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Still globally focused regionally competitive The Greater Richmond

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					Still globally focused, regionally competitive




 A Revised Economic Development Plan for 2009-2014
         Hanover                        2009-2014 Economic
                                        Development Overview
        Richmond
                                        Competition                                              Regionally Competitive,” which sets a private
                     Henrico              Our hometown competes worldwide for busi-              sector campaign goal of $9 million. Matched by
                                        ness attraction, expansion and retention. In a 21st      the public sector, this supports a five-year eco-
      Chesterfield
                                        century model, more focus is placed on the global        nomic development budget for the region of $18
                                        economy.We’re proud that the Greater Rich-               million.
                                        mond area stands among the best as noted by fDi            Phase I of the campaign was led by co-chairs
                                        Magazine’s 2009-2010 ranking of Richmond as              Robert S. Ukrop, President and CEO of Ukrop’s
The Greater Richmond                    ninth overall and fourth for best foreign direct in-     Super Markets, and Gail Letts, President and CEO
Partnership, Inc. is an economic        vestment strategy in the small cities category.          of SunTrust Bank — two Greater Richmond
development team representing           Looking ahead, our region must continue to have          Partnership 2008-09 board members. Phase I of
the counties of Chesterfield,           a multi-purpose strategy to build on the strong          the private sector fundraising campaign closed in
Hanover, Henrico, and                   momentum already achieved.                               January 2009 reaching 74 percent, or $6.6 million,
the City of Richmond, Virginia.                                                                  of its $9 million goal.
                                        Economic Changes
                                          In the fall of 2008, the world’s economy dra-          Next Steps
Mission                                 matically changed, impacting local economies                By working through the 90-day action plan, the
                                        everywhere.The Greater Richmond region was               Partnership re-evaluated the initial 2009-2014
To help grow the                        no exception. Fulfilling its role as the region’s lead   strategic plan (written in April 2008 and pre-
Greater Richmond economy                economic development group, the Greater Rich-            sented during the capital campaign’s Phase I) by
through the attraction of high          mond Partnership, Inc. responded quickly by de-          reassessing target markets, programs and processes.
quality jobs and new capital            veloping and implementing an aggressive 90-day           Developed out of this tactical plan are the strate-
investment, the retention               action plan beginning in December 2008.The               gies for the Partnership’s next five-year cycle.
of existing businesses,                 plan focused on four specific components: the at-           The revised 2009-2014 five-year programs now
and the continued improvement           traction of new business and regional marketing;         titled, “Still globally focused, regionally competi-
                                        expanding and retaining existing business; talent        tive,” will emphasize the region’s strengths and
of the region’s business climate.
                                        development and promotion; and small business            growth potential, targeting key industry clusters
                                        and entrepreneurial support.                             for new business attraction and regional market-
Key Programs                              Addressing the region’s economic issues is not a
                                        job to be done alone and requires real effort in
                                                                                                 ing; support and assist existing businesses in the
                                                                                                 region identifying both at-risk and high growth
The region’s economic                   collaboration and regionalism with our local part-       businesses; focus on the region’s workforce by
                                        ners and the region’s valuable resources. Contin-        helping connect workers with jobs created by ex-
development plan focuses on:                                                                     isting and new businesses; and assist a greater
                                        ued public and private sector support will allow
  Business Attraction &                 the Greater Richmond Partnership, in coopera-            number of start-up firms and encourage innova-
Regional Marketing                      tion with the Greater Richmond Chamber, to               tion.
  Business Retention &                  continue our region’s 15-year history of successful         Throughout this booklet, you will learn about
Expansion                               economic development through 2009-2014.                  our region’s economic development evolution.
  Talent Development &                                                                           Also provided are the Partnership’s five-year goals
Promotion                               Planning for the Future                                  with the strategies and tools to ensure Greater
  New Business Formation &                 The Greater Richmond Partnership continues            Richmond’s continued economic success through
Small Business Support                  its fourth capital campaign, “Globally Focused,          2014.


