Williamsburg, VA – While speaking at the Virginia Chamber of Economic Summit on December 5th, Governor Terry McAuliffe released his New Virginia Economic Strategic Plan and a series of legislative proposals aimed at accomplishing the plan’s mission of growing and diversifying the Virginia economy.
“The legislative items that I am announcing today will help lay a stronger foundation for sustained economic growth so that we can adapt to cuts in federal spending and a changing global economy,” said Governor McAuliffe. “ These bipartisan proposals are common sense actions we can take now to protect and enhance Virginia’s position as a global economic leader. I look forward to working with the General Assembly to take these important steps toward a new Virginia economy.”
Governor McAuliffe’s New Virginia Economy Agenda will include legislation to:
- Increase accountability and transparency for taxpayer dollars spent on workforce development
- Promote more public-private partnerships in order to foster greater innovation in workforce training
- Streamline Virginia’s workforce development system and better align it with the needs of our employers on a regional basis
- Increase investments in Virginia’s workforce development system in the Governor’s budget proposal
- Invest in the Governor’s Opportunity Fund to keep Virginia competitive with other states
- Create an Energy Diversity Plan and establish the Virginia Solar Energy Development Authority to further diversify our energy mix
- Offer new energy economic development incentives to attract and retain businesses
- Reform the Tobacco Commission to maximize return on investment on Commission investments and create a long-term sustainable funding model
- Extend tax credits for green jobs and also tax exemptions for capital gains by technology start-ups set to expire in 2015
- Promote a Virginia Tourism Growth Incentive Fund to assist in tourism development projects
The New Virginia Economy Strategic Plan is Governor McAuliffe’s plan to lay a foundation for a stronger and more independent Virginia economy by building on the Commonwealth’s strengths in four key areas:
Expanding Virginia’s “Project Ready” Economic Infrastructure
From energy and health care to transportation and access to broadband, Virginia must be the world’s leader in the economic infrastructure we offer businesses.
Attracting New High-Growth Industries to Diversify the Virginia Economy
In an era of declining federal spending, Virginia can no longer rely on outside influences to bolster our economy. Governor McAuliffe is working every day to attract new innovative jobs to Virginia so that our economy continues to grow even as federal spending declines.
Protecting and Enhancing Virginia’s Preeminent Business Climate
Growing Virginia businesses and bringing new companies here require a first-in-class business climate that is built upon smart tax incentives, a pro-growth regulatory approach and the economic development tools the Commonwealth needs to remain ahead of our global competitors.
Fostering Greater Innovation and Entrepreneurship
Governor McAuliffe is committed to using public-private partnerships, business development tools and other cutting-edge approaches to make Virginia the best state in the nation for innovators and entrepreneurs.
Building a World Class Workforce Development System
Building a new Virginia economy requires getting Virginia workers the training they need to compete for the jobs of the 21st Century. The Governor is committed to reforming Virginia’s workforce development system so that students, workers and transitioning veterans can get the skills modern employers need to succeed in the Commonwealth.
“I am truly excited about the release of this plan,” said Secretary of Commerce and Trade Maurice Jones. “This is an important step – one that presents an opportunity for this administration to work with the private sector and local governments to catalyze growth and opportunity in the Commonwealth.”
“Today's strategic plan announcement allows Virginia to build on the many successes we've enjoyed already in the thriving agriculture and forestry industries, which represent two of the largest private sector economic drivers in the Commonwealth,” said Secretary of Agriculture and Forestry Todd Haymore. “By making targeted plans to build our domestic capacity, globally market Virginia-grown products, and protect our resources along the way, we will be poised to continue contributing to the new Virginia economy."
.