FOR IMMEDIATE RELEASE · December 10, 2024

CONTACTS:

Office of the Governor

Contact: Christian Martinez

Email: Christian.Martinez@governor.virginia.gov

Governor Glenn Youngkin to Commit Additional $50 Million to Accelerate Virginia’s Business-Ready Site Development  

RICHMOND, VA – Governor Glenn Youngkin will include an additional $50 million investment in his budget package to accelerate Virginia’s position as a national leader in business-ready site development. This investment reaffirms Virginia’s commitment to cultivating economic growth, attracting high-paying jobs, and ensuring Virginia remains America’s Top State for Business. The $50 million investment in 2026 will build upon the over $282 million previously committed by Governor Youngkin to site development statewide.  

“Business-ready sites drive and accelerate jobs and economic growth,” said Governor Glenn Youngkin. “From day one, we committed to supporting site development because these investments strengthen Virginia’s position to secure transformative projects that create thousands of jobs across the Commonwealth, like Microporous and the LEGO Group. Today’s investment builds upon this success and reaffirms our dedication to ensure Virginia remains America’s Top State for Business.” 

Operated by Virginia Economic Development Partnership (VEDP), the Virginia Business Ready Sites Program (VBRSP) certifies and prepares sites to ensure they meet the unique needs of businesses across sectors. Recent success stories include the $1.35 billion investment from Microporous, which will create over 2,000 new jobs and build a 500,000-square-foot facility in Pittsylvania County; and the over $1 billion investment by the LEGO Group, which will bring over 1,700 new jobs and a 1.7-million-square-foot precision manufacturing facility in Chesterfield County. 

“The Virginia Business Ready Sites Program leads the nation. It was developed by a team of state, regional, and local partners including VEDP, Virginia Department of Environmental Quality, railroad representatives, utility representatives, civil engineers, and other government, business, and industry experts,” said Secretary of Commerce and Trade Caren Merrick. “With this innovative program, grants are considered on a competitive basis and made at the discretion of an expert investment committee composed of VEDP and Administration leaders whose goal is to accelerate site development for businesses.” 

“Investing in project-ready sites is essential for Virginia to achieve its transformational economic development goals, including positioning the Commonwealth as a leading state for job growth while enabling every region of Virginia to participate in that progress,” said VEDP President and CEO Jason El Koubi. “Virginia has only recently begun investing in site development at substantial levels and needs to maintain this momentum with consistent, competitive levels of funding. Virginia is now recognized as a national leader in this area thanks to competitive funding, strategic implementation, and effective coordination with localities and across state agencies – and these efforts are winning projects and producing a significant return on investment.” 

The Virginia Business Ready Sites Program engages a team of state, regional, and local partners to guide development of economic development sites. The team pursues three goals: 1.) accelerate site readiness by expediting the certification and preparation of business-ready sites to meet market demands; 2.) enhance infrastructure by investing in utility and roadway development to ensure seamless project execution for prospective businesses; and 3.) support localities by partnering with local governments, utilities, and agencies to streamline permitting processes and facilitate faster project timelines. 

VBRSP coordinates with community partners to develop economic development sites in every region throughout the Commonwealth. Local governments can apply to VBRSP for matching grants to assist with assessment of site readiness or for development costs. 

Between 2022 and 2024, Virginia committed more than $282 million to matching grants for localities to complete site assessment and development, including $126 million of matching grants awarded to 23 localities in August 2024. VBRSP is currently evaluating applications for $40 million previously committed for fiscal year 2025, and grant awards will be announced in summer 2025. Applications for the additional $50 million announced today will begin in the second half of 2025, and matching grants to localities will be awarded in the following year. A full listing of previously awarded grants is available at vedp.org/vbrsp.