2     Still globally focused, regionally competitive
Our evolution in economic development
History                                                                                                     Sabra Dipping Company’s $60 million
  Over the past 17 years, economic develop-                                                            food manufacturing facility.
ment in Greater Richmond has traditionally                                                                  GE’s Information Security Technology
emphasized business attraction by highlighting                                                         Center.
the region’s existing positive business climate.                                                           Amazon’s $85 million distribution facility.
But allocating resources for retaining busi-                                                             In total, the Greater Richmond Partnership
nesses and working with entrepreneurs is also                                                          has assisted mroe than 400 companies that
vital.                                                                                                 have invested $7.3 billion in the area.
  The Greater Richmond Partnership, in col-
laboration with the Greater Richmond                                                                   A Ripple Effect
Chamber, created Business First Greater Rich-                                                            This kind of development has lifted every
mond and new workforce initiatives. The pro-                                                           segment of the region’s economy, providing
grams seek to assist small companies, help         The Greater Richmond Partnership was formed
                                                                                                       business opportunities for firms large and
                                                   on July 14, 1994 as one of the nation’s first
regional businesses thrive and expand, and de-                                                         small, new and established. Community devel-
                                                   multi-jurisdictional public-private partnerships.
velop a qualified workforce.                                                                           opment, quality of life and the arts have all
  These programs did not always exist and          the same time. Initial leases were signed in        benefited, along with the quality of jobs and
neither did Richmond’s globally recognized         1995 by nine biotech companies and state            employment opportunities.
business reputation. A survey in the early         agencies. The expansion and growing stature           Only three years after the Partnership’s for-
1990s concluded that the Richmond region           of the Research Park would later provide an         mation, Greater Richmond was named as one
“exists in an image vacuum” and was relatively     ideal setting for Philip Morris USA’s Center        of the nation’s Top 10 “Most Improved” com-
unknown to executives outside Virginia.            for Research and Technology, which today has        munities in Fortune magazine’s annual “Best
  Prior to the Partnership, the region’s eco-      an impressive presence at downtown Rich-            Cities for Business” survey. Greater Richmond
nomic development organization was the             mond’s northern gateway.                            has received more than 50 accolades from the
Metropolitan Economic Development Coun-              Highlights of the initial 17 years of the Part-   media in the last five years. The region has
cil (MEDC), which relied on limited local          nership’s life include:                             tremendous strengths and assets that open
government funding. By the early 1990s, local            Assisting four Fortune 1000 corporate         doors in the global marketplace.
leadership realized a crucial ingredient was       headquarters locations — MeadWestvaco, The            The Greater Richmond Partnership’s 2009-
missing — the involvement of the business          Brink’s Company, Altria Group and Gen-              2014 cycle uses an aggressive strategic plan
community.                                         worth.                                              that is “Still globally focused, regionally com-
                                                         Philip Morris USA’s corporate headquar-       petitive” to ensure the continued growth and
Forming a Partnership                              ters relocation from New York.                      success of our region.
  On July 14, 1994, the Greater Richmond                 Altria’s UST subsidiary headquarters.
Partnership, Inc. was founded. Led by the                K-Line’s North American headquarters.
Greater Richmond Chamber, business united                Alfa Laval’s North American headquar-
with government in what was one of North           ters.
America’s first public-private regional eco-             Bass Pro Shop’s $25 million destination
nomic development initiatives. Launched as         facility.
one of the best per-capita funded organiza-              Hewlett-Packard’s $25 million LaserJet
tions in the nation, the Partnership has be-       printer facility.
come a pioneer for multi-jurisdictional                  Major expansion projects by area compa-
cooperation.                                       nies including Capital One, CarMax and HCA.
  The Virginia Biotechnology Research Park               Elephant Auto Insurance North American
in downtown Richmond was taking shape at           headquarters.


