VIRGINIA – Since Glenn Youngkin took office as governor of Virginia, CEOs have invested $156 billion in the Commonwealth, more than the previous six gubernatorial administrations combined, according to a press release from the governor’s office.
This announcement comes just weeks before a transition of power, with Youngkin preparing to leave office and Democratic governor-elect Abigail Spanberger set to take over.
Recommended Videos
Youngkin credited his success in securing these investments to his business background. In an exclusive interview with Standard & Works Founder and Editor in Chief Zach Silber, Youngkin discussed his economic impact on the state.
“This is my background,” Youngkin told Silber. “I spent a 30-year business career growing businesses and creating investment opportunities – that’s exactly what economic development and winning for Virginia is all about.”
Just four months ago, $12.5 billion in new investment projects were announced across three plants: $5 billion to Eli Lilly, $4.5 billion to AstraZeneca, and $3 billion to Merck. These companies are supporting a $120 million pharmaceutical manufacturing workforce center, which is equipped to train 2,500 employees annually. According to the press release, Virginia is now positioned to be one of the nation’s leading states for biomanufacturing.
“When we came into office, we identified many areas that we thought would be huge growth areas for investments and jobs,” Youngkin said. “And one of them was of course the, the pharmaceutical and life sciences industries.”
Youngkin also credited “huge collaboration with the Trump administration” and the U.S. Investment Accelerator, which works alongside his administration’s Made in Virginia Investment Accelerator to quickly secure deals.
Youngkin described the behind-the-scenes efforts for locking down the pharma deals. For the AstraZeneca deal, he and his team were in the company’s offices the week they decided where to site a new plant, leading to the company’s largest investment ever: $4.5 billion in Virginia. For Eli Lilly, Youngkin took a pitch team to Indianapolis, resulting in a $5 billion investment, also Lilly’s largest ever. He said he had daily engagement with Merck’s leadership to secure their $3 billion deal.
“I call lots of CEOs,” Youngkin explained. “My relationship with the CEOs across the pharmaceutical industry is really, really good. I call them every day and go see them frequently.”
Youngkin emphasized the importance of speed.
“At the end of the day, time is money, pace is everything. And that’s where our aggressive speed, combined with deregulation, ready sites, and a workforce prepared to go today, has changed everything in the Commonwealth.”