FY2026 Operational Plan, Virginia Economic Development Partnership (June 2025)
Summary
This FY26 Operational Plan from the Virginia Economic Development Partnership Authority (VEDP), dated June 2025, is the annual business plan for implementing the Strategic Plan for Economic Development of the Commonwealth of Virginia (FY25-FY29). It states that VEDP was established by the General Assembly in 1995 and that the plan must be submitted to the Chairmen of the House Appropriations and Senate Finance and Appropriations Committees and to the Director of the Department of Planning and Budget prior to July 1, 2025. It states that FY26 is the third year of implementation of the Innovative Framework for Economic Growth, which deepens sector expertise in three core sectors (Knowledge Work, Manufacturing, and Logistics), and that the plan contains 14 major initiatives.
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“FY2026 Operational Plan, Virginia Economic Development Partnership (June 2025).”
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FY2026 OPERATIONAL PLAN
June 2025
TABLE OF CONTENTS
Introduction to and Overview of the FY26 Operational Plan 2
Appendix: FY26 Budget Summary 18
Appendix: Components of the FY26 Operational Plan Required by the Code of Virginia 22
1
INTRODUCTION
▪ 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.”
▪ This FY26 Operational Plan has been prepared in accordance with Code of Virginia, § 2.2-2237.1 D.2.
and the Virginia Budget, which require that an Operational Plan be completed and submitted to the
Chairmen of the House Appropriations and Senate Finance and Appropriations Committees and to the
Director of the Department of Planning and Budget prior to July 1, 2025
▪ This FY26 Operational Plan is the annual business plan for implementing the Strategic Plan for
Economic Development of the Commonwealth of Virginia (FY25–FY29), approved by the VEDP
Board of Directors in June of 2024, pursuant to the Code of Virginia, §2.2-2237.1
▪ FY26 is the third year of implementation of the Innovative Framework for Economic Growth, which will
allow VEDP to fully realize the vision of the Strategic Plan; the Framework will accelerate economic
growth in Virginia through deepening sector expertise in three core sectors (Knowledge Work,
Manufacturing, and Logistics), focusing on ecosystem building around core sectors, and collaborating
across government and with partners to build ecosystems
▪ The 14 major initiatives contained in this FY26 Operational Plan are largely derived from the initiatives
outlined in the updated Strategic Plan
2
THE OPERATIONAL PLAN GUIDES VEDP’S ACTIONS THROUGHOUT
THE YEAR
This FY26 Operational Plan is based primarily upon the goals, strategies, and initiatives outlined in the
five-year Strategic Plan (FY25–FY29)
▪ The annual plan is the result of a VEDP-wide effort that identified improvement areas and new ideas for the
coming year and translated those ideas into a plan for action
▪ The five-year Strategic Plan was updated last year, and the FY26 Operational Plan’s components and Major
Initiatives reflect the updated goals, strategies, and initiatives of the FY25–FY29 Strategic Plan
▪ This year’s Operational Plan includes strategies and initiatives to strengthen the Innovative Framework for
Economic Growth, which provides new tools to accomplish key elements of the Strategic Plan
The goals of this FY26 Operational Plan include:
▪ Strengthen implementation of the Innovative Framework for Economic Growth
▪ Build clarity and alignment regarding VEDP’s strategic direction
▪ Outline major priorities with deliverables and deadlines for the year
▪ Ensure improved accountability for performance
▪ Deliver upon functional improvement opportunities identified by VEDP team members
Progress against this Operational Plan will be reviewed throughout the year through the following
activities:
▪ Regular updates at Executive Leadership Team working groups
▪ Regular internal meetings of each VEDP division (e.g., Business Investment, International Trade)
▪ Ongoing updates to the internal Operational Plan tracker, which are reported to the Board and the
Administration on at least a quarterly basis
3
VEDP ORGANIZATIONAL OVERVIEW (1/3)
Division Overview
