Pittsylvania County, joined by Governor Glenn Youngkin. (PhotoS: Microporous)

Microporous LLC, a manufacturer of battery separators, is investing $1.35 billion for a manufacturing facility in Pittsylvania County. The company will develop two phases of the project of the Southern Virginia Megasite. This project is expected to create 2,015 new jobs.

“With the new facility in Berry Hill, Microporous is taking a major step toward the future of energy storage technology,” said Microporous CEO John Reeves. “We extend our deepest gratitude to the Department of Energy, the Commonwealth of Virginia, Pittsylvania County, and the City of Danville for their incredible support and collaboration in making this project possible. Microporous is dedicated to developing the local workforce, investing in the community to improve opportunities for the local economy, and creating a better tomorrow for everyone.” 

“This historic $1.35 billion investment by Microporous in Pittsylvania County marks a new chapter in Virginia’s incredible advanced manufacturing story,” said Gov. Youngkin. “This project not only brings over 2,000 new jobs to Southside Virginia, but also positions the Commonwealth at the forefront of our nation’s resurgence in manufacturing.”

In Waynesboro, VA, Northrop Grumman Corporation is investing more than $200 million in an advanced electronics manufacturing and testing facility in Waynesboro, with an $8.5 million grant from the Commonwealth’s Opportunity Fund and support from the Virginia Talent Accelerator Program. 

The aerospace and defense leader broke ground for a 300,000-square-foot facility in February 2024, with operation expected by summer 2025 and full capacity reached by 2027. 

For a community of 21,000 people, this project is monumental, bringing immediate and long-term benefits to the city’s workforce and economy. “This is huge…the same level as DuPont coming back in 1929,” wrote one Waynesboro resident following the announcement. 

2024 State of the Year Virginia
In Chesapeake, VA, LS GreenLink USA is building a manufacturing facility to produce high-voltage submarine power cables, integral to the global supply chain for offshore wind farms and designed to optimize bulk clean-power transmission. (Photo: Virginia Economic Development Partnership)

Achieving this milestone was a collaborative effort, involving multiple partners including the City of Waynesboro, Gov. Youngkin, VEDP, Equus Capital Partners, and Northrop Grumman, and its consultant.

The groundwork for this project began years ago with strategic preparation. City council and property owners rezoned the site from highway business to industrial in 2021, positioning it for large-scale industrial use. The Shenandoah Valley Partnership led the way in securing GOVA Sites Enhancement Program funding, allowing critical due diligence to be completed in 2023. The Virginia Department of Transportation’s Smart Scale Program also paved the way for future access, with a new road providing additional access to the site as well as the city’s new industrial park.

Check out all the latest news related to Virginia economic development, corporate relocation, corporate expansion and site selection.

Advanced Manufacturing, Aerospace/Defense/Aviation, Awards & Rankings, Business/Industrial/Research Parks, Capital Investment, Cover Story, Economic Development, Education & Workforce, Featured, Incentives, Taxes & Financing, Industry Clusters/Hubs, Infrastructure & Logistics, Magazine, Public-Private Partnerships, Research & Development, Shovel-Ready & Certified Sites, Single Location, Site Selection Factors, Utilities, Virginia, Workforce Development

2024 State of the Year, BF-Jan/Feb-2025, Business Climate, Business Incentives, Capital Investment, corporate expansion, Economic Development, Governor Glenn Youngkin, Microporous LLC, Northrop Grumman, Single Location, Site Selection, State of the Year, Virginia, Virginia Business Ready Sites Program, Virginia Economic Development Partnership, Virginia Talent Accelerator Program, Virginia Tech Innovation Campus, Workforce Development

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