Virginia Governor Glenn Youngkin joins Board of Trade members for Regional Policy Leadership Series conversation 

Virginia Governor Glenn Youngkin joins Board of Trade members for Regional Policy Leadership Series conversation 

Virginia Governor Glenn Youngkin answers a question asked by moderator Chris D. Lloyd, Sr. VP & Director, Infrastructure & Economic Development at McGuireWoods Consulting LLC.

Virginia Governor Glenn Youngkin joined the Greater Washington Board of Trade for its Regional Policy Leadership Series sharing insights with the business community about his administration’s milestones and goals heading into the end of 2023. 

The Board of Trade’s conversation with Governor Youngkin around transportation covered WMATA/Metro ridership, the American Legion Bridge, and the Perimeter Rule surrounding Reagan National Airport. As Northern Virginia’s population grows, as will its transportation efforts, which Youngkin says is a testament to decades of “innovative thinking” by state transportation officials. 

The Governor also addressed Virginia’s 2024 Budget negotiations that are taking place in the Virginia General Assembly and expressed that the tax cuts he proposed in the budget go together with helping boost the state’s economy. There is speculation that a special session could be called so that Virginia lawmakers can work to pass a 2024 Budget. 

Growing the level of workforce talent in the Greater Washington region is a crucial value for the Board of Trade, and Governor Youngkin shared how his administration is meeting the level of commitment needed to make sure Virginia is helping to grow a stable workforce. He shared that the latest Virginia jobs report shows 175,000 more people are working in the Commonwealth since January 2023, and that the state’s labor participation rate has returned to a 10-year high. The Governor has also recently charged Virginia’s Secretary of Labor, Bryan Slater, with starting the Virginia Workforce Development Transformation Stakeholder Advisory Group, which Board of Trade President & CEO, Jack McDougle, has been appointed.  

Data centers are also a big topic for businesses and residents in Northern Virginia. Governor Youngkin addressed the region’s viability for data centers, and how technology investments are essential for the state. He shared how Virginia’s deal with Amazon Web Service is keeping the state competitive in the power/energy market with its neighboring states. The Board of Trade is committed to growing technology to help advance regional competitiveness and create solutions to regional problems.  

Governor Youngkin also spoke with the Board of Trade about public safety, education, childcare, and affordable housing, and how all these factors have impacts on Virginia’s workforce talent.  

Youngkin ended his conversation with the Board of Trade expressing that he was optimistic about the direction of the Commonwealth and the value his administration brings to the region’s business community.  

We are excited to work with the Governor and all elected and appointed officials in Virginia to help grow economic sustainability in the Greater Washington region. It is a critical part of the Board of Trade’s mission to give our members the opportunity to convene with the region’s elected and appointed officials. We look forward to hosting more Regional Policy Leadership Series webinars in 2023. 

This Regional Policy Leadership Series webinar was presented by McGuireWoods Consulting LLC and McGuireWoods LLP. Supporting Sponsors of the event series are Comcast, First National Bank, Giant Foods LLC, G.S. Proctor & Associates Inc., Holland & Knight LLP, and MGM National Harbor. Thank you for supporting the Greater Washington Board of Trade and our region’s business community.   

Check out Board of Trade events here: https://www.bot.org/events/ 

Challenge to the Perimeter Rule could impact region and cause more delays at Reagan National Airport

According to AAA, nearly 51 million people across the United States are expected to travel this Fourth of July, four million of which will do so by flying. Holiday travel can be a nightmare at airports, Reagan National (DCA) here in Greater Washington being no exception. While that certainly does not make DCA unique, what does is the longstanding Perimeter and Slot Rules, ensuring that holiday travel chaos is not an everyday experience for those coming in and out of Reagan National. 

The Perimeter Rule limits nonstop flights at DCA to a maximum of 1,250 miles, unless there is an exemption granted by the Federal Government, of which there are currently 40. While the slot rule dictates the frequency of flights taking off and landing, helping to control congestion. With DCA being constrained by space, limiting the runway and terminal capacity, these rules were and still are necessary to provide travelers with the safest and most efficient services possible.  

While Reagan may be constrained in terms of space, the other two major airports in the region are not. Baltimore Washington International (BWI) and Dulles International (IAD) are both growing and ready to bring on additional flights servicing stops across the county and world. What we have in this region is three airports working together, which they have done for years, to create an ecosystem capable of servicing the residents and visitors of DC and its neighbors.  