Business Investment Coordinates and manages assigned projects, in collaboration with internal and external partners, to
provide best in class service to our clients interested in relocating or expanding in Virginia
Deal Support Supports lead generation campaigns across multiple teams through active outreach programs, enforces
Salesforce compliance while providing Salesforce training and process improvements, and manages
yearly partner assignments and the Governor's Call Program
Economic Develops medium-to-long-term strategies and policy and budget proposals to improve the foundations for
Competitiveness state, regional, and local economic growth
External Affairs Coordinates and manages legislative and budgetary initiatives and cultivates relationships with local,
state, and federal elected officials, as well as relationships with VEDP’s economic development partners
across the Commonwealth
Fiscal and Support Manages all accounting and budget-related work and provides facilities, fleet management, and
Services procurement services
Foreign Direct Focused on cultivating high-impact corporate engagements and international lead generation; cultivating
Investment relationships with internationally-based consultants and multipliers, with a special focus on key markets
where VEDP maintains FDI offices (Europe, Taiwan, Japan, and South Korea)
Human Resources Manages employee lifecycle, talent management, talent acquisition, retention, performance
management, employee engagement, and total rewards
Incentives Oversees the analysis and development of incentive offers, and the administration and coordination of all
VEDP-administered incentives, aligning with programs offered by other entities in the Commonwealth
Information Technology Plans, implements, provides security for, and supports VEDP's technology platforms
International Trade Supports growth and expansion of Virginia companies by increasing international sales and optimizing
international supply chains through targeted programs that increase managerial capabilities and improve
networks in key countries and regions
4
VEDP ORGANIZATIONAL OVERVIEW (2/3)
Division Overview
Knowledge Work Develops and implements strategies to promote employment growth within the Software and
Cybersecurity, Business and Financial Services, and Aerospace and Defense Innovation industries
Legal Services Advises on legislation, policy, rules, and contracts; drafts incentive agreements and NDAs; ensures
compliance with FOIA; oversees all legal activities and issues for VEDP
Logistics Develops and implements strategies to promote employment growth within the Transportation and
Logistics industries, and provides value for the other target sectors; supports target sectors in supply
chain analysis as a competitive advantage
Manufacturing Develops and implements marketing and engagement strategies to promote employment growth within
the Advanced Materials, Food & Beverage Manufacturing, and Biopharmaceuticals industries
Marketing and Manages Virginia’s business brand (and VEDP’s) and builds awareness of the Commonwealth’s
Communications advantages among C-level executives, site consultants (nationally and globally), and key talent markets;
leads Virginia’s site consultant cultivation strategy and execution
Organizational Enhances organizational effectiveness through strategic talent and leadership development,
Development organizational alignment, and cultivating a culture of engagement and continuous improvement
Real Estate Solutions Analyzes industrial market conditions affecting real estate demand and works with partners to develop a
diverse statewide real estate portfolio to address the dynamic trends and win investment in Virginia
Regional Talent Supports growth and retention of Virginia companies through business outreach to foster relationships
Solutions and Business and understand challenges; collaborates with partners and promotes programs, services, and
Outreach (RTSBO) incentives to support companies' growth; engages in statewide and regional initiatives to support
talent development ecosystems
Research Serves as a strategic partner and enabler to client-facing teams across the agency; supports all stages of
the client lifecycle: conducting analysis to better understand core industries and Virginia’s competitive
