Low utility rates and under 5% union representation
are advantages of locating
in Virginia’s aCorridor
Some of the lowest utility costs in
the nation, cooperative local governments, Enterprise Zones, small
business incubators, and location in a right-to-work state - the
region has less than 5 percent union representation - are some of
the low-cost options.
The state has not raised
its 6 percent corporate income tax since 1972, and workers’ compensation
insurance is among the lowest in the nation. At $2.03 per $100 of
payroll (January 1, 2003), the rate is 42 percent lower than the
national average.
Virginia’s unemployment
tax burden is more than 68 percent lower than the national average.
Virginia employers benefit from a worker's compensation system that
is efficiently managed and has a low frequency of claims.
Several key state features
contribute to these results:
- A restrictive definition of compensable injury
- Low rate of attorney involvement
- Virginia offers dispute resolution that includes an on-the-record
review process so there is no need for an on-the-record hearing.
- Virginia Workers' Compensation Commission also provides considerable
assistance to employers and employees in the dispute resolution
process.
The state offers a streamlined
permitting process and an active Department of Business Assistance
with recruitment and industry training programs that help new businesses
become operational faster.
Two new incubator facilities
are under development in the aCorridor to provide expanded training
opportunities in addition to those offered by two community colleges
and the Southwest Virginia Higher Education Center, to get new industries
up and running smoothly and to assist existing industries in rapid
expansions.
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