McLEAN - Governor Bob McDonnell announced today that Intelsat, the world’s leading provider of satellite services, plans to move its U.S. headquarters from Washington, D.C., to Fairfax County. Upon relocating in mid-2014, Intelsat will move at least 430 employees to Virginia.
Intelsat will lease approximately 188,000 square feet of space in Tysons Tower, a 20-story, state-of-the-art office building that is being built by Macerich (NYSE:MAC) at Tysons Corner Center.
RICHMOND - Governor Terry McAuliffe today announced that Favor TechConsulting, LLC (FTC), a leading provider of IT solutions to the federal government, will invest $1.65 million to expand in Virginia and establish its principal headquarters in Fairfax County. The company will fulfill additional contracts with federal agencies, creating up to 1,200 new jobs over five years.
Plan details strategies to position the Commonwealth and Central Virginia for faster growth
RICHMOND - The Virginia Economic Development Partnership (VEDP) announced today that it has completed a five-year (FY19-FY23) Strategic Plan for Economic Development of the Commonwealth, as required by the Code of Virginia as part of VEDP reforms enacted by state leaders earlier this year.
DroneUp, Hampton Roads
Virginia offers sales and use tax exemptions for eligible equipment used directly in manufacturing and research and development operations. Prior to exemptions, the Commonwealth’s combined state and local sales and use tax is 5.3% (4.3% state tax and 1.0% local tax).
$1.76 million in site Remediation Grants from the Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund will be awarded to six localities.
RICHMOND—Governor Ralph Northam today announced that Moog Inc. (NYSE: MOG.A and MOG.B), a designer and manufacturer of high-performance motion control products and solutions, will invest $10.7 million to transfer existing jobs and equipment from one of its Blacksburg facilities to a larger building in the Falling Branch Corporate Park in Montgomery County. The company will have an additional 80,000 square feet at its new operation in Christiansburg to accommodate increased customers and demand and focus on production of its slip ring products for the industrial marketplace.
MARTINSVILLE - Governor Mark R. Warner today announced the launch of the Virginia Motorsports Initiative. The statewide initiative, comprised of public and private sector partners, will promote and support motorsports activities in Virginia as a means for economic development. Governor Warner announced the initiative this morning at Martinsville Speedway.
Super Radiator Coils, a family-owned engineering and manufacturing company, will invest $22 million to expand its operations in Chesterfield County, creating 160 new jobs.