Jason L. Kuby, president and CEO of the Virginia Economic Development Partnership, told the Economic Development and Natural Resources Subcommittee on 2025-10-12 that state investment in project-ready sites has helped the Commonwealth win capital-intensive projects and high-paying jobs, but that sustained, larger funding is necessary to maintain momentum.

Kuby said Virginia’s recent site-development investments have produced a strong return on investment: “when you look at the money that you guys are investing in VEDP, when you look at incentives, that is producing an average of an 8 to 1 return for the general fund,” he said, citing net present value calculations over a five-year basis. He told the committee that since 2018 the Commonwealth has announced more than 600 projects, more than 100,000 new direct jobs and more than $100 billion in capital investment, and that recent site grants have already attracted nearly $6 billion in committed capital and nearly 10,000 direct jobs.

Kuby described elements of the Virginia Business Ready Sites program: a state grant program that requires local matching funds, an application process that emphasizes market demand and return, and a multi-stage site-development timeline that typically takes four to five years from raw land to market-ready site. He said the governor’s introduced budget proposes adding $50,000,000 in year two and noted the current budget contained $20,000,000 per year; he also said earlier-state advances moved $20,000,000 from year two into year one and that VEDP expects to award roughly $40,000,000 in the near term.

Why it matters: Kuby argued that although only a small share (about 6%) of projects require very large sites (500+ acres), those large-site projects account for more than one-third of jobs and more than two-thirds of capital investment—making big sites strategically important for state economic outcomes.

Kuby said VEDP’s modeling shows that sustained investment—he cited a planning example of roughly $100,000,000 per year—could yield hundreds of thousands of direct jobs and substantial net revenue for the state, after accounting for incentives.

Members asked questions about workforce alignment and data centers. Senator Barbara Favola asked whether site-readiness grants fund workforce or training programs; Kuby said the site-readiness program focuses on site development, not direct training, but noted that site investment is “set you up for your next” workforce investment and that VEDP’s Virginia Talent Accelerator is designed to supply custom recruitment and training for large advanced-manufacturing projects. On data centers, Kuby said there is a robust pipeline of data center proposals, that many are looking outside traditional Northern Virginia locations, and that sites and energy are critical considerations. He said data centers generally have done their own site development but that VEDP will consider data center projects under the program where appropriate.

Kuby emphasized regional collaboration and coordination with agencies such as the Department of Environmental Quality and transportation partners to ensure sites meet environmental, utility and access requirements. He told the committee the program is heavily oversubscribed, with requests five to 15 times the available funds in recent cycles.

Kuby concluded by urging continued consistent annual funding for site development, saying it improves local spending decisions and helps position Virginia to win large projects that generate strong fiscal returns. The committee did not take a formal vote on funding during the briefing.