A little-known Virginia program has given nearly $930,000 in state subsidies to defense contractors over the last three years in a bid to increase exports abroad and shore up a key industry in the commonwealth. With some economists predicting an uptick in defense spending sparked by Russia’s invasion of Ukraine, the ripple effects could be felt thousands of miles away in Northern Virginia and Hampton Roads. Federal defense spending accounted for over 10% of the commonwealth’s GDP in 2019 and over $37 billion in federal defense contracts flowed to the state in 2018.
Virginia Program Offers State Subsidies To Defense Contractors
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