                                                                            A Revised Economic Development Plan for 2009-2014                        3
                                      How we do it
                                        The Greater Richmond Partnership has been            ment Council (SEDC).
                                      recognized repeatedly by its peers, investors and        Most recently, the Partnership has been presented
                                      prospects for its economic development work,           awards for our 2010Year in Review: Headlines &
                                      including being named one of the nation’s top          Newsmakers, and the Annual Report 2010/11.
                                      economic development groups four times by Site           Whether through our websites and online re-
                                      Selection magazine.                                    sources, electronic and print direct mail pieces,
                                        One way the Partnership stays successful is by       advertising, print collateral, public relations or so-
                                      marketing to decision makers who have the op-          cial media, the Partnership relies on varied com-
                                      portunity to choose our area for their business        munication for distributing the most current
                                      location or expansion. This worldwide effort           information about Greater Richmond, for con-
                                      spans a variety of tactical strategies and mediums.    veying our message and supporting our overall
                                        Through a combination of key relationship de-        marketing strategies.
                                      velopment and utilization of communication
                                      tools, we are able to reach a global audience and      Information Gathering
                                      support the efforts of our marketing and business        Regional information gathering and research
                                      retention teams.                                       helps the Partnership stay on the forefront of
                                        Building relationships with local, national and      business happenings. The interviews conducted
                                      international business leaders assists the Partner-    by volunteers of our business retention and ex-
                                      ship in targeting potential clients.                   pansion program, Business First Greater Rich-
                                                                                             mond, keep the Partnership informed of the
                                      Marketing Missions                                     evolving business marketplace and of potential
                                         A bevy of methods is used in executing our          expansions and small business opportunities.
                                      overall corporate mission. One key tactic is out-        Business First is an award-winning program
                                      reach marketing missions.These outbound trips          that received a top recognition from IEDC and
                                      allow us to meet face-to-face with U.S. and inter-     the Virginia Chamber of Commerce with the
                                      national business and industry leaders within our      Torchbearer Award from the Seventh Congres-
                                      target markets.                                        sional District.
                                         During overseas marketing missions, our “Profit
                                      in America” seminars are presented to groups and       Community Involvement
                                      businesses interested in expanding to the U.S.           Our team recognizes that economic develop-
                                         Another way the Partnership keeps “its ear to       ment requires collaboration and the Partnership
                                      the ground” is by nurturing relationships with site    benefits from the contributions of many groups
                                      selection consultants and real estate professionals.   and individuals, in addition to our four local gov-
                                      Visits with consultants also generate feedback         ernment partners and our 120+ private sector in-
                                      necessary to adapt our strategies and key targets.     vestors. Business organizations, the real estate
                                                                                             community, and a wide array of business service
                                      Targeted Communications                                providers provide information, expertise and en-
                                        In support of our programs, print and elec-          thusiasm to help meet the needs of existing and
                                      tronic information is readily available. The Part-     prospect companies.
                                      nership’s publications have frequently received          Additionally, the Partnership’s staff actively net-
                                      awards from professional organizations, such as        works and participates in business and commu-
                                      the International Economic Development Coun-           nity organizations serving leadership roles on
                                      cil (IEDC) and Southern Economic Develop-              boards and committees.


4   Still globally focused, regionally competitive
                                                                                                          Accolades
2009-2014                                                                                                   The Richmond area has received
                                                                                                          more than 130 positive endorse-

Performance Measures                                                                                      ments by the media since 1996.
                                                                                                          Some of our most recent accolades
                                                                                                          from national publications are listed
                                                                                                          below.
  For each five-year period the Greater Richmond Partnership, Inc. and the Greater Richmond
Chamber have set measurable goals. Thoughtful consideration and strategy are put into the develop-
ment of goals that are reviewed on a regular basis to record successes, track progress and identify
areas that require additional focus.
                                                                                                          One of the top Best Cities for Busi-
Business Attraction                                  Business Retention & Expansion                       ness among 102 metro areas, rated
& Regional Marketing                                 (Business First Greater Richmond)                    by the Wall Street Journal’s Market-
(Greater Richmond Partnership, Inc.)                   Interview 2,500 existing businesses.               Watch.com, December 13, 2011.
   Support the creation of 8,500 new jobs gen-         Assist 500 companies.
erating $391 million in new payroll.                   Support the creation of 7,500 new jobs.
   Encourage $1.5 billion in new capital invest-       Secure $250 million in new investment.
ment.
   Assist a total of 125 new and expanding firms,    New Business Formation                               One of the nation’s 50 best places
of which 25 are new internationally owned            & Small Business Support                             for business and careers by
companies.                                           (Greater Richmond Small Business                     Forbes.com, June 29, 2011.
   Place 50 positive media messages about the        Development Center)
region in national and/or international publica-         Encourage venture capital funding
tions.                                               of 15 “gazelle” small businesses.
                                                         Support 1,000 small businesses with global
Talent Development & Promotion                       commerce assistance.                                 Richmond City has been named
(Greater Richmond Partnership, Inc.                     Assist in the expansion of 600 existing com-      the Best Small American City of the
& Greater Richmond Chamber)                          panies.                                              Future. It also ranked as the third
   Fill the need for a trained and available work-      Assist 200 Virginia Department of Trans-          Top Small Cities FDI Strategy and
force for existing and new companies to meet         portation Business Opportunity and Workforce         fifth overall for Small Cities Busi-
their competitive needs.                             Development Center (VDOT-BOWD) business              ness Friendliness in Foreign Direct
   Register more than 1,000 job seekers each         clients.                                             Investment (fDi) Magazine’s North
year on RichmondJobNet.                                  Provide counseling to 2,500 small businesses.    American Cities of the Future
   Increase RichmondJobNet web traffic year             Train 15,000 business owners/executives.          2011/12, April 2011.
over year.                                               Provide information assistance to 50,000 ex-
   Update Workforce Services Directory               isting and prospective business owners that result
(Chamber).                                           in the retention of 2,000 jobs and the creation
   Produce annual College-to-Career Fairs            of 1,250 new jobs.
(Chamber).                                               Stimulate $30 million in new capital invest-
                                                     ment.                                                The nation’s 17th healthiest housing
                                                         Stimulate $35 million in new sales revenue.      market for 2011 on Builder
                                                                                                          online.com, March 3, 2011.




