RICHMOND, Va. (WAVY) — On Wednesday, Governor Northam announced that Virginia’s economy has generated a record $77 billion in capital investment commitments across more than 850 projects.

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This announcement comes as Virginia continues to see an expansion of businesses, as well as new businesses moving into the Commonwealth.

“Virginia’s economy is roaring because we’re investing in people, infrastructure, and our future,” said Governor Northam. “When you treat people right it’s good for everyone and good for business. Companies want to invest here, and people want to work here. The billions of dollars companies are investing in our Commonwealth will expand opportunities and help Virginia reach new heights.” 

Over the past few years, Virginia has made historic investments in early childhood education, increased funding for historically Black colleges and universities, and worked to expand degree programs in computer science and technology at public higher education institutions to help meet the increased demand for tech talent.

These investments include the new G3 program and the $1.1 billion Tech Talent Investment Program.

Earlier this year, Virginia was named the ‘Top State for Business’ by CNBC. They ranked the states based on 85 metrics in 10 categories, looking at things such as cost of doing business, strength of the workforce and infrastructure.

“CNBC confirmed to the world what we have known for a long time, Virginia is the top state for business again this year,” Northam said in July. ” … could not [be] prouder of what this says about the inclusive, commonsense policies that we put in place and how they encourage business investment.”