Still Globally Focused, Regionally Competitive

Still globally focused, regionally competitive

A Revised Economic Development Plan for 2009-2014

Still globally focused, regionally competitive2

To help grow the Greater Richmond economythrough the attraction of highquality jobs and new capital investment, the retention of existing businesses, and the continued improve-ment of the region’s businessclimate.

The Greater Richmond Partnership, Inc. is an economicdevelopment team represent-ing the counties of Chesterfield,Hanover, Henrico, and the City of Richmond, Virginia.

Mission

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

CompetitionOur hometown competes worldwide for busi-

ness attraction, expansion and retention. In a 21stcentury model, more focus is placed on the globaleconomy. We’re proud that the Greater Rich-mond area stands among the best as noted by fDiMagazine’s 2013/14 ranking of Richmond as oneof the Top 10 Mid-Sized American Cities of theFuture in the small cities category. Looking ahead,our region must continue to have a multi-purposestrategy to build on the strong momentum alreadyachieved.

Economic ChangesIn the fall of 2008, the world’s economy dra-

matically changed, impacting local economieseverywhere. The Greater Richmond region wasno exception. Fulfilling its role as the region’s leadeconomic development group, the Greater Rich-mond Partnership, Inc. responded quickly by de-veloping and implementing an aggressive 90-dayaction plan beginning in December 2008. Theplan focused on four specific components: the at-traction of new business and regional marketing;expanding and retaining existing business; talentdevelopment and promotion; and small businessand entrepreneurial support.

Addressing the region’s economic issues is not ajob to be done alone and requires real effort incollaboration and regionalism with our local part-ners and the region’s valuable resources. Contin-ued public and private sector support will allowthe Greater Richmond Partnership, in coopera-tion with the Greater Richmond Chamber, tocontinue our region’s 18-year history of successfuleconomic development through 2009-2014.

Planning for the FutureThe Greater Richmond Partnership continues

its fourth capital campaign, “Globally Focused,

Regionally Competitive,” which sets a privatesector campaign goal of $9 million. Matched bythe public sector, this supports a five-year eco-nomic development budget for the region of $18million.

Phase I of the campaign was led by co-chairsRobert S. Ukrop, President and CEO of Ukrop’sSuper Markets, and Gail Letts, President and CEOof SunTrust Bank — two Greater RichmondPartnership 2008-09 board members. Phase I ofthe private sector fundraising campaign closed inJanuary 2009 reaching 74 percent, or $6.6 million,of its $9 million goal.

Next StepsBy working through the 90-day action plan, the

Partnership re-evaluated the initial 2009-2014strategic plan (written in April 2008 and pre-sented during the capital campaign’s Phase I) byreassessing target markets, programs and processes.Developed out of this tactical plan are the strate-gies for the Partnership’s next five-year cycle.

The revised 2009-2014 five-year programs nowtitled, “Still globally focused, regionally competi-tive,” will emphasize the region’s strengths andgrowth potential, targeting key industry clustersfor new business attraction and regional market-ing; support and assist existing businesses in theregion identifying both at-risk and high growthbusinesses; focus on the region’s workforce byhelping connect workers with jobs created by ex-isting and new businesses; and assist a greaternumber of start-up firms and encourage innova-tion.

Throughout this booklet, you will learn aboutour region’s economic development evolution.Also provided are the Partnership’s five-year goalswith the strategies and tools to ensure GreaterRichmond’s continued economic success through2014.

2009-2014 Economic Development Overview

Key Programs

Chesterfield

Hanover

Henrico

Richmond

History Over the past 18 years, economic develop-

ment in Greater Richmond has traditionallyemphasized business attraction by highlightingthe region’s existing positive business climate.But allocating resources for retaining busi-nesses and working with entrepreneurs is alsovital.

The Greater Richmond Partnership, in col-laboration with the Greater RichmondChamber, created Business First Greater Rich-mond and new workforce initiatives. The pro-grams seek to assist small companies, helpregional businesses thrive and expand, and de-velop a qualified workforce.

These programs did not always exist andneither did Richmond’s globally recognizedbusiness reputation. A survey in the early1990s concluded that the Richmond region“exists in an image vacuum” and was relativelyunknown to executives outside Virginia.

