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Henrico enjoys a healthy economy, as is evidenced by our strong commercial tax base and steady job growth. We are currently home to more than 22,000 businesses, including five Fortune 500 headquarters, and generate 46.5 percent of the sales tax revenue collected in our metropolitan area. During my first term as Chairman of the Board Supervisors in 1992, Henrico County was ranked by City and State (now Governing) magazine as the second best fiscally managed county in the nation. The County achieved a number two national ranking again in 1993, the final year this information was reported. Only 21 of the more than 3,000 counties in the United States hold the highest rating (Aaa/AAA) from each of the three bond rating agencies (Moody’s Investors Service, Standard & Poor’s, and Fitch ICBA). Henrico County is among this elite group.
During my second term as Board Chairman in 1996, we welcomed White Oak Semiconductor to Henrico County. This joint venture of two major corporations, Motorola and Siemens, represented one of the largest and most significant economic development efforts in the history of Henrico County and our metropolitan area. White Oak Semiconductor became part of Infineon Technologies AG in 1999 and was acquired by a new spin-off company, Qimonda, in 2006. Currently the second-largest DRAM company worldwide, Qimonda produces 200 mm and 300 mm computer chips at its Henrico production site. White Oak Technology Park, where Qimonda’s production plant is located, also houses a two-million square foot Hewlett-Packard facility.
 Another economic development coup occurred in the County in 1996 when Pittston Corporation, a Fortune 500 company, announced that it was moving its corporate headquarters here from Stamford, Connecticut. I was quite pleased to welcome Pittston and 100 new jobs to
Henrico.
Economic development involves retaining existing businesses as well as attracting new enterprises. I listen closely to all segments of the business community and use my position on the Board of Supervisors to help unravel the governmental red tape that is especially frustrating to the small business owner.
 In addition to
providing jobs for our citizens, businesses shoulder a major portion of the County's
tax load and make it possible for your County government to offer a high level of public services. With this in mind, I am continually assessing the needs and concerns of our businesses, regardless of their size or the type of
enterprise.
One of our biggest economic magnets in Henrico County is Richmond  International Raceway
(RIR). The raceway is host to a number of outstanding events throughout the year, including two major NASCAR races each year. In September 1992, I had the honor of presenting an honorary share of Henrico County stock to racing legend Richard Petty during his Final Goodwill Tour at the Fairgrounds. The certificate bore the same number as Mr.
Petty's race car
(43).
The honorary stock certificates have subsequently been used to recognize new and expanding businesses in Henrico County as well as individuals and groups who have made extraordinary contributions to our community. I developed the idea for this recognition program in 1992 and was gratified to accept an Achievement Award from the National Association of Counties the following year.
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