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Still globally focused, regionally competitive

A Revised Economic Development Plan for 2009-2014


2009-2014 Economic Development Overview

Hanover

Richmond Henrico Chesterfield

The Greater Richmond Partnership, Inc. is an economic development team representing the counties of Chesterfield, Hanover, Henrico, and the City of Richmond, Virginia.

Mission To help grow the Greater Richmond economy through the attraction of high quality jobs and new capital investment, the retention of existing businesses, and the continued improvement of the region’s business climate.

Key Programs The region’s economic development plan focuses on:  Business Attraction & Regional Marketing  Business Retention & Expansion  Talent Development & Promotion  New Business Formation & Small Business Support

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Competition Our hometown competes worldwide for business attraction, expansion and retention. In a 21st century model, more focus is placed on the global economy.We’re proud that the Greater Richmond area stands among the best as noted by fDi Magazine’s 2013/14 ranking of Richmond as one of the Top 10 Mid-Sized American Cities of the Future in the small cities category. Looking ahead, our region must continue to have a multi-purpose strategy to build on the strong momentum already achieved.

Economic Changes In the fall of 2008, the world’s economy dramatically changed, impacting local economies everywhere.The Greater Richmond region was no exception. Fulfilling its role as the region’s lead economic development group, the Greater Richmond Partnership, Inc. responded quickly by developing and implementing an aggressive 90-day action plan beginning in December 2008.The plan focused on four specific components: the attraction of new business and regional marketing; expanding and retaining existing business; talent development and promotion; and small business and entrepreneurial support. Addressing the region’s economic issues is not a job to be done alone and requires real effort in collaboration and regionalism with our local partners and the region’s valuable resources. Continued public and private sector support will allow the Greater Richmond Partnership, in cooperation with the Greater Richmond Chamber, to continue our region’s 18-year history of successful economic development through 2009-2014.

Planning for the Future The Greater Richmond Partnership continues its fourth capital campaign, “Globally Focused,

Still globally focused, regionally competitive

Regionally Competitive,” which sets a private sector campaign goal of $9 million. Matched by the public sector, this supports a five-year economic development budget for the region of $18 million. Phase I of the campaign was led by co-chairs Robert S. Ukrop, President and CEO of Ukrop’s Super Markets, and Gail Letts, President and CEO of SunTrust Bank — two Greater Richmond Partnership 2008-09 board members. Phase I of the private sector fundraising campaign closed in January 2009 reaching 74 percent, or $6.6 million, of its $9 million goal.

Next Steps By working through the 90-day action plan, the Partnership re-evaluated the initial 2009-2014 strategic plan (written in April 2008 and presented during the capital campaign’s Phase I) by reassessing target markets, programs and processes. Developed out of this tactical plan are the strategies for the Partnership’s next five-year cycle. The revised 2009-2014 five-year programs now titled, “Still globally focused, regionally competitive,” will emphasize the region’s strengths and growth potential, targeting key industry clusters for new business attraction and regional marketing; support and assist existing businesses in the region identifying both at-risk and high growth businesses; focus on the region’s workforce by helping connect workers with jobs created by existing and new businesses; and assist a greater number of start-up firms and encourage innovation. Throughout this booklet, you will learn about our region’s economic development evolution. Also provided are the Partnership’s five-year goals with the strategies and tools to ensure Greater Richmond’s continued economic success through 2014.


Our evolution in economic development  Sabra Dipping Company’s $60 million food manufacturing facility.  GE’s Information Security Technology Center.  Amazon’s $85 million distribution facility. Since the beginning, the Greater Richmond Partnership has assisted more than 430 companies that have invested $7.3 billion in the area.

History Over the past 18 years, economic development in Greater Richmond has traditionally emphasized business attraction by highlighting the region’s existing positive business climate. But allocating resources for retaining businesses and working with entrepreneurs is also vital. The Greater Richmond Partnership, in collaboration with the Greater Richmond Chamber, created Business First Greater Richmond and new workforce initiatives. The programs seek to assist small companies, help regional businesses thrive and expand, and develop a qualified workforce. These programs did not always exist and neither did Richmond’s globally recognized business reputation. A survey in the early 1990s concluded that the Richmond region “exists in an image vacuum” and was relatively unknown to executives outside Virginia. Prior to the Partnership, the region’s economic development organization was the Metropolitan Economic Development Council (MEDC), which relied on limited local government funding. By the early 1990s, local leadership realized a crucial ingredient was missing — the involvement of the business community.

