Economic Development Strategic Plan
Each of Virginia’s governors is required to establish an Economic Development
Strategic Plan during the first year in office (Code of Virginia, §2.2-205).
Governor Kaine’s plan is the result of a highly collaborative process
between the Governor’s Cabinet, key economic development and business
leaders from throughout the Commonwealth, and Virginians who attended public
meetings on the plan’s development over the summer. It is built around
nine broad goals, each of which contains a series of distinct, measurable strategies
that track progress in achieving the goals by 2010, including:
- Increasing the total amount of Defense Department related contracts for
Virginia firms by 5%, or $1.15 billion.
- Increasing the economic impact of tourism in Virginia from $16.5 billion
to $18.5 billion annually.
- Increasing exports of goods from the Commonwealth by 7% ($855 million).
- Increasing foreign direct investment in Virginia from an annual average
of 2300 jobs and $270 million to 3000 jobs and $300 million.
- Ensuring broadband access for every Virginia business.
- Increasing procurement for small businesses to 40% of state purchases.
- Increasing the proportion of 18-24 year-olds with a high school diploma
or equivalent from 87% to 92% (an additional 34,000 students).
- Increasing the proportion of 18-24 year olds enrolled in college from 34%
to 39% (an additional 34,000 students).
- Increasing the percentage of Virginia’s population (25-65) with a
college degree from 35% to 37% (an additional 78,500 persons).
- Decreasing government administration transaction time for businesses by
30%.
- And by January 2008, formulating specific regional economic growth goals
based on the Council on Virginia’s Future’s regional data.
You may also download materials that contributed to the formulation of the
Plan:
