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Believe it or not, companies have improved their bottom lines just by locating in Virginia. From soft costs like healthier, more productive workers, to hard costs like cheaper, available and reliable electricity, these companies have benefited from the combination of resources that only a Virginia location can offer.
- Virginia manufacturers have one of the lowest average
workers’ compensation costs in the country. At $2.47 per $100 of payroll
in January 2007, it ranks 6th lowest nationally and is 40 percent lower
than the U.S. average.
- Unemployment tax burden that is 40 percent lower than
the national average.
- Average hourly manufacturing wages that are lower than
the national average
- In 2007, the average cost per unit of electricity for
the industrial sector was 4.63 cents in Virginia, compared to 6.15 cents
for the nation.
- 6 percent corporate income tax rate has not been increased
since 1972
- Building costs in Virginia range from 6-20 percent
below the national average, depending on the region of the Commonwealth.
Some examples:
- Fairfax – 92.4%
- Lynchburg – 86.7%
- Richmond – 88.1%
- Roanoke – 85.5%
- Norfolk – 87.4%
- Bristol – 81.2%
- Winchester – 86.0%
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