|
December 2, 2016
The Williamsburg Lodge
Hosted by the Roanoke Regional Chamber
December 6, 2016
7:30 AM - 9:00 AM
December 13, 2016
7:30 AM - 9:00 AM
Hosted by the Lynchburg Regional Business Alliance
December 15, 2016
7:30 AM - 9:30 AM
January 6, 2017
Greater Richmond Convention Center
SAVE THE DATE!
Chamber Day at the Capitol &
Old Dominion Assembly Legislative Reception
January 25, 2017
Hilton Richmond Downtown |
|
Member News & Events
December 7, 2016
CarMax Home Office
|
|
| |
|
President's Message
 This month, both Forbes and Site Selection magazine released their annual business climate rankings. In Forbes' "Best States for Business," Virginia ranked 6th, up from 7th last year. Virginia also took 6th place in Site Selection's Business Climate rankings, up from the 12th spot in 2015.
While we are pleased with this upward trend, there are still areas that stand out as needing improvement. The increasing cost of doing business and slow economic growth still hold us back in these national rankings.
As we prepare to launch Blueprint Virginia 2025, Virginia's place in national rankings, and especially the category breakdown in each, gives us insight into what areas we can prioritize as we work to improve our business climate.
I hope you will plan to join us on December 2nd in Williamsburg for the official launch of Blueprint Virginia 2025. Be the first to participate in polling to determine the priorities for Blueprint 2025. Also on December 2nd, we'll release the second annual State of the Commonwealth report, hear post-election analysis from Dr. Bob Holsworth, and hear from Virginia's candidates for Governor.
Best wishes to each of you for a happy Thanksgiving!
|
Join us in Williamsburg on December 2nd for the
7th Annual Virginia Economic Summit!
|
Program Highlights Include:
|
-Release of the 2016 "State of the Commonwealth" Report
-Post-election analysis and what to expect in Virginia in 2017 by Dr. Bob Holsworth
-Kick-off of Blueprint 2025 and live polling - be the first to vote on priorities for Blueprint 2025!
-Hear from candidates for Governor of Virginia!
|
Presenting Sponsor
|
Platinum Sponsor
|
|
Presenting Law Firm Sponsor
|
|
|
|
Virginia Ranks 6th in Forbes "Best States for Business" Rankings
This month, Forbes released its annual "Best States for Business" rankings. Virginia came in at 6th this year, up one spot from 7th in 2015.
Forbes bases their rankings on 6 categories: business costs, labor supply, regulatory environment, economic climate, growth prospects, and quality of life. Virginia's rankings in each of these were:
According to the article, higher business costs (#29) and a declining economic climate (#33) have lowered Virginia's rank, but our strong suits include regulatory environment (#3) due to strong incentive offerings and business-friendly government policies.
To view Virginia's profile, click
here. To view the full list of rankings, click
here.
|
|
Virginia Improves to 6th in Site Selection Business Climate Rankings
Site Selection Magazine recently released its 2016 business climate rankings. Virginia ranked 6th this year, an improvement over last year's 12th place ranking.
The rankings are based on a survey of site selectors (corporate facility investors and site consultants) who are asked to rank the states based on their experience of locating facilities in them, which makes up half of the ranking. The other half is based on an index of 7 criteria: performance in Site Selection's annual Prosperity Cup ranking (formerly the Competitiveness Award); total Conway Projects Database-compliant facility locations and expansion projects in 2015; total projects in 2015 per capita; total 2016 projects year to date; total 2016 projects year to date per capita; state tax burdens on mature firms and on new firms according to this year's Tax Foundation and KPMG Location Matters analysis.
The rankings breakdown can be found below. To read the full article on Site Selection's 2016 business climate rankings,
click here.
|
|
Nominations Currently Being Accepted for Virginia Chamber Board of Directors
As a business leader in your community and a member of the Virginia Chamber of Commerce, you can be most helpful in identifying businessmen and women for possible service on the Chamber's Board of Directors. We are seeking individuals with a proven record of community service and leadership ability and who would have a commitment to preserving a positive business climate in Virginia on a statewide basis.
To make recommendations, please write to:
Ms. Stacey Mendler
Chair, Nominating Committee
ATTENTION: Maryann Crowder, VP of Local Chamber Relations & Executive Director of VACCE
Virginia Chamber of Commerce
919 East Main Street, Suite 900
Richmond, VA 23219
or email Maryann at [email protected] and identify your nominee(s) and attach a current bio.
Your letter must be received by Wednesday, November 30, 2016.
|
Fantastic 50 Nominations Open!
 Virginia's FANTASTIC 50 award program is a signature event of the Virginia Chamber of Commerce. Now in its 22nd year, the FANTASTIC 50 program is the only annual statewide award recognizing Virginia's fastest growing business.
Nominations for the 2017 Fantastic 50 program are open and being solicited from local chambers of commerce, economic development organizations, and through the sponsors' networks; companies may also nominate themselves.
Program Requirements
Click here to submit a nomination.
Nominations close on January 8th.
Once nominated, you will receive back by email the formal application that must also be completed by the
January 8, 2017 deadline.
|
|
JLARC Releases Report on Virginia Economic Development Partnership
In 2016 the General Assembly passed House Joint Resolution 7, which directed JLARC staff to review various aspects of the Virginia Economic Development Partnership Authority (VEDP), including its operational efficiency, performance, and accountability structure. JLARC staff were also directed to review the level of coordination of economic development programs in Virginia. The report was released on November 14th and can be viewed here.
The report lays bare severe problems with the management and organization of VEDP's marketing efforts.
