FY25-29 Strategic Plan for Economic Development of the Commonwealth of Virginia: Executive Summary
Summary
Annual update of the FY25-29 Strategic Plan for Economic Development of the Commonwealth of Virginia, dated November 1, 2024. Its at-a-glance page states that the Virginia Economic Development Partnership Authority (VEDP) was established by the General Assembly in 1995 and that the plan is prepared under Code of Virginia, § 2.2-205 and 2.2-2237.1, which requires a biennial update. The update began in May 2023 and was completed in June 2024 upon approval from the VEDP Board of Directors, resulting in an updated set of 37 strategic initiatives. For the first time since 2017, it features updated transformational goals, with a heavier emphasis on talent competitiveness.
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“FY25-29 Strategic Plan for Economic Development of the Commonwealth of Virginia: Executive Summary.”
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In accordance with Section 2.2-3705.7 (33) of the
Code of Virginia of 1950, as amended, the
Virginia Economic Development Partnership
Authority hereby designates all portions of
Strategic Plan to be protected from disclosure
under the Virginia Freedom of Information Act,
except for this Executive Summary.
FY25-29 STRATEGIC PLAN FOR ECONOMIC
DEVELOPMENT OF THE COMMONWEALTH OF
VIRGINIA: ANNUAL UPDATE
November 1, 2024
TABLE OF CONTENTS
Strategic Plan Background 2
Virginia’s Progress Since the 2017 Strategic Plan for Economic Development
6
of the Commonwealth of Virginia
Trends & Economic Context 10
The Innovative Framework: A New Approach to Economic Growth 12
Strategic Plan Components, Updated Transformational Goals, Strategies, & Initiatives 15
International Trade Plan 22
Statutory Value Add 24
1
AT A GLANCE: THE STRATEGIC PLAN FOR ECONOMIC
DEVELOPMENT OF THE COMMONWEALTH OF VIRGINIA
▪ The Virginia Economic Development Partnership Authority (VEDP) was established by the General Assembly
in 1995 (Code of Virginia, § 2.2-2234 et seq.)
▪ VEDP is given broad powers in its enabling legislation “…to encourage, stimulate and support the
development and expansion of the economy of the Commonwealth.”
▪ The FY25-29 update to the Strategic Plan for Economic Development of the Commonwealth of Virginia (“the
Strategic Plan”) has been prepared in accordance with Code of Virginia, § 2.2-205 and 2.2-2237.1, which
requires a biennial update
▪ The FY25-29 update to the Strategic Plan began in May 2023 with robust partner engagement efforts, and
the update process was completed in June 2024 upon approval from the VEDP Board of Directors
▪ The FY25-29 Strategic Plan is the product of a multi-faceted workplan, which included extensive internal and
external feedback that resulted in an updated set of 37 strategic initiatives
▪ For the first time since 2017, the FY25-29 Strategic Plan features updated transformational goals for the
Commonwealth, highlighting a heavier emphasis on talent competitiveness
▪ For the FY25-29 Strategic Plan update, the Virginia International Trade Plan was integrated into the process,
highlighting key initiatives to drive international trade in Virginia over the next five years
2
THE CODE OF VIRGINIA OUTLINES SPECIFIC STRATEGIC PLAN
REQUIREMENTS AND A BIENNIAL UPDATE SCHEDULE
Code of Virginia, § 2.2-2237.1
A. The Board and the Chief Executive Officer shall develop and update biennially, prior to the start of each of the
Commonwealth's biennial budget periods, a strategic plan for specific economic development activities for the
Commonwealth as a whole. The strategic plan shall be responsive to the comprehensive economic development policy
developed pursuant to § 2.2-205. The strategic plan of the Authority shall, at a minimum, include:
1. The identification of specific goals and objectives for the Authority and the development of quantifiable metrics and
performance measures for attaining each such goal and objective;
2. A systematic assessment of how the Authority can best add value in carrying out each of its statutory powers and
duties; and
3. Such other information deemed appropriate by the Board to ensure that the Authority fully executes its powers and
duties.
B. The Authority shall report annually by November 1 on its strategic plan, any modifications to the strategic plan, and its
progress toward meeting the goals and objectives as stated in the strategic plan. The report shall be submitted to the
Governor, the Director of the Department of Planning and Budget, the special subcommittee on economic development
of the Joint Legislative Audit and Review Commission, and the Chairmen of the House Committee on Appropriations and
the Senate Committee on Finance and Appropriations.
