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