Virginia sees 10,000th new business open under Youngkin’s tenure, fulfilling top campaign pledge

EXCLUSIVE: Virginia Gov. Glenn Youngkin will announce Thursday that his state has surpassed a business-creation milestone he made a campaign pledge to meet.

After he was declared the victor in November 2021 against Democratic former Gov. Terence McAuliffe, Youngkin, a Republican, pledged to foster 10,000 new start-up businesses during his term.

“On day one, we’re going to jumpstart our jobs and reinvigorate the economy so it lifts up all Virginians,” Youngkin said at the time, having repeatedly declared since that “Virginia is open for business.” 

On Thursday, Youngkin said he achieved that goal in “record time.”

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“Through our ‘Compete to Win’ strategy, we’ve reached this incredible milestone by driving innovation, fostering entrepreneurship, bolstering our talent pipeline, providing needed tax relief, and truly creating an environment where startups and businesses can thrive,” he said.

“Our efforts to bolster our business environment over the past two and a half years have earned Virginia the top state for business accolade. All startups should come to Virginia because we are fostering an environment of success.”

Youngkin will visit ZEBOX in Arlington later Thursday to commemorate the milestone. ZEBOX is a “startup accelerator” and “innovation hub,” the governor’s office said in a statement.

In response, Virginia Secretary of Commerce Caren Merrick said it is exciting to see so many innovators and entrepreneurs choose Virginia to launch their projects.

“I look forward to thousands more in the future,” Merrick said.

With Virginia being the rare state in which governors cannot be sequentially re-elected, that left the Falls Church businessman with only four years to meet the goal.

Youngkin said he is also proud to see CNBC name Virginia the top state for business in the country.

One recent ribbon-cutting took place not far from the governor’s office, as Youngkin joined Petersburg Mayor Sam Parham to open the Petersburg Pharma Campus, which houses several pharmaceutical manufacturers.

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The Virginia State Capitol in Richmond was designed by Thomas Jefferson and its cornerstone was placed in 1785. (Win McNamee/Getty Images)

On the other side of the state, Firefly Aerospace chose Virginia Spaceport Authority’s Wallops Island facility near Accomac earlier this summer as the launchpad for its Alpha launch vehicle. Wallops Island is also home to an active NASA site.

As early as 2022, Youngkin’s name was being floated as a potential Republican presidential candidate, though the governor has repeatedly stressed his focus remains on Virginia rather than any national political aspirations.

“They elected me to lead change. They elected me to lead Virginia forward. And that’s what we’re doing,” Youngkin told Fox News at the time.

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Welcome to Virginia sign on I-95 North leaving North Carolina.

Until Sen. JD Vance, R-Ohio, was ultimately selected by former President Trump, the political newcomer had also been floated as a potential vice presidential nominee.

Prior to venturing into politics, Youngkin himself had a successful career in the business sector, helming an executive position with the private equity firm Carlyle Group since 1995.

During his tenure there, he reportedly helped Carlyle lead a high-profile $12 billion revamp of John F. Kennedy International Airport’s Terminal 1.