Youngkin fulfills campaign promise after 10,000th business opens in Virginia since 2021

Virginia Gov. Glenn Youngkin, a Republican, celebrated a campaign milestone on Thursday, after the 10,000th new business opened during his tenure as the state's leader, thus fulfilling a campaign promise.

The governor announced in 2021 that he would strengthen the state's economy by helping establish 10,000 new businesses in the state during his term. Youngkin credited the success to his "Compete to Win" strategy.

“At the beginning of my administration, I pledged to reinvigorate job growth and foster an environment for 10,000 new startups in Virginia and we’ve achieved it in record time," the governor said in a statement. "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 continued: "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!”

Virginia saw a total of 10,307 new "high-growth and high-wage" startups open their doors as of December 2023, according to a news release. Virginia was also ranked number eight in the country for highest venture capital investment dollar activity during 2023, marking the state's highest ranking in at least 10 years, the governor's office said.

“It’s exciting that so many entrepreneurs, innovators, and investors are choosing Virginia to launch and grow startups,” Virginia Secretary of Commerce and Trade Caren Merrick said in a statement. “It is phenomenal to see 10,000 new high-growth and high-wage startups created in Virginia just during the last two years and I look forward to thousands more in the future.” 

The milestone is a major achievement for Youngkin, who has been floated as a possible presidential contender for 2028. Youngkin was also on the short list for former President Donald Trump's running mate this election, but Ohio Sen. JD Vance was ultimately selected instead.

Despite the rumors of a future presidential bid, Youngkin has maintained that he is focused on improving Virginia. However, state law dictates that governors can only serve one term in a row, meaning someone else will need to serve as governor for at least one four-year term when his term ends.

Misty Severi is an evening news reporter for Just The News. You can follow her on X for more coverage.