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Many people have been asking us how Virginia is attracting so much new investment from industries like the life sciences. Over the last four months, we’ve announced a $5 billion investment from Eli Lilly, a $4.5 billion investment from Astrazeneca, and now a $3 billion investment from Merck.
The answer is simple – this administration has been doing the HARD THINGS. There is a truth in economic development; when you cut taxes and deregulate, you can then move fast. When you move at the speed of business, businesses want to come to places like Virginia. When businesses come, they hire more people. More people equals more taxpayers, and finally, more taxpayers equals more tax revenue.
It hasn’t been easy, but this administration has streamlined more than 31% OF ALL REGULATIONS across government. We’ve delivered more than $10 billion of surpluses, which have then produced record amounts of tax relief ($9 billion). This is the right story for economic development. A story focused on doing the hard things up front and then seeing the fruits of your labor 3 years later.
As Secretary, the Commerce and Trade team will continue to do the hard but meaningful things until the last second of the last minute of this administration. Because economic growth matters, every Virginian matters.
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