FY2027 Operational Plan: Executive Summary, Virginia Economic Development Partnership (July 1, 2026)
Summary
FY2027 Operational Plan: Executive Summary, dated July 1, 2026, for the Virginia Economic Development Partnership Authority (VEDP). It states that the plan is the annual business plan for implementing the Strategic Plan for Economic Development of the Commonwealth of Virginia (FY27-FY31) and contains 15 major initiatives largely derived from the updated Strategic Plan. FY27 is described as the fourth year of implementation of the Innovative Framework for Economic Growth, built around three core sectors: Knowledge Work, Manufacturing, and Logistics. The plan is to 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, 2026. It includes a VEDP organizational overview by division.
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“FY2027 Operational Plan: Executive Summary, Virginia Economic Development Partnership (July 1, 2026).”
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FY2027 OPERATIONAL PLAN:
EXECUTIVE SUMMARY
July 1, 2026
TABLE OF CONTENTS
Introduction to and Overview of the FY27 Operational Plan 2
Appendix: FY27 Budget Summary 15
Appendix: Components of the FY27 Operational Plan Required by the Code of Virginia 19
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 FY27 Operational Plan has been prepared in accordance with Code of Virginia, § 2.2-2237.1 D.2.
and the Virginia Budget, which requires 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, 2026
▪ This FY27 Operational Plan is the annual business plan for implementing the Strategic Plan for
Economic Development of the Commonwealth of Virginia (FY27–FY31), following the approval by the
VEDP Board of Directors in June of 2026, pursuant to the Code of Virginia, §2.2-2237.1
▪ FY27 is the fourth 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)
▪ The 15 major initiatives contained in this FY27 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 FY27 Operational Plan is based primarily upon the goals, strategies, and initiatives outlined in the
five-year Strategic Plan (FY27–FY31)
▪ 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 this year, and the FY27 Operational Plan’s components and Major
Initiatives reflect the updated goals, strategies, and initiatives of the FY27–FY31 Strategic Plan
The goals of this FY27 Operational Plan include:
▪ 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 (ELT) working group and full ELT meetings
▪ 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 (1/2)
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
Economic Competitiveness Develops medium-to-long-term strategies and policy and budget proposals to improve the foundations for 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 procurement services
Services
Foreign Direct Investment Cultivates high-impact corporate engagements and international lead generation; develops relationships with
internationally-based consultants and multipliers, with a special focus on VEDP’s key international markets (Europe,
Taiwan, Japan, and S. Korea); engages with Governor's Missions program and site selection consultant cultivation
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
Internal Talent Enhances organizational effectiveness through strategic talent and leadership development initiatives aligned with
Development organizational goals and focused on cultivating a culture of engagement and continuous improvement
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
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
4
VEDP ORGANIZATIONAL OVERVIEW (2/2)
Division Overview
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 advantages among C
Communications level executives, site consultants (nationally and globally), and key talent markets; leads Virginia’s site consultant
cultivation strategy and execution, and engages prospects through strategic, proactive outreach campaigns to support
lead generation
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 Solutions Supports growth and retention of Virginia companies through business outreach to foster relationships and understand
and Business Outreach challenges; collaborates with partners and promotes programs, services, and 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
Strategic Projects and Focuses on high-profile engagements (site consultant cultivation, Governor-led marketing missions) and targeted lead
Lead Generation generation for nine 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, done in collaboration with the Virginia Community College System and
regional workforce partners
InternshipsVA Delivers the InternshipsVA program to help employers across the Commonwealth create and expand high-quality paid
internships
Talent & Workforce Leads strategy to position Virginia as the Top State for Talent by coordinating talent solutions and initiatives with other
Strategy VEDP, local, regional, and state partners
Virginia Office of Education Provides data, dashboards, analyses, and other resources to inform policy and practice at the intersection of education
Economics and workforce development; reports on the alignment of higher education with workforce needs
5
VEDP ORGANIZATIONAL CHART
President & CEO
Executive VP
SVP, SVP, SVP, Talent
General SVP, Policy & SVP,
Incentives Marketing, and
Counsel, Strategic International
and Business Comms. & Workforce
Legal Partnerships Trade & CAO
Investment Research Strategy
VP, Foreign VP, Virginia VP, Econ. VP,
Direct VP, Research Talent Competitive- Information
Investment Accelerator ness Technology
VP, VP, Real
VP, Marketing Controller
Knowledge VP, RTSBO Estate
& Comms.