Forming a Partnership On July 14, 1994, the Greater Richmond Partnership, Inc. was founded. Led by the Greater Richmond Chamber, business united with government in what was one of North America’s first public-private regional economic development initiatives. Launched as one of the best per-capita funded organizations in the nation, the Partnership has become a pioneer for multi-jurisdictional cooperation. The Virginia Biotechnology Research Park in downtown Richmond was taking shape at

A Ripple Effect The Greater Richmond Partnership was formed on July 14, 1994 as one of the nation’s first multi-jurisdictional public-private partnerships.

the same time. Initial leases were signed in 1995 by nine biotech companies and state agencies. The expansion and growing stature of the Research Park would later provide an ideal setting for Philip Morris USA’s Center for Research and Technology, which today has an impressive presence at downtown Richmond’s northern gateway. Highlights of the initial 18 years of the Partnership’s life include:  Assisting four Fortune 1000 corporate headquarters locations — MeadWestvaco, The Brink’s Company, Altria Group and Genworth.  Philip Morris USA’s corporate headquarters relocation from New York.  Altria’s UST subsidiary headquarters.  K-Line’s North American headquarters.  Alfa Laval’s North American headquarters.  Bass Pro Shop’s $25 million destination facility.  Hewlett-Packard’s $25 million LaserJet printer facility.  Major expansion projects by area companies including Capital One, CarMax and HCA.  Elephant Auto Insurance North American headquarters.

This kind of development has lifted every segment of the region’s economy, providing business opportunities for firms large and small, new and established. Community development, quality of life and the arts have all benefited, along with the quality of jobs and employment opportunities. Only three years after the Partnership’s formation, Greater Richmond was named as one of the nation’s Top 10 “Most Improved” communities in Fortune magazine’s annual “Best Cities for Business” survey. Greater Richmond has received more than 50 accolades from the media in the last five years. The region has tremendous strengths and assets that open doors in the global marketplace. The Greater Richmond Partnership’s 20092014 cycle uses an aggressive strategic plan that is “Still globally focused, regionally competitive” to ensure the continued growth and success of our region.

A Revised Economic Development Plan for 2009-2014

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How we do it How Greater Richmond, Virginia Stacks Up To The Competition A Nationwide Cost Comparison for Office, Logistics, and Manufacturing Operations We know you have choices – 50 states, hundreds of regions, and thousands of communities. Numerous factors must be analyzed and balanced when deciding where to expand or relocate your business. Access to raw materials and customers, transportation, telecommunications, labor, and real estate are the critical variables and drivers. We can demonstrate that Greater Richmond, Virginia, offers many of these assets to businesses that have selected and thrived in our region. This report provides a template for executives who must evaluate and compare the start-up and annual operating costs of a new facility. The model presents three typical operating scenarios for different business activities. Data from seven metropolitan areas across the United States are compared to Greater Richmond. The Richmond region is not necessarily the lowest cost location for a company, nor would we want to be in that category. We offer a pro-business environment at a moderate cost with high quality labor and quality of place – and we are more than willing to compete head to head against the worthy competition.

July 2011

You are encouraged to use this model based on documented, publicly available data. Also, please contact the Greater Richmond Partnership, Inc. for additional customized information on labor rates and availability, taxes, utility costs and real estate pertinent to yyour pproject. j

The Greater Richmond Partnership has been recognized repeatedly by its peers, investors and prospects for its economic development work, including being named one of the nation’s top economic development groups four times by Site Selection magazine. One way the Partnership stays successful is by marketing to decision makers who have the opportunity to choose our area for their business location or expansion. This worldwide effort spans a variety of tactical strategies and mediums. Through a combination of key relationship development and utilization of communication tools, we are able to reach a global audience and support the efforts of our marketing and business retention teams. Building relationships with local, national and international business leaders assists the Partnership in targeting potential clients.

Marketing Missions A bevy of methods are used in executing our overall corporate mission. One key tactic is outreach marketing missions.These outbound trips allow us to meet face-to-face with U.S. and international business and industry leaders within our target markets. During overseas marketing missions, our seminars are presented to groups and businesses interested in expanding to the U.S. Another way the Partnership keeps “its ear to the ground” is by nurturing relationships with site selection consultants and real estate professionals. Visits with consultants also generate feedback necessary to adapt our strategies and key targets.

