Governor McDonnell Joins U.S. Chamber in Promoting Job Creation and Free Enterprise

‘Free enterprise-friendly policies have resulted in Virginia consistently being named one of the nation’s best states for doing business,’ Says Spellings

RICHMOND, VA—Governor Bob McDonnell joined the U.S. Chamber of Commerce’s National Chamber Foundation (NCF) and the Virginia Chamber of Commerce today for the second in a series of nationwide roundtable discussions on the importance of free enterprise to economic growth and job creation. At the event, the U.S. Chamber released an expanded Virginia profile, an addition to the Enterprising States report released in May 2010. This report highlights how state and local policies play an essential role in creating an environment that encourages job creation and economic growth.

“Free enterprise-friendly policies have resulted in Virginia consistently being named one of the nation’s best states for doing business,” said Margaret Spellings, executive vice president of NCF. “Of particular note is Virginia’s focus on professional, scientific, and technological services. 132,000 good-paying Virginia jobs have been added in this sector since 2002.”

Governor McDonnell welcomed the report’s expanded Virginia profile today at the event and discussed many of the economic initiatives outlined.

“This report demonstrates why Virginia is the most pro-business state in America,” said Governor Bob McDonnell. “There has been a consistent bipartisan commitment to putting in place the policies necessary to allow the private sector to flourish in the Commonwealth. Now, in these tough economic times, it is even more imperative that we continue this tradition. We will continue to place free enterprise principles at the forefront of our policy making decisions. That is how we will create the good jobs our citizens need and get Virginia’s economy back on track.”

The Chamber’s report looks at how Virginia has implemented initiatives to streamline permitting processes and help businesses export their goods and services abroad. The state’s 6% corporate tax rate, which has not been raised since 1972, minimizes uncertainty and provides incentive for private sector investors. Science- and technology-based economic development is another area of strength for Virginia, which boasts the largest concentration of federal R&D establishments in the nation. Finally, developing human talent through workforce development has allowed for continued economic growth and job creation, the profile shows.

The Enterprising States report was released in May 2010 during a bipartisan summit of governors hosted at the U.S. Chamber in Washington D.C. The report highlights six factors that drive job creation: Innovation; productivity through investments in workforce development and training; science and technology; infrastructure; exporting; and competitive tax rates. The report found that states are much more active than the federal government on the job creation and economic development front. While state priorities vary considerably, there is renewed focus among states to create more favorable conditions for businesses to grow.

The regional roundtable series continues the Chamber’s escalation of its American Free Enterprise. Dream Big. campaign by spreading the message about bipartisan state and local policies that have proven to help create jobs. The Chamber’s nationwide campaign, an effort to spur the creation of 20 million jobs over the next decade, was the driving message of the governor’s discussion.

The expanded Virginia profile is available here: http://www.freeenterprise.com/facts-about-your-state/virginia/

American Free Enterprise. Dream Big. is the U.S. Chamber of Commerce's comprehensive, multiyear campaign to support free enterprise through national advertising; grassroots advocacy; citizen, community, and youth engagement; and research and ideas leadership.

The National Chamber Foundation (NCF), a non-profit affiliate of the U.S. Chamber of Commerce, is dedicated to identifying and fostering public debate on emerging critical issues. We provide business and government leaders with insight and resources to address tomorrow's challenges.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. 

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