Date post: | 13-Jan-2015 |
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Business |
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Virginia’s Competitiveness in the Global Economy
Hugh D. Keogh, President emeritus
The Virginia Chamber of Commerce
Spring 2011
Commonwealth of Virginia
Virginia Economic Overview• Geography: 42,000 Square Miles
95 Counties, 39 Cities• Population: 8 million• Unemployment: 6.4% (Spring ‘11)
US 8.9%• Per Capita Income: >$43,000 (2010)
110% of the US avg. 8th Nationally
Prominent Economic Sectors
• Business Services
• Defense
• Manufacturing
• Tourism
• International Trade and Development
Southeast Region: Our Competitive Environment
Hallmarks of Virginia Economy
• Strategic Location
• Supportive Business Climate
• Quality of Life
• Economic Diversity
• High Income/Low Unemployment
Virginia’s Assets
Traditional
• Reputation/ AAA Bond Rating
• Higher Education• Proximity to Markets/Transportation: Rail, Highway, Ports of Virginia, Dulles
• Workforce: Trainability & Work Ethic
• Workplace Environment: Right to Work (e.g. Wisconsin)
Virginia’s AssetsContemporary
• IT Ambience
• Cutting Edge Manufacturing
• At the Heart of the Nation’s Defense Posture
• Economic Incentives
• Forbes Ranking
Virginia’s Challenges 2011• Workforce: Shortage of technically skilled
workers- statewide
• Transportation: Approaching (or at) crisis levels- need high speed rail; third crossing; highway improvements/ Governor’s package 2011
• Growth (SPRAWL)• Structural Economic Change: Tobacco/ Textiles/
Coal/ Furniture
• Stable Revenues/ Economic Development Marketing – improving
Virginia’s Challenges, cont’d
• Politics/Reputation: Stability and a degree of collegiality – improving
• Local Government Structure
• Gubernatorial Succession
• Dealing with History
• Disparity: Spreading the wealth
• Healthcare Costs and Availability
• Energy self reliance
Current Priorities
• Bipartisan Leadership/ Business Leadership/LEADVA
• Dedicated Transportation Revenue Stream• Federal Issues: Health Care, EFCA, Cap
and Trade, CFPA• Fiscal Stability• Workforce Development System• Energy
Leadership• Many Faces• Integrity• Loyalty• Service• Team Sport• Sacrifice
Virginia
Conclusion
Virginia remains an outstanding location in which to do business. Nevertheless, without significant investment in infrastructure and some modernization of its public policy framework, it will fall short of its substantial potential.
Virginia’s Competitiveness in theGlobal Economy