Virginia’s Current Economic Development Strategy

1. Virginia’s Current Economic Development Strategy Strengths and Challenges In a Time of Change

2. Virginia’s Current Economic Development Strategy • Historic drivers to Virginia’s success: • Pro-Business Climate • Competent, Productive, Educated Workforce • Connectivity to Global Markets • Intellectual Capacity & Resources • Entrepreneurship & Innovation • Quality of Life and Place

3. Virginia’s Current Economic Development Strategy • Challenges to Virginia’s success: • Consistency in the approach to economic development in the context of changing executive branch leadership • Alignment of workforce development system to more efficiently produce the talent pipeline in all areas of the Commonwealth • Coordination of innovation resources to capitalize and commercialize technologies for economic development outcomes • Impacts of federal government downsizing and health care reform

4. Virginia’s Current Economic Development Strategy • Virginia’s economic development strategy links over a continuum of years. • Each new Administration becomes the steward of the strategy • Each new Administration is required to create an economic development strategy for its term • Traditionally, Administrations: • involve business leaders • build on successes • make adjustments as determined • identify new strategies for changes in the economy • implement through state agencies and affiliated organizations

5. Virginia’s Current Economic Development Strategy • Current Administration focused on seven areas through the Governor’s Commission on Economic Development and Job Creation: • Business Development & Business Recruitment • Energy • Manufacturing • Small Business • Technology • Tourism • Workforce Development • Next slides provide updates from these as they relate to the drivers of Virginia’s economic development strategy

6. Virginia’s Current Economic Development Strategy Pro-Business Climate; Global Connectivity; Innovation; Intellectual Capacity

7. Virginia’s Current Economic Development Strategy Pro-Business Climate; Global Connectivity; Innovation; Intellectual Capacity

8. Virginia’s Current Economic Development Strategy Pro-Business Climate; Global Connectivity; Innovation; Intellectual Capacity

9. Virginia’s Current Economic Development Strategy Workforce

10. Virginia’s Current Economic Development Strategy Workforce

11. Virginia’s Economic Development Strategy Thoughts…….. • Pro-business climate: • Investing in intellectual and innovation assetsthat focus on business needs and utilize the capabilities of Virginia’s higher education resources • Assessing, evaluating and modifying the current toolkit for economic development business retention, growth and attraction • Expanding the interagency partnerships that more efficiently use state resources to create more visibility in the global market • Implementing strategies to mitigate specific threats to Virginia’s business climate

12. Virginia’s Economic Development Strategy Thoughts…... • Workforce delivery: • Increasing education and training programs that prepare students to enter the workforce and earn industry-recognized certifications for high-demand, high-skilled and high-income roles • Improve quality and relevancy of workforce training by providing access to state-of-the-art equipment through expansion of the Higher Education Equipment Trust Fund for technical job training • Elevate educational attainment outcomes in Virginia’s rural regions (see Patrick County Educational Foundation as model)

13. Virginia’s Economic Development Strategy Opportunities Thank You!