Prior to the Partnership, the region’s eco-nomic development organization was theMetropolitan Economic Development Coun-cil (MEDC), which relied on limited localgovernment funding. By the early 1990s, localleadership realized a crucial ingredient wasmissing — the involvement of the businesscommunity.

Forming a PartnershipOn July 14, 1994, the Greater Richmond

Partnership, Inc. was founded. Led by theGreater Richmond Chamber, business unitedwith government in what was one of NorthAmerica’s first public-private regional eco-nomic development initiatives. Launched asone of the best per-capita funded organiza-tions in the nation, the Partnership has be-come a pioneer for multi-jurisdictionalcooperation.

The Virginia Biotechnology Research Parkin downtown Richmond was taking shape at

the same time. Initial leases were signed in1995 by nine biotech companies and stateagencies. The expansion and growing statureof the Research Park would later provide anideal setting for Philip Morris USA’s Centerfor Research and Technology, which today hasan impressive presence at downtown Rich-mond’s northern gateway.

Highlights of the initial 18 years of the Part-nership’s life include:� Assisting four Fortune 1000 corporate

headquarters locations — MeadWestvaco, TheBrink’s Company, Altria Group and Gen-worth.� Philip Morris USA’s corporate headquar-

ters relocation from New York. � Altria’s UST subsidiary headquarters.� K-Line’s North American headquarters.� Alfa Laval’s North American headquar-

ters.� Bass Pro Shop’s $25 million destination

facility.� Hewlett-Packard’s $25 million LaserJet

printer facility.� Major expansion projects by area compa-

nies including Capital One, CarMax and HCA.� Elephant Auto Insurance North American

headquarters.

� Sabra Dipping Company’s $60 millionfood 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 com-panies that have invested $7.3 billion in thearea.

A Ripple EffectThis kind of development has lifted every

segment of the region’s economy, providingbusiness opportunities for firms large andsmall, new and established. Community devel-opment, quality of life and the arts have allbenefited, along with the quality of jobs andemployment opportunities.

Only three years after the Partnership’s for-mation, Greater Richmond was named as oneof the nation’s Top 10 “Most Improved” com-munities in Fortune magazine’s annual “BestCities for Business” survey. Greater Richmondhas received more than 50 accolades from themedia in the last five years. The region hastremendous strengths and assets that opendoors in the global marketplace.

The Greater Richmond Partnership’s 2009-2014 cycle uses an aggressive strategic planthat is “Still globally focused, regionally com-petitive” to ensure the continued growth andsuccess of our region.

A Revised Economic Development Plan for 2009-2014

Our evolution in economic development

3

The Greater Richmond Partnership was formedon July 14, 1994 as one of the nation’s firstmulti-jurisdictional public-private partnerships.


The Greater Richmond Partnership has beenrecognized repeatedly by its peers, investors andprospects for its economic development work,including being named one of the nation’s topeconomic development groups four times by SiteSelection magazine.

One way the Partnership stays successful is bymarketing to decision makers who have the op-portunity to choose our area for their businesslocation or expansion. This worldwide effortspans a variety of tactical strategies and mediums.

Through a combination of key relationship de-velopment and utilization of communicationtools, we are able to reach a global audience andsupport the efforts of our marketing and businessretention teams.

Building relationships with local, national andinternational business leaders assists the Partner-ship in targeting potential clients.

Marketing MissionsA bevy of methods are used in executing our

overall corporate mission. One key tactic is out-reach marketing missions. These outbound tripsallow us to meet face-to-face with U.S. and inter-national business and industry leaders within ourtarget markets.

During overseas marketing missions, our semi-nars are presented to groups and businesses inter-ested in expanding to the U.S.

Another way the Partnership keeps “its ear tothe ground” is by nurturing relationships with siteselection consultants and real estate professionals.Visits with consultants also generate feedbacknecessary to adapt our strategies and key targets.

Targeted CommunicationsIn support of our programs, print and elec-

tronic information is readily available. The Part-nership’s publications have frequently receivedawards from professional organizations, such asthe International Economic Development Coun-cil (IEDC) and Southern Economic Develop-

ment Council (SEDC).Most recently, the Partnership has been presented

awards for our 2011 Year in Review: Headlines &Newsmakers, and the Annual Report 2011/12.

