City of Richmond (VA) – Comprehensive Economic Development Strategy
ChallengeRichmond has a legitimate claim to being a world-class city. It will come as no surprise that this is both a blessing and a curse. It represents a unique occasion to claim new and emerging industries. At the same time, it places expectations and demands on the city – and regional – leadership that will be difficult to meet. That difficulty centers around two major issues: the preparedness of the workforce and the capacity to build and sustain innovative industries. To help understand their challenges and opportunities surrounding these issues, the City of Richmond engaged TIP Strategies (TIP) and Hill-Christian Consulting Group (HCCG) to prepare a comprehensive economic development strategy, or CEDS, for the community.
ApproachThe project involved a 12-month process incorporating input and ideas from key stakeholders throughout the city. The consulting team conducted interviews and discussions with numerous individuals representing business, government, regional planning, education, neighborhood groups, and economic development at the local, regional, and state levels. The consulting team also led a public input forum to gather citizen input on the city’s key development opportunities. The primary goal of the CEDS was to identify, prioritize, and present Richmond’s key development opportunities, especially those projects eligible for Economic Development Administration (EDA) investment assistance.
OutcomeTIP presented the CEDS to the Richmond City Council in November 2010. The final plan included an analysis of the local economy, an evaluation of development opportunities, specific development strategies and actions, and program evaluation measures.
Photo credit Paul Joseph