advantages, supporting lead generation and project management, and maintaining the Return-on-
Investment model; houses critical enabling functions, including Salesforce and the Application
Development team, allowing VEDP to operate efficiently and effectively
5
VEDP ORGANIZATIONAL OVERVIEW (3/3)
Division Overview
Strategic Projects and Focuses on high-profile engagements ( site consultant cultivation, Governor-led marketing missions) and
Lead Generation targeted lead generation for 12 diverse target industries
Talent Accelerator Develops and delivers world-class, customized recruitment and training solutions for eligible new and
expanding Virginia businesses as an incentive for job creation; this is done in collaboration with the
Virginia Community College System and regional workforce partners
Virginia Office of Provides data, dashboards, analyses, and other resources to inform policy and practice at the
Education Economics intersection of education and workforce development; reports on the alignment of higher education with
workforce needs
6
FY26 ORGANIZATIONAL CHART
President & CEO
Chief of Staff
SVP, Talent and
Workforce
Executive VP Strategy
SVP, Policy & SVP,
SVP, VP, Strategic Strategic International
Incentives Projects & Partnerships Trade & CAO
and Business Lead
Investment Generation General
VP, Virginia
Counsel,
Talent
Legal
Accelerator
VP, Foreign VP, Econ. VP,
VP, Logistics Direct Competitive- Information
Investment ness Technology
VP,
Organizational
Development
VP, VP, Real
VP, Research
Manufacturing Estate Controller
Solutions
VP, RTSBO
VP,
VP, Marketing
Knowledge
& Comms. VP, External VP, Human
Work
Affairs Resources
Executive
Director,
VOEE
Managing
Director, Deal
Support
June 2025 7
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP BOARD OF
DIRECTORS – FY26
John Hewa, Chair The Honorable Juan Pablo Segura, Vice Chair
President and CEO, Rappahannock Electric Cooperative Secretary of Commerce and Trade, Commonwealth of Virginia,
Nancy Howell Agee Mimi Rainero Coles
Chair, GO Virginia, Ex Officio Member Marketing and Business Development Vice President,
Permatile Concrete Products Company
The Honorable Stephen Cummings Stephen A. Edwards
Secretary of Finance, Commonwealth of Virginia, CEO and Executive Director, The Port of Virginia,
Ex Officio Member Ex Officio Member
Richard “Rick” O. Harrell, III William “Bill” H. Hayter
President (retired), R.O. Harrell Inc Retired President and CEO, First Bank & Trust Co.
Todd House April Kees
Senior Director of Global External Affairs, Director, Virginia Senate Finance and Appropriations Committee,
CyrusOne Ex Officio Member
Pace Lochte Connie Loughhead
Assistant Vice President for Economic Development, President, Des Champs Technologies
University of Virginia
Sonya Montgomery Anne Oman
CEO, SRM1, LLC Director, Virginia House of Delegates Appropriations Committee,
Ex Officio Member
Nick Rush William D. Sessoms, Jr.
Partner, Advanced Insurance Planning, LLC Executive Vice President, TowneBank
Steven David Stone
Equity Principal, Offit Kurman
Effective July 1, 2025 8
OVERVIEW OF THE STRATEGIC PLAN FOR ECONOMIC
DEVELOPMENT OF THE COMMONWEALTH OF VIRGINIA (FY25–FY29)
▪ In FY24, VEDP developed an updated Strategic Plan for Economic Development of the
Commonwealth (FY25–FY29) in accordance with § 2.2-2237.1 of the Code of Virginia
▪ As required by Code, the Strategic Plan identifies specific goals and objectives for VEDP, as well as
quantifiable metrics and performance measures for each goal and objective; the Plan also includes a
systematic assessment of how VEDP can best add value in carrying out each of its statutory powers
and duties
▪ Key economic development partners were integrally involved in the strategic planning process,
including state, regional, and local economic development agencies and organizations, and
international trade organizations
▪ The FY25–FY29 Strategic Plan includes five transformational goals, the achievement of which
requires the implementation of 12 strategies
▪ The Strategic Plan also contains a set of 37 initiatives focusing on developing Virginia’s human
capital, strengthening the Commonwealth’s economic competitiveness, and building VEDP’s
capabilities; some of the initiatives in the Strategic Plan will require new funding to implement
