Governor Glenn Youngkin yesterday announced that the Governor’s Office has approved regulatory changes that collectively streamline over 26.8% of the regulatory requirements in the Virginia Code. All told, these changes save Virginia citizens over $1.2 billion per year. Virginia agencies have also eliminated over 11.5 million words from their guidance documents, representing a 47.9% reduction overall.
On June 30th, 2022, Governor Youngkin issued Executive Order 19, creating the Office of Regulatory Management (ORM) tasked with streamlining the regulatory process, increasing transparency, reviewing existing regulations, and reducing the overall regulatory burden on the public. EO 19 set a goal of achieving a 25% cut in regulations—a goal which has now been surpassed.
“Reducing the regulatory burden on Virginians has tremendous impact on the cost of living in our state, and that’s why it has been a top priority throughout my administration,” said Governor Glenn Youngkin. “We did not just meet our goal of reducing the regulatory burden in Virginia by 25%, we exceeded it. These cuts generate real savings for Virginia citizens. For example, reforms to the building code cut construction costs for new houses by over $24,000, putting money back in the pockets of average families. This historic milestone is the latest of a long line of metrics attesting to the Virginia comeback. I will never stop working to ensure Virginia is the best place in the country to live, work, and raise a family.”
These changes are making life easier and more economical for everyday Virginians. For example, the Department of Housing and Community Development (DHCD) has finalized changes that, in the aggregate, shave over $24,000 off the construction cost of a new house, cutting the final sales price by approximately 5.7% and saving Virginia homebuyers over $700 million annually.
“We are not stopping at 25%,” Governor Youngkin continued. “We are on track to reach a 33% reduction in regulatory requirements, which means even greater savings for Virginia families. We’ve taken a comprehensive approach to this issue—examining every regulation, every requirement, and every process that was adding unnecessary costs to business activities, including home construction. As a result, Virginia is a nationwide leader in regulatory reform, and other states are looking to our model as a blueprint for cutting red tape and cutting the cost of living for their residents. Every day we reduce unnecessary regulations is another day we are putting money back into the pockets of Virginia families.”
“The ‘Virginia Model’ has become the gold standard for regulatory reform nationwide,” said Office of Regulatory Mangement Director Reeve Bull. “Whether it’s exceeding the 25% regulatory requirement reduction target, saving Virginia citizens over $1 billion per year, creating a first-of-its kind online dashboard for tracking permit applications, or leveraging artificial intelligence technology to supercharge regulatory streamlining work, Virginia has been and remains at the forefront of regulatory reform and is serving as the model for other states and federal agencies.”
“We’ve shown that good government doesn’t mean big government—it means smart, limited, and accountable government. Thanks to the work of Governor Youngkin, Virginia is now leading the nation in regulatory reform,” said Delegate Michael Webert.
Governor Youngkin announced the achievement of his administration’s regulatory goal at 84 Lumber, a company that sells building supplies, manufactured components, and services for single and multifamily residences and commercial buildings. The Governor’s full remarks can be viewed HERE.
