Low Energy Costs Key To States’ Success
BY GEORGE ALLEN
11/20/2008
Investor’s Business Daily

During his campaign, President-elect Barack Obama said electricity prices will “skyrocket” and his plans would “bankrupt the coal industry.” It was a stunning revelation on the impact of a “cap and trade” system on jobs and our economy.

As governor of Virginia, recruiting new jobs and investment was my top priority. We recruited high-tech industries that led Virginia to be called the Silicon Dominion.

Due to the new semiconductor fabrication plants, Virginia’s No. 1 export today is computer chips — surpassing cigarettes and coal.

Ten years later, I am thrilled to see that Virginia continues to lead the nation in economic development success.

This year, Virginia was named the best state for business by Forbes.com and the second-best state for business by CNBC. Many factors are considered in these rankings, including economic climate, quality of life, educated work force and regulatory environment, with the cost of doing business usually weighed most heavily.

These business costs measure the tax burden on businesses, the cost of labor and energy costs. While the cost of energy has risen nationwide in recent years, Virginia’s rankings continue to benefit from energy costs that are 30% below the national average.

High-technology industries — such as telecommunications, computer manufacturing and Internet services — provide exciting advancements and growth potential.

These industries are driven by electricity requiring affordable “perfect” power. Thus, the cost and reliability of our electricity supply are crucial factors in attracting new business and driving economic growth.

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This entry was posted on Friday, November 21st, 2008 at 11:35 am and is filed under Virginia, Young America's Foundation, Energy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.