C. The Board shall include in its strategic planning process the participation of key economic development partners,
including state, regional, and local economic development agencies and organizations, rural stakeholders, and
international trade organizations.
3
FOUNDATIONAL STRATEGIC EFFORTS, PARTNER ENGAGEMENT, &
THE INNOVATIVE FRAMEWORK DRIVE THE FY25-29 STRATEGIC PLAN
FY25-29 Strategic
+ PARTNER Plan for Economic
Prior
Strategic Plans for Governor’s Econ. ENGAGEMENT Development of the
Commonwealth Development
+ Op Plans Policy (2022) & Commonwealth
INNOVATIVE
FRAMEWORK The FY25-29 Strategic Plan casts
a vision to integrate recent VEDP
efforts and drive partner
engagement across Virginia to
realize the impacts of these plans
Taskforce for Rural VEDP International
Virginia Economic Trade Plan
Growth (2023) (2019 & 2024)
4
VEDP ENGAGED MORE THAN 125 PARTNERS ACROSS THE
COMMONWEALTH TO DEVELOP THE FY25-29 STRATEGIC PLAN
Partners Engaged1
Partner Engagement Timeline
▪ May 2023: Gathered economic development partner priorities
via VEDP’s annual partner survey; solicited focus group 35 Local partners
participants
▪ June 2023: Held partner feedback sessions to gauge partner 30+ State government
priorities across key ecosystem-building components at partners
statewide economic development conference
▪ September 2023: Held partner engagement gallery walk
20+ Rural Taskforce for
members
session to align with partners on preliminary initiative concepts
▪ October – November 2023: Held thematic focus groups with 15 Regional partners
75+ partners to prioritize key challenges and initiatives;
relaunched Taskforce for Rural Virginia Economic Growth 9 Higher education
▪ December 2023 – February 2024: Hosted roundtable partners
sessions with statewide association leadership and
international trade partners to prioritize economic development 8 Statewide associations
challenges and initiatives
8 Private sector partners
1Not exhaustive 5
TABLE OF CONTENTS
Strategic Plan Background 2
Virginia’s Progress Since the 2017 Strategic Plan for Economic Development
6
of the Commonwealth of Virginia
Trends & Economic Context 10
The Innovative Framework: A New Approach to Economic Growth 12
Strategic Plan Components, Updated Transformational Goals, Strategies, & Initiatives 15
International Trade Plan 22
Statutory Value Add 24
6
WITH ROBUST PARTNER SUPPORT, MUCH PROGRESS HAS BEEN
MADE SINCE ADOPTION OF THE ORIGINAL 2017 STRATEGIC PLAN
▪ VA deploys $90M in
▪ VA named CNBC’s Top
site development funds
▪ VEDP publishes State for Business for
▪ Completed a refresh of ▪ VEDP launches
Strategic Plan for first time since 2011
the Strategic Plan Innovative Framework
Economic Development ▪ VEDP launches first-
▪ Virginia Office of for Economic Growth
of the Commonwealth ever International Trade
Education Economics ▪ VA Talent Accelerator
▪ Five Transformational Strategic Plan
(VOEE) established named nation’s top
Goals established ▪ VA Talent Accelerator
customized workforce
Program launched
training program1
2017 2018 2019 2020 2021 2022 2023
▪ Amazon selects VA for ▪ Governor Youngkin
▪ Strategic Plan refresh
historic HQ2 project, a unveils Compete to
process begins; paused
$2.5 billion investment Win (Comprehensive
due to COVID-19
creating more than Economic Development
pandemic
25,000 new jobs Policy)
▪ Governor Northam
▪ VA creates historic ▪ VEDP establishes Real
declares COVID-19
Tech Talent Investment Estate Solutions
state of emergency
Program Division
1Source: Business Facilities, 2023 Customized Workforce Training Program category rankings
7
VIRGINIA HAS SEEN MUCH PROGRESS ON ITS TRANSFORMATIONAL
GOALS SINCE 2017, BUT WORK REMAINS TO DRIVE FUTURE GROWTH
Transformational Goal Progress Description Outlook
1. Robust state job growth ▪ Virginia has experienced accelerated job growth, becoming the 16th
fastest-growing state in 2024, an improvement from its 28th-place ranking
in 2017
2. Every region wins ▪ 17 of 18 marketing regions have seen net-positive job growth since 2017
3. Best state for business ▪ For a record sixth time, Virginia obtained the No. 1 spot in CNBC’s Top
State for Business rankings and has an average rank of six across key
business climate rankings (CNBC, Site Selection, Chief