                                                                           A Revised Economic Development Plan for 2009-2014                   5
                                         Program 1
                                         Business Attraction
                                         & Regional Marketing
                                            The Greater Richmond Partnership, Inc. has a
                                         17-year track record of new business attraction      Goals
Gov. Bob McDonnell and                   with a worldwide focus on a number of specific          Support the creation of 8,500 jobs
officials from Sabra Dipping             industry clusters. The Partnership has developed     generating $391 million in payroll.
Company and Chesterfield County          a sophisticated marketing program that links its        Encourage $1.5 billion in new capital
cut the ribbon on the firm’s             business message by industry type to outreach        investment.
processing facility.                     marketing efforts in a variety of countries.            Assist a total of 125 new and expand-
                                            In late 2008 and early 2009, the deterioration    ing firms, of which 25 are new interna-
                                         of the U.S. economy required the Partnership         tionally owned companies.
                                         to re-evaluate its traditional business targets.        Place 50 positive media messages
                                         Research and analysis led the Partnership to a       about the region in national and/or
                                         realignment of new business attraction that fo-      international publications.
                                         cused on industry clusters more likely to bene-
                                         fit from the American Reinvestment and                 Implement an aggressive domestic and inter-
                                         Recovery Act in the short to mid-term. The          national marketing strategy, evaluating unique
                                         targets shown below reflect the inherent            opportunities in each market.
                                         strengths and assets of the Greater Richmond           Annually explore new foreign markets to fur-
                                         economy and incorporate businesses that will        ther the reach of the region’s message around
                                         lead the way out of the current economic re-        the world.
                                         cession.                                               Collaborate with other stakeholders in the
Elephant Auto Insurance opened                                                               creation of a new business-focused brand to
their North American headquarters        Strategies                                          promote the region.
in Henrico County.                          Focus proactive outreach marketing efforts on       Integrate that brand into the Partnership’s
                                         firms in six first tier industry clusters:          marketing campaign.
                                               Advanced Manufacturing (specialty chemi-         Upgrade and further enhance our research
                                         cals; advanced materials; aerospace; marine;        capabilities to better support the needs of new
                                         defense)                                            and expanding businesses.
                                               Green, Clean, and Energy Technologies            Improve the effectiveness of the Partnership’s
                                         (alternative; generation; storage; materials)       marketing efforts by increasing staff capacity and
                                               Life Sciences (pharma; biomedical;            technology utilization in the area of public rela-
                                         biosciences; healthcare)                            tions, marketing and communications.
                                               Information and Communication Tech-
                                         nologies (cyber security; data centers; customer
                                         care and service centers)
                                               Creative and Knowledge-Based Services
                                               Food Processing
Former employees of Reynolds                Respond to and support second tier clusters:
Packaging Co. opened Hanover                   Finance, Securities and Insurance
Foils LLC near Ashland.                        Logistics and Supply Chain