Whether through our websites and online re-sources, electronic and print direct mail pieces,advertising, print collateral, public relations or so-cial media, the Partnership relies on varied com-munication for distributing the most currentinformation about Greater Richmond, for con-veying our message and supporting our overallmarketing strategies.

Information GatheringRegional information gathering and research

helps the Partnership stay on the forefront ofbusiness happenings. The interviews conductedby volunteers of our business retention and ex-pansion program, Business First Greater Rich-mond, keep the Partnership informed of theevolving business marketplace and of potentialexpansions and small business opportunities.

Business First is an award-winning programthat received a top recognition from IEDC andthe Virginia Chamber of Commerce with theTorchbearer Award from the Seventh Congres-sional District.

Community InvolvementOur team recognizes that economic develop-

ment requires collaboration and the Partnershipbenefits from the contributions of many groupsand individuals, in addition to our four local gov-ernment partners and our 120+ private sector in-vestors. Business organizations, the real estatecommunity, and a wide array of business serviceproviders provide information, expertise and en-thusiasm to help meet the needs of existing andprospect companies.

Additionally, the Partnership’s staff actively net-works and participates in business and commu-nity organizations serving leadership roles onboards and committees.

4

How Greater Richmond, Virginia Stacks Up To The CompetitionA Nationwide Cost Comparison for Offi ce, 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 custom-ers, 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 busi-

ness 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.

You are encouraged to use this model based on docu-

mented, publicly available data. Also, please contact

the Greater Richmond Partnership, Inc. for additional

customized information on labor rates and availabil-

ity, taxes, utility costs and real estate pertinent to

your project.y pp jJuly 2011

How we do it

A Revised Economic Development Plan for 2009-2014 5

AccoladesThe Richmond area has received

more than 130 positive endorse-ments by the media since 1996.Some of our most recent accoladesfrom national publications are listedbelow.

Business Attraction & Regional Marketing(Greater Richmond Partnership, Inc.)� Support the creation of 8,500 new jobs gen-erating $391 million in new payroll.� Encourage $1.5 billion in new capital invest-ment.� Assist a total of 125 new and expanding firms,of which 25 are new internationally ownedcompanies.� Place 50 positive media messages about theregion in national and/or international publica-tions.

Talent Development & Promotion(Greater Richmond Partnership, Inc.)� Fill the need for a trained and available work-force for existing and new companies to meettheir competitive needs.� Register more than 1,000 job seekers eachyear on RichmondJobNet.� Increase RichmondJobNet web traffic yearover 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.

For each five-year period the Greater Richmond Partnership, Inc. and the Greater RichmondSmall Business Development Center have set measurable goals. Thoughtful consideration and strat-egy 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.

Performance Measures

New Business Formation & Small Business Support(Greater Richmond Small Business Development Center)� Encourage venture capital funding of 15 “gazelle” small businesses. � Support 1,000 small businesses with globalcommerce assistance. � Assist in the expansion of 600 existing com-panies. � Assist 200 Virginia Department of Trans-portation Business Opportunity and WorkforceDevelopment Center (VDOT-BOWD) businessclients.� Provide counseling to 2,500 small businesses.�Train 15,000 business owners/executives.� Provide information assistance to 50,000 ex-isting and prospective business owners that resultin the retention of 2,000 jobs and the creationof 1,250 new jobs. � Stimulate $30 million in new capital invest-ment. � Stimulate $35 million in new sales revenue.

2009-2014

One of the 10 Best Cities For Find-ing Employment, by Forbes.com,April 2013.

One of the Top Cities for BusinessGrowth among 100 metro areas,rated by the Wall Street Journal’sMarketWatch.com, April 2013.

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

Richmond ranked in the top 10metro areas for the fastest-growingwages paid to workers in profes-sional, technical, and scientific serv-ices in a study by New Geography,February 2013.

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


The Greater Richmond Partnership, Inc. hasan 18-year track record of new business attrac-tion with a worldwide focus on a number ofspecific industry clusters. The Partnership hasdeveloped a sophisticated marketing programthat links its business message by industry typeto outreach marketing efforts in a variety ofcountries.

In late 2008 and early 2009, the deteriorationof the U.S. economy required the Partnershipto re-evaluate its traditional business targets.Research and analysis led the Partnership to arealignment of new business attraction that fo-cused on industry clusters more likely to bene-fit from current market conditions. The targetsshown below reflect the inherent strengths andassets of the Greater Richmond economy andincorporate industries that will continue to leadthe way out of current economic challenges.

