ABOUT

STRATEGY

ABOUT

STRATEGY

Baskerville 3d Model

Architectural models

The Strategic Plan for Equitable Economic Development (SPEED) addresses long-standing inequities and ensures our City remains a magnet for attracting successful companies and retaining top talent. It's an initiative that focuses on community, innovation, and industry.

COMMUNITY

Broadly speaking, this objective speaks directly to the needs of the community that is Richmond –its people, its neighborhoods, and the small businesses that serve the community. It speaks to the character of the city, including its heritage. In economic development terms, it looks less at high-wage, high-growth industries and more at strengthening the fabric of the community, its people and its places.

INNOVATION

It is already becoming clear that the most resilient industries post-COVID-19 will be tech driven. The more rapidly Richmond can embrace that trend, the more successful it will be in repositioning itself. High-growth entrepreneurship and R&D will play a major role. In addition, Richmond has an immediate opportunity to embrace "smart city" initiatives.

INDUSTRY

A more robust business retention and expansion (BRE) program, along with a new set of strategies to leverage anchor institutions, will be critical to positioning Richmond for a stronger recovery and adding new jobs and capital investment. In addition, an active BRE program protects against company exits to surrounding suburban counties or to other competing metro areas. Without a strong foundation that properly engages and supports the City’s existing employers, other approaches aimed at bringing in outside investment, companies, and talent will be less effective. Richmond’s overall economic development program — not just the Department of Economic Development and the EDA, but also other City departments and local and regional partners — must focus on the needs of existing companies.

BY THE NUMBERS

The SPEED Plan has five ambitious goals to measure success by FY 2026:

$3B

CAPITAL INVESTMENT

From announced economic development projects

3,000

ANNOUNCED NEW JOBS

Jobs must have salaries at or above $52,000 a year

$25M

REAL ESTATE TAX REVENUE

Generated annually from public and private development activities

5%

REDUCTION
 

To Richmond's poverty rate

2,500

POSTSECONDARY CREDENTIALS

Awarded to Richmond residents

Interested in learning more? Reach out to Richmond Economic Development.

Matt Welch

Matthew Welch

ACTING DIRECTOR OF ECONOMIC DEVELOPMENT

804.646.5874
Matthew.Welch@rva.gov

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Katie McConnell

SENIOR DEPUTY DIRECTOR

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Statia Gibson

BUSINESS INVESTMENT & JOB CREATION

804.646.6737
Statia.Gibson@rva.gov

Jackie Craft

Jacquelyn Craft

BUSINESS RETENTION & EXPANSION