Governor Glenn Youngkin announces achieving 25% reduction target for regulatory requirements

Virginia Agencies Have Streamlined 26.8% of Regulatory Requirements, Saving Virginians Over $1.2 Billion Annually

Governor Glenn Youngkin announced Tuesday that his administration has surpassed its regulatory reform goal, reducing more than 26.8% of the regulatory requirements in the Virginia Code. The changes are expected to save Virginia residents over $1.2 billion annually.

The announcement marks the latest benchmark in the implementation of Executive Order 19, issued by Youngkin on June 30, 2022. The order established the Office of Regulatory Management (ORM) and tasked it with reviewing and streamlining regulations to reduce the overall burden on the public and increase transparency. The original goal was a 25% reduction in regulatory requirements, a target the administration has now exceeded.

According to Youngkin, one example of the impact includes reforms to the state’s building code, which have decreased the construction cost of a new home by over $24,000. This change alone is projected to save Virginia homebuyers more than $700 million annually and reduce the final sales price of a home by roughly 5.7%.

“Reducing the regulatory burden on Virginians has tremendous impact on the cost of living in our state,” Youngkin said. “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.”

The Governor added that the reforms reflect a comprehensive effort to examine every regulation and process that adds unnecessary cost to residents and businesses. Virginia agencies have also eliminated more than 11.5 million words from guidance documents—representing a 47.9% overall reduction in such material.

Youngkin stated the administration is now targeting a 33% reduction in regulatory requirements.

Reeve Bull, Director of the Office of Regulatory Management, noted that Virginia’s regulatory reforms are drawing national attention.

“The ‘Virginia Model’ has become the gold standard for regulatory reform nationwide,” Bull said. “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 to accelerate regulatory work, Virginia is at the forefront.”

The reforms are part of what the administration calls the “Virginia comeback,” with Youngkin emphasizing his ongoing efforts to make the Commonwealth a competitive, affordable place to live, work, and raise a family.