▪ This FY26 Operational Plan is the annual business plan for implementing the Strategic Plan; the 14
major initiatives contained in the operational plan are derived from the initiatives outlined in the
Strategic Plan for FY25–FY29, as well as efforts associated with the Innovative Framework for
Economic Growth
9
FRAMEWORK FOR IMPLEMENTING VEDP’S STRATEGIC PLAN
▪ Economic development is a combination of activities intended to create jobs, increase wages, and/or
achieve industry diversification
– VEDP will primarily focus on growing the Commonwealth’s economy and bringing the greatest
number of high-quality jobs to Virginia’s regions
– VEDP will typically avoid actively recommending incentives or investments in projects that grow a
region, community, or business at the expense of other regions, communities, or businesses
▪ VEDP will strive to make its incentive and investment recommendations based on public return-on-
investment (ROI) analyses
▪ The FY25–FY29 Strategic Plan is shaped by the Innovative Framework for Economic Growth, which
requires aggressive, focused leadership from VEDP in three broad areas of activity:
– “Sector Depth” aims to increase capacity and expertise in three core sectors (Knowledge Work,
Manufacturing, and Logistics)
– “Robust Ecosystems” aims to proactively implement strategies to enhance the business climate for
those core sectors
– “Commonwealth Collaboration” aims to collaborate across government and with partners to build
ecosystems that will maximize the growth and development of core sectors
▪ Much of economic development’s ecosystem building is done at the regional or local level (e.g., site
selection process, marketing leverage, business environment, economic relationships), so
strengthening our collaboration among partners will be key to the Innovative Framework’s success
10
ENHANCING VEDP’S AND OUR PARTNERS’ STRATEGIC CAPABILITIES:
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
focus on strengthening Building a new “whole-of-
based focus, expertise, and
ecosystems that will generate government” approach aligned
alignment
greater project-based and with local / regional partners to
organic employment growth deliver impact in more direct,
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
11
FOUNDATIONAL STRATEGIC EFFORTS, PARTNER ENGAGEMENT, &
THE INNOVATIVE FRAMEWORK LED TO 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)
12
UPDATED FY25–FY29 TRANSFORMATIONAL GOALS FOR THE
COMMONWEALTH AND VEDP
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
13
THE STRATEGIC PLAN OUTLINES 12 LONG-TERM STRATEGIES TO
HELP VEDP ACCOMPLISH THE 5 TRANSFORMATIONAL GOALS
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
Note: Strategies to be implemented over a 5-7 year period, subject to funding 14
PROGRESS IS BEING MADE ON ALL FIVE TRANSFORMATIONAL
GOALS, BUT MUCH WORK REMAINS TO FULLY ACHIEVE THEM
Transformational Goal Description Outlook
1. Robust state job growth Position Virginia to achieve a growth rate among that of the top 10 states
in the U.S.
2. Every region wins Ensure that every region participates in the growth of the Commonwealth
3. Best state business climate Cultivate a leading business climate and sector-specific ecosystems
4. Top state for talent Establish Virginia as a top state for talent retention, attraction,
development, and alignment
5. Most innovative, Solidify VEDP’s position as one of America’s top state EDOs through an
collaborative, and effective innovative strategy, collaborative approach, and effective outcomes
state EDO
• 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
15
ELEMENTS OF THE OPERATIONAL PLAN ENABLE VEDP TO
ACCOMPLISH THE STRATEGIC PLAN
Strategic Plan for Economic Development of the Commonwealth
What actions must we take to advance our strategies?
Annual Operational Plan
Statutory Value-add Functional
Major initiatives
(SVA) Assessments (FA)
▪ Are we doing what VEDP is ▪ For each function, how ▪ How can we accomplish
required by Code to do? does VEDP compare to our Strategic Plan?
▪ Are we doing what VEDP is the best-in-class? ▪ How can we more fully use
empowered by Code to do? – What are our functions? our statutory powers?
▪ Are there things we are – How can VEDP be ▪ How can we improve
empowered to do that will best-in-class? VEDP’s functions?
support our strategies?