Targeted Communications In support of our programs, print and electronic information is readily available. The Partnership’s publications have frequently received awards from professional organizations, such as the International Economic Development Council (IEDC) and Southern Economic Develop-

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Still globally focused, regionally competitive

ment Council (SEDC). Most recently, the Partnership has been presented awards for our 2011Year in Review: Headlines & Newsmakers, and the Annual Report 2011/12. Whether through our websites and online resources, electronic and print direct mail pieces, advertising, print collateral, public relations or social media, the Partnership relies on varied communication for distributing the most current information about Greater Richmond, for conveying our message and supporting our overall marketing strategies.

Information Gathering Regional information gathering and research helps the Partnership stay on the forefront of business happenings. The interviews conducted by volunteers of our business retention and expansion program, Business First Greater Richmond, keep the Partnership informed of the evolving business marketplace and of potential expansions and small business opportunities. Business First is an award-winning program that received a top recognition from IEDC and the Virginia Chamber of Commerce with the Torchbearer Award from the Seventh Congressional District.

Community Involvement Our team recognizes that economic development requires collaboration and the Partnership benefits from the contributions of many groups and individuals, in addition to our four local government partners and our 120+ private sector investors. Business organizations, the real estate community, and a wide array of business service providers provide information, expertise and enthusiasm to help meet the needs of existing and prospect companies. Additionally, the Partnership’s staff actively networks and participates in business and community organizations serving leadership roles on boards and committees.


Accolades

2009-2014

Performance Measures For each five-year period the Greater Richmond Partnership, Inc. and the Greater Richmond Small Business Development Center have set measurable goals. Thoughtful consideration and strategy are put into the development of goals that are reviewed on a regular basis to record successes, track progress and identify areas that require additional focus.

Business Attraction & Regional Marketing

New Business Formation & Small Business Support

(Greater Richmond Partnership, Inc.)  Support the creation of 8,500 new jobs generating $391 million in new payroll.  Encourage $1.5 billion in new capital investment.  Assist a total of 125 new and expanding firms, of which 25 are new internationally owned companies.  Place 50 positive media messages about the region in national and/or international publications.

(Greater Richmond Small Business Development Center)  Encourage venture capital funding of 15 “gazelle” small businesses.  Support 1,000 small businesses with global commerce assistance.  Assist in the expansion of 600 existing companies.  Assist 200 Virginia Department of Transportation Business Opportunity and Workforce Development Center (VDOT-BOWD) business clients.  Provide counseling to 2,500 small businesses.  Train 15,000 business owners/executives.  Provide information assistance to 50,000 existing and prospective business owners that result in the retention of 2,000 jobs and the creation of 1,250 new jobs.  Stimulate $30 million in new capital investment.  Stimulate $35 million in new sales revenue.

Talent Development & Promotion (Greater Richmond Partnership, Inc.)  Fill the need for a trained and available workforce for existing and new companies to meet their competitive needs.  Register more than 1,000 job seekers each year on RichmondJobNet.  Increase RichmondJobNet web traffic year over year.

Business Retention & Expansion (Business First Greater Richmond)  Interview 2,500 existing businesses.  Assist 500 companies.  Support the creation of 7,500 new jobs.  Secure $250 million in new investment.

The Richmond area has received more than 130 positive endorsements by the media since 1996. Some of our most recent accolades from national publications are listed below.

One of the 10 Best Cities For Finding Employment, by Forbes.com, April 2013.

One of the Top Cities for Business Growth among 100 metro areas, rated by the Wall Street Journal’s MarketWatch.com, April 2013.

Richmond was named the 5th Best City for Jobs by Forbes.com, March 2013.

Richmond ranked in the top 10 metro areas for the fastest-growing wages paid to workers in professional, technical, and scientific services in a study by New Geography, February 2013.

Richmond is named Best River Town in America by Outside Magazine, September 2012.

A Revised Economic Development Plan for 2009-2014

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Program 1

Business Attraction & Regional Marketing Amazon opened its 1-million sq.ft. distribution center in Chesterfield County in less than 11 months.

Va. Secretary of Commerce Jim Cheng speaks during the opening of the GE Center of Cyber Security in Henrico County.