Strategies� Focus proactive outreach marketing efforts onfirms 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

� Implement an aggressive domestic and inter-national marketing strategy, evaluating uniqueopportunities in each market.� Annually explore new foreign markets to fur-ther the reach of the region’s message aroundthe world.� Collaborate with other stakeholders in thecreation of a new business-focused brand topromote the region.� Integrate that brand into the Partnership’smarketing campaign.� Upgrade and further enhance our researchcapabilities to better support the needs of newand expanding businesses.� Improve the effectiveness of the Partnership’smarketing efforts by increasing staff capacity andtechnology utilization in the area of public rela-tions, marketing and communications.

6

Program 1

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 expandingfirms, of which 25 are new internationallyowned companies.� Place 50 positive media messagesabout the region in national and/or international publications.

Business Attraction & Regional Marketing

Amazon opened its 1-million sq.ft.distribution center in ChesterfieldCounty in less than 11 months.

Va. Secretary of Commerce JimCheng speaks during the openingof the GE Center of Cyber Securityin Henrico County.

Mayor Dwight Jones announces thatthe Washington Redskins will moveits pre-season training camp to theCity of Richmond.

Business First Greater Richmond is the flag-ship business retention and expansion programthat has already touched nearly 3,000 businessessince launching in September 2006. The initia-tive builds on the success of an ongoing effort tosupport the retention and growth of companiesthat already call Greater Richmond home. Part-ners are actively working with the businesscommunity to better understand critical successfactors and attitudes about doing business in theregion.

Partners are utilizing a dynamic new technol-ogy platform to quickly respond to the needs ofcompanies in our region. The program has

adopted aholisticteam ap-proach

that engages a myriad of organizations whoshare our commitment to retaining and growingbusinesses in our region. This customer-focusedapproach delivers value by quickly connectingcompanies to the resources they need and re-moving barriers to business growth.

Strategies� Further develop a diverse, world-class team ofoutreach professionals to include professionaleconomic development staff as well as trainedvolunteers from the business community. Thisteam will interview more than 500 executives ofexisting businesses each year. � Develop and execute a regional Business Firstoutreach strategy that supports the needs offirms in the region’s cluster industries and ad-dresses the unique concerns of small, women-and minority-owned firms.

� As a direct result of these business interviews,the team will actively support the expansion of100 existing businesses each year.� In response to business needs, build a strongregional resource team with expertise and serv-ices relevant in today’s dynamic economy.� Execute a customer-focused approach toproblem resolution and service delivery thatachieves a 90-percent satisfaction rating by par-ticipating firms.� Analyze the information collected in aggre-gate; identify and address at least one regionally-critical business issue each year. Activelycollaborate with other stakeholders to resolveregional issues that negatively impact the busi-ness climate.� Explore unique and innovative ways to en-courage the growth of firms in the GreaterRichmond region through identified interna-tional trade opportunities (such as participationwith inbound trade mission groups) and othermeans.� Increase awareness of the Business First pro-gram and resources available through aggressivemarketing using a variety of media (print, elec-tronic, web). Use case studies to demonstrate thevalue of the program.


Program 2

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

Business Retention & Expansion

Morooka USA expanded its opera-tion and opened a manufacturingfacility in Hanover County.

Tonya Mallory of Health DiagnosticsLaboratory holds bricks of the for-mer building that was demolishedto make room for its expansion.

The program was fortunate to wintwo major awards in 2010/11. TheInternational Economic Develop-ment Council recognized it as thebest Business Retention & Expan-sion Program. It was also given theTorchbearer Award by the VirginiaChamber of Commerce.


Critical to new and existing businesses is theirability to attract, retain and train the right work-force. The Partnership supports new and exist-ing employers in the region in their efforts toattract talent through its website RichmondJobNet.com and other focused initiatives. The goalis to further develop a world-class workforce byincreasing awareness of employment opportuni-ties in our market and positioning GreaterRichmond as a career destination.

The Partnership also works with a network ofservice providers to deliver comprehensiveworkforce solutions to businesses, large andsmall. We engage area universities to help matchinterns, graduating seniors and recent graduatesof the region’s colleges and universities witharea employers and jobs.

