Virginia's New ED Plan Gives Heavy Attention to International Issues

Virginia Governor Kaine’s new ED plan is the result of a process between the Governor’s Cabinet, key economic development and business leaders from throughout the Commonwealth.

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.

Download here.