RD692 - Virginia Economic Development Partnership Annual Report Fiscal Year 2020

Executive Summary:

The last two fiscal years, FY19 and FY20, have represented one of the most productive time periods for VEDP since its formation a quarter century ago.

In FY19, VEDP arguably had the most successful year in its history, considering the mega wins of HQ2 and Micron, plus VEDP’s designation by Site Selection as the most competitive state economic development organization in America.

Our momentum accelerated into FY20, as we assembled the best custom workforce team in the country to lead our new Virginia Talent Accelerator Program, as well as put the final touches on Virginia’s historic Tech Talent Investment Program. However, much of our work and our focus abruptly (and appropriately) shifted in March, with the onset of the pandemic.

Despite the many challenges associated with COVID-19, VEDP completed many of the big goals we originally set for FY20, while postponing others in order to make contributions to Virginia’s pandemic response and economic recovery efforts.

This annual report highlights some of VEDP’s notable accomplishments in FY20, all of which were made possible in large part by the great work and support of our local, regional, and state partners, including Governor Northam, Secretary of Commerce and Trade Brian Ball, Secretary of Finance Aubrey Layne, the Virginia General Assembly, members and staff of the Major Employment and Investment (MEI) Commission, The Port of Virginia, the Virginia Chamber of Commerce, the Virginia Economic Developers Association (VEDA), county and city government leaders, and hundreds of local and regional economic development partners, among others.

Through a combination of leadership, dedicated staff work, and active support from our partners, VEDP and Virginia have made substantial progress toward achieving each of our five transformational goals (see page 43). Indeed, we are farther along than any of us could have imagined when we completed our five-year Strategic Plan in FY18. Nevertheless, there is much left to do.

Over the next few years, VEDP’s mission will be more important than ever as Virginia works to fully recover from the pandemic.

Thank you for your interest in VEDP, as well as your support of economic development in the Commonwealth of Virginia. Together we are positioning Virginia for a healthy economic future.

/s/ Ned W. Massee
Board Chair

/s/ Stephen Moret
President and CEO