The GO Virginia State Board reaffirmed regional funding priorities in four key investment areas: startup ecosystems, cluster scale-up, workforce development, and site development and infrastructure. These strategies are regarded as crucial components for sustaining and accelerating the growth of traded industry clusters—interrelated firms that significantly contribute to Virginia’s overall economic output. Companies within these supported traded clusters are well-positioned to compete in national and international markets, ultimately creating wealth-generating employment opportunities for Virginians. These priorities and sector focus support the overall program goals, to encourage and incentivize economic development activities that will strengthen and diversify regional economies and promote the development of employment opportunities across the Commonwealth.

In FY24, the Board approved $22.7 million in funding for 40 collaborative economic development projects across the Commonwealth. These initiatives successfully leveraged over $15.5 million in qualifying non-state investments.

In December 2023, the Board updated its bylaws to create a new officer position: Vice President of Regional Councils. This role was established to improve communication between the State Board and the nine Regional Councils. These amendments also established two standing committees to support the mission of the program. The Program Performance and Evaluation Committee will be led by the Vice Chair of the State Board and will be responsible for evaluating project and program performance. The Governance and Policy Committee was created to assist the board in policy development and leadership development efforts.

In FY24, the GO Virginia State Board created an ad hoc task force to assess program investments aimed at improving healthcare access by expanding the qualified workforce. Following the task force's recommendations, the Board adopted a policy and framework to support initiatives for developing healthcare talent. This funding will prioritize medically underserved areas and focus on high-demand occupations identified by the Virginia Office of Education Economics (VOEE).

In addition to its regular business, the Board and its established committees reviewed the sixteen recommendations presented to the Joint Legislative Review and Audit Committee (JLARC) in December 2023.