Bolling Sings Praises of Va. Economy During Chamber Visit

A multi-pronged approach to lure new businesses and jobs to the commonwealth is bearing fruit, Lt. Gov. Bill Bolling told members of ViennaTysons Regional Chamber of Commerce on Aug. 12.

“We see economic growth as the rising tide that will lift all ships out of the grip that the recession has had on our economy over the course of the past three years,” Bolling said during a chamber luncheon at the Tower Club in Tysons Corner

During its first seven months in office, the McDonnell administration has finalized 132 economic-development deals that will create about 7,500 new jobs and result in more than $1 billion in capital investment, Bolling said.

There have been 71,500 net new jobs created since McDonnell took office - the third-highest job creation rate in the nation, behind only the more-populous states of Texas and Pennsylvania, he said.

“It’s not a victory lap,” Bolling said. “We’re pleased with the progress we’ve made, but we have a lot of work left to do to get back to where we want to be.”

Bolling a Republican who is serving his second four-year term as lieutenant governor, praised the General Assembly for passing 36 of the 39 economic-development bills championed by Gov. McDonnell.

The Governor’s Commission on Economic Development and Job Creation, which Bolling chairs, is preparing the second part of its jobs initiative, and will present it to the General Assembly in January.

The commission will suggest creation of an emerging-technologies fund to attract more bio-technology, life-sciences, research, health-care and energy companies, Bolling said.

A tourism-development fund would support a clean industry that generates income while requiring few governmental services, he said.

The commission also will focus on work-force training and development. In Danville recently there were 38 unfilled electrician positions that started at $52,000 per year. The lack of qualified employees for those jobs shows more support is needed for community colleges and vocational training, he said.

“Not everybody needs a four-year degree to be a success in life,” Bolling said.

Virginia officials are targeting 50 leading companies around the country, especially in places such as California, Connecticut and New Jersey, where businesses are “strangled with excessive taxation, regulation and litigation,” he said.

Officials also have identified the top 125 employers in Virginia, and have begun meeting with them to discuss ways of helping them prosper, grow and expand, Bolling said.

Several problems, including the European and American debt crises, instability in the real estate markets and proposed spending cuts for the military and its subcontractors, could adversely affect Virginia’s fortunes.

“This [presidential] administration, having dug a very deep hole for us from a debt standpoint, seems to think they can get out of it by cutting the defense budget,” Bolling said.

“Every CEO I meet with tells me that they’re not investing and they’re not hiring until they see what happens in November, because they’re very concerned about the policies coming out of Washington, D.C.,” he added.

Chamber president Diane Poldy said she was heartened that state officials were working to bring more bio-medical companies to Northern Virginia, which would make the region more competitive in that high-paying field.

Bolling’s remarks were timely and encouraging, Poldy said.

“I thought it was a wonderful, total picture of the jobs situation in Virginia,” she said.

Bolling’s interaction with the local business community also could be construed as an early foray into the 2013 governor’s race. The lieutenant governor opted to support Robert McDonnell rather than challenge him for the Republican nomination in 2009; Bolling could face Attorney General Ken Cuccinelli for the 2013 GOP nomination.