Executive, Business Facilities, and Area Development)
4. Top state EDO ▪ In 2023, VEDP was recognized by Development Counselors International
as one of the leading EDOs in the nation
▪ Developed the Virginia Talent Accelerator Program, International Trade
Plan, Virginia Office of Education Economics (VOEE), Virginia Economic
Review, best-in-class site development, and incentives administration
5. Super collaborator ▪ Strengthened collaboration with hundreds of state, regional, and local
economic development partners, regularly achieving a partner satisfaction
rate of over 80%
• On track to achieve long-term goals with no major • Will likely not meet goal
concerns
• Will make progress against long-term goals but • Not started
concerns
8
SINCE FY17, VEDP HAS HELPED SECURE 800+ PROJECT WINS THAT
ARE CREATING ~125,000 NEW JOBS AND $106.5B+ IN CAPEX1
1As of March 2024 9
TABLE OF CONTENTS
Strategic Plan Background 2
Virginia’s Progress Since the 2017 Strategic Plan for Economic Development
6
of the Commonwealth of Virginia
Trends & Economic Context 10
The Innovative Framework: A New Approach to Economic Growth 12
Strategic Plan Components, Updated Transformational Goals, Strategies, & Initiatives 15
International Trade Plan 22
Statutory Value Add 24
10
KEY TRENDS IN POST-COVID ECONOMIC DEVELOPMENT DRIVE THE
STRATEGIC PLAN’S UPDATED GOALS AND INITIATIVES
Economic Development Trends* FY25-29 Strategic Plan Updates
IMPROVED ECONOMIC PERFORMANCE Key Themes
Virginia has seen improved economic performance in recent ▪ The FY25-29 Strategic Plan
years. However, to become a leading state for growth, the advances elements of the
Commonwealth requires an enhanced focus on the industries Innovative Framework for
expected to yield the highest levels of employment. Economic Growth (deep sector
focus, whole-of-government
INTENSIFIED COMPETITIVE LANDSCAPE solutions)
As economic development organizations in competitor states
deploy cutting-edge strategies, Virginia must take a creative Transformational Goal updates
approach to driving economic growth. An increased focus on ▪ New Top State for Talent
talent, livability, innovation, and infrastructure requires greater Transformational Goal (#4) to
collaboration across government agencies and with regional enhance Virginia’s talent pipeline
and local partners. ▪ New Transformational Goal (#5)
emphasizes an innovative and
TALENT-DRIVEN LOCATION DECISIONS collaborative approach to delivering
Availability of talent is now the key driver in economic economic development
development, most notably in the Knowledge Work sector,
representing Virginia’s highest employment growth Updated strategies & initiatives
opportunity. The nationwide scarcity of labor increases the ▪ Three talent-related strategies; 10
urgency to intensify Virginia’s focus on talent. talent-related initiatives
▪ Four initiatives to accelerate
SCARCITY OF PROJECT-READY SITES project-ready infrastructure
A nationwide shortage of large project-ready industrial sites ▪ Two strategic initiatives to drive
paired with an enhanced focus on speed to market continues ecosystem development
to drive site development and project-ready infrastructure as ▪ 10 dedicated initiatives to promote
an economic development imperative for the Commonwealth. core sector growth
*Not comprehensive 11
TABLE OF CONTENTS
Strategic Plan Background 2
Virginia’s Progress Since the 2017 Strategic Plan for Economic Development
6
of the Commonwealth of Virginia
Trends & Economic Context 10
The Innovative Framework: A New Approach to Economic Growth 12
Strategic Plan Components, Updated Transformational Goals, Strategies, & Initiatives 15
International Trade Plan 22
Statutory Value Add 24
12
AN INNOVATIVE FRAMEWORK FOR ECONOMIC GROWTH
Our Goal:
Deliver nation-leading economic performance by building an economic development
enterprise that positions Virginia as an unparalleled business location
Commonwealth
Sector Depth Robust Ecosystems Collaboration
Developing deeper sector- Putting greater, coordinated Building a new “whole-of-
based focus, expertise, and focus on strengthening government” approach aligned
alignment ecosystems that will generate with local / regional partners to