Work Solutions
Managing Executive
VP, External VP, Human
VP, Logistics Director, Deal Director,
Affairs Resources
Support VOEE
VP, Talent Director,
VP,
and Internal Talent
Manufacturing
Partnerships Development
VP, Strategic
Projects &
Lead
Generation
June 2026
6
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP BOARD OF
DIRECTORS – AS OF JUNE 2026
John Hewa, Chair The Honorable Carrie H. Chenery, Vice Chair
President and CEO, Rappahannock Electric Cooperative Secretary of Commerce and Trade, Commonwealth of Virginia
Ex Officio Member
Mimi Rainero Coles The Honorable Mark D. Sickles
Marketing and Business Development Vice President, Secretary of Finance, Commonwealth of Virginia,
Permatile Concrete Products Company Ex Officio Member
Richard “Rick” O. Harrell, III William “Bill” H. Hayter
President (retired), R.O. Harrell Inc President and CEO (retired), 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
Sarah McCoy Sonya Montgomery
CEO, The Port of Virginia CEO, SRM1, LLC
Ex Officio Member
Emily O’Quinn Anne Oman
Chair, Virginia Growth and Opportunity (GO Virginia) Board Director, Virginia House of Delegates Appropriations Committee,
Ex Officio Member 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
As of June 2026 7
OVERVIEW OF THE STRATEGIC PLAN FOR ECONOMIC
DEVELOPMENT OF THE COMMONWEALTH OF VIRGINIA (FY27–FY31)
▪ In FY26, VEDP developed an updated Strategic Plan for Economic Development of the
Commonwealth (FY27–FY31) 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 FY27–FY31 Strategic Plan includes five transformational goals, the achievement of which
requires the implementation of 10 strategies
▪ The Strategic Plan also contains a set of 33 initiatives focusing on positioning Virginia as America’s
Top State for Talent, strengthening the Commonwealth’s economic competitiveness, and enhancing
VEDP’s capabilities; some of the initiatives in the Strategic Plan will require new funding to implement
▪ This FY27 Operational Plan is the annual business plan for implementing the Strategic Plan; the 15
major initiatives contained in the Operational Plan are derived from the initiatives outlined in the
Strategic Plan for FY27–FY31
8
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 FY27–FY31 Strategic Plan has been shaped by a new “Top State for Talent” transformational
goal, including 10 initiatives to:
– Attract and retain talent: Strengthen and highlight the Commonwealth’s assets and economic
opportunities to attract and retain talent
– Align talent development to employer needs: Produce in-demand talent aligned with industry
needs to create pathways to opportunity and build a thriving workforce
– Activate individuals’ potential by increasing supports: Increase wraparound supports (e.g.,
childcare, transportation) to ensure Virginians participate in the labor force
▪ The FY27-31 Strategic Plan continues the implementation of the Innovative Framework for Economic
Growth, launched in 2023 to advance high-growth industries through dedicated sector teams
9
FY27–FY31 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 attraction, retention, 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
10
VEDP’S STRATEGIC PLAN IDENTIFIES 10 STRATEGIES TO BE
IMPLEMENTED OVER A 5-7 YEAR PERIOD, SUBJECT TO FUNDING
Position Virginia as Strengthen Virginia’s Enhance
America’s top state for talent economic competitiveness VEDP’s capabilities
1. Attract and retain talent to 4. Improve site and infrastructure 8. Elevate Virginia through best-in-
drive growth in target assets to accelerate industry class marketing and consultant
industries growth cultivation programs
2. Align talent development to the 5. Strengthen Virginia’s business 9. Deliver best-in-class lead
needs of employers climate through strategic generation and business
ecosystem initiatives and engagement through innovative
3. Activate individuals’ potential
statewide collaboration strategies
by increasing supports to
ensure Virginians participate in 6. Support and promote programs 10.Cultivate world-class talent
the labor force and state assets that drive development and knowledge
international trade growth management at VEDP
7. Increase economic development
capacity and investment in
economically-challenged regions
11
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 attraction, retention,
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
12
THE GOALS AND INITIATIVES OF THE STRATEGIC PLAN DRIVE
VEDP’S PRIORITIES FOR THE ANNUAL OPERATIONAL PLAN
Strategic Plan for Economic Development of the Commonwealth
Transformational Goals Strategies Strategic Plan Initiatives
▪ What goals and metrics ▪ What strategic focus ▪ What long-term efforts
should drive VEDP’s work? areas should VEDP should VEDP invest time
prioritize to make and resources into?
progress on our goals?
