Virgin Galactic has signed a 20-year lease agreement to clear the way for construction to begin on the nation’s first commercial spaceport, New Mexico’s Spaceport America, slated to be built in Sierra County.

Gov. Bill Richardson said the agreement will establish New Mexico as Virgin Galactic’s worldwide headquarters and also provide employment and economic opportunities to southern New Mexico.

“The signing of this agreement is a momentous day for our state and has cemented New Mexico as the home of commercial space travel,” Richardson said. “I want to thank Virgin Galactic for partnering with us to create a whole new industry that is going to transform the economy of southern New Mexico creating thousands of jobs, generating money for education, boosting tourism and attracting other companies and economic opportunities to the area.”

The signing of the lease agreement comes just days after the Federal Aviation Administration issued a launch license to the New Mexico Spaceport Authority. The lease agreement with an anchor tenant was the final requirement set by the New Mexico Legislature to release the next level of funding for Spaceport America and it has cleared the way for construction to begin early next year.

“This is a historic moment for New Mexico, Spaceport America and Virgin Galactic. A lot of very dedicated people have been working long hours to secure this lease agreement,” said Spaceport America Executive Director Steven Landeene. “Like several other companies, Virgin Galactic has realized the outstanding advantages offered by Spaceport America and the state of New Mexico.”

The signing of the lease agreement coincides with the beginning of the test flying program for Virgin Galactic’s White Knight Two launch vehicle, which got under way this month in Mojave, Calif. The White Knight Two will serve as the mother ship for SpaceShipTwo, the vehicle that will carry commercial astronauts into sub-orbital space from Spaceport America.

“We are really looking forward to making Spaceport America and New Mexico the home and worldwide headquarters of Virgin Galactic,” said Jonathan Firth, Virgin Galactic projects and operations director. “New Mexico has all the right elements for a successful commercial space operation, including weather, clear airspace, beautiful scenery, great people and a fantastic location and design for Spaceport America.”

The New Mexico Spaceport Authority, in December, selected Gerald Martin Construction Management of Albuquerque to oversee construction of Spaceport America.