Virginia s economic development landscape
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Virginia’s Economic Development Landscape. Hampton Roads Association of Financial Professionals Robert W. McClintock Vice President, Research February 25, 2014. Virginia Unemployment. Virginia Unemployment. Virginia Employment. Virginia Employment Growth. Virginia Employment Growth.

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Virginia s economic development landscape

Virginia’s Economic Development Landscape

Hampton Roads Association of Financial

Professionals

Robert W. McClintock

Vice President, Research

February 25, 2014


Virginia unemployment

Virginia Unemployment

Virginia Economic Development Partnership


Virginia unemployment1

Virginia Unemployment

Virginia Economic Development Partnership


Virginia employment

Virginia Employment

Virginia Economic Development Partnership


Virginia employment growth

Virginia Employment Growth

Virginia Economic Development Partnership


Virginia employment growth1

Virginia Employment Growth

Virginia Economic Development Partnership


Virginia employment growth2

Virginia Employment Growth

Virginia Economic Development Partnership


Hampton roads employment growth

Hampton Roads Employment Growth

Virginia Economic Development Partnership


Virginia employment forecast

Virginia Employment Forecast

Virginia Economic Development Partnership


Fed forecast

FED Forecast

  • Projections from Federal Reserve Open Market Committee (FOMC) December 2013 meeting

  • Median of central tendency cited, excludes three highest and three lowest projections

  • Core PCE excludes food and energy as these prices tend to be more volatile

  • PCE makes up about 70% of GDP

  • Source: www.federalreserve.gov/monetarypolicy/fomccalendars.htm

Virginia Economic Development Partnership


Virginia calendar year 2013 highlights

Virginia Calendar Year 2013 Highlights

  • Announcements results are mixed compared with 2012

    • Jobs:+8% (16,361)

    • Capital Investment:-13% ($3.58 billion)

    • Projects: -2% (322)

  • Existing business expansions remain fundamentally important to economic performance: 72% of jobs, 86% of capital investment

  • Manufacturing represents 39% of job totals, 43% of total capital investment

  • Data centers (17 projects) a dominant sector for investment; ($1.45B), and over two-thirds of all non-manufacturing investment

  • Professional, Scientific, and Technical Services dominant sector for job growth (6,214 jobs)

  • International investment up 18% ($667 million), 16% of all projects, 3,317 new jobs (up 31% from 2012); slowly climbing back to the 2008 recent peak of almost 7,000 jobs

All announcements are subject to revision


C y 2013 virginia announcements by region

CY 2013 Virginia Announcements by Region

Virginia

16,361 jobs

$3.58 billion investment

322 announcements

Northern Virginia

7,156 jobs

$1.37 billion investment

120 announcements

Valley

1,051 jobs

$429 million investment

29 announcements

Southwestern Virginia

1,277 jobs

$118 million investment

23 announcements

Central Virginia

2,724 jobs

$503 million investment

56 announcements

Hampton Roads

2,017 jobs

$527 million investment

54 announcements

Southern Virginia

2,136 jobs

$636 million investment

40 announcements

All announcements are subject to revision


Announced investment and employment by region

Announced investment and employment by Region

All announcements are subject to revision

Virginia Economic Development Partnership


Virginia announced investment and employment

Virginia Announced investment and employment

All announcements are subject to revision


Recent major announcements

Recent Major Announcements

Virginia Economic Development Partnership


Selected statewide projects 2013

Selected Statewide Projects, 2013

All announcements are subject to revision


Selected hampton roads area projects 2013

Selected Hampton Roads Area Projects, 2013

All announcements are subject to revision

Virginia Economic Development Partnership


Virginia s federal exposure

Virginia’s Federal Exposure

Virginia Economic Development Partnership


Vedp s response to sequestration

VEDP’s Response to sequestration

  • Mitigation Strategies

    • Increase business attraction efforts in sectors which can utilize impacted workers

    • Expand export assistance programs to replace lost U.S. government contracts with foreign military sales or other international sales

    • Maintain and expand workforce leadership role, including real-time identification of growing labor pool to compete for projects including companies which repatriate foreign profits