Strategies� RichmondJobNet is be a premier resourcefor area job seekers and provide exposure foremployers with job openings. We are utilizingtraditional and social media outlets to increaseawareness of the site and employment opportu-nities in the region with the goal of increasingweb traffic year over year and registering morethan 1,000 job seekers each year. Additionalmetrics and feedback mechanisms have been in-tegrated using Twitter and Facebook platformsto capture success stories. This has become a keyplatform to retain talent in our community anda marketable brand outside the region to attracttalent during periods of economic expansion.

� Utilize labor market analysis software and in-formation systems to better understand the re-gion’s jobs, workforce, training, education andskills. The Partnership will be an active partici-pant in the workforce services delivery system,providing information regarding labor require-ments of existing, new and targeted businesses. � Promote LoveWhatYouFind.com to supportout-of-market talent recruiting efforts as a re-gional relocation tool. The site is a comprehen-sive guide to the region that shows potentialemployees and individuals why Greater Rich-mond is the ideal place to work, live, learn andplay.

8

Program 3

Talent Development & Promotion

Goals� Fill the need for a trained and availableworkforce for existing and new compa-nies to meet their competitive needs.� Register more than 1,000 job seekerseach year on RichmondJobNet.� Increase RichmondJobNet web trafficyear over year.

The RichmondJobNet websitewas launched by the Partnership inFebruary 2009 in response to theeconomic challenges facing the re-gion resulting in a number of com-pany closings and large layoffs. Aneed was identified to retain thistalent by simplifying the job searchprocess and improving the connec-tions between job seekers and em-ployers seeking to fill positions inour region.

RichmondJobNet is organized tosimplify the job search process usinga comprehensive listing of area jobboards, tools and tips for job seekersincluding resume, cover letter andinterview preparation. Resourcesfor those interested in starting theirown business are available as well asa comprehensive Career Calendarincluding job fairs and educationalopportunities.

Research suggests that 70 percentof all job openings are never adver-tised – that’s why RichmondJobNetencourages individuals to connectthrough networking events (face-to-face and virtually) and an excit-ing combination of social media.

A web tool for job seekers


Supporting small businesses is crucial. The GreaterRichmond Small Business Development Center(GRSBDC) provides in-depth quality counseling,education, and information services to the smallbusiness community in partnership with local, re-gional and national resources. Over the past fiveyears GRSBDC has helped 5,000 businesses (com-prised of 45 percent women-owned and 38 percentminority-owned), held 565 training events withmore than 14,893 participants, and provided 15,000hours of individual counseling. Continued develop-ment of current programs and new initiatives tohelp small businesses succeed by extending theirreach globally are among the programs planned.

Strategies� Create state-of-the-art programs and servicesusing technology assisted by a virtual “help desk”with availability on a 24/7 basis for small businessesand entrepreneurs.� Expand the one-on-one counseling program by30 percent, providing critical advice and directionto entrepreneurs and existing business owners.� Expand Small Business Development Centerservice offerings to small businesses that are already,or plan to become, involved in global commerce.� Enhance and expand programs and services thatwill grow the region’s small businesses and gazellefirms.� Provide business training and counseling servicesin each local jurisdiction by collaborating withlocal economic development offices.� Create an International Service Support Centerto assist small businesses in expanding their interna-tional market outreach by collaborating with theVirginia Asian Chamber, Virginia Hispanic Cham-ber, the Metropolitan Business League and local in-ternational business support companies andorganizations.

�Work with selected partners to increase the seedcapital available to new entrepreneurs.� Partner to assist a greater number of new andexisting businesses to succeed through enhancedtechnology utilizing the Internet.� Be responsive and proactive to the changingneeds of small businesses.� Prepare minority businesses for state and federalgovernment contracts through an initiative withthe Virginia Department of Transportation BusinessOpportunity and Workforce Development Center(VDOT-BOWD).

Program 4

Goals� Encourage venture capital funding of 15 “gazelle” small businesses. � Support 1,000 small businesses withglobal commerce assistance. � Assist in the expansion of 600 existingcompanies. � Assist 200 Virginia Department ofTransportation Business Opportunity andWorkforce Development Center (VDOT-BOWD) business clients.� Provide counseling to 2,500 small busi-nesses.� Train 15,000 business owners/execu-tives.� Provide information assistance to50,000 existing and prospective businessowners that result in the retention of2,000 jobs and the creation of 1,250 newjobs. � Stimulate $30 million in new capital in-vestment. � Stimulate $35 million in new sales rev-enue.

