Greater Richmond Partnership outlines economic growth strategies at finance committee meeting

The Richmond City Finance and Economic Development Standing Committee convened on March 19, 2025, to discuss a range of topics focused on the region's economic growth and development strategies. The meeting featured a presentation by Jennifer Wakefield, President and CEO of the Greater Richmond Partnership (GRP), highlighting the organization's efforts to attract new businesses and enhance the region's economic landscape.

Wakefield reported that since its inception in 1994, the GRP has facilitated 560 projects, resulting in the creation of 55,000 jobs and nearly $14 billion in capital investment. Recent achievements include significant projects such as CoStar's expansion and the Lowe's project, which have contributed to a robust economic impact in the area. Over the past three years alone, the GRP has been involved in 28 projects that generated over 6,800 jobs and $2.9 billion in capital expenditures.

Despite these successes, Wakefield emphasized the need for Richmond to improve its competitive standing against peer cities like Jacksonville and Charleston. While Richmond has seen growth, it has not kept pace with these markets in terms of employment growth and perception among corporate executives. A recent survey indicated that only 30% of corporate executives considered Richmond for expansion or relocation, a figure that, while improved from 2% in 2021, still reflects a significant opportunity for growth.

The GRP's new five-year strategic plan aims to address these challenges by focusing on lead generation, enhancing research capabilities, and improving the region's perception among potential investors. The plan also includes targeted efforts to attract experienced talent and elevate regional competitiveness, particularly in advanced manufacturing, corporate services, IT, and life sciences.

Committee members expressed a desire for more detailed data specific to Richmond to better understand the city's unique economic landscape and identify potential business development opportunities. They emphasized the importance of collaboration between the GRP and local economic development teams to ensure that Richmond remains competitive in attracting new businesses.

In conclusion, the meeting underscored the ongoing efforts to bolster Richmond's economic development through strategic partnerships and targeted initiatives. As the city navigates its growth trajectory, the focus will remain on enhancing its appeal to businesses and fostering a thriving economic environment for residents.