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| Greene County's Financial Advantages: Competitive Operating Costs |
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Virginia’s Cost-Effective Operating Climate
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 $2.09 per $100 of
payroll
in January 2009, it ranks 4th lowest nationally and is 44 percent
lower
than the U.S. average.
- Unemployment tax burden, tied for 2nd lowest
in the nation, that is 42 percent lower than
the national average.
- In 2009, the average cost per unit of
electricity for
the industrial sector was 6.22 cents in Virginia, compared to 6.82
cents
for the nation.
- 6 percent corporate income tax rate has not
been increased
since 1972
- Building costs in Virginia range from 5-20
percent
below the national average, depending on the region of the
Commonwealth.
Some examples:
- Fairfax – 92.6%
- Lynchburg – 86.2%
- Richmond – 88.4%
- Roanoke – 85.4%
- Norfolk – 88.7%
- Bristol – 81.4%
- Winchester – 85.6%
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