Virginia Economic Development Partnership


Going global defense initiative vedp international trade

GOING GLOBAL DEFENSE INITIATIVE VEDP - INTERNATIONAL TRADE

  • Market research

  • Export compliance

  • Digital marketing

  • International certification

  • Export training

  • Travel to market


International trade

International trade

  • 160+ graduate companies

  • 50 active

  • 300+ participants in last 3 years

  • 1,000+ projects in last 3 years

  • 57 countries

  • Market entry

  • Due diligence

  • Export licensing

  • 300+ participants annually

  • 30+ publications

  • 230+ attendees

  • Corporate sponsors


Top 10 virginia exports market by county jan to sep 2013

Top 10 Virginia Exports market by county: Jan. to Sep. 2013

Virginia Economic Development Partnership


Top 10 virginia merchandise exports by commodity jan to sep 2013

Top 10 Virginia Merchandise Exports by commodity: Jan. to Sep. 2013

Virginia Economic Development Partnership


Building team virginia

Building Team Virginia

  • MOUs signed to promote message unification and resource alignment

    • Presidents of our State Universities

    • Virginia Port Authority – joint marketing

    • Discussions are underway with the regional economic development leaders, Center for Innovative Technology, and various chambers, associations and tech councils

  • “Expand the Tent” – Economic development is too important to not leverage all stakeholders

    • Be a “Voice of Virginia”

    • Actively promote

    • Seek opportunities

    • Refer leads to VEDP

Virginia Economic Development Partnership


Virginia s economic development team

Virginia’s Economic Development Team

Governor Terry R. McAuliffe

Maurice Jones

Secretary of Commerce & Trade

Martin J. Briley

President & CEO

Virginia Economic Development Partnership

Virginia Economic Development Partnership


Other key issues initiatives

Other key issues/ initiatives

  • VEDP Gold Account Strategy

    • Targeted approach to key firms with substantial VA operations

    • 400+ companies identified

    • 2013 – 41 accounts with project expansions ($1.3 billion; 3200+ jobs)

  • International Outreach “Re-set”

    • New Richmond Based Managing Directors

      (Europe, Asia, Canada & India)

    • New Team in Our International Markets

      (Berlin, United Kingdom, Tokyo, Shanghai, India)

  • FAA Certification for Unmanned Aerial Systems

Virginia Economic Development Partnership


Other key issues initiatives1

Other key issues/ initiatives

  • Attraction of Foreign Direct Investment

    • Current service delivery model focuses on discrete

      “projects”: $$ and jobs, production line, new facility, etc.

    • Large amounts of foreign capital sitting

      offshore, seeking safer, productive investments.

      (ex. Smithfield Foods)

    • Mergers, acquisitions, strategic partnerships.

    • How best for a state to help facilitate capital attraction and put buyers/seekers together to support new job creation?

    • Will explore potential “new models” with key players, legal firms, accountants, Administration.

Virginia Economic Development Partnership


Other key issues initiatives2

Other key issues/ initiatives

  • Increasing Virginia’s Market Visibility

    • Competitor states keep up the pressure

    • Need to tell our compelling story globally in various media

  • Preparation of “Shovel Ready” properties, especially for large scale projects

    • Inventory needs replenishing across the state

    • Regional approaches, aligned with key assets, strategies

    • Takes time to prepare to be “client ready”

  • Workforce Development (training & retraining)

    • Benchmark against best practices in other states

    • Simplify for companies and workers in the system

Virginia Economic Development Partnership


Planning

Planning

  • 2013 process led by Virginia Chamber of Commerce

  • Broad engagement from business & community leaders

  • Regional workshops and hearings

  • Can provide core of the Commonwealth’s Economic Development Strategy

  • Goals for Education, Workforce, Business Climate, Transportation, Health Care, Technology, Innovation, Energy, Manufacturing, Environment, Military & Veteran Affairs

Virginia Economic Development Partnership


Virginiascan

VirginiaScan

Virginia Economic Development Partnership


New world currency

New World currency?

2013

Virginia Economic Development Partnership


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