Editorial: Virginia investment accelerator provides clarity in an uncertain climate
Even as the Trump administration’s schizophrenic tariff policies roil markets and put pressure on American businesses and consumers, concern about their potential effects on the Port of Virginia appear muted. Port officials recently downplayed fears that higher levies on imports, especially from China, will affect the volume of goods processed there.
That’s good news for Virginia and Hampton Roads, though still hardly an ideal scenario. The tariffs continue to put commonwealth businesses, both small and large, in peril, and will needlessly inflict pain on consumers — meaning Virginia families — for as long as they are in effect.
But arguably the greater problem with President Donald Trump’s tariff scheme is the uncertainty it creates, especially for businesses considering new investment or expansion. Economic growth hinges on a confidence in stability — that changes come through deliberate, telegraphed policy decisions — which the on-again, off-again tariffs undermine.
That makes this an ideal time for Virginia to distinguish itself among its peers by making clear that the commonwealth is open for business and that state and local officials stand ready to provide certainty in an uncertain environment.
By now, the business community should know that the commonwealth is an attractive destination for relocation and expansion. Case in point: CNBC last year named Virginia the No. 1 state for business, the sixth time our state has topped those coveted rankings.
In selecting the commonwealth, the cable business channel cited Virginia’s public education system, its highly skilled workforce, its strong infrastructure and accessibility, and, importantly, its welcoming climate for commerce.
Virginia was also lauded for having shovel-ready sites for businesses looking to build quickly — something that has been a priority for Gov. Glenn Youngkin and members of the General Assembly. The administration boasts that the Virginia Business Ready Sites Program has invested $302 million in locations throughout the commonwealth.
Now Youngkin wants Virginia to do a better job of touting those benefits to major employers. This month he unveiled the “Made in Virginia Investment Accelerator,” an initiative that brings together parts of state government to provide, in his words, “concierge-style service” to businesses looking to relocate or expand here.
Limited to firms that employ at least 500 people and represent at least $250 million in investment, the accelerator is intended to serve as a sort of one-stop shop for assistance with locating an ideal site, securing permits, navigating the tax code and working with local government to bring new jobs and opportunity to Virginia.
As the governor noted in his announcement, the accelerator initiative doesn’t represent new programs or additional bureaucracy, nor is it duplicating efforts the commonwealth already offers. Rather, it brings business-focused efforts under one roof in order to make it easier for industries to utilize.
The accelerator is a coalition built from across state government, including entities such as the Department of Natural Resources, the Department of Transportation, the Virginia Economic Development Partnership and port, to name a few. It should ensure that answers can be provided quickly and that any obstacles to bringing jobs and investment to the commonwealth are quickly overcome.
While this seems like an obvious way for Virginia to market its benefits, credit goes to the governor for putting it in motion. Whoever wins the gubernatorial election in November is likely to reap the benefits of having this in place.
The commonwealth cannot control what’s happening on the national level. The Trump administration’s unpredictable policies and petulant behavior have plenty of board rooms frozen, fearful of making big decisions about the future until they can reasonably predict what to expect from Washington in the coming years.
But Virginia can, and should, do what it can to sell itself to potential employers. It can put its efforts toward bringing new businesses and opportunity here and helping existing Virginia businesses expand.
The investment accelerator should be an important new tool in the economic development toolbox and make clear that, despite market uncertainty, Virginia stands ready to build and is open for business.