Still globally focused, regionally competitive
A Revised Economic Development Plan for 2009-2014
Hanover 2009-2014 Economic
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-
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.
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
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
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.
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
& 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
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
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
A new tool & Promotion
for job seekers Critical to the region’s future economic vital-
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
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
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.
A Revised Economic Development Plan for 2009-2014 9
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
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-
erate greater ripple effect in the region’s
Heath Care $71.61
Cash Contributions $46.20
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
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
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