6      Still globally focused, regionally competitive
Program 2
Business Retention                                                                                          Testimonials
& Expansion                                                                                                 “Business owners are constantly
                                                                                                            expressing their challenges with
                                                                                                            moving from one location to the
  Business First Greater Richmond is the flag-                                                              next. Business First gives these
ship business retention and expansion program          Goals                                                owners the opportunity to have
that has already touched more than 2,400 busi-           Interview 2,500 existing businesses.               their challenges highlighted and
nesses since launching in September 2006. The            Assist 500 companies.                              addressed. Whether it’s zoning issues,
initiative builds on the success of an ongoing ef-       Support the creation of 7,500 new                  obtaining licensing, getting building
fort to support the retention and growth of            jobs.                                                plan approvals, or locating a new
companies that already call Greater Richmond             Secure $250 million in new invest-                 workforce, Business First gives me
home. Partners are actively working with the           ment.                                                the resources to assist owners in
business community to better understand criti-                                                              handling these challenges when
cal success factors and attitudes about doing         ices relevant in today’s dynamic economy.             making a move.”
business in the region.                                  Execute a customer-focused approach to
  Partners are utilizing a dynamic new technol-       problem resolution and service delivery that                    Greg Creswell
ogy platform to quickly respond to the needs of       achieves a 90 percent satisfaction rating by par-               Associate
companies in our region. The program has              ticipating firms.                                               Grubb & Ellis/
adopted a holistic team approach that engages a          Analyze the information collected in aggre-                  Harrison & Bates
myriad of organizations who share our commit-         gate; identify and address at least one regionally-             Chesterfield County
ment to retaining and growing businesses in our       critical business issue each year. Actively                     Volunteer Committee
region. This customer-focused approach delivers       collaborate with other stakeholders to resolve                  Co-Chair
value by quickly connecting companies to the          regional issues that negatively impact the busi-
resources they need and removing barriers to          ness climate.                                         “I think that the Business First
business growth.                                         Explore unique and innovative ways to en-          program is essential to the local
                                                      courage the growth of firms in the Greater            business climate. In meteorology,
Strategies                                            Richmond region through identified interna-           weather forecasters look for trends
   Further develop a diverse, world-class team of     tional trade opportunities (such as participation
                                                                                                            and data in order to predict what’s
outreach professionals to include professional        with inbound trade mission groups) and other
                                                      means.                                                coming next. Similarly, the data and
economic development staff as well as trained
                                                         Increase awareness of the Business First pro-      trend analysis provided by local
volunteers from the business community. This
team will interview more than 500 executives of       gram and resources available through aggressive       businesses to the Business First
existing businesses each year.                        marketing using a variety of media (print, elec-      program provides pertinent and
   Develop and execute a regional Business First      tronic, web). Use case studies to demonstrate the     actionable information for the
outreach strategy that supports the needs of          value of the program.                                 Greater Richmond area economic
firms in the region’s cluster industries and ad-                                                            development leaders to implement.”
dresses the unique concerns of small, women-
and minority-owned firms.                                                                                             Peter Larsen
   As a direct result of these business interviews,                                                                   Large Format Product
the team will actively support the expansion of                                                                       Specialist
100 existing businesses each year.                                                                                    Cobb Technologies, Inc.
   In response to business needs, build a strong                                                                      Henrico County Volunteer
regional resource team with expertise and serv-                                                                       Committee Co-Chair



                                                                             A Revised Economic Development Plan for 2009-2014                 7
                                         Program 3
                                         Talent Development
A new tool                               & Promotion
for job seekers                            Critical to the region’s future economic vital-
                                                                                                Goals
                                         ity is the need to develop, retain and attract the
   The RichmondJobNet website            best and the brightest workforce and fully con-          Fill the need for a trained and available
was launched by the Partnership in       nect businesses to the available and developing        workforce for existing and new compa-
February 2009 in response to the         labor pool. To accomplish that goal, the Part-         nies to meet their competitive needs.
                                         nership will focus on a number of areas, with a          Register more than 1,000 job seekers
economic challenges facing the re-
                                         central initiative being the region’s newest career    each year on RichmondJobNet.
gion resulting in a number of com-       resource center – RichmondJobNet.                        Increase RichmondJobNet web traffic
pany closings and large layoffs. A         As part of a broader strategic objective, the        year over year.
need was identified to retain this       Partnership will work with the Chamber and               Update Workforce Services Directory
talent by simplifying the job search     other area partners toward the development and         (Chamber).
process and improving the connec-        implementation of a coordinated regional work-           Produce annual College-to-Career
tions between job seekers and em-        force strategy to support existing businesses and      Fairs (Chamber).
ployers seeking to fill positions in     meet the labor demands of our targeted business
our region.                              attraction clusters.                                     Utilize labor market analysis software and in-
   RichmondJobNet is organized to          Other employer-focused activities such as the       formation systems to better understand the re-
simplify the job search process using    development of the Workforce Services Direc-          gion’s jobs, workforce, training, education and
                                         tory ensure that information regarding recruiting     skills. The Partnership will be an active partici-
a comprehensive listing of area job
                                         and hiring resources in the region is accessible.     pant in the workforce services delivery system,
boards, tools and tips for job seekers   To help retain area college graduates, the Part-
including resume, cover letter and                                                             providing information regarding labor require-
                                         nership has supported the College-to-Career           ments of existing, new and targeted businesses.
interview preparation. Resources         Fair, which links students from dozens of area          Through our contract with the Greater Rich-
for those interested in starting their   colleges and universities with local employers.       mond Chamber:
own business are available as well as                                                                 Support initiatives to help retain college
a comprehensive Career Calendar          Strategies                                            graduates, such as the regional College-to-Ca-
including job fairs and educational         RichmondJobNet will be a premier resource          reer Fair, which involves the region’s two- and
opportunities.                           for area job seekers and provide exposure for         four-year colleges and
   Research suggests that 70 percent     employers with job openings. We are utilizing         universities to match
of all job openings are never adver-     traditional and social media outlets to increase      interns, graduating sen-
tised – that’s why RichmondJobNet        awareness of the site and employment opportu-         iors and recent graduates with area employers
                                         nities in the region with the goal of increasing      and jobs.
encourages individuals to connect
                                         web traffic year over year and registering more              Provide information, tools and resources to
through networking events (face-         than 1,000 job seekers each year. Additional
to-face and virtually) and an excit-                                                           help employers in their efforts to recruit, train
                                         metrics and feedback mechanisms will be inte-         and retain talent, including supporting regular
ing combination of social media.         grated using Twitter and Facebook platforms to        updates of the Workforce Services Directory in
                                         capture success stories. This will become a key       print and electronic version, which details more
                                         platform to retain talent in our community and        than 900 area service providers.
                                         a marketable brand outside the region to attract
                                         talent during periods of economic expansion.