Additional Elements
Introduction, budget, performance metrics, and appendix
Miscellaneous Sections
sections required by Code
16
TABLE OF CONTENTS
Introduction to and Overview of the FY26 Operational Plan 2
Appendix: FY26 Budget Summary 18
Appendix: Components of the FY26 Operational Plan Required by the Code of Virginia 22
17
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP FY2026 BUDGET
SUMMARY
Revenue Sources
FY2026 FY2025 Change
Revenue
COV General Fund Budgeted $ 61,552,091 $ 54,267,478 $ 7,284,613
Obligated Carry Forward Funds 11,330,742 12,404,179 (1,073,437)
Participation and Mission Fees 500,000 500,000 -
Other Revenue 1,000,000 1,000,000 -
Total Revenue $ 74,382,833 $ 68,171,657 $ 6,211,176
18
18
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP FY2026
BUDGET SUMMARY (CONT’D)
Budgeted Expenditure Summary
FY26 FY25 $ %
Dollars Staff Dollars Staff Change Change
Division Budgets
Talent Accelerator Program $ 14,871,048 40 $ 14,752,500 40 118,548 1%
VOEE 2,261,527 8 1,998,338 6 263,189 13%
RTSBO 1,747,450 10 1,713,905 10 33,545 2%
International Trade 12,051,264 30 11,949,576 30 101,688 1%
BI Project Management 3,312,878 16 3,257,588 16 55,290 2%
Strategic Projects & Lead Generation 3,444,183 16 3,403,859 16 40,324 1%
Innovative Framework Sector Teams 3,912,871 20 3,591,620 19 321,251 9%
Research 3,544,919 26 3,466,001 26 78,918 2%
Marketing & Communications 4,703,966 16 4,656,724 16 47,242 1%
Economic Competitiveness 1,472,676 9 1,441,038 9 31,638 2%
Real Estate Solutions 1,614,788 9 1,591,617 9 23,171 1%
Information Technology 1,500,082 9 1,471,726 9 28,356 2%
Incentives 1,230,877 8 1,209,639 8 21,238 2%
Administration 5,966,062 28 5,495,847 24 470,215 9%
Total Division Budgets $ 61,634,591 245 $ 59,999,978 238 1,634,613 3%
Pass Throughs, Grants and Projects 12,748,242 - 8,171,679 - 4,576,563 56%
Total VEDP Budget $ 74,382,833 245 $ 68,171,657 238 6,211,176 9%
19
19
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP FY2026
BUDGET SUMMARY (CONT’D)
Budgeted Expenditure Detail
Pass Throughs, Grants, and Projects FY2026 FY2025
Virginia Business Ready Sites Development and Characterization $ 2,248,242 $ 3,671,679
Brownfields Restoration and Redevelopment Fund 2,250,000 2,250,000
Offshore Wind Supply Chain Development Program 2,250,000 2,250,000
Virginia Talent Opportunity Partnership 6,000,000 -
Total Pass Throughs, Grants, and Projects $ 12,748,242 $ 8,171,679
20
20
TABLE OF CONTENTS
Introduction to and Overview of the FY26 Operational Plan 2
Appendix: FY26 Budget Summary 18
Appendix: Components of the FY26 Operational Plan Required by the Code of Virginia 22
21
COMPONENTS OF THIS FY26 OPERATIONAL PLAN REQUIRED BY THE
CODE OF VIRGINIA
This section of the FY26 Operational Plan contains the two components required by statute,
itemized below:
Virginia Code § 2.2-2237.1. Board of directors to develop strategic plan for economic
development; marketing plan; operational plan; submission
2. An operational plan for carrying out the powers and duties of the Authority. The operational plan of the
Authority shall, at a minimum, include:
a. A process to evaluate the Authority's effectiveness in exercising the powers and duties conferred by
this article, including the Authority's ability to work with other state, regional, and local economic
development organizations and international trade organizations; and
b. A strategy for coordinating with state agencies that administer economic development incentive
programs and relevant executive branch committees, councils, authorities, and commissions to
maximize the effectiveness of state economic development programs and activities.
22
VEDP WILL CONTINUE TO EVALUATE ITS EFFECTIVENESS IN
EXERCISING ITS POWERS AND DUTIES
VEDP’s approach to addressing this statutory requirement includes four components:
Requirement: 1. Assessment of how VEDP can best
add value relative to its statutory
A. Develop a process to powers and duties
evaluate the Authority's
effectiveness in exercising
the powers and duties 2. VEDP functional assessment
conferred by this article,
including the Authority's
ability to work with other
state, regional, and local 3. VEDP Strategic Plan metrics
economic development
organizations and
international trade 4. Annual stakeholder survey regarding
organizations VEDP’s effectiveness in working with
partners
23
VEDP DEVELOPED A STRATEGY FOR COORDINATING WITH KEY
STAKEHOLDERS
VEDP’s approach to addressing this statutory requirement includes two components:
Requirement:
B. Develop a strategy for 1. Approach for coordinating with local,
coordinating with state regional, and statewide economic
agencies that administer development partners
economic development
incentive programs and
relevant executive branch
committees, councils,
authorities, and
commissions to maximize 2. Strategy for coordinating with other
the effectiveness of state incentive-administering agencies
economic development
programs and activities
24
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