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Greater Richmond Partnership launches new strategic plan
March 25, 2025
The Greater Richmond Partnership (GRP) is entering a new era of economic development with a strategic plan designed to shape the future of the region. As the organization celebrates 30 years of progress, its 2025-2030 Strategic Plan outlines key initiatives aimed at fostering business growth, attracting top industries and strengthening the region’s economic standing on both national and global levels.
The launch event, held at the Virginia Museum of Fine Arts, brought together regional leaders and industry stakeholders. The plan focuses on a long-term vision for the Richmond Region’s economic landscape.
New strategy for economic growth
In May 2024, GRP partnered with Ernst & Young LLP (EY) to develop a comprehensive five-year strategy that aligns with regional economic goals. The plan is built on four key pillars:
- Advancing Business Recruitment and Cluster Development,
- Amplifying Awareness and Shaping Perception of the Region,
- Delivering World-Class Research and Market Intelligence, and
- Elevating Regional Competitiveness.
Each of these areas is supported by specific initiatives and actions designed to drive measurable success over the next five years. Bobby Ukrop, current board chair and Chairman and Chief Executive Officer of Ukrop’s Homestyle Foods, emphasized during the event, “there’s time for us to really make it happen… but to really get to the next level, we’ve got to work together here—we’ve got to get in there and make something happen.”
GRP has identified key industries that align with the region’s strengths and future economic goals. These industries include:
- Advanced Manufacturing (Advanced Materials, Packaging, Food & Beverage),
- New strategy for economic growth
- Corporate Services (Headquarters, Finance & Insurance, Regional Operations),
- Information Technology (Data Centers, Cloud Computing, Cybersecurity, Software Development),
- Life Sciences (Pharmaceuticals, R&D, Laboratory Testing),
- Cleantech and Defense, and
- Transportation & Logistics.
Advancing business recruitment and cluster development
The Strategic Plan’s executive summary highlights GRP’s focused efforts to strengthen the region’s economy. This pillar aims to expand the pipeline for attracting quality jobs and capital investment in both domestic and international markets. It also seeks to cultivate industry clusters by enhancing alignment within target industry ecosystems. To achieve this, GRP is introducing industry councils, strategic workforce partnerships and an employer feedback system to optimize economic recruitment strategies.
As GRP board member and Allianz Partners Chief Executive Officer Jeff Wright noted throughout the event, “the industry clusters are really important to connect all of the businesses… it gives us a great way to share best practices, get together, work on workforce development.”
Amplifying awareness and shaping perception of the region
Another key pillar focuses on building Greater Richmond’s identity through a compelling global marketing campaign. Additionally, it aims to attract top talent by leveraging digital marketing strategies and storytelling to appeal to high-demand workforce segments. New initiatives will include highlighting professionals in the region, promoting quality of life benefits and collaborating with economic development influencers to position the region as a premier location for business and talent.
GRP board member and Senior Vice President and Head of HR, Bank and Premium Card Products and Staff at Capital One, Christina McClung, stressed the need for a strong regional identity, saying, “A lot of these efforts that are going to make Richmond a top place for students, for young professionals, for people that might want to, leave the big, big, top cities and come to a place like Richmond that really has a lot of value and why they might want to raise family here.”
Delivering world-class research and market intelligence
This component of the plan involves establishing a Regional Research and Market Intelligence Center to support business recruitment and industry cluster growth. GRP also plans to provide actionable insights for economic development stakeholders, expand economic forecasting tools, implement research partnerships with universities and develop data visualization platforms to guide investment decisions.
As past board chair Charlene Whitfield highlighted at the event, “we’re taking this data and we’re benchmarking ourselves against those communities…the Greater Richmond Partnership team has a lot of research data… not just for attracting businesses to the Greater Richmond area, but for you as a current business owner, it can help you.”
Elevating regional competitiveness
This pillar is centered on leveraging insights from business intelligence on lost projects to improve the region’s ability to secure major investments. This initiative also aims to support economic growth by fostering upward mobility and broad-based prosperity. New initiatives will include collaborating with regional organizations to tackle workforce, infrastructure and business challenges while positioning Greater Richmond as a hub for diverse and inclusive growth.
Brian Jones, President of Hourigan, underlined the urgency of streamlining relocation processes, stating that “companies that are coming to relocate here want to relocate now. The more we can reduce that time frame, the better our chances of attracting them.”
Looking ahead
GRP’s 2025-2030 Strategic Plan is more than just a vision, it is a well-researched and action-driven approach to fostering sustainable growth in the region. Through strategic business recruitment, innovative marketing, robust research and competitive policy initiatives, Greater Richmond is set to thrive in the coming years. With the backing of public and private sector investors, this plan lays the foundation for a future where the region stands out as the top mid-sized U.S. region for business investment and economic development.