8      Still globally focused, regionally competitive
Program 4                                                                                                        Nurturing local
                                                                                                                 small business
New Business Formation                                                                                              The Greater Richmond Small

& Small Business Support                                                                                         Business Development Center (GRS-
                                                                                                                 BDC) is a partnership program be-
                                                                                                                 tween the U.S. Small Business
  Supporting small businesses is crucial.The Greater                                                             Administration and the Greater Rich-
Richmond Small Business Development Center                 Goals                                                 mond Chamber, providing assistance
(GRSBDC) provides in-depth quality counseling,                Encourage venture capital funding                  and training to help small business
education, and information services to the small           of 15 “gazelle” small businesses.                     owners and future small business
business community in partnership with local, re-             Support 1,000 small businesses with                                 owners make sound
gional and national resources. Over the past five          global commerce assistance.                                            decisions for the suc-
years GRSBDC has helped 5,000 businesses (com-                Assist in the expansion of 600 exist-                               cessful operation of
prised of 45 percent women-owned and 38 percent            ing companies.                                                         their business.
minority-owned), held 565 training events with                Assist 200 Virginia Department of                                     The GRSBDC was
more than 14,893 participants, and provided 15,000         Transportation Business Opportunity
hours of individual counseling. Continued develop-                                                                                created in 1998 by the
                                                           and Workforce Development Center
ment of current programs and new initiatives to                                                                                   Greater Richmond
                                                           (VDOT-BOWD) business clients.
help small businesses succeed by extending their                                                                 Chamber (GRC) when it took over
                                                              Provide counseling to 2,500 small
reach globally are among the programs planned.                                                                   the Capital Area SBDC’s client base
                                                           businesses.
                                                              Train 15,000 business owners/execu-
                                                                                                                 and resources to support the GRC’s
Strategies                                                 tives.                                                commitment to area small businesses.
   Create state-of-the-art programs and services              Provide information assistance to                  As part of the statewide Virginia
using technology assisted by a virtual “help desk”         50,000 existing and prospective busi-                 SBDC network, the GRSBDC serves
with availability on a 24/7 basis for small businesses     ness owners that result in the retention              a population of approximately 1 mil-
and entrepreneurs.                                         of 2,000 jobs and the creation of 1,250               lion people in Central Virginia, pri-
   Expand the one-on-one counseling program by             new jobs.                                             marily in the City of Richmond and
30 percent providing critical advice and direction                                                               the counties of Chesterfield,
                                                              Stimulate $30 million in new capital
to entrepreneurs and existing business owners.
                                                           investment.                                           Goochland, Hanover, and Henrico.
   Expand Small Business Development Center
service offerings to small businesses that are already,       Stimulate $35 million in new sales                 The GRSBDC offers confidential, in-
                                                           revenue.                                              dividual counseling as well as work-
or plan to become, involved in global commerce.
   Enhance and expand programs and services that                                                                 shops, conferences and courses at
will grow the region’s small businesses and gazelle         Work with selected partners to increase the seed     various locations in its service area.
firms.                                                    capital available to new entrepreneurs.                   Since it is a not-for-profit organiza-
   Provide business training and counseling services         Partner to assist a greater number of new and       tion, the GRSBDC offers free coun-
in each local jurisdiction by collaborating with          existing businesses to succeed through enhanced
                                                                                                                 seling services and charges only
local economic development offices.                       technology utilizing the Internet.
                                                             Be responsive and proactive to the changing         nominal fees for its seminars and
   Create an International Service Support Center                                                                courses.The center is funded by the
to assist small businesses in expanding their interna-    needs of small businesses.
                                                             Prepare minority businesses for state and federal   Greater Richmond Chamber, the
tional market outreach by collaborating with the
                                                          government contracts through an initiative with        Greater Richmond Partnership, Inc.,
Virginia Asian Chamber,Virginia Hispanic Cham-
ber, the Metropolitan Business League and local in-       the Virginia Department of Transportation Business     and the U.S. Small Business Adminis-
ternational business support companies and                Opportunity and Workforce Development Center           tration.
organizations.                                            (VDOT-BOWD).