Unfortunately, there is an effort making its way through Congress that would change these rules resulting in a far less enjoyable experience at DCA, while upending the functioning ecosystem of our region’s three major airports.  

According to an internal Federal Aviation Administration analysis, which was done in part as a response to a study produced by those in favor of change or elimination of the rules, “additional flights at DCA would likely have a negative impact on operational performance and the passenger experience.” Further, the addition of only 20 daily round trip operations would increase delays by nearly 26% and the addition of 25 daily round trip operations would increase delays by more than a third.  

The additional flights would also contribute to the already strained infrastructure within and around Reagan. From the full parking decks to the gridlocked roadways, and overcrowded terminals, there is only so much capacity that can be handled before significant negative customer experiences become the norm. It is irrelevant how many flights and destinations are added if the service provided is unreliable and chaotic. 

Considerable investments have been made complementing the existing ecosystem of our region’s airports. Just last year, the $3 billion Silver Line extension was completed, providing travelers using IAD direct access to the nation’s capital and surrounding jurisdictions via public transit.  

Upending this functioning and productive relationship between our region’s airports while simultaneously creating a worse customer experience for those using Reagan is what Greater Washington would get in return for changes to the Perimeter and Slot rules. Let’s keep the status quo.  

Virginia Primary Day: What the region’s business community needs to know

Virginians will head to the polls Tuesday, June 20, to cast their votes in the primary, ahead of November’s general election in which every seat of the Commonwealth’s legislature will be on the ballot. This year’s election is unique for several reasons, the most notable being that it is the first since the new legislative districts were drawn. 

Redistricting has had significant impacts: 

Virginia adopted a constitutional amendment in 2020 that established a bipartisan redistricting commission, composed of state legislators and political appointees, who were tasked with drafting and approving new state and federal district maps. However, the commission was unable to reach a consensus on either the state or federal maps, resulting in the Supreme Court of Virginia having to step into the matter. The Supreme Court appointed two “special masters,” one from each of the two political parties, to draw the maps in an “apolitical and nonpartisan manner.” In December 2021, the Supreme Court approved the final drawings of the three maps (State House, State Senate, and U.S. Congress), setting the stage for the next decade of political battles in the Commonwealth.  

The new maps were composed without considering incumbent residency, resulting in multiple sitting Delegates (44) and Senators (19) being pitted against their fellow colleagues and other seats with no incumbents. This left many legislators in a tough position by potentially having to face a contested primary or a general election against a fellow sitting member of the General Assembly. Ultimately, these new dynamics resulted in many state lawmakers choosing not to seek reelection, while some moved into a district with a more favorable political environment.  
 
Veteran lawmakers out as a result of redistricting:
 
Nearly a third of the 140 districts in the Commonwealth will not have an incumbent represented in the primary election next week. To put this into perspective, you would have to look back to the 2011 election to find a cycle where even half that many districts were open-seat primaries. Remember this represents the minimum number of new General Assembly members, as some incumbents could lose in their respective primary or general election.  

While the turnover in Virginia’s legislature will be historic in terms of raw numbers, another influential factor at play is who those incumbents not seeking reelection are and the leadership positions they hold. Delegate Kathy Byron, Republican Chair of the House Commerce and Energy Committee, Delegate Rob Bell, Republican Chair of the House Courts of Justice Committee, and Delegate Margaret Ransone, Republican Chair of the House Privileges and Elections Committee are all retiring.  

The Senate will face even greater leadership changes, with the retirements of Democratic Majority Leader and chair of the Senate Commerce and Labor Committee Senator Dick Saslaw along with Republican Minority Leader Senator Tommy Norment. Senator Louise Lucas, president pro tempore and Democratic Chair of the Senate Education and Health Committee and the Senate Rules Committee, is facing a hotly contested primary against Senator Lionell Spruill, Democratic Chair of the Senate Privileges and Elections Committee. Additionally, Senator Janet Howell, Democratic Chair of the Senate Finance and Appropriations Committee, Senator John Edwards, Democratic Chair of the Senate Judiciary Committee, and Senator Lynwood Lewis, Democratic Chair of the Senate Local Government Committee are also retiring.  
 
Northern Virginia shaping diverse representation and influence in House & Senate: 

Northern Virginia will look a lot different in terms of representation in the General Assembly come the start of next session – Jan. 10, 2024. With the Commonwealth’s population shifting, Northern Virginia added two new Senate and two new House districts through the redistricting process. This gives it 12 out of 40 Senate districts and 30 out of 100 House districts.  

