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Richmond’s Future: What We Learned, Where We Should Go Bob Holsworth, Oct. 30, 2014.

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Presentation on theme: "Richmond’s Future: What We Learned, Where We Should Go Bob Holsworth, Oct. 30, 2014."— Presentation transcript:

1 Richmond’s Future: What We Learned, Where We Should Go Bob Holsworth, Oct. 30, 2014

2 RF’s Initial Decisions  RF would utilize the Metropolitan Statistical Area (MSA) as our unit of analysis  RF would compare RVA economy to other regions of similar size across the nation  RF would compare the demographics of the RVA-MSA to similar sized regions across the nation

3 RF Baseline: Geography  The MSA encompasses a considerably larger area than the City of Richmond and the counties of Chesterfield, Hanover, and Henrico.  Includes 16 counties and 4 cities  Extends south and east to Petersburg, Dinwiddie, and Sussex  Extends north and west to Caroline and Louisa

4 RF Baseline: Geography  Advantages of the expanded perspective  Included the Crater Planning District in RF discussions  Enabled RF to consider developments in advanced manufacturing at CCAM  Focused attention on the growth at Fort Lee  Prompted seeing Route 460 as part of the region’s transportation assets  Highlighted the region’s strength in logistics

5 RF Baseline: Economics  Ann Macheras of the Richmond Federal Reserve conducted a baseline study  Compared RVA to 9 other metro areas across the country of similar size  Added Austin to the comparison because of the 2012 inter-city visit  Examined RVA’s comparative position at the time of the 2010 census and across the period of

6 RF Economics: Key Takeaways  RVA compares very well on most key economic indicators to similarly sized regions in the U.S.  2 nd in per capita personal income  3d in total employment  4 th in college educated population  5 th in real GDP  But our comparative growth rate on some key measures lags behind our current overall position  10 th in real GDP growth,  6 th in per capita income growth,

7 RF Baseline: Demographics  Examined key changes in RVA demographics from  Utilized the same set of peer group MSA’s for comparison  Examined a range of characteristics, including population growth, immigration, race and ethnicity, educational attainment, poverty, etc.

8 RVA Demographics: Key Takeaways  RVA ranks in mid-point of peer areas in population growth, (behind Raleigh, Austin, Salt Lake and Jacksonville)  RVA ranks near the bottom of peer areas in the percentage of adults who have completed high school, evident in the most urban and most rural parts of the region.  The African-American population in RVA held steady at 30%, but is far more broadly distributed. The number of African-Americans living in Chesterfield and Henrico combined (160,081) exceeds the number living in Richmond City (103,342) by more than 50%.  Chesterfield County has the largest Hispanic population (7%) in the region) and Henrico has the largest Asian population (7%)  Between , the percentage of children living in poverty increased from 13% to 15% region-wide. The percentage in the City of Richmond increased from 33% to 35% and increased by at least 50% in both Henrico (8% to 13%) and Chesterfield (6% to 9%).

9 RF Study Strategy  Identify a significant issue  Utilize local expertise to study and make practical recommendations  Specify an appropriate group to be responsible for working to implement recommendations  Monitor progress

10 Four Approaches to Regional Progress  Sector Strategies  How emphasizing the role of specific industry groups and sectors of the broader economy can foster RVA progress  Education/Human Capital Development  What are the emerging skill gaps and how can the educational system address these?  Talent  How can regions attract and retain the talent that will enable them to compete successfully?  Branding/Marketing  How can regions develop a brand or identity that positions it well in a competitive environment?

11 RF Sector Studies: Logistics  Logistics  Extensive history and current efforts  Logistics developments at Fort Lee  Opportunities at the Port of Richmond  Other connections with Hampton Roads  Creation of business-university partnership with the Commonwealth Center for Advanced Logistics Systems  Richmond’s Future establishes the Logistics Roundtable

12 RF Sector Studies: Advanced Manufacturing  Potential revival of manufacturing in Virginia  Rolls Royce locates in Prince George  Establishment of Commonwealth Center for Advanced Manufacturing (CCAM)  Creates a new form of research partnership between universities and industry  Establishing a new model of workforce development

13 RF Sector Studies: Health Care  Utilize the sector to promote economic innovation and regional distinctiveness  Make Richmond the Emergency Services Capital of the World  Develop a plan for Biotech 2.0  Move the Richmond workforce from its current 20 th place position to one of the top ten healthiest workforces in the country  RF works with study authors to establish task force on health workforce

14 RF Sector Studies: Social Economy  A diverse sector whose mission is to improve the quality of community life  Individual charitable giving in Virginia is on par with national average, though assets of Virginia-based foundations tend to be considerably lower than the national average.  Significant focus on collective impact on issues that inhibit individual opportunity and family security: housing, homelessness, food security, middle school performance  Enhanced focus on system level data and metrics to track performance and reforms  RF endorses initiative for system-level data project that can track performance over time on key indicators

15 RF Studies: Education and Workforce  Job Skills Gap Study  Increased demand for STEM-H jobs in the Richmond region  Lack of alignment between student interests and job availability  Availability of technical middle skills jobs  Career and Technical Education  Strengthen career exploration for youth  Support career education as a relevant and rigorous part of post-secondary attainment  Create industry sector career partnerships  RF works with Science Museum of Virginia and Bridging RVA to enhance approaches to STEM-H readiness

16 RF Studies: Talent Attraction  YRVA and Building a Culture of Creativity  Richmond area college students consider RVA a great place, but 41% of those surveyed expect to leave within two years.  Inside and outside of Richmond, young people do not think of RVA as a place with excellent job opportunities.  Richmond is not as well perceived as Austin and Raleigh, or as D.C. and Atlanta by young people  The Richmond area needs to do a much better job of exposing students across Virginia to potential job opportunities  The Richmond area has cultural attractions such as the food and music scenes that could be very attractive if perceptions about employment can be overcome  Greater Richmond Chamber agrees to take steps to address issue identified by young people with area employers

17 RF Studies: Branding RVA  YRVA Study, Arts as a Economic Development Strategy, the Role of Heritage Tourism  Making creativity and innovation central to the RVA brand  Assessing the continuing role of history in the RVA brand

18 What’s Changed Since RF Began  Broader adoption of the RVA brand  Have obtained national attention for food culture and quality of place  Significant economic development wins across the region  Children’s Hospital proposal in place  Increased attention by the Commonwealth and in Hampton Roads to logistics issues relevant to the Virginia Port Authority  Concern that Virginia’s relative economic advantages may be declining as a result of federal cutbacks  One significant position loss in the Congressional delegation, one significant position gain in the Senatorial delegation  Continued challenges related to the politics of regional cooperation and collaboration

19 What’s Next? Possible Directions  Inter-regional strategies, especially an emerging collaboration with Hampton Roads  Identify 3-5 key ideas, regional innovations or regional projects that can help to make the most significant impact on RVA’s competitive position  Develop a stronger focus on implementation, identify the best practices for a complex political environment, and bring 2-3 key projects to fruition.

20 YOUR IDEAS!!


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