RD343 - Virginia Economic Development Partnership Annual Report Fiscal Year 2015


Executive Summary:
VEDP-assisted decisions will generate an estimated $1.5 billion in new local and state tax revenue to the Commonwealth over the next 10 years.

This report is based on announcements of planned manufacturing and non-manufacturing capital expenditures and associated employment; many of the new facilities announced are not yet in operation. While the information indicates the kind of new economic activity occurring in the state, it does not measure total employment growth. Information for this report is obtained from the Virginia Economic Development Partnership’s public and private sector contacts at state, regional and local levels, as well as from published sources and Partnership staff.

As noted above, VEDP is required by statute to report on the status of the Governor’s comprehensive economic development plan. Upon taking office, each governor must develop a comprehensive economic development strategy. On August 27, 2014, Governor McAuliffe signed Executive Order Number Twenty-Six, establishing The New Virginia Economy Strategic Plan and Steering Committee. The Steering Committee published The New Virginia Economy Strategic Plan in late 2014, which will serve as the Commonwealth’s four-year economic development strategic plan. The Plan identifies five key focus areas for economic growth and prosperity: “Project Ready” Infrastructure; Diversified High-Growth Industries; Preeminent Business Climate; Innovation and Entrepreneurs; and “Credentials to Careers” Workforce. VEDP has worked closely with the Governor and his Administration to advance the priorities of this strategic plan, specifically in the areas of infrastructure and site development and targeting high-growth industries. The Steering Committee is required to report annually on the Commonwealth’s progress towards achieving the goals outlined in the strategic plan.