However, with the turnover and retirement of incumbent legislators, namely that of Senator Saslaw, it is unclear if Northern Virginia will wield the same level of influence in Richmond than it has in the past. Priorities of these newly elected officials, not just those in Northern Virginia, are also worth keeping an eye on. This year’s pool of candidates from both parties is more diverse by gender, race, and experience. It makes sense to assume that their policy initiatives and priorities could shift from their predecessors, even if they are from the same party.  

 We will have to wait until November to see who controls the House, currently held by the Republicans, and the Senate, currently held by the Democrats. With such tight margins and so much uncertainty created from the redistricting process, it is anyone’s guess as to what will happen. What is certain though, is that there will be a considerable number of new legislators in Richmond and new names in many leadership positions come next session.  

Jack McDougle joins Virginia Workforce Development Transformation Stakeholder Advisory Group

Greater Washington Board of Trade President & CEO Jack McDougle has been appointed to Virginia’s Workforce Development Transformation Stakeholder Advisory Group.

Virginia’s Secretary of Labor, Bryan Slater, selected McDougle, who will join a talented group of regional experts that will push to ensure Virginia’s workforce talent can find economic success in the Commonwealth and the Greater Washington region.

This advisory group is part of establishing the Virginia Department of Workforce Development and Advancement, which was established through Governor Glenn Youngkin’s signing of House Bill 2195 and Senate Bill 1470 that by law allows for the creation of this department.

Secretary Slatter will convene this Stakeholder Advisory Group for the purpose of advising him during the program transition period from July 1, 2023, through September 30, 2024.

The Board of Trade’s expansive representation of the business community will ensure that the perspectives and needs of employers and employees are well-represented in shaping these workforce development programs.

CLICK HERE TO LEARN MORE REGISTER FOR THIS EVENT

Police Chiefs of Greater Washington region join Regional Policy Leadership Series

The Board of Trade hosted police chiefs located in the Greater Washington region to join its Regional Policy Leadership Series event on May 23, 2023. The departments that joined us for a discussion included the Metropolitan Police Department, Fairfax County Police Department, and Prince George’s County Police Department.

Event speakers included Chief Kevin Davis, Fairfax County Police Department, Chief Malik Aziz, Prince George’s County Police Department, and Interim Police Chief for the Metropolitian Police Department, shan Benedict.

The event covered a variety of issues and insights involving publc safety in the Greater Washington region and our members had the opportunity to specifically address issues that are impact the region’s business community.

You can watch the full webinar below:

https://www.youtube.com/watch?v=6LsGbYBNwjU

This Regional Policy Leadership Series webinar is presented by MGM National Harbor. Supporting Sponsors of the event series are Comcast, G.S. Proctor & Associates Inc., Holland & Knight LLP, McGuireWoods Consulting LLC and McGuireWoods LLP. Thank you for supporting the Greater Washington Board of Trade and our region’s business community.  

May 2023 Policy Update: What our team is working on in Greater Washington region

WHAT WE’VE BEEN DOING

The Board of Trade has spent the last month actively engaging in policy and advocacy efforts across the region. We met with Maryland’s Transportation Secretary Paul Wiedefeld to discuss significant infrastructure projects impacting the region. This included projects such as construction of the Purple Line and the American Legion Bridge/I-270 traffic relief plan.

We also hosted a dinner with several of the region’s Chambers focusing on the impact newly passed legislation will have on economic development and what key issues the business community continues to face. The Board of Trade was excited to partner with MGM National Harbor to host a lunch with Prince George’s County Executive, and newly announced candidate for US Senate, Angela Alsobrooks. The County Executive shared her thoughts on the FBI HQ relocation efforts, transit-oriented developments, the Commander’s new ownership and its impact on the stadium location, the county’s budget, education spending, and crime.

Our work this May also included a webinar we hosted with police chiefs from Fairfax County, Prince George’s County, and Washington DC. The event covered various issues on public safety impacting the Greater Washington community, including violent and non-violent crime, the rise in carjackings, regional law enforcement collaboration, workforce issues and efforts to resolve them, along with the impacts of technology on policing.

REGIONAL BREAKDOWN

With both Maryland and Virginia having concluded their legislative sessions, much of the focus in the region for our Policy & Advocacy team has been in DC, where its council is currently at the tail end of its budget process. It has been a difficult budget season for DC, as federal dollars from the pandemic dry up and revenues continue to shrink.

