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Key Industries
RESULTS With a refreshed understanding that business location strategies, both domestic and international, involve deep evaluation across several weighted criteria, the Alliance and IBM-PLI identified aggressive and necessary actions to get the region back on track for private industry job growth and economic well-being. Through focused and collaborative development initiatives targeting talent, infrastructure & logistics, site development, cluster & innovation, and with an enhanced go-to-market strategy, 82,500 new jobs could realistically be created over current projections within the next ten years. In the short-term, improvement initiatives related to talent, infrastructure & logistics, site development, cluster development, and innovation are tactical improvement requirements where the economic value of implementation will redefine the baseline for economic growth. In the long-term, by focusing on a collaborative growth model that strengthens the regional ecosystem, economic development efforts have the potential to yield lasting impacts that will strengthen the region’s industrial base and move Hampton Roads into a more favorable competitive position within both the domestic and international markets. Specifically related to the Alliance’s plan of action, outreach initiatives will be prioritized among and within five newly identified near-term opportunity sectors for which the region currently hosts a distinct and unique competitive advantage against other markets. These sectors include:
• Business & Shared Services • Information Technology • Advanced Manufacturing/ Transportation Technologies • Food & Beverage Processing • Distribution & Logistics
KEY INDUSTRIES Industries in which Hampton Roads, Virginia hosts a competitive advantage and regional value proposition that can be taken to market, as seen by these companies who have already established operations in the region.