The Greater Richmond Partnership, Inc. has an 18-year track record of new business attraction with a worldwide focus on a number of specific industry clusters. The Partnership has developed a sophisticated marketing program that links its business message by industry type to outreach marketing efforts in a variety of countries. In late 2008 and early 2009, the deterioration of the U.S. economy required the Partnership to re-evaluate its traditional business targets. Research and analysis led the Partnership to a realignment of new business attraction that focused on industry clusters more likely to benefit from current market conditions. The targets shown below reflect the inherent strengths and assets of the Greater Richmond economy and incorporate industries that will continue to lead the way out of current economic challenges.

Strategies

 Focus proactive outreach marketing efforts on firms in six first tier industry clusters:  Health & Life Sciences  Advanced Manufacturing  Supply Chain Management  Food & Beverage  Professional & Creative Services  Finance & Insurance  Plus two second-tier targets:  Corporate Headquarters  Data Centers

Mayor Dwight Jones announces that the Washington Redskins will move its pre-season training camp to the City of Richmond.

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Still globally focused, regionally competitive

Goals  Support the creation of 8,500 jobs generating $391 million in payroll.  Encourage $1.5 billion in new capital investment.  Assist a total of 125 new and expanding firms, of which 25 are new internationally owned companies.  Place 50 positive media messages about the region in national and/or international publications.

 Implement an aggressive domestic and international marketing strategy, evaluating unique opportunities in each market.  Annually explore new foreign markets to further the reach of the region’s message around the world.  Collaborate with other stakeholders in the creation of a new business-focused brand to promote the region.  Integrate that brand into the Partnership’s marketing campaign.  Upgrade and further enhance our research capabilities to better support the needs of new and expanding businesses.  Improve the effectiveness of the Partnership’s marketing efforts by increasing staff capacity and technology utilization in the area of public relations, marketing and communications.


Program 2

Business Retention & Expansion Business First Greater Richmond is the flagship business retention and expansion program that has already touched nearly 3,000 businesses since launching in September 2006. The initiative builds on the success of an ongoing effort to support the retention and growth of companies that already call Greater Richmond home. Partners are actively working with the business community to better understand critical success factors and attitudes about doing business in the region. Partners are utilizing a dynamic new technology platform to quickly respond to the needs of companies in our region. The program has adopted a holistic team approach that engages a myriad of organizations who share our commitment to retaining and growing businesses in our region. This customer-focused approach delivers value by quickly connecting companies to the resources they need and removing barriers to business growth.

Strategies

 Further develop a diverse, world-class team of outreach professionals to include professional economic development staff as well as trained volunteers from the business community. This team will interview more than 500 executives of existing businesses each year.  Develop and execute a regional Business First outreach strategy that supports the needs of firms in the region’s cluster industries and addresses the unique concerns of small, womenand minority-owned firms.

Goals  Interview 2,500 existing businesses.  Assist 500 companies.  Support the creation of 7,500 new jobs.  Secure $250 million in new investment.

 As a direct result of these business interviews, the team will actively support the expansion of 100 existing businesses each year.  In response to business needs, build a strong regional resource team with expertise and services relevant in today’s dynamic economy.  Execute a customer-focused approach to problem resolution and service delivery that achieves a 90-percent satisfaction rating by participating firms.  Analyze the information collected in aggregate; identify and address at least one regionallycritical business issue each year. Actively collaborate with other stakeholders to resolve regional issues that negatively impact the business climate.  Explore unique and innovative ways to encourage the growth of firms in the Greater Richmond region through identified international trade opportunities (such as participation with inbound trade mission groups) and other means.  Increase awareness of the Business First program and resources available through aggressive marketing using a variety of media (print, electronic, web). Use case studies to demonstrate the value of the program.

Tonya Mallory of Health Diagnostics Laboratory holds bricks of the former building that was demolished to make room for its expansion.

Morooka USA expanded its operation and opened a manufacturing facility in Hanover County.

The program was fortunate to win two major awards in 2010/11. The International Economic Development Council recognized it as the best Business Retention & Expansion Program. It was also given the Torchbearer Award by the Virginia Chamber of Commerce.

A Revised Economic Development Plan for 2009-2014

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Program 3

A web tool for job seekers The RichmondJobNet website was launched by the Partnership in February 2009 in response to the economic challenges facing the region resulting in a number of company closings and large layoffs. A need was identified to retain this talent by simplifying the job search process and improving the connections between job seekers and employers seeking to fill positions in our region. RichmondJobNet is organized to simplify the job search process using a comprehensive listing of area job boards, tools and tips for job seekers including resume, cover letter and interview preparation. Resources for those interested in starting their own business are available as well as a comprehensive Career Calendar including job fairs and educational opportunities. Research suggests that 70 percent of all job openings are never advertised – that’s why RichmondJobNet encourages individuals to connect through networking events (faceto-face and virtually) and an exciting combination of social media.