Ensuring that Downtown DC comes back stronger than ever is crucial to the future success of the city, which is why the Board of Trade focused on advocacy efforts pertaining to the 2024 DC Budget. Joining several like-minded organizations, we advocated for the removal of the proposed $2 congestion fee for rideshares serving downtown, the delayed implementation of the Building Energy Improvement Standards (BEPS), and the delayed implementation of the Parking Benefit Equivalent. Last week, DC Council took its first of two votes on the budget, which we were pleased to see included a reduced congestion fee ($.25) and delayed implementation of both BEPS and the Parking Benefit Equivalent. Unfortunately, the council decided to pull the majority of capital funding dedicated to the K Street Transitway and repurpose it for other initiatives. Considering the likelihood of continued budget issues next year, finding $100+ million in funding for K Street may prove difficult.

In Maryland, Governor Wes Moore has been busy with bill signings. While there was speculation that he could become the first Maryland Governor in more than 100 years not to veto a single piece of legislation, he issued his first veto along with allowing 10 pieces of legislation to become law without his signature, in his final acts pertaining to this year’s session. Of his three vetoes, two were related to legislation that already passed in another form and the third was a bill impacting the process of awarding commuter bus contracts that was passed over objection from the Maryland Transportation Administration.

Virginia received welcoming news in the form of April’s revenue projections. Year-to-date general fund revenues remain ahead of the updated December 2022 forecast by roughly $500 million – as April revenues declined less than expected projections. This is particularly significant as potential for a special session remains to determine what to do with the Commonwealth’s multibillion-dollar surplus. Several legislators wanted to see updated projections prior to deciding where the surplus should go. With the better-than-expected revenue projections, Governor Youngkin and House Republicans will continue to push for tax relief.

Board of Trade hosts annual Regional Chambers of Commerce Dinner

The Board of Trade held a dinner for regional chambers of commerce located in suburban Maryland and Northern Virginia on Monday, May 8.

Our policy partners G.S. Proctor & Associates and McGuireWoods Consulting LLC described the region’s policy landscape and how it impacts the business community. Conversations focused on workforce consolidation and a potential state budget compromise in Virginia, Governor Wes Moore’s legislative agenda in Maryland, public safety and a new city budget in Washington D.C., and how the entire region is going to have to soon address the impending WMATA fiscal cliff.

The chambers that joined included the Alexandria Chamber of Commerce, Loudoun County Chamber of Commerce, Arlington Chamber of Commerce, Montgomery County Chamber of Commerce, Greater Washington Black DC Chamber of Commerce, Maryland Hispanic Chamber of Commerce, Prince George’s County Chamber of Commerce, Hispanic Chamber of Commerce Montgomery County, Northern Virginia Black Chamber of Commerce, Virginia Hispanic Chamber of Commerce, and Hispanic Chamber of Commerce Prince George’s County.

Thank you to all the regional chambers that joined the us for the Regional Chambers of Commerce Dinner.

County Executive Angela Alsobrooks meets with Board of Trade about Prince George’s County business opportunities and challenges

On Wednesday, May 17th, the Greater Washington Board of Trade and several of our member organizations sat down with Prince George’s County Executive, Angela Alsobrooks to discuss opportunities and challenges impacting the business community. This Policy Lunch was sponsored by MGM National Harbor and moderated by Kerry Watson their Regional Vice President of Government Affairs. 

The 5 key takeaways from the Policy Lunch with County Executive Angela Alsobrooks: 

  1. Prince George’s County believes that they are well suited for the new FBI Headquarters not only from the cost advantage but also because of a diverse talent pool, transportation infrastructure, and strategic location. 
  1. Investments around Transit Oriented Developments are key to the future growth of Prince George’s County.  
  1. Development around the New Carrollton Train Hall will be transformative for the region connecting all modes of transportation and creating 27,000 jobs. 
  1. Regardless of the Washington Commanders decision to stay or leave FedEx field, the county plans to continue investments to create a sports and entertainment district. 
  1. While there is a $60 million budget shortfall, the county is committed to maintaining core services without raising taxes. 

Read on: 

One big question on everyone’s mind is the process for the site selection of the new FBI Headquarters, a decision that is still pending within the General Services Administration. Alsobrooks, along with Governor Moore and several other state and federal officials made a strong showing in Washington, D.C. in March to make the case for Prince George’s County as the best option, not only in cost advantage but in transportation infrastructure, strategic location, and access to a diverse and highly educated talent pool. This potential project highlights the “struggles and strengths” of Prince George’s County and its residents especially from an equity standpoint.  Historically, Fairfax County has received nearly 4 times the investment from the Federal Government when compared to Prince George’s County – $460 billion vs $120 billion.  

