FOR IMMEDIATE RELEASE
2021 Virginia MFG Competitiveness Index Published
~Virginia Improved Overall National Rank 11th to 9th – Lost Ground in Economic Strength~
RICHMOND, VA – The Virginia Manufacturers Association (VMA) and Virginia Industry Foundation (VIF) have published the 2021 Virginia Manufacturing Competitiveness Index. This report is published annually and benchmarks Virginia’s manufacturing sector against 49 other states based on 55 metrics divided into five categories: Business Climate, Workforce, Infrastructure, Innovation, and Economic Strength. Each metric is equally weighted, and no category has special weighting.
In 2021, the Commonwealth only improved its comparable performance in the category of Workforce. Business Climate, Innovation, and Infrastructure remained relatively static. However, Virginia lost ground in Economic Strength, dropping to 42nd place. Overall, the Commonwealth’s manufacturing competitiveness ranking improved from 11th to 9th most competitive.
“We are proud that the Commonwealth continues to improve its overall ranking, but there are some troubling issues that will require our immediate attention such as low industry credential attainment, high cost of living, energy costs, poor capital investments, and anemic international trade performance” said Brett Vassey, President & CEO, VMA. “We also need to better understand the gender gap in our production occupations and intend on expanding next year’s report with additional metrics in this area.”
The VMA and VIF recognizes Ted Abernathy, Founder of Economic Leadership LLC, for his research and analysis. The VA MFG Competitiveness Index, now in its 5th year of publication, was inspired by the 2017 report, “A New Blueprint – Making the American South’s Manufacturing Sector More Competitive by 2030,” where Brett Vassey, VMA President & CEO, was a lead contributor appointed by the Southern Governor’s Association to help develop a manufacturing strategy for Southern states.
The full 2021 Virginia MFG Competitiveness Index is available at vamanufacturers.com/advocacy/resolutions-public-policies/.
CONTACT: Kaitlyn Crow email@example.com
About Virginia Manufacturers Association (VMA)
The VMA develops and advocates for constructive public policies and supports a broad array of business services and programs to help ensure that Virginia manufacturing companies can be productive, profitable, and competitive in Virginia. Virginia’s 6,000+ manufacturers employ over 230,000 individuals, contribute $43 billion to the gross state product, and account for over 80% of the state’s exports to the global economy. For more about the VMA, please visit www.vamanufacturers.com.
About the Virginia Industry Foundation (VIF)
The VIF’s mission is to provide scientific educational information; compose, publish, and disseminate information and standards designed to advance industry and specific education; recognize industrial, scientific, educational, workplace, and environmental achievements; support technology intensive industry research and development; and serve as a central scientific, educational, and charitable resource for industry and the public. For more information, go to https://virginiaindustryfoundation.org/.