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Talent Development & Promotion Critical to new and existing businesses is their ability to attract, retain and train the right workforce. The Partnership supports new and existing employers in the region in their efforts to attract talent through its website RichmondJob Net.com and other focused initiatives. The goal is to further develop a world-class workforce by increasing awareness of employment opportunities in our market and positioning Greater Richmond as a career destination. The Partnership also works with a network of service providers to deliver comprehensive workforce solutions to businesses, large and small. We engage area universities to help match interns, graduating seniors and recent graduates of the region’s colleges and universities with area employers and jobs.

Strategies

 RichmondJobNet is be a premier resource for area job seekers and provide exposure for employers with job openings. We are utilizing traditional and social media outlets to increase awareness of the site and employment opportunities in the region with the goal of increasing web traffic year over year and registering more than 1,000 job seekers each year. Additional metrics and feedback mechanisms have been integrated using Twitter and Facebook platforms to capture success stories. This has become a key platform to retain talent in our community and a marketable brand outside the region to attract talent during periods of economic expansion.

Still globally focused, regionally competitive

Goals  Fill the need for a trained and available workforce for existing and new companies to meet their competitive needs.  Register more than 1,000 job seekers each year on RichmondJobNet.  Increase RichmondJobNet web traffic year over year.

 Utilize labor market analysis software and information systems to better understand the region’s jobs, workforce, training, education and skills. The Partnership will be an active participant in the workforce services delivery system, providing information regarding labor requirements of existing, new and targeted businesses.  Promote LoveWhatYouFind.com to support out-of-market talent recruiting efforts as a regional relocation tool. The site is a comprehensive guide to the region that shows potential employees and individuals why Greater Richmond is the ideal place to work, live, learn and play.


Program 4

New Business Formation & Small Business Support Supporting small businesses is crucial.The Greater Richmond Small Business Development Center (GRSBDC) provides in-depth quality counseling, education, and information services to the small business community in partnership with local, regional and national resources. Over the past five years GRSBDC has helped 5,000 businesses (comprised of 45 percent women-owned and 38 percent minority-owned), held 565 training events with more than 14,893 participants, and provided 15,000 hours of individual counseling. Continued development of current programs and new initiatives to help small businesses succeed by extending their reach globally are among the programs planned.

Strategies

 Create state-of-the-art programs and services using technology assisted by a virtual “help desk” with availability on a 24/7 basis for small businesses and entrepreneurs.  Expand the one-on-one counseling program by 30 percent, providing critical advice and direction to entrepreneurs and existing business owners.  Expand Small Business Development Center service offerings to small businesses that are already, or plan to become, involved in global commerce.  Enhance and expand programs and services that will grow the region’s small businesses and gazelle firms.  Provide business training and counseling services in each local jurisdiction by collaborating with local economic development offices.  Create an International Service Support Center to assist small businesses in expanding their international market outreach by collaborating with the Virginia Asian Chamber,Virginia Hispanic Chamber, the Metropolitan Business League and local international business support companies and organizations.

Goals  Encourage venture capital funding of 15 “gazelle” small businesses.  Support 1,000 small businesses with global commerce assistance.  Assist in the expansion of 600 existing companies.  Assist 200 Virginia Department of Transportation Business Opportunity and Workforce Development Center (VDOTBOWD) business clients.  Provide counseling to 2,500 small businesses.  Train 15,000 business owners/executives.  Provide information assistance to 50,000 existing and prospective business owners that result in the retention of 2,000 jobs and the creation of 1,250 new jobs.  Stimulate $30 million in new capital investment.  Stimulate $35 million in new sales revenue.

Work with selected partners to increase the seed capital available to new entrepreneurs.  Partner to assist a greater number of new and existing businesses to succeed through enhanced technology utilizing the Internet.  Be responsive and proactive to the changing needs of small businesses.  Prepare minority businesses for state and federal government contracts through an initiative with the Virginia Department of Transportation Business Opportunity and Workforce Development Center (VDOT-BOWD).

