The Virginia Innovation Partnership Corporation (VIPC) celebrated the Commonwealth’s realization of 10,000 new high-growth/high-wage startup companies created in Virginia within the first two years under Governor Glenn Youngkin’s administration, the fastest such milestone has been achieved under any Virginia governor administration during at least the past 15 years, according to Chmura Economics & Analytics, a leading labor market data and analysis consulting firm based in Richmond, Virginia. Analyzing data from the Virginia Employment Commission, Chmura’s consulting team reported that Virginia generated 10,337 new high-growth/high-wage startups during 2022-2023, reflecting a quarterly average of 1,292 new such startups which is +62% higher compared to the historical quarterly average during 2010-2021. Virginia’s accelerated rate of new high-growth/high-wage startups during the 2022-2023 period occurred across all nine ‘GO Virginia regions’ of the Commonwealth, demonstrating broad-based positive directional growth trends.
