This was a year marked by unprecedented economic challenges and a remarkable national political transformation.  That is not to say that economic challenges are behind us, it is only to establish the benchmark by which next year will be measured.  With improvements in consumer confidence and greater political stability, Virginia industry is poised to make significant gains in 2011.

On December 1, 2010, the Federal Reserve's Fifth District - Richmond - reported that, "Manufacturing continued to receive upbeat news from contacts, with many reports of strengthening orders and shipments."  This is the general experience of the VMA's own polling of its members over the last two months. One noted exception is the building materials and textile industries which continue to experience historically low orders.  On the other end of the spectrum, aerospace, chemical/pharmaceutical, craft beer and other specialized industries continue to see positive growth despite the economic malaise. 

The VMA's contribution to the manufacturing sector's recovery primarily involves government affairs and business services.  During the 2010 legislative session, the VMA managed a record 350+ bills, achieved a 78% success rate with priority bills and saved industry over $60 million in taxes.  In July of this year, the VMA also published the Virginia Industrial Innovation Strategy to help prioritize major public policies that the Congress and the Commonwealth should pursue in order to improve economic prosperity in the industrial sectors of the economy.  This "blue print" specifically enables us to successfully communicate our strategies to lower the manufacturing sector's effective tax rate, reduce the cost of regulatory compliance, improve the quality of worker skills and keep energy costs affordable and reliable.  To access the complete Strategy, please click here.