greater project-based and deliver impact in more direct,
organic employment growth holistic ways
Success looks like:
▪ Virginia is a leading state for employment growth in target sectors, generating nation-leading economic performance
▪ More people are moving to Virginia than moving away
▪ Overall project wins have increased, including an increase in transformational project wins
13
VEDP’S STRATEGY IS BUILT AROUND EIGHT CORE INDUSTRIES, WITH
12 OTHER INDUSTRIES ALSO ACTIVELY TARGETED
Core industries Other target industries
Dedicated holistic approach, including ecosystem building Focused, traditional tactics
Knowledge Work A&D Manufacturing
A&D Innovation Financial services AgTech
Business services Software & Aviation Maintenance, Repair, &
cybersecurity Overhaul (MRO)
Batteries, EVs, and traditional
Manufacturing automotive
Advanced materials Food & beverage Data centers
manufacturing
Biopharmaceuticals Nuclear energy
Offshore wind
Logistics Quantum computing
Transportation & logistics Semiconductors
Wood products
14
TABLE OF CONTENTS
Strategic Plan Background 2
Virginia’s Progress Since the 2017 Strategic Plan for Economic Development
6
of the Commonwealth of Virginia
Trends & Economic Context 10
The Innovative Framework: A New Approach to Economic Growth 12
Strategic Plan Components, Updated Transformational Goals, Strategies, & Initiatives 15
International Trade Plan 22
Statutory Value Add 24
15
THE STRATEGIC PLAN FOR ECONOMIC DEVELOPMENT OF THE
COMMONWEALTH OF VIRGINIA INCLUDES THREE CORE COMPONENTS
TRANSFORMATIONAL Aspirational outcomes to drive economic
GOALS growth in the Commonwealth
Strategic focus areas to enhance Virginia’s competitiveness
STRATEGIES
and VEDP’s capabilities
Specific actions that must be completed to accomplish
INITIATIVES
the strategic plan’s goals
16
FY25-29 UPDATED TRANSFORMATIONAL GOALS REFLECT
STAKEHOLDER INPUT, ELEMENTS OF THE INNOVATIVE FRAMEWORK
Robust State Growth
Position Virginia to achieve a growth rate among that of the top 10 states in the U.S.
Every Region Wins
Ensure that every region participates in the growth of the Commonwealth
Best State Business Climate
Cultivate a leading business climate and sector-specific ecosystems
Top State for Talent
Establish Virginia as a top state for talent retention, attraction, development, and alignment
Most Innovative, Collaborative, and Effective State EDO
Solidify VEDP’s position as one of America’s top state EDOs through an innovative strategy, collaborative
approach, and effective outcomes
17
FY25-29 TRANSFORMATIONAL GOALS REFLECT STAKEHOLDER
INPUT & INCORPORATE ELEMENTS OF THE INNOVATIVE FRAMEWORK
Transformational goal Description Metrics (Targets)
1. Robust state job Position Virginia to achieve a ▪ Five-year historic employment growth rate rank (Top ten)
growth growth rate among that of the top ▪ Five-year forecast employment growth rate rank (Top ten)
10 states in the U.S. ▪ Five-year historic inflation-adjusted Median Household
Income (MHI) growth rate rank (Top ten)
2. Every region wins Ensure that every region ▪ Count of marketing regions with positive five-year historic
participates in the growth of the employment growth (All positive)
Commonwealth ▪ Count of marketing regions with positive five-year forecast
employment growth (All positive)
▪ Count of marketing regions with positive five-year historic
inflation-adjusted MHI growth (All positive)
3. Best state business Cultivate a leading business ▪ Average rank in the state business climate rankings (Top
climate climate and sector-specific five)
ecosystems ▪ Five-year historic core sector growth rate ranks (Top ten)
4. Top state for talent Establish Virginia as a top state ▪ Rank of net in-migration as a % of population (Top ten)
for talent retention, attraction, ▪ Rank of credential and degree attainment rate (Top five)
development, and alignment ▪ Strada Education Foundation State Opportunity Index
– Ten-year Bachelor’s and Associates ROI (Top ten)
– Employer Alignment (Leading category)
▪ Labor force participation rate rank (Top five)
5. Most innovative, Solidify VEDP’s position as one ▪ Client satisfaction surveys (95% target)
collaborative, and of America’s top state EDOs ▪ VEDP employee satisfaction (90% target)
