Virginia to focus on maximizing assets to increase economic growth in all corners of the Commonwealth

WILLIAMSBURG—Speaking at the Virginia Chamber Foundation’s 2018 Virginia Economic Summit, Governor Ralph Northam today presented his Comprehensive Economic Development Policy for the Commonwealth, which focuses on leveraging Virginia’s human capital, physical and virtual infrastructure assets, and innovation ecosystem. Building on the unique competitive advantages of each of Virginia’s regions, the plan sets forward an ambitious strategy for achieving economic growth in every region of the Commonwealth.

“One of my highest priorities as Governor is making sure that every region, every community, and every household can participate in the Commonwealth’s economic progress,” said Governor Northam. “While Virginia has experienced strong economic growth at the statewide level, there are still many regions that have yet to see the benefits, and we need a strategic path forward to make sure all parts of the state succeed. Working together with state, regional, and local leaders and the business community, I am confident Virginia can achieve shared prosperity and make our economy one of the strongest in the nation.”

This strategy lays out a vision and a path towards shared prosperity, by focusing on:

• Maximizing the Commonwealth’s human, natural, and man-made assets
• Maintaining and enhancing our leading business climate
• Supporting every Virginian in the pursuit of a productive, quality life
• Maximizing the benefits of taxpayer dollars

“The Commonwealth has had a banner year for economic development, and this strategic plan builds on this momentum and the many assets that already exist within every sector of Virginia’s economy,” said Secretary of Commerce and Trade Brian Ball. “Much work, however, is required to make sure all Virginians are able to reap the benefits of our economic success. We must grow our talented workforce, improve our infrastructure in order to connect all Virginians to the global marketplace, and expand the number of business-ready sites throughout the Commonwealth to take full advantage of economic development opportunities.”

The Code of Virginia requires each gubernatorial administration to develop and implement a written economic development policy for the Commonwealth. To guide the development of this plan, Secretary of Commerce and Trade Brian Ball engaged a cabinet-level committee, as well as an advisory group of agency heads, regional and local leaders, and members of the business community in every part of the Commonwealth.

The Governor’s Comprehensive Policy for the Commonwealth is available here.