Governor Abigail Spanberger announced that Virginia's general fund revenues grew $2.1 billion in fiscal year 2026, exceeding the official forecast by $938.8 million, as the state continues efforts to address high costs of living.
Since January, the state has announced more than $5 billion in new business investment and more than 3,000 new jobs across the Commonwealth. CNBC ranked Virginia the No. 3 state in the country for business, No. 2 for infrastructure, and the state rose six positions from the previous year in cost-of-living metrics.
The Governor highlighted legislation passed this year addressing healthcare, energy, and housing costs. On healthcare, the state capped monthly out-of-pocket insulin costs at $35, requires insurers to offer plans capping total out-of-pocket prescription drug costs, and limited prior authorization delays in care. On energy, utilities must invest in long-term energy storage to lower peak costs and families can use balcony solar technology. On housing, the state streamlined approval processes for affordable units and strengthened renter protections.
Virgia will be the first state in the South to offer paid family and medical leave, providing more than three million workers access to 12 weeks of paid leave. The state established a statewide paid sick leave policy, as more than one million workers—more than a third of the private-sector workforce—previously had no access to paid sick days.
The state raised its minimum wage to $15 an hour. Non-compete agreements can no longer be used to restrict doctors or nurses, and the practice of using prior underpayment against job applicants ended July 1. Unemployment benefits increased for workers who lose jobs through no fault of their own.
The bipartisan budget invested $2 billion in new public education funding—the largest in state history—and provided four percent raises for teachers and school support staff and 3.5 percent raises for other public employees. Over 100,000 Virginians will afford health coverage due to new state subsidies, and the budget includes record investments in early childhood education and housing.