                                                                                 A Revised Economic Development Plan for 2009-2014                      9
Distribution
of Personal                            Economic Impact
Consumer                                 The Economic Strategy Center of Atlanta has                          economy. Less capital-related jobs generate a
                                       projected specific benefits of 17,250 new direct                       smaller economic value. These jobs occur in re-
Expenditures                           jobs based on the IMPLAN (IMpact analysis for                          tail, services, and some of the lower skilled man-
                                       PLANning) input-output economic model re-                              ufacturing industries. Lower salary levels
                                       flecting Richmond’s local economy.                                     generally correspond with these categories of
                                         Each new job created as part of the Partner-                         employment.
                                       ship’s aggressive work plan is estimated to sup-                         Job creation activities have an effect in two
                                       port the creation of an additional 1.15 jobs in                        other key aspects of the local economy: earnings
                                       the region. The 37,028 total new jobs will have                        and output. These total economic impacts —
                                       an estimated payroll of $1.6 billion and will sup-                     summing the direct, indirect, and induced effects
                                       port personal consumption expenditures of $1.2                         — account for all economic activity that stems
                                       billion. The distribution of this annual new con-                      from the program’s attraction and expansion ac-
                                       sumer spending on housing, transportation, food                        tivities.
                                       and other items is shown in the chart on the
                                       left.
                                         The ripple effect of the new jobs is computed
                                       based on regional multipliers. These multipliers
                                       show the effect of the addition of one job or
 Expenditures      Amt. in millions
                                       one dollar in any given industry to the employ-
 Housing               $375.36         ment and earnings for all industries.
 Transportation        $220.60           The value of a job to a region’s economy
 Food                  $146.68         varies by industry. Jobs based on significant capi-
 Personal Insurance,                   tal investment have a higher wage rate and gen-
 Pensions              $122.43
                                       erate greater ripple effect in the region’s
 Heath Care            $71.61
 Entertainment         $54.28
 Cash Contributions    $46.20
 Apparel               $45.04
 Miscellaneous
 Education
                       $18.48
                       $18.48
                                       Economic Impact of 17,250 Direct Jobs
 Personal Care         $15.01
 Alcoholic Beverages   $9.24            Direct Jobs                                                                                                                  17,250
 Tobacco Products      $9.24
 Reading               $2.31            Total Jobs                                                                                                                   37,028
 TOTAL                 $1.2 billion     Earnings (Payroll)                                                                                                     $1.6 billion
                                        Output                                                                                                                 $7.1 billion
                                        Disposable Personal Income                                                                                             $1.4 billion
                                        Net Personal Consumption Expenditures                                                                                  $1.2 billion
                                        Deposit Potential for Area Financial Institutions                                                                  $550,304,164
                                       Disposable Personal Income: Personal Income less Personal Tax and Nontax Payments; Net Personal Consumption Expenditures: Percent-
                                       age of Disposable Personal Income less Interest, Personal Transfer Payments, and Personal Savings; Deposit Potential: Personal Savings Rate
                                       less Deposit Leakage Estimate with area turnover (Reserve Req. Ratio). Distribution of Consumer Expenditures (in millions).




