Boosting Biotech

Jul 10, 2014

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Virginia, no longer ranked as the best state to do business, still has a strong economic footing, especially in Northern Virginia. But because the state is so heavily reliant on defense contracts which have recently been on the federal chopping block, Governor McAuliffe is looking to strengthen the state's economy through other avenues.

McAuliffe has asked members of Virginia’s biotechnology sector for recommendations by September 1st on how to strengthen the state’s biotech industry.  His concern was prompted by a recent national report that ranked the states on how well the industry is doing.

The Governor says that growth in that sector has outpaced the rest of the nation’s economy—growing 17% over the last seven years. The report indicates that each bioscience job generates an additional 3.9 jobs. And while biotech jobs have helped boost Virginia's economy, the sector is not very sizable compared to other business-friendly states. McAuliffe says the research and development tax-credit law that he signed last week will pave the way to attract those types of businesses, but it's not enough.