Bolling Says He's Encouraged About Economy

Lt. Governor Bill Bolling says he is encouraged by the economic future of Virginia. Speaking in Chase City's Estes Community Center last week, Bolling said although the state has endured several years of budget shortfalls during the recession, hard work is starting to pay off.

Bolling told the audience that while the state had projected a $1.8 billion shortfall this year, the state had finished the fiscal year with a. budget surplus of $224 million. Bolling acknowledged the recession has hurt businesses and individuals throughout the commonwealth but assured the group that economic development and job creation was the main priority of the current administration in Richmond.

"Economic growth and economic development is the rising tide that can help lift all ships out of the grip of this recession that we have been in for the past two or three years," said Bolling.

He told the group the focus on the jobs situation has resulted in the completion of more than 100 economic development deals and the creation of new jobs for the state. In fact, said Bolling, Virginia now ranks third in the nation in job creation.

According to statistics released by the state, since McDonnell took office, 110 economic development deals have been completed, representing $1 billion in capital investment within the state. Since February, the statistics show that 71,500 full and part-time jobs have been added in the commonwealth.

Speaking last week, Bolling said the state will continue to focus on economic development, encouraging new businesses and seeking established businesses to locate to Virginia.

"This shows that Virginia is on the right track, and we are focused on making sound decisions on what needs to be done to position Virginia to take advantage of a future economic recovery. However, we know that we have a lot of work left to do, and we intend to continue working hard to do everything we can to lead our state into a period of greater economic prosperity."