10   Still globally focused, regionally competitive
GRP Investors for 2009-2014
Public Investors                          The Flores Shop                          NewMarket Corporation
City of Richmond                          Froehling & Robertson, Inc.              Nursefinders
Chesterfield County                       Genworth Financial, Inc.                 Odell
Hanover County                            Gresham, Smith & Partners                Owens & Minor, Inc.
Henrico County                            Grubb & Ellis|Harrison & Bates           Patient First
                                          Gumenick Properties                      Prudential Slater James River Realtors
                                          Have Site Will Travel, Ltd.              PwC
Private Investors                         HCA Virginia Health System               Rainbow Station, Inc.
Alfa Laval, Inc.
                                          Alexander Hamilton, IV                   Richmond Association of REALTORS
Altria Group, Inc.
                                          Highwoods Properties                     Rick Whittington Consulting, LLC
Anthem Blue Cross Blue Shield
                                          Hirschler Fleischer                      RSM McGladrey
Bank of America
                                          HKS Architects                           Rutherfoord
Baskervill
                                          The Hodges Partnership                   S.L. Nusbaum Realty Company
BB&T Capital Markets                      W. Barry Hofheimer                       Sands Anderson PC
BB&T Insurance Services                   Hourigan Construction                    Scott & Stringfellow, LLC
BCWH Architects                           Hunton & Williams LLP                    Sheetz
Blackwood Development Company, Inc.       J. Sargeant Reynolds Community College   St. Catherine’s School
Bon Secours Health System                 The Jefferson Hotel                      St. Christopher’s School
Branch Banking and Trust Company (BB&T)   Jewett Automation, Inc.                  Staffmark
Brandywine Realty Trust                   Jewett Machine Manufacturing Co., Inc.   SunTrust Bank
The Brink’s Company                       John Tyler Community College             SuperValu
Capital One Financial Corporation         Joyner Fine Properties                   Swedish Match North America, Inc.
Capstone Contracting Company              KBS, Inc.                                Cushman & Wakefield | Thalhimer
CapTech Ventures, Inc.                    Keiter                                   ThompsonMcMullan, PC
CarMax                                    Kjellstrom and Lee, Inc.                 Titan Group
CCA Industries                            Korman Signs Inc.                        TLA, Inc.
Centerpointe Associates                   KPMG LLP                                 Troutman Sanders LLP
Cherry, Bekaert & Holland, LLP            Kraft Foods, Inc. / Nabisco Biscuits     Ukrop’s Homestyle Foods
Chmura Economics & Analytics              Lamar Advertising                        Union First Market Bank
Christian & Barton, LLP                   LandAmerica Charitable Fund              Universal Leaf Tobacco Company, Inc.
Collegiate School                           of the Community Foundation            University of Richmond
ColonialWebb Contractors                  LeClairRyan                              Virginia Commonwealth University
Columbia Gas of Virginia                  Luck Stone Corporation                     & VCU Health System
Community College Workforce Alliance      M & T Bank                               Verizon Communications
Control Dynamics, Inc.                    M. H. West & Co., Inc.                   Village Bank
Creative                                  Markel Corporation                       Virginia Air Distributors
CRT/tanaka                                The Martin Agency                        Virginia Credit Union Inc.
CXI                                       McCandlish Holton, PC                    Thomas J. Vozenilek
Davenport & Company                       McGuire Woods LLP                        W.M. Jordan Company
Ditch Witch of Virginia                   McKesson Medical-Surgical, Inc.          Warren Whitney
Dominion Realty Partners                  Media General, Inc.                      Wells Fargo, N.A.
Dominion Resources                        Mitchell, Wiggins & Company, LLP         Wells Fargo Advisors
E.A. Holsten, Inc.                        Morton’s, The Steakhouse                 The Westin Richmond
Ernst & Young LLP                         Mutual Assurance Society of Virginia     The Whitlock Group
First Capital Bank                        MWV                                      Williams Mullen


                                                              A Revised Economic Development Plan for 2009-2014             11
Greater Richmond Partnership, Inc.
Chairs of the Board of Directors
1994-1995                         1999-2000                         2004-2005                        2009-2010
William T. Bolling                Robert J. Grey Jr.                Arthur S. Warren                 Gail L. Letts
Hanover County                    Hunton & Williams                 Chesterfield County              SunTrust Bank
1995-1996                         2000-2001                         2005-2006                        2010-2011
Phyllis Cothran                   David A. Kaechele                 Marjorie M. Connelly             Robert T. Setliff
Trigon Blue Cross Blue Shield     Henrico County                    Wachovia Securities              Hanover County
1996-1997                         2001-2002                         2006-2007                        2011-2012
Harry G. Daniel                   James C. Cherry                   G. Manoli Loupassi               Katherine E. Busser
Chesterfield County               Wachovia Bank, N.A.               City of Richmond                 Capital One
1997-1998                         2002-2003                         2007-2008
Frank B. Bradley III              Jackson T. Ward                   John R. “Jack” Nelson
Bradley Properties LLC            Hanover County                    Altria Group
1998-1999                         2003-2004                         2008-2009
John A. Conrad                    Robert S. Ukrop                   David A. Kaechele
City of Richmond                  Ukrop’s Super Markets, Inc.       Henrico County



Staff
Gregory H. Wingfield                        Rowena Fratarcangelo                           Michael Ivey
President & CEO                             Vice President, Business Development           Media Graphics Administrator
Barry I. Matherly                           Charles H. Peterson                            Jennifer Yeager
Senior Vice President                       Vice President, Business Information           Marketing Communications Consultant
Sara Dunnigan                               Olga Molnar                                    Grace Festa
Senior Vice President, Existing Business    Research Manager                               Research and Communications Specialist
Services/Talent Development                 Valerie Derricott                              Anita Saunders
                                            Office Manager/Corporate Secretary             Administrative Assistant




                                                       March 2012   please recycle

				
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