Nurturing local small business The Greater Richmond Small Business Development Center (GRSBDC) is a partnership program between the U.S. Small Business Administration and the Greater Richmond Chamber, providing assistance and training to help small business owners and future small business owners make sound decisions for the successful operation of their business. The GRSBDC was created in 1998 by the Greater Richmond Chamber (GRC) when it took over the Capital Area SBDC’s client base and resources to support the GRC’s commitment to area small businesses. As part of the statewide Virginia SBDC network, the GRSBDC serves a population of approximately 1 million people in Central Virginia, primarily in the City of Richmond and the counties of Chesterfield, Goochland, Hanover, and Henrico. The GRSBDC offers confidential, individual counseling as well as workshops, conferences and courses at various locations in its service area. Since it is a not-for-profit organization, the GRSBDC offers free counseling services and charges only nominal fees for its seminars and courses.The center is funded by the Greater Richmond Chamber, the Greater Richmond Partnership, Inc., and the U.S. Small Business Administration.

A Revised Economic Development Plan for 2009-2014

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Distribution of Personal Consumer Expenditures

Expenditures

Amt. in millions

Housing Transportation Food Personal Insurance, Pensions Heath Care Entertainment Cash Contributions Apparel Miscellaneous Education Personal Care Alcoholic Beverages Tobacco Products Reading

$375.36 $220.60 $146.68 $122.43 $71.61 $54.28 $46.20 $45.04 $18.48 $18.48 $15.01 $9.24 $9.24 $2.31

TOTAL

$1.2 billion

Economic Impact Overall, the four programs in the Partnership’s work plan have goals to create a total of 17,250 new jobs in the Greater Richmond area. The Economic Strategy Center of Atlanta has projected specific benefits of 17,250 new direct jobs based on the IMPLAN (IMpact analysis for PLANning) input-output economic model reflecting Richmond’s local economy. Each new job created as part of the Partnership’s aggressive work plan is estimated to support the creation of an additional 1.15 jobs in the region. The 37,028 total new jobs will have an estimated payroll of $1.6 billion and will support personal consumption expenditures of $1.2 billion. The distribution of this annual new consumer spending on housing, transportation, food and other items is shown in the chart on the left. The ripple effect of the new jobs is computed based on regional multipliers. These multipliers show the effect of the addition of one job or one dollar in any given industry to the employment and earnings for all industries.

The value of a job to a region’s economy varies by industry. Jobs based on significant capital investment have a higher wage rate and generate greater ripple effect in the region’s economy. Less capital-related jobs generate a smaller economic value. These jobs occur in retail, services, and some of the lower skilled manufacturing industries. Lower salary levels generally correspond with these categories of employment. Job creation activities have an effect in two other key aspects of the local economy: earnings and output. These total economic impacts — summing the direct, indirect, and induced effects — account for all economic activity that stems from the program’s attraction and expansion activities.

Economic Impact of 17,250 Direct Jobs Direct Jobs

17,250

Total Jobs

37,028

Earnings (Payroll)

$1.6 billion

Output

$7.1 billion

Disposable Personal Income

$1.4 billion

Net Personal Consumption Expenditures

$1.2 billion

Deposit Potential for Area Financial Institutions

$550,304,164

Disposable Personal Income: Personal Income less Personal Tax and Nontax Payments; Net Personal Consumption Expenditures: Percentage of Disposable Personal Income less Interest, Personal Transfer Payments, and Personal Savings; Deposit Potential: Personal Savings Rate less Deposit Leakage Estimate with area turnover (Reserve Req. Ratio). Distribution of Consumer Expenditures (in millions).

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Still globally focused, regionally competitive


GRP Investors for 2009-2014 Public Investors City of Richmond Chesterfield County Hanover County Henrico County

Private Investors Alfa Laval, Inc. Altria Group, Inc. Anthem Blue Cross Blue Shield Bank of America Baskervill BB&T Capital Markets BB&T Insurance Services BCWH Architects Blackwood Development Co., Inc. Bon Secours Health System Branch Banking and Trust Co. (BB&T) Brandywine Realty Trust The Brink’s Co. Capital One Financial Corp. Capstone Contracting Co. CapTech Ventures, Inc. CarMax CCA Industries Centerpointe Associates Cherry, Bekaert & Holland, LLP Chmura Economics & Analytics Christian & Barton, LLP Cobb Technologies Collegiate School ColonialWebb Contractors Columbia Gas of Virginia Community College Workforce Alliance Control Dynamics, Inc. Creative CRT/tanaka Davenport & Co. LLC Ditch Witch of Virginia Dominion Realty Partners Dominion Resources E.A. Holsten, Inc. Ernst & Young LLP First Capital Bank The Flores Shop Froehling & Robertson, Inc.