New Business Formation& Small Business Support

The Greater Richmond SmallBusiness Development Center (GRS-BDC) is a partnership program be-tween the U.S. Small BusinessAdministration and the Greater Rich-mond Chamber, providing assistanceand training to help small businessowners and future small business

owners make sounddecisions for the suc-cessful operation oftheir business.

The GRSBDC wascreated in 1998 by theGreater Richmond

Chamber (GRC) when it took overthe Capital Area SBDC’s client baseand resources to support the GRC’scommitment to area small businesses.As part of the statewide VirginiaSBDC network, the GRSBDC servesa population of approximately 1 mil-lion people in Central Virginia, pri-marily in the City of Richmond andthe counties of Chesterfield,Goochland, Hanover, and Henrico.The GRSBDC offers confidential, in-dividual counseling as well as work-shops, conferences and courses atvarious locations in its service area.

Since it is a not-for-profit organiza-tion, the GRSBDC offers free coun-seling services and charges onlynominal fees for its seminars andcourses. The center is funded by theGreater Richmond Chamber, theGreater Richmond Partnership, Inc.,and the U.S. Small Business Adminis-tration.

Nurturing localsmall business


Overall, the four programs in the Partnership’swork plan have goals to create a total of 17,250new jobs in the Greater Richmond area. TheEconomic Strategy Center of Atlanta has pro-jected specific benefits of 17,250 new direct jobsbased on the IMPLAN (IMpact analysis forPLANning) input-output economic model re-flecting Richmond’s local economy.

Each new job created as part of the Partner-ship’s aggressive work plan is estimated to sup-port the creation of an additional 1.15 jobs inthe region. The 37,028 total new jobs will havean estimated payroll of $1.6 billion and will sup-port personal consumption expenditures of $1.2billion. The distribution of this annual new con-sumer spending on housing, transportation, foodand other items is shown in the chart on theleft.

The ripple effect of the new jobs is computedbased on regional multipliers. These multipliersshow the effect of the addition of one job orone dollar in any given industry to the employ-ment and earnings for all industries.

The value of a job to a region’s economyvaries by industry. Jobs based on significant capi-tal investment have a higher wage rate and gen-erate greater ripple effect in the region’seconomy. Less capital-related jobs generate asmaller economic value. These jobs occur in re-tail, services, and some of the lower skilled man-ufacturing industries. Lower salary levelsgenerally correspond with these categories ofemployment.

Job creation activities have an effect in twoother key aspects of the local economy: earningsand output. These total economic impacts —summing the direct, indirect, and induced effects— account for all economic activity that stemsfrom the program’s attraction and expansion ac-tivities.

10

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

Economic Impact of 17,250 Direct Jobs

Housing $375.36Transportation $220.60Food $146.68Personal Insurance, Pensions $122.43Heath Care $71.61Entertainment $54.28Cash Contributions $46.20Apparel $45.04Miscellaneous $18.48Education $18.48Personal Care $15.01Alcoholic Beverages $9.24Tobacco Products $9.24Reading $2.31

TOTAL $1.2 billion

Expenditures Amt. in millions

Economic ImpactDistribution of PersonalConsumer Expenditures


Public InvestorsCity of RichmondChesterfield CountyHanover CountyHenrico County

Private InvestorsAlfa Laval, Inc.Altria Group, Inc.Anthem Blue Cross Blue ShieldBank of AmericaBaskervillBB&T Capital MarketsBB&T Insurance ServicesBCWH ArchitectsBlackwood Development Co., Inc.Bon Secours Health SystemBranch Banking and Trust Co. (BB&T)Brandywine Realty TrustThe Brink’s Co.Capital One Financial Corp.Capstone Contracting Co.CapTech Ventures, Inc.CarMaxCCA IndustriesCenterpointe AssociatesCherry, Bekaert & Holland, LLPChmura Economics & AnalyticsChristian & Barton, LLPCobb TechnologiesCollegiate SchoolColonialWebb ContractorsColumbia Gas of VirginiaCommunity College Workforce AllianceControl Dynamics, Inc.CreativeCRT/tanakaDavenport & Co. LLCDitch Witch of VirginiaDominion Realty PartnersDominion ResourcesE.A. Holsten, Inc.Ernst & Young LLPFirst Capital BankThe Flores ShopFroehling & Robertson, Inc.

