Measures back major projects in Pittsylvania, Halifax, Goochland and Albemarle expected to create thousands of jobs.
Gov. Abigail Spanberger on Monday signed a package of economic development bills aimed at securing billions of dollars in private investment and creating thousands of jobs across Virginia, highlighting projects in Southside and Central Virginia tied to manufacturing, energy infrastructure and pharmaceuticals.
The legislation supports several major projects announced by the administration in February, including a more than $500 million investment in Pittsylvania County by Avio USA Inc. The company plans to build an 860,000-square-foot manufacturing facility at the Southern Virginia Multimodal Park in the town of Hurt.
The measure authorizes a state incentive package for this project capped at $97 million. Virginia will provide payments of up to $6 million annually from July 1, 2027, through July 1, 2046.
The facility will produce solid rocket motors for defense, tactical propulsion, missile systems and the commercial space sector. State officials have described the project as the second-largest economic development initiative in Southern Virginia history, expected to create more than 1,500 jobs.
“From my very first day in office, I have been working to create a stable business environment so companies can hire, expand, and continue to invest in our commonwealth,” Spanberger said in a statement.
“I am signing these bills into law so we can continue to grow Virginia’s economy and create opportunities for Virginians.”
She added, “Attracting new businesses and jobs to Virginia is a core focus of my administration — and I’m proud of the hundreds of millions of dollars in investment we have already announced this year. I look forward to continuing to work with legislators, local communities, and business leaders as we make clear that Virginia is the top state in the nation to grow or start a business.”
Lawmakers approved the measures — most of which were made during former Gov. Glenn Youngkin’s tenure — with bipartisan support during the General Assembly session, pairing House and Senate bills to authorize incentives and support for specific projects.
In addition to the Pittsylvania County development, the package includes legislation tied to a more than $457 million investment by Hitachi Energy in Halifax County. The project is expected to create more than 825 jobs and focus on manufacturing electrical grid infrastructure.
For this project, the legislation sets a state incentive package valued at up to $29.4 million. The legislation allows for annual payments capped at $4.6 million between July 1, 2026, and July 1, 2035.
Another measure supports a planned $2 billion investment by Eli Lilly and Company in Goochland County. The facility will manufacture active pharmaceutical ingredients used in treatments for cancer, autoimmune conditions and other advanced therapies, with more than 450 jobs anticipated.
The bill establishes an incentive package totalling $300 million. Virginia may award grant payments of up to $15 million per year, with distributions anticipated over a 20-year period.
A separate bill authorizes a $4 billion investment by AstraZeneca in Albemarle County, where the company plans to produce medications for chronic diseases as well as antibody-drug conjugates. That project is expected to create 500 jobs.
Under this measure, the state incentive can reach up to $34 million annually, with payments scheduled between 2026 through 2045.
Taken together, the incentive packages tied to these projects total more than $1.07 billion in potential state support.
The grants for all projects are structured to be paid out over multiple years, in some cases spanning decades, rather than upfront, with annual installments capped and contingent on companies meeting specific performance benchmarks, including agreed-upon investment levels and job creation targets.
Administration officials have emphasized that the investments are part of a broader strategy to attract high-growth industries and expand manufacturing capacity in Virginia, particularly in regions seeking to diversify their economies.
The bill signings follow a separate round of legislation approved and signed by Spanberger last week that focused on affordability issues. That package included measures aimed at lowering prescription drug costs, increasing housing supply and addressing energy expenses for residents and businesses.