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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
perspective
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of the expanded
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 1990-2010
RF Economics: Key Takeaways
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RVA compares very well on most key economic
indicators to similarly sized regions in the U.S.
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2nd in per capita personal income
3d in total employment
4th in college educated population
5th in real GDP
But our comparative growth rate on some key
measures lags behind our current overall position
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10th in real GDP growth, 2000-2010
6th in per capita income growth, 2000-2010
RF Baseline: Demographics
 Examined
key changes in RVA
demographics from 2000-2010
 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
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RVA ranks in mid-point of peer areas in population growth, 20002010 (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 2000-2009, 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
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Sector Strategies
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Education/Human Capital Development
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What are the emerging skill gaps and how can the
educational system address these?
Talent
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How emphasizing the role of specific industry groups and
sectors of the broader economy can foster RVA progress
How can regions attract and retain the talent that will
enable them to compete successfully?
Branding/Marketing
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How can regions develop a brand or identity that
positions it well in a competitive environment?
RF Sector Studies: Logistics
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Logistics
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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)
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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
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Make Richmond the Emergency Services
Capital of the World
Develop a plan for Biotech 2.0
Move the Richmond workforce from its
current 20th 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
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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
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Job Skills Gap Study
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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
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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
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YRVA and Building a Culture of Creativity
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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
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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
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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.
YOUR IDEAS!!