Accelerating Virginia's Economic Recovery The COVID-19 pandemic, an increasing focus on renewable energy, and new technology have rapidly accelerated changes in our state and global economy. We have seen shifts in the adoption of new technologies, modification of industry supply chains, and a recalibration toward the use of sustainable materials and energy sources. While each of these changes are disrupting many established areas of Virginia’s economy, they also represent opportunities for the Commonwealth to take a future-oriented approach by leading the way in these new areas, and accelerating the recovery of Virginia’s economy. Recognizing the need to understand these emerging opportunities, VEDP secured a grant from the U.S. Economic Development Administration (EDA) to conduct a strategic analysis of emerging opportunities growing out of the economic shocks of the pandemic. In spring 2021, VEDP used the EDA grant to engage the Boston Consulting Group (BCG) to help identify subindustries that are well-positioned to thrive in a post-COVID economy and potentially a good fit for Virginia and its regions. Working with VEDP and its regional economic development partners, BCG developed subindustry playbooks that align growth opportunities to regions across the state and provide action steps for VEDP, regional economic development organizations, and other partners that will position the Commonwealth to capture economic growth opportunities to support an accelerated economic recovery. Following the development of the growth strategies, VEDP will continue to work with partners to act on the study’s recommendations. Preparing the Virginia economy to capture these new opportunities and accelerate growth is a multifaceted statewide effort that will require collaboration, funding, and energy to galvanize changes to make the Commonwealth more competitive in future-oriented subsectors. Working with partners across the state, VEDP will leverage the insights from BCG’s study to support efforts to recalibrate Virginia’s workforce, strengthen the education pipeline, promote the Commonwealth’s assets, and invest in infrastructure in ways that will catalyze growth. This work will help position the Commonwealth for a healthy economic recovery and more robust growth for the future.
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