effective state EDO through an innovative strategy, ▪ VEDP partner satisfaction (80% target)
collaborative approach, and ▪ DCI Best in Class: State Economic Development
effective outcomes Organizations (Top three)
18
THE STRATEGIC PLAN IDENTIFIES 12 STRATEGIES TO BE
IMPLEMENTED OVER A 5-7 YEAR PERIOD, SUBJECT TO FUNDING
Enhance VA’s human capital Strengthen VA's economic
development engine competitiveness Build VEDP’s capabilities
By improving the Commonwealth’s By improving its “product” – its physical By improving VEDP’s abilities to
human capital attractiveness and capital – Virginia will continue to be the develop and execute economic
readiness, Virginia will position itself for top state for business and a top place to development strategies and programs,
growth in key sectors call home Virginia will be well-positioned to
compete now and in the future
Specific strategies:
Specific strategies:
Specific strategies:
1. Retain and attract talent to drive
4. Improve Virginia’s infrastructure
growth in target industries and key 8. Cultivate world-class talent
assets to accelerate industry and
demographic groups development and knowledge
international trade growth
2. Align and promote K-12 and higher- management at VEDP
5. Reduce Virginia’s cost of doing
ed career programs that develop 9. Leverage Sector Teams to
business by streamlining taxes,
skills for and exposure to core strengthen ecosystem development
incentives, and regulatory burdens
sectors and attraction efforts
6. Enhance Virginia's innovation
3. Support the workforce through 10. Deepen alignment with strategic
ecosystem and living environment to
targeted talent solutions and partners to deliver on shared goals
cultivate key industries and attract
improved access to childcare and
talent
housing 11. Deliver programs and services that
7. Increase economic development support existing businesses and
capacity and investment in rural grow international trade
regions and small metros
12. Maintain best-in-class marketing/
branding, lead generation, and
project management functions
19
THE FY25-29 STRATEGIC PLAN WILL DEPLOY INITIATIVES ACROSS
THREE STRATEGIC AREAS TO DRIVE PROGRESS TOWARD GOALS
Christopher Newport University Port of Virginia
Enhance Virginia’s human Strengthen Virginia’s Build VEDP capabilities
capital development engine economic competitiveness ▪ Support the growth and
▪ Expand work-based learning ▪ Enhance Virginia’s portfolio of development of VEDP’s internal
and career navigation within project-ready sites and talent
higher education infrastructure advantages ▪ Execute the Innovative
▪ Promote alignment between ▪ Expand port, road, rail, and Framework by fully leveraging a
academia and employers to airport logistics assets collaborative sector-focused
strengthen Virginia’s talent ▪ Increase the competitiveness of lead generation and ecosystem-
development pathways Virginia’s taxes and incentives building model
▪ Sustain Virginia’s progress in ▪ Support efforts to increase ▪ Drive international trade growth
delivering customized workforce permitting efficiency through the implementation of
training the International Trade Plan
▪ Improve living environment
▪ Attract and retain talent through assets and statewide innovation ▪ Solidify best-in-class
enhanced marketing efforts, resources approaches to marketing,
focusing on Virginia’s talent project management, business
▪ Provide capacity and federal engagement, and lead
competitiveness in core sectors grant support to rural localities generation
▪ Support initiatives to expand and regions
worker access to critical living ▪ Continue to foster strong
environment assets such as relationships with state,
childcare and housing regional, and local partners
20
PURSUING THREE TALENT-FOCUSED STRATEGIES WILL PROVIDE
BENEFITS TO THE COMMONWEALTH’S CITIZENS AND ECONOMY
1. RETAIN & ATTRACT TALENT
Strengthening and highlighting the
Commonwealth’s assets and economic
opportunities is necessary to retain and INDIVIDUAL BENEFITS
attract the talent that will meet the
demands of employers Prioritizing talent-related
initiatives provides economic
mobility opportunities for
Virginians
2. DEVELOP TALENT THAT IS
ALIGNED TO EMPLOYER NEEDS
Understanding industry needs and