Genworth Financial, Inc. Gresham, Smith & Partners Colliers International (formerly Grubb & Ellis|Harrison & Bates) Gumenick Properties HCA Virginia Health System Alexander Hamilton, IV Have Site Will Travel Highwoods Properties Hirschler Fleischer HKS Architects Hodges Digital Strategies W. Barry Hofheimer Hourigan Construction Hunton & Williams LLP J. Sargeant Reynolds Community College The Jefferson Hotel Jewett Automation, Inc. Jewett Machine Manufacturing Co., Inc. John Tyler Community College Joyner Fine Properties KBS, Inc. Keiter Kjellstrom and Lee, Inc. Korman Signs Inc. KPMG LLP Kraft Foods, Inc. / Nabisco Biscuits Lamar Advertising LandAmerica Charitable Fund of the Community Foundation LeClairRyan Luck Stone Corp. M & T Bank M. H. West & Co., Inc. Markel Corp. The Martin Agency McCandlish Holton, PC McGuire Woods LLP McKesson Medical-Surgical, Inc. McKinney & Co. Media General, Inc. Mitchell, Wiggins & Co., LLP Morton’s, The Steakhouse Mutual Assurance Society of Virginia MWV (MeadWestvaco Corp.) NewMarket Corp.

Nursefinders Odell Owens & Minor, Inc. Patient First Prudential Slater James River Realtors PwC Rainbow Station, Inc. Richmond Association of REALTORS Rick Whittington Consulting, LLC RSM McGladrey Rutherfoord S.L. Nusbaum Realty Co. Sands Anderson PC Scott & Stringfellow, LLC Sheetz St. Catherine’s School St. Christopher’s School Staffmark Stefanini SunTrust Bank SuperValu Swedish Match North America, Inc. Thalhimer/Cushman & Wakefield Alliance ThompsonMcMullan, PC Titan Group TLA, Inc. Troutman Sanders LLP Ukrop’s Homestyle Foods Union First Market Bank Universal Leaf Tobacco Co., Inc. University of Richmond Virginia Commonwealth University & VCU Health System Verizon Communications Village Bank Virginia Air Distributors Virginia Credit Union Inc. Thomas J. Vozenilek W.M. Jordan Co. Warren Whitney Wells Fargo, N.A. Wells Fargo Advisors The Westin Richmond The Whitlock Group Williams Mullen

A Revised Economic Development Plan for 2009-2014

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Greater Richmond Partnership, Inc. Chairs of the Board of Directors 1994-1995 William T. Bolling Hanover County

1999-2000 Robert J. Grey Jr. Hunton & Williams

2004-2005 Arthur S. Warren Chesterfield County

2009-2010 Gail L. Letts SunTrust Bank

1995-1996 Phyllis Cothran Trigon Blue Cross Blue Shield

2000-2001 David A. Kaechele Henrico County

2005-2006 Marjorie M. Connelly Wachovia Securities

2010-2011 Robert T. Setliff Hanover County

1996-1997 Harry G. Daniel Chesterfield County

2001-2002 James C. Cherry Wachovia Bank, N.A.

2006-2007 G. Manoli Loupassi City of Richmond

2011-2012 Katherine E. Busser Capital One

1997-1998 Frank B. Bradley III Bradley Properties LLC

2002-2003 Jackson T. Ward Hanover County

2007-2008 John R. “Jack” Nelson Altria Group

2012-2013 Daniel A. Gecker Chesterfield County

1998-1999 John A. Conrad City of Richmond

2003-2004 Robert S. Ukrop Ukrop’s Super Markets, Inc.

2008-2009 David A. Kaechele Henrico County

Staff Gregory H. Wingfield President & CEO Barry I. Matherly Senior Vice President, Business Development Rowena Fratarcangelo Vice President, Business Development

Bethany J. Miller Vice President, Business Development Chuck Peterson Vice President, Business Information Olga Molnar Research Manager Michael Ivey Communications Director

May 2013

please recycle

Grace Festa Business Development Manager Anita Saunders Executive Assistant to the President Position to be filled Investor Communications Consultant

Still Globally Focused, Regionally Competitive  

Strategically positions Greater Richmond, Virginia, toward economic success for 2009-2014.

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