Genworth Financial, Inc.Gresham, Smith & PartnersColliers International (formerly Grubb & Ellis|Harrison & Bates)Gumenick PropertiesHCA Virginia Health SystemAlexander Hamilton, IVHave Site Will TravelHighwoods PropertiesHirschler FleischerHKS ArchitectsHodges Digital StrategiesW. Barry HofheimerHourigan ConstructionHunton & Williams LLPJ. Sargeant Reynolds Community CollegeThe Jefferson HotelJewett Automation, Inc.Jewett Machine Manufacturing Co., Inc.John Tyler Community CollegeJoyner Fine PropertiesKBS, Inc.KeiterKjellstrom and Lee, Inc.Korman Signs Inc.KPMG LLPKraft Foods, Inc. / Nabisco BiscuitsLamar AdvertisingLandAmerica Charitable Fund of the Community Foundation LeClairRyanLuck Stone Corp.M & T BankM. H. West & Co., Inc.Markel Corp.The Martin AgencyMcCandlish Holton, PCMcGuire Woods LLPMcKesson Medical-Surgical, Inc.McKinney & Co.Media General, Inc.Mitchell, Wiggins & Co., LLPMorton’s, The SteakhouseMutual Assurance Society of VirginiaMWV (MeadWestvaco Corp.)NewMarket Corp.

NursefindersOdellOwens & Minor, Inc.Patient FirstPrudential Slater James River RealtorsPwCRainbow Station, Inc.Richmond Association of REALTORSRick Whittington Consulting, LLCRSM McGladreyRutherfoordS.L. Nusbaum Realty Co.Sands Anderson PCScott & Stringfellow, LLCSheetzSt. Catherine’s SchoolSt. Christopher’s SchoolStaffmarkStefaniniSunTrust BankSuperValuSwedish Match North America, Inc.Thalhimer/Cushman & Wakefield AllianceThompsonMcMullan, PCTitan GroupTLA, Inc.Troutman Sanders LLPUkrop’s Homestyle FoodsUnion First Market Bank Universal Leaf Tobacco Co., Inc.University of RichmondVirginia Commonwealth University & VCU Health SystemVerizon CommunicationsVillage BankVirginia Air DistributorsVirginia Credit Union Inc.Thomas J. VozenilekW.M. Jordan Co.Warren WhitneyWells Fargo, N.A.Wells Fargo AdvisorsThe Westin RichmondThe Whitlock GroupWilliams Mullen

GRP Investors for 2009-2014

May 2013 please recycle

Gregory H. WingfieldPresident & CEOBarry I. MatherlySenior Vice President, Business DevelopmentRowena FratarcangeloVice President, Business Development

Bethany J. MillerVice President, Business DevelopmentChuck PetersonVice President, Business Information Olga MolnarResearch ManagerMichael IveyCommunications Director

Grace FestaBusiness Development ManagerAnita SaundersExecutive Assistant to the PresidentPosition to be filledInvestor Communications Consultant

1994-1995William T. BollingHanover County

1995-1996Phyllis CothranTrigon Blue Cross Blue Shield

1996-1997Harry G. DanielChesterfield County

1997-1998Frank B. Bradley IIIBradley Properties LLC

1998-1999John A. ConradCity of Richmond

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

2000-2001David A. KaecheleHenrico County

2001-2002James C. CherryWachovia Bank, N.A.

2002-2003Jackson T. WardHanover County

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

2004-2005Arthur S. WarrenChesterfield County

2005-2006Marjorie M. ConnellyWachovia Securities

2006-2007G. Manoli LoupassiCity of Richmond

2007-2008John R. “Jack” NelsonAltria Group

2008-2009David A. KaecheleHenrico County

2009-2010Gail L. LettsSunTrust Bank

2010-2011Robert T. SetliffHanover County

2011-2012Katherine E. BusserCapital One

2012-2013Daniel A. GeckerChesterfield County

Staff

Chairs of the Board of DirectorsGreater Richmond Partnership, Inc.

Documents

Still Globally Focused, Regionally Competitive