strengths and challenges in a time of change. historic drivers to virginia’s success: ◦...

Strengths and ChallengesIn a

Time of Change

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


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


◦ 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


◦ 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


Pro-Business Climate; Global Connectivity; Innovation; Intellectual Capacity


Commission Recommendation Action

Expand Industry Centers of Excellence

• CCAM construction completed• CCAPS underway with Rolls-

Royce• CCALS launched• Virginia Nuclear Research

Consortium launched• Virginia BioScience Health

Research Corporation launched

Competitively promote VA’s assets domestically & internationally

• Opened China & India offices• Coordinated Governor’s

Marketing Events with VEDP, VPA, VTC and VDACS for more impact

• Increased funding for VEDP’s International Trade efforts




Create strategic incentives and investments for business expansion

• Funded the Commonwealth Research Technology Fund (CIT)

• Expanded eligibility criteria for GOF

• Raised caps for VEDIG• Improved VIP paybacks

Improve economic development efforts through regional collaboration

• Created the Building Collaborative Communities Program (DHCD)

• Provided leadership support for new regional economic development organizations (SVRA, Virginia’s Growth Alliance

• MOUs signed between VEDP and VPA for aligned marketing




Provide competitive incentive for Port usage

• Three port-related incentives (port, barge & rail, international) created to induce increased TEU volumes for Virginia ports

Sustain improvements to environmental & regulatory permit reform

• Continued Chief Deputy Role within DEQ

Continue to move forward the Single Sales Factor phase-out

• Phase-out remains on track

Maximize investment in clean energy R&D

• Virginia Offshore Wind Development Authority launched

• Federal grant received to support testing (Dominion)

Workforce



Create greater alignment between job demand and workforce development efforts

• Increased funding for non-credit instruction (VCCS)

• Created Director of Workforce & Education Senior position reporting to Secretaries of Education and of Commerce & Trade

• Created Virginia’s first Workforce ScoreCard using industry-defined outcomes

• Launched first demonstration site for a Virginia Work-Ready Community (Southern Virginia)

• Provided incentive grants to three regional workforce partnerships to demonstrate collaborative solutions led by regional business needs

• MOU between VEDP and Virginia’s Institutions of Higher Education

Workforce



Implement greater use of Career Pathways Program

• Created state leadership staff level Career Pathways Task Force composed of 10 state agencies to develop state pathways framework focused on driving training outcomes toward business needs

• Supported and promoted Registered Apprenticeship Program

• Increased visibility for dual-enrollment programs

Policy development and performance reporting

• Establishing the Virginia Longitudinal database system

• Launched the Growing By Degrees Program

Pro-business climate:◦ Investing in intellectual and innovation assets that

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

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)

Virginia’s Economic Development Strategy Thoughts…...

Thank You!

Virginia’s Economic Development Strategy Opportunities

strengths and challenges in a time of change. historic drivers to virginia’s success: ◦...

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