Along the Blue Line Corridor, the county determined they could make the most impact from their investment through Transit Oriented Development (TOD). For the first time, they worked with the Maryland Stadium Authority to invest $475 million into development of these types of projects. This spurred private investment of $700+ million along the corridor through new commercial and residential construction. The goal here has been investment in historically underserved communities to close the wealth gap and create generational wealth.   

Another project already underway is creating a New Carrollton Train Hub, connecting Metrorail, bus. Amtrak, MARC, the Purple Line, parking, and bicycle infrastructure under one roof.  This project will prove to be transformative, with Metro already opening its Maryland headquarters there and several other apartment buildings in different phases of construction.  This development has the potential to create over 27,000 jobs in New Carrollton alone. 

Since the Washington Commanders have officially announced the sale of the team, pending NFL approval, Alsobrooks and state officials remain optimistic on keeping the team in Prince George’s County. The county remains committed to investing in the area regardless of the team’s decision to stay or leave and the community surrounding FedEx Field should not be held hostage by that decision. The goal is still to improve upon and create a world class sports and entertainment destination. 

Prince George’s County, like many other counties in our region and across the country, is grappling with a $60 million budget shortfall, presenting significant challenges. Tough decisions must be made while ensuring that essential services are maintained. Overburdening taxpayers is not a viable long-term solution to address the deficit, and the county acknowledges the limitations of relying heavily on residential property tax revenue. Instead, the focus should be on expanding the commercial tax base, attracting new businesses, and avoiding tax increases. 

Quality education is the most important focus, and the county sees this as the key to a better life. The Blueprint for Maryland’s Future (Kirwan) laid out by the Maryland State Department of Education is also facing some funding issues.  Out of $189 million in new revenue for the county, $84 million had to be allocated to Kirwan spending.  Overall, education accounts for 62% of Prince George’s County budget so while the county remains committed to education funding, perhaps there should be a change to the formula in the coming years. 

Finally, the county, and the region as a whole, has seen an increase in crime, specifically violent crime being perpetrated by young people. Prince George’s County has invested in programs aimed at addressing the long-standing systematic issues contributing to crime. However, holding individuals accountable for their actions is another significant aspect of addressing this complex issue. Impacting the County Executives approach to the issue is her previous position as State’s Attorney. Notably, Alsobrooks highlighted a striking statistic: 72% of all arrests in the county involved perpetrators under the influence of drugs or alcohol. This issue necessitates addressing through healthcare treatment rather than resorting to imprisonment. 

GW Business & Policy Forum engages community, brings together prominent leaders with regional organizations

The George Washington University School of Business Advisory Council partnered with the Board of Trade and other regional organizations to for the GW Business & Policy Forum on Attacking Cybersecurity Risks.

The event, held on April 25, 2023, brought together top US government officials and prominent global leaders from the private and public sectors to address the most significant issues related to emerging technology and cybersecurity.

The forum highlighted the dominant force of emerging technologies in our society, which account for more than US$40 trillion in global nominal GDP. This included indepth discussions about how Artificial Intelegence (AI) technology is impacting a variety of global industries — growing businesses and changing how people work in the future.

Participants gained valuable insights and opportunities for interaction as they tackled the most pressing issues related to this ever-evolving landscape and its profound implications for global business, markets and regulation. The GW Business & Policy Forum was launched with support from the George Washington University School of Business Advisory Council.

What our policy team is working on in the region

Last updated on April 19, 2023 

Maryland’s 90-day legislative session has concluded with Governor Moore having passed, in one form or another, his entire 10-piece legislative package. Amendments accompanied several of the Governor’s key policy proposals, significantly impacting The Fair Wage Act, Keep Our Hero’s Home Act, and legislation surrounding broadband expansion. In the days before the session’s end, Senate and House leaders also came to an agreement on the state’s budget. This agreement included placing an additional $900 million in a savings account to help pay for the State’s costly education program – The Blueprint for Maryland’s Future. 

The budget process continues to progress in DC, as the council reviews and prepares to amend the mayor’s proposed $19.7 billion budget. The United States House of Representatives will again utilize Congress’s oversight powers and is expected to take a vote on DC’s police accountability legislation this week. President Biden however has made it known that in the event this does pass Congress, which would be an uphill battle to begin with, he would veto it. In May, Mayor Bowser along with Chief Contee and City Administrator Donahue, will appear in front of the House Oversight Committee to discuss crime, safety, and city management.  

