Greater Richmond Partnership outlines economic growth strategy and target industries for investment

The Richmond City Finance & Economic Development Standing Committee convened on March 19, 2025, to discuss key economic initiatives and strategies for the region. The meeting featured a presentation by Jennifer Wakefield, President and CEO of the Greater Richmond Partnership (GRP), who outlined the organization's efforts in attracting new businesses and fostering economic growth.

Wakefield highlighted the GRP's mission as a public-private partnership aimed at making Richmond a leading mid-sized city for investment. 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 successes include significant projects such as CoStar and Lowe's, contributing to a total economic impact of over $13 billion.

Despite these achievements, Wakefield noted challenges in keeping pace with competing markets. A recent SWOT analysis revealed that while Richmond is growing faster than the state and national averages, it lags behind peer cities like Jacksonville and Charleston in employment growth and perception among corporate executives. In 2021, only 2% of corporate executives considered Richmond for expansion, a figure that improved to 30% by 2024, yet still falls short of expectations.

The GRP's strategic plan for the next five years focuses on enhancing lead generation, marketing, and research capabilities. New initiatives will include targeting experienced talent from larger markets and addressing the perception issues that hinder Richmond's competitiveness. Wakefield emphasized the importance of improving direct flight availability from Richmond International Airport, which is seen as a critical factor in attracting businesses.

Committee members expressed interest in obtaining more localized data to better understand Richmond's unique economic landscape and to identify specific business development opportunities. They emphasized the need for collaboration between the GRP and city departments to enhance recruitment strategies and ensure that Richmond remains competitive in attracting new businesses.

The meeting concluded with a commitment to ongoing discussions and work sessions aimed at refining economic development strategies and fostering a more robust business environment in Richmond.