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Virginia Economic Development Partnership completes strategic plan

virginiaThe Virginia Economic Development Partnership has completed a five-year Strategic Plan for Economic Development of the Commonwealth, as required by the Code of Virginia as part of VEDP reforms enacted by state leaders earlier this year.

Developed with input from hundreds of state, regional, and local partners and stakeholders, as well as guidance from national economic development experts, the Strategic Plan outlines an ambitious economic vision for Virginia and VEDP as well as specifies what is required to bring that vision to life. The Strategic Plan begins by articulating five transformational goals and ends with a comprehensive list of targeted, actionable strategies and initiatives, along with performance metrics, cost and impact estimates, as well as suggested owners and implementation timelines.

“VEDP worked tirelessly with state, regional, and local partners and stakeholders to prepare this comprehensive and robust Strategic Plan that provides a blueprint to move the Commonwealth’s economy forward in the next five years and beyond,” said Vincent J. Mastracco, VEDP Board of Directors Chairman. “I commend everyone involved in this critical effort, and am confident that continued collaboration and full implementation of the Plan will have transformational results and return Virginia to its standing as the best state for business.”

Five Transformational Goals

Through its strategic planning process, VEDP engaged its partners and other stakeholders in a variety of ways to develop and refine a set of five transformational economic development goals for Virginia and VEDP, as well as strategies and initiatives designed to accomplish each of them.

  1. Robust state growth: Over the next several years, position Virginia to achieve a growth rate (measured by employment and median earned income of workers) among that of the top 5-10 states in the U.S.
  2. Every region wins: Ensure that every region participates in the growth of the Commonwealth (i.e., all with positive growth in employment and median earned income of workers).
  3. Best state for business: Restore Virginia to its previous leadership position near the top of the national business climate rankings (i.e., average position among the top 3-5 states).
  4. Top state EDO: Reestablish VEDP as one of America’s premier state economic development organizations (principally to better enable accomplishment of the top three transformational goals).
  5. Super collaborator: Exhibit collaboration and coordination as hallmarks of VEDP (i.e., place a central focus on the “P” in VEDP).

Todd Haymore, Virginia Secretary of Commerce and Trade and Vice Chair of the VEDP Board of Directors, said, “This Strategic Plan builds on our efforts to build a new Virginia economy, as well as ensures full implementation of recently adopted, bipartisan VEDP reforms. The Plan also includes a variety of mechanisms to improve alignment and coordination among VEDP and its state, regional, and local partners. I’m enthusiastic about the outcomes that will result from full implementation of the Strategic Plan as we continue to work together to make Virginia the premier destination for business in the nation.”