Virginia legislators were back in Richmond for their one-day veto session to act on the 81 pieces of legislation that Governor Youngkin proposed changes to. Governor Youngkin’s three vetoes were sustained by the Republican controlled House and the majority of his proposed changes to other legislation were approved. However, there was no new budget presented, as conferees continue to work out a deal with a potential special session coming in June.  

DC: 

Congressional Intervention – Policing and Justice Reform Amendment Act 

A disapproval resolution to nullify DC’s Comprehensive Policing and Justice Reform Amendment Act is expected to be on the House floor this week. While the resolution may make it out of the House, it will face an uphill battle in the Senate, and even then, the President has vowed to veto it if it reaches his desk.  

DC Budget 

Budget oversight hearings concluded last week; the DC Council now moves on to committee mark-up hearings before approving and sending a revised budget to the mayor in May. The mayor’s proposed budget did cut some existing programs, a result of the financial reality the city finds itself in with revenues falling and pandemic-era related federal funding drying up. Thus far, some of the more controversial budget proposals include a $35 million cut to the Emergency Rental Assistance Program, the addition of 342 traffic cameras, cancelled free Metrobus (projected cost of $45 million annually), cutting of vacant positions across government, cutting the DC Circulator service in half, a three year delay to the Building Energy Performance Standards (BEPS), and no continued funding for the “baby bonds” program (projected cost of $54 million).  DC Council is expected to act on at least a few of these items, where funding will come from, is undetermined.  

Maryland  

Broadband Expansion  

(HB0551 – The Speaker / SB0547 – The President) 

The legislation passed both chambers and is headed to the Governor’s desk, however it is far different than what was originally introduced. There will be no tax incentives included to help incentivize broadband deployment, rather the legislation calls for a study on certain incentives to be conducted by the Department of Housing and Community Development. This does leave the door open for potential incentives for broadband deployment to be introduced next session.  

Fair Wage Act of 2023   

(HB0549 – The Speaker / SB0555 – The President)  

The legislation passed both chambers and has already been signed into law by Governor Moore. Maryland’s minimum wage will now be $15 an hour starting January 1, 2024, two years ahead of the current schedule. While this does accelerate the rate at which the state reaches a $15 minimum wage, the legislation does not include automatic increases after that tied to the Consumer Price Index, which was a component the Governor had originally included and supported. Expect to see legislation introduced next session relating to minimum wage and the CPI.  

Income Tax – Subtraction Modification for Military Retirement Income – Keep Our Heroes Home Act   

(HB0554 – The Speaker / SB0553 – The President) 

Having passed both chambers, this legislation is headed to the Governor’s desk. It will result in an increase in the retirement exemption for military veterans, although not to the extent originally proposed by the Governor. The House and Senate reduced the Governor’s original proposal of the first $40,000 in military retirement income to be subtracted, regardless of age, to: 

  • For individuals at least 55 years old the subtraction modification is increased to $20,000 from $15,000 in current law.  
  • For individuals under 55 years of age the subtraction modification is increased to $12,500 from $5,000 in current law.  

Economic Development – Build Our Future Grant Pilot Program and Fund   

(HB0552 – The Speaker / SB0549 – The President) 

The legislation passed both the House and Senate and is headed to the Governor’s desk. It will allow the state’s Department of Commerce to provide sizable grants (up to $2 million) to certain infrastructure projects in targeted industries. This should result in incentivizing more investment into the state, resulting in additional jobs in traditionally well-paying industries.   

Economic Development – Industry 4.0 Technology Grant Program  

(HB0622 – Del. Qi / SB0906 – Sen. Rosapepe) 

The legislation is headed to the Governor’s desk, creating a grant program for small and medium sized manufactures to implement Industry 4.0 technology or related infrastructure. Up to $1 million a year will be made available for eligible manufacturers between 2025-2028. The Board of Trade was happy to provide support for this legislation, which should result in additional private investment within the state.   

Virginia  

Virginia Budget 

While budget conferees continue to negotiate a revised budget, there is no sense of urgency on either side of the aisle. Both sides agree that they need more information regarding state revenues in the final quarter of the fiscal year before making a decision on additional state spending. A potential special session could take place in late June, after the primary elections, however it is important to note that technically, the Commonwealth has a spending plan in place through June of 2024.  

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