production of in-demand talent aligned
+
with those needs is critical for creating
pathways to opportunity and building a
thriving workforce
ECONOMIC BENEFITS
3. UNLOCK INDIVIDUAL POTENTIAL Meeting employers' talent
BY REDUCING BARRIERS needs will enable their
To ensure Virginians engage in the labor growth and success, while
force, the Commonwealth needs to reduce generating revenue and jobs
for the Commonwealth
barriers to participation and advancement
(e.g., childcare, transportation)
21
TABLE OF CONTENTS
Strategic Plan Background 2
Virginia’s Progress Since the 2017 Strategic Plan for Economic Development
6
of the Commonwealth of Virginia
Trends & Economic Context 10
The Innovative Framework: A New Approach to Economic Growth 12
Strategic Plan Components, Updated Transformational Goals, Strategies, & Initiatives 15
International Trade Plan 22
Statutory Value Add 24
22
VEDP HAS UPDATED THE 2019 INTERNATIONAL TRADE PLAN AS PART
OF THE FY25-FY29 STRATEGIC PLANNING PROCESS
Background
▪ The ITP, developed in 2019, laid out an ambitious long-term plan to increase Virginia’s exports by 50%
over the next 15 years and increase Virginia’s ranking for exports per capita from 39th to 20th
▪ The ITP was comprised of 26 initiatives to support businesses by targeting exports (13 initiatives),
international supply chains (6), and enablers (7) that touch all facets of international trade
Progress
▪ Since International Trade Plan (ITP)’s development in 2019, 22 of the 26 initiatives have been fully or
partially implemented
▪ With 57% of the $8.1M that was originally planned to fully implement VEDP’s ITP initiatives, 15 of the
17 initiatives assigned to VEDP have been fully or partially implemented
▪ From 2016 to 2020, Virginia’s exports grew from $45B to $70B. Virginia has achieved the ITP’s goal of
50% growth in exports
International Trade Plan Refresh
▪ In 2024, in alignment with VEDP’s Strategic Plan update, VEDP collaborated with partner agencies
and stakeholder organizations to gather ideas, inform priorities, and develop new initiatives for a
refresh to the ITP
▪ VEDP utilized the insights gathered during the FY25-FY29 Strategic Plan update and coordinated with
partner agencies to develop new initiatives to grow international trade in Virginia
23
TABLE OF CONTENTS
Strategic Plan Background 2
Virginia’s Progress Since the 2017 Strategic Plan for Economic Development
6
of the Commonwealth of Virginia
Trends & Economic Context 10
The Innovative Framework: A New Approach to Economic Growth 12
Strategic Plan Components, Updated Transformational Goals, Strategies, & Initiatives 15
International Trade Plan 22
Statutory Value Add 24
24
THE CODE OF VA REQUIRES VEDP TO ASSESS HOW IT CAN BEST
ADD VALUE IN CARRYING OUT ITS STATUTORY POWERS AND DUTIES
Code of Virginia, § 2.2-2237.1
A. The Board and the Chief Executive Officer shall develop and update biennially, prior to the start of each of the
Commonwealth's biennial budget periods, a strategic plan for specific economic development activities for the
Commonwealth as a whole. The strategic plan shall be responsive to the comprehensive economic development policy
developed pursuant to § 2.2-205. The strategic plan of the Authority shall, at a minimum, include:
1. The identification of specific goals and objectives for the Authority and the development of quantifiable metrics and
performance measures for attaining each such goal and objective;
2. A systematic assessment of how the Authority can best add value in carrying out each of its statutory powers
and duties; and
3. Such other information deemed appropriate by the Board to ensure that the Authority fully executes its powers and
duties.
B. The Authority shall report annually by November 1 on its strategic plan, any modifications to the strategic plan, and its
progress toward meeting the goals and objectives as stated in the strategic plan. The report shall be submitted to the
Governor, the Director of the Department of Planning and Budget, the special subcommittee on economic development
of the Joint Legislative Audit and Review Commission, and the Chairmen of the House Committee on Appropriations and
the Senate Committee on Finance and Appropriations.
