Site Expansion - Regional Round-Up: Virginia

Published on: 
BioPharm International, BioPharm International-02-01-2004, Volume 17, Issue 2

Regional Round-Up: Virginia

Workforce4,894,025 (age 16 to 64) 4,696,693 (age 18 to 64)
Unemployment rate3.8%
Key cities and populationsTop ten cities by population (2002): Virginia Beach: 433,934 Norfolk: 239,036 Chesapeake:206,665 Richmond:197,456 Newport News:180,272 Hampton:145,921 Alexandria:130,804 Portsmouth:99,790 Roanoke:93,873 Suffolk:69,966 Primary Metropolitan Statistical Areas: Washington-Arlington-Alexandria:2,248,082 VA Beach-Norfolk-Newport News:1,593,306 Richmond:1,126,262 Roanoke: 289,498 Lynchburg: 229,859 Charlottesville: 178,924 Blacksburg: 153,149 Harrisonburg: 109,557 Danville: 109,341 Bristol: 91,585 Winchester: 87,199
Targeted industriesBiopharmaceutical, medical devices, information technology, manufacturing, natural resources, logistics, electronics, aerospace, automotive, motorsports, microelectronics, semiconductors, headquarters, corporate offices, financial services, homeland security & defense, military, fabricated metals, food & beverages, plastics & synthetic materials, printing & publishing
Biopharm employment21,977 (1st Quarter 2003)
Academia and government affiliated with biopharm industryJohn B. Fenn, Ph.D., and Thomas F. Huff, Ph.D., Virginia Commonwealth University Jerald P. Coughter, George Mason University Patricia B. Williams, Ph.D., Eastern Virginia Medical School Robert L McKown, Ph.D., James Madison University Daniel Barchi, Ph.D., Carilion Biomedical Institute Bruno Sobral, Ph.D., Director, Virginia Bioinformatics Institute
Primary business strengths3rd largest US industry cluster; highest US concentration of bioscience educated workforce; competitive cost savings on East Coast operations; easy access to rail and air transportation; low personal income tax rate; low corporate income tax structure
Tax and other incentivesCorporate income tax rate: 6%; sales and use tax rate: 4.5% (3.5% state and 1% local); property tax reductions for tangible equipment used for biotechnology research, development, and manufacturing; sales tax exemption for R&D equipment; clean room and components sales tax exemptions; major business facilities job tax credit: $1,000 per job; Governors Opportunity Fund; Virginia Investment Partnership; tobacco funds; industrial development bond programs; loan guaranty program; Virginia Capital Access Program
BioClustersNorthern Virginia; Blacksburg; Charlottesville; Hampton Roads/Virginia Peninsula: Virginia Biotechnology Association, 804.643.6360, Mark A. Herzog, executive director, Virginia Biotechnology Research Park, 804.828.5390, Robert Skunda, president,
Future plans for biopharm growthVirginia will become a globally recognized center for the growth and formation of the biotechnology industry, consistent with the strengths and competitive advantages of the Commonwealths research universities, laboratories, healthcare institutions, and industries. By the year 2010, Virginia will be ranked among the top ten states in the U.S. in terms of the critical economic factors by which the industry is measured. — Governors Advisory Board for The Virginia Biotechnology Initiative, Vision statement
State committment to biopharm industry growthVirginia Biotechnology Initiative: Governor Mark Warner announced a comprehensive and coordinated strategy to build on Virginia's recent success in attracting biotechnology investment. The Governor's executive order creates the Governor's Advisory Board for the Virginia Biotechnology Initiative, and instructs the panel to prepare specific recommendations for making Virginia a leader in the biotechnology industry.
State-level contactsVirginia Economic Development Partnership, 804.371.0089, Keith Boswell, senior manager, business development,
Regional-level contactsGreater Richmond Partnership, Gregory H. Wingfield, president, 804.643.3227,