What actions must we take to advance our strategy?
Annual Operational Plan
Statutory Value-add Functional
Major Initiatives
(SVA) Assessments (FA)
▪ How can VEDP fully execute ▪ What actions can ▪ What steps will VEDP take
on what it is required and divisions take to improve to advance its strategy this
empowered to do by Code? their functions? fiscal year?
13
TABLE OF CONTENTS
Introduction to and Overview of the FY27 Operational Plan 2
Appendix: FY27 Budget Summary 15
Appendix: Components of the FY27 Operational Plan Required by the Code of Virginia 19
14
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP FY2027 BUDGET
SUMMARY
Revenue Sources
FY2027 FY2026 Change
Revenue
1
COV General Fund Budgeted $ 60,413,402 $ 61,552,091 $ (1,138,689)
Obligated Carry Forward Funds 12,246,207 11,330,742 915,465
Participation and Mission Fees 500,000 500,000 -
Other Revenue 1,000,000 1,000,000 -
Total Revenue $ 74,159,609 $ 74,382,833 $ (223,224)
1The FY27 COV General Fund allocation reflects the Introduced FY27-28 Biennial Budget and is a preliminary figure. As of
June 25, 2026, the FY27-28 Biennial Budget had not been finalized; accordingly, specific elements of VEDP's FY27 Budget
remain subject to change. 15
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP FY2027
BUDGET SUMMARY (CONT’D)
Budgeted Expenditure Summary
FY27 FY26 $ %
Dollars Staff Dollars Staff Change Change
Division Budgets
Talent Accelerator Program $ 14,871,048 40 $ 14,871,048 40 0 0%
VOEE 2,261,527 8 2,261,527 8 0 0%
RTSBO 1,747,450 11 1,747,450 10 0 0%
InternshipsVA 6,000,000 6 6,000,000 6 0 0%
International Trade 12,051,264 30 12,051,264 30 0 0%
BI Project Management 3,312,878 15 3,312,878 15 0 0%
Strategic Projects & Lead Generation 3,444,183 18 3,444,183 16 0 0%
Innovative Framework Sector Teams 3,912,871 20 3,912,871 20 0 0%
Research 3,544,919 26 3,544,919 26 0 0%
Marketing & Communications 4,703,966 16 4,703,966 16 0 0%
Economic Competitiveness 1,472,676 9 1,472,676 9 0 0%
Real Estate Solutions 1,614,788 9 1,614,788 9 0 0%
Information Technology 1,500,082 10 1,500,082 10 0 0%
Incentives 1,230,877 8 1,230,877 8 0 0%
Administration 5,966,062 30 5,966,062 30 0 0%
Total Division Budgets $ 67,634,591 256 $ 67,634,591 253 0 0%
Pass Throughs, Grants and Projects 6,525,018 - 6,748,242 - (223,224) -3%
Total VEDP Budget $ 74,159,609 256 $ 74,382,833 253 (223,224) 0%
16
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP FY2027
BUDGET SUMMARY (CONT’D)
Budgeted Expenditure Detail
Pass Throughs, Grants, and Projects FY2027 FY2026
Virginia Business Ready Sites Development and Characterization $ 2,146,242 $ 2,248,242
Brownfields Restoration and Redevelopment Fund 2,250,000 2,250,000
Offshore Wind Supply Chain Development Program 2,128,776 2,250,000
Total Pass Throughs, Grants, and Projects $ 6,525,018 $ 6,748,242
17
TABLE OF CONTENTS
Introduction to and Overview of the FY27 Operational Plan 2
Appendix: FY27 Budget Summary 15
Appendix: Components of the FY27 Operational Plan Required by the Code of Virginia 19
18
COMPONENTS OF THIS FY27 OPERATIONAL PLAN REQUIRED BY THE
CODE OF VIRGINIA
This section of the FY27 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.
19
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
20
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
the effectiveness of state 2. Strategy for coordinating with other
economic development incentive-administering agencies
programs and activities
21
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