C. The Board shall include in its strategic planning process the participation of key economic development partners,
including state, regional, and local economic development agencies and organizations, rural stakeholders, and
international trade organizations.
25
VEDP’S STATUTORY RESPONSIBILITIES CAN BE GROUPED INTO
EIGHT CORE CATEGORIES
1. Ensure that effective marketing programs are delivered
2. Engage in business development activities
3. Engage in product development activities
4. Encourage coordination of organizations engaged in economic development
5. Encourage exports of Virginia products and services and encourage imports
6. Assist in developing Virginia’s economic development strategies
7. Administer economic development incentive programs
8. Fulfill various administrative and reporting responsibilities
26
VEDP ASSESSED ITS STATUTORY RESPONSIBILITIES TO DEVELOP
AND REFINE STRATEGIES AND INITIATIVES TO FURTHER VALUE-ADD
Category of Statutory
Powers or Duties Strategies to increase VEDP’s value-add
Ensure that effective ▪ #1 - Retain and attract talent to drive growth in target industries and key demographic groups
marketing programs are ▪ #12 - Maintain best-in-class marketing/ branding, lead generation, and project management
delivered functions
Engage in business ▪ #9 - Leverage Sector Teams to strengthen ecosystem development and attraction efforts
development activities ▪ #12 - Maintain best-in-class marketing/ branding, lead generation, and project management
functions
Engage in product ▪ #4 - Improve Virginia’s infrastructure assets to accelerate industry and international trade growth
development activities
Encourage coordination of ▪ #9 - Leverage Sector Teams to strengthen ecosystem development and attraction efforts
organizations engaged in ▪ #10 - Deepen alignment with strategic partners to deliver on shared goals
economic development ▪ #11 - Deliver programs and services that support existing businesses and grow international trade
Encourage exports of ▪ #4 - Improve Virginia’s infrastructure assets to accelerate industry and international trade growth
Virginia products and ▪ #5 - Reduce Virginia’s cost of doing business by streamlining taxes, incentives, and regulatory
services and encourage burdens
imports ▪ #6 - Enhance Virginia's innovation ecosystem and living environment to cultivate key industries
and attract talent
▪ #11 - Deliver programs and services that support existing businesses and grow international trade
27
VEDP ASSESSED ITS STATUTORY RESPONSIBILITIES TO DEVELOP
AND REFINE STRATEGIES AND INITIATIVES TO FURTHER VALUE-ADD
Category of Statutory
Powers or Duties Strategies to increase VEDP’s value-add
Assist in developing ▪ #1 - Retain and attract talent to drive growth in target industries and key demographic groups
Virginia’s economic ▪ #2 - Align and promote K-12 and higher-ed career programs that develop skills for and exposure
development strategies to core sectors
▪ #3 - Support the workforce through targeted talent solutions and improved access to childcare
and housing
▪ #4 - Improve Virginia’s infrastructure assets to accelerate industry and international trade growth
▪ #5 - Reduce Virginia’s cost of doing business by streamlining taxes, incentives, and regulatory
burdens
▪ #6 - Enhance Virginia's innovation ecosystem and living environment to cultivate key industries
and attract talent
▪ #7 - Increase economic development capacity and investment in rural regions and small metros
▪ #9 - Leverage Sector Teams to strengthen ecosystem development and attraction efforts
▪ #10 - Deepen alignment with strategic partners to deliver on shared goals
28
VEDP ASSESSED ITS STATUTORY RESPONSIBILITIES TO DEVELOP
AND REFINE STRATEGIES AND INITIATIVES TO FURTHER VALUE-ADD
Category of Statutory
Powers or Duties Strategies to increase VEDP’s value-add
Administer economic ▪ #11 - Deliver programs and services that support existing businesses and grow international
development incentive trade
programs ▪ #12 - Maintain best-in-class marketing/ branding, lead generation, and project management
functions
Fulfill various ▪ #8 - Cultivate world-class talent development and knowledge management at VEDP
administrative and
reporting responsibilities
Utilize powers granted to ▪ #4 - Improve Virginia’s infrastructure assets to accelerate industry and international trade
VEDP under statute in growth
order to enable it to carry ▪ #8 - Cultivate world-class talent development and knowledge management at VEDP
out its responsibilities ▪ #10 - Deepen alignment with strategic partners to deliver on shared goals
29
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