Virginia controversy casts cloud over economic development

The scandals engulfing Virginia’s top three elected officials could prevent Virginia from landing major new business deals, industry observers say. “The optics matter here,” says John Boyd of The Boyd Co., a national site selection firm based in New Jersey. “In recent years, the political calculus has become very important for companies.” Virginia Business spoke with two out-of-state site selectors, a New York brand consultant and the publisher of an Alabama-based business magazine about the potential impact of the state’s political crisis on the state’s economy. They agree that, at best, the situation isn’t helping attract investment to the state. Some argue that as long as Gov. Ralph Northam remains in office, companies that put a high value on being inclusive will be less likely to choose Virginia. Virginia’s reputation has become a subject of national attention as revelations of racist activities and a sexual assault allegation have rocked Richmond in the past week. Virginia Business

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Author: Matthew Randle