Greater Richmond Partnership lays out five‑year plan to boost regional competitiveness

Jennifer Wakefield, president and CEO of the Greater Richmond Partnership, presented the organization’s new five‑year strategic plan to the Richmond Finance and Economic Development Standing Committee, outlining a regional campaign to attract corporate expansions and headquarters.

The plan, which the partnership developed with Ernst & Young, centers on four core functions: lead generation (business recruitment and cluster development), elevated market research, talent attraction for experienced workers and amplified marketing to shape perception of the Richmond region. "We are a nonprofit 501(c)(3) set up as a public‑private partnership," Wakefield said in the committee room.

Why it matters: city officials said stronger regional marketing and targeted recruitment could help Richmond fill vacant office space, attract higher‑paying corporate services jobs and diversify growth beyond industrial projects that have gravitated to adjacent localities with more land. Wakefield told the committee the partnership’s goal is for Richmond to become the top mid‑sized U.S. region for company investment.

Wakefield reviewed recent results and the partnership’s priorities. Since 1994 the group said it has worked on about 560 projects that led to roughly 55,000 jobs and $13.9 billion in capital investment. In the last three years alone the partnership reported 28 projects, about 6,859 jobs and $2.9 billion in capital expenditures, producing an estimated total economic impact of about 13,575 direct, indirect and induced jobs and $798.7 million in labor income.

The presentation described perception gaps that limit Richmond’s consideration by corporate decision‑makers. Wakefield said corporate executives’ consideration of Richmond rose from 2 percent in 2021 to about 30 percent in 2024, while site‑selection consultants who advise firms rose from roughly 20 percent in 2021 to about 60 percent in 2024 after targeted outreach.

Wakefield and committee members identified airport connectivity as an ongoing weakness: site consultants frequently cite a lack of direct flights as a reason Richmond does not advance on long lists for corporate projects. Wakefield said the partnership has begun collaborative work with Richmond International Airport and state partners to support air‑service recruitment.

Target industries in the plan are advanced manufacturing, corporate services, information technology and life sciences; the partnership said it will also pursue niche opportunities in clean tech and defense. Wakefield noted the partnership will expand cluster development work, produce higher‑capacity market research, launch talent attraction initiatives aimed at experienced workers in larger markets, and intensify perception and marketing efforts.

Committee members asked for locality‑specific breakdowns of pipeline activity and results; Wakefield said the partnership provides quarterly reports to local partners and meets monthly with local economic development staff to review projects. She agreed to provide the committee supplemental materials used in the presentation for distribution to council members.

The presentation concluded with committee members thanking the partnership and asking staff to schedule follow‑up work sessions to identify Richmond‑specific recruitment targets and to examine funding formulas for regional work.

Ending: The committee accepted the presentation and requested the Greater Richmond Partnership provide the presentation materials and quarterly pipeline detail to the clerk’s office for distribution to council members.