153 Opportunity Zones Across Virginia
Governor Abigail Spanberger today announced that the U.S. Department of the Treasury approved all 153 new Opportunity Zone areas recommended by the Spanberger Administration through the Opportunity Zone (OZ) initiative. These designations will support new investment, create jobs, and drive economic growth across the Commonwealth by empowering these communities to leverage federal incentives.
“Virginia is ready to harness the potential of Opportunity Zones,” said Governor Abigail Spanberger. “I worked closely with local leaders across Virginia to make sure we supported the priorities that mattered most to local communities. I am excited to see all of my recommendations accepted by the federal government, and I look forward to seeing the new investment and economic opportunity this will bring to our Commonwealth.”
In June, Governor Spanberger established four investment focus areas to guide the Opportunity Zones process — ensuring a locality’s readiness for investment in housing development, downtown revitalization, business-ready investment, and regional asset development. Localities ranked their eligible tracts and submitted detailed information on development activity, zoning alignment, community support, feasibility, and investor interest.
Opportunity Zones complement Governor Spanberger’s focus on growing Virginia’s economy, creating jobs and economic opportunity for all Virginians, and bringing new investment to communities across the Commonwealth. In July, Governor Spanberger celebrated Virginia’s rise to #3 in CNBC’s “America’s Top States for Business” rankings — reflecting her commitment to building a strong business climate that continues to attract high-caliber companies to the Commonwealth.
“Opportunity Zones are an important tool for driving investment where it can make the biggest difference,” said Secretary of Commerce and Trade Carrie Chenery. “These designated zones demonstrate not only the economic possibilities within every region of Virginia but also Governor Spanberger’s commitment to leveraging all resources to create good jobs, strong communities, affordable housing, and long-term, durable growth.”
Virginia undertook an extensive, thorough process to evaluate investment potential, incorporate local priorities, and ensure equitable distribution of nominations across regions. The Virginia Department of Housing and Community Development (DHCD) and the Virginia Economic Development Partnership (VEDP) jointly led the review, surveying all localities with one or more eligible tracts, analyzing economic opportunities, and gathering stakeholder input from local governments, developers, housing partners, regional organizations, and business groups.
This method ensured balanced representation across Virginia’s diverse regions, including rural, suburban, and urban communities, and produced a slate of Opportunity Zones aligned with locations where investment is most likely to succeed. The Commonwealth’s nominations were submitted in October and designated Opportunity Zones will take effect January 1, 2027.
To view a map of all of Virginia’s 153 Opportunity Zones, visit: Virginia’s Opportunity Zones
For additional information on Virginia’s Opportunity Zone process, visit: https://www.dhcd.virginia.gov/opportunity-zones-oz
The U.S. Department of Treasury approved Virginia’s nomination of 153 new Opportunity Zones (OZs) as proposed by Virginia Governor Abigail Spanberger. A map of the new OZs in Virginia, which are set to take effect in January 2027, is available here.
The OZ program is meant to incentivize private investment capital in economically distressed communities. This federal initiative, which was permanently extended through the 2025 reconciliation bill, H.R. 1 – the Working Families Tax Cuts Act, now includes boosted tax incentives for OZs in rural communities. Capital gains placed into rural investments are subject to a discount three times that of non-rural investments. In addition, the investment threshold for improving a facility is reduced. U.S. Congressman Morgan Griffith (R-VA) voiced his support for boosted OZ tax incentives for rural communities as he voted in favor of the Working Families Tax Cuts Act.
In response to this announcement, Congressman Griffith released the following statement:
“As an original supporter of Opportunity Zones, this policy helps attract investments, generate economic growth and create jobs in communities that need it. In 2025, I supported the expansion of this program to allow more rural communities to potentially access private investment.
“Today’s announcement confirms that Virginia’s Ninth District will have more rural Opportunity Zones than any other Congressional District in Virginia.
“I am glad to have secured this outcome for our rural communities by voting for the Working Families Tax Cuts. I will continue to support policies that strengthen economic opportunity in rural America.”
BACKGROUND
According to the Economic Innovation Group, $1.9 billion in OZ investments supported Virginia communities through the end of 2024.