The marketing functions of VEDP, based on the report, will take time to effectively organize. We need to ensure coordination and accountability for the 80 state agencies, 133 local entities, and 37 regional organizations that provide economic development services, and the JLARC recommendation to establish a Board of Economic Development is a sound way to accomplish that function. We strongly agree that the current metrics being used to measure the success of VEDP's marketing and incentive programs are insufficient, and need a complete overhaul. We believe that the recommendations issued by JLARC in the report represent a good path forward.
Despite extensive organizational challenges, we found in a trade study sponsored by the Virginia Chamber Foundation and released last fall that the small staff involved in international export promotion at VEDP has been a bright spot, effectively connecting Virginia businesses with world markets for their goods and services. The JLARC report confirms that these functions are not being prioritized within the VEDP organization. That is one reason that a coalition of businesses from around Virginia, including the Virginia Chamber, the Virginia Manufacturers Association, and the Virginia Maritime Association advocated for the creation of the Virginia International Trade Corporation. We continue to believe that VITC can and should be stood up and successful in the short term with existing leadership and staff.
We look forward to working with members of the General Assembly to ensure that the recommendations of JLARC result in a focused, effective VEDP that will support long-term growth of Virginia's economy.
|
|
Virginia's Goal of a Highly Educated Workforce
Virginia has set a goal of awarding an additional 100,000 degrees to in-state undergraduates by 2025. According to the State Council of Higher Education for Virginia (SCHEV), Virginians earned the largest number of degrees and certificates in history from Virginia institutions this year -- a 3.8% increase over last year. Of that total, public colleges and universities awarded 49,726, while private institutions awarded 7,179. Virginia aims to be the best-educated state by 2030 with an additional 1.5 million degrees and workforce credentials.
|
|
Virginia's Innovation Ecosystem
The Milken Institute released its annual State Technology and Science Index (STSI), which looks at each state's technology and science capabilities and their impact on regional economic growth. The 2016 index measures 107 indicators and sorts them into five categories: Research and Development Inputs, Risk Capital and Entrepreneurial Infrastructure, Human Capital Investment, Technology and Science Workforce, and Technology Concentration and Dynamism.
How did the Commonwealth fare? Virginia dropped two spots, to ninth, its lowest-ever ranking. Apart from the Human Capital Investment index, where it climbed one spot, to seventh, it lost ground against other states on all the composite indices. In Technology and Science Workforce, where it has typically performed very well, Virginia dropped three places, to eighth. The Commonwealth continues to have the highest concentration of workers in computer and mathematical occupations in the country, engaged in high-tech and research work at world-class companies and institutions in the northern Virginia technology corridor. In Technology Concentration and Dynamism, another traditional area of strength, Virginia dropped one place, to seventh. More significant shifts were experienced in the Research and Development Inputs and the Risk Capital and Entrepreneurial Infrastructure indices. On the former, Virginia plummeted eight spots, to 20th; on the latter, a 12-place drop left it at No. 25.
|
|
Virginia's Workers Comp Premium Rate Ranking
Workers' compensation premium rates significantly raise the cost of doing business. Fortunately, Virginia's workers' comp rates are one of the least expensive in the nation, according to data recently released by the Oregon Department of Consumer and Business Services. The biennial Oregon study ranks all 50 states and the District of Columbia based on premium rates that were in effect as of January 1, 2016. When compared to other states, Virginia has the 5th lowest workers' comp rates. California was most expensive for workers' comp, while North Dakota was least expensive. It should be noted that in 2016 the Virginia General Assembly passed Virginia Chamber supported legislation (HB 378/SB 631) to address the medical cost component of workers' comp claims.
|
Rebuilding Through Repatriation: How Corporate Cash Can Save America's Infrastructure
S&P Global (NYSE: SPGI) recently published research that suggests a private sector solution to help finance America's bridges, roads, and other public works projects: requiring companies to commit a portion of any overseas profits they bring back for infrastructure improvements.
In the report, co-authored by S&P Global Ratings U.S. Chief Economist Beth Ann Bovino, U.S. multinationals would be incentivized to repatriate offshore profits. The report suggests a zero tax rate on repatriated earnings in exchange for companies committing 15% of the returned money to investments in, for example, interest-bearing infrastructure bonds issued by state and local governments.
The opportunity to reap a return on investment on infrastructure bonds, rather than lose money to taxation, is a substantial enticement for U.S. companies to participate, the report notes.
To read the report, click here. |
Virginia 4th & 8th Grade Students Earn Top Science Marks
The Virginia Department of Education recently announced the results of the 2015 national science tests. Virginia fourth-grade and eighth-grade public school students out-performed their peers by wide margins in the 2015 National Assessment of Educational Progress (NAEP), also known as "The Nation's Report Card." The NAEP is the only national test of what American students know and can do in various subject areas. Fifty-percent of Virginia fourth-grade students met or exceeded the rigorous NAEP proficiency standard in science, compared with 37 percent nationwide. Forty-percent of the commonwealth's grade-8 students met or exceeded the NAEP proficiency standard, compared with 33 percent nationwide.
|
Interested in International Expansion? Take Advantage of VITAL!
The Virginia Chamber is proud to partner with the Virginia Economic Development Partnership on VITAL, the Virginia International Trade Alliance. As a VITAL partner, our member companies have access to steeply discounted rates for international market research as well as international trade shows and international trade missions facilitated through VEDP.
Click below for more information:
If you or a company that you work with is interested in learning more about VITAL, please contact Samantha Quig, Corporate Communications Manager, at [email protected] or 804-237-1457.
|
|
Keep up with the Virginia Chamber on Twitter!
|
|
| |
|
