1/27/22 Richmond Mastermind Meeting

Richmond January 2022 – Key Take Aways 

Jason El Koubi, the interim CEO of the Virginia Economic Development Partnership (VEDP) shared a presentation about transferring the state of Virginia into a National Economic Leader.

• In the state of VA, the unemployment rate has been better than the national average – about 0.5 – 1.0% lower.
• During the pandemic, VA lost 10% of its overall jobs in March 2020, but the city is rebounding.
• Recovery has happened differently depending on the region – Richmond has recovered slower.
• One of the hardest hit industries was the restaurant/hospitality, which went drastically down by 15%, and is still struggling with new employment.
• The warehouse industry has managed to flourish by being up by 8% overall.
• Predicts that the year 2023 is when the pre-COVID levels of unemployment will return to “normal” in VA.
• Wants the state of Virginia to be in the top 5-10% of job growth and earned median income in the country.
• Wants the state of Virginia to be in the top three of the country within the  growing business climate change.
• There is a strategic plan that is subject to funding over a 5 – 10 year period plan  – VA Governor.
• The state of Virginia needs to produce quality products, healthy financing options for future employers, and a steady work force.
• “Hot Markets:  Nashville, Raleigh, South Carolina,” and the state of Virginia is a highly competitive region within these Southern areas.
• The strengths of our state are the talent for higher education, K-12 through college level, the great Mid-Atlantic location and having a spaceport on the Eastern Shore.  Very well rounded.
• Virginia has been nationally ranked by CNBC in 2021 as 1% in the business climate ranking state.
•  The weaknesses of Virginia are the limited awareness of the state sites and assets; limited incentives and offerings to new companies looking in the area, and a solid work force.
• Technology should be the biggest focus in moving forward with Virginia’s economic development.  He added that, the newly elected governor, Glenn Youngkin has committed $150 million, ($100 million to big business sites and $50 to smaller mid sites around the state) to business development.