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Partnership unveils results at 19th Annual Meeting
October 25, 2013
Projects include 53 assisted companies with more than 2,000 jobs created
RICHMOND, VA – The Greater Richmond Partnership (GRP), the economic development group for the counties of Chesterfield, Hanover, Henrico and the City of Richmond, held its 19th Annual Meeting and Investors Reception at the North American Headquarters of Allianz Global Assistance on Thursday evening, Oct. 24.
During the event, the regional organization unveiled its results from the 2012-2013 fiscal year, which included supporting the creation of 2,058 new jobs and $276 million in new capital investment. Since 1994, the GRP has assisted more than 445 new companies to the region that have created $8.1 billion in capital investment.
“The 2012-2013 fiscal year proved to be significant for economic development, with large projects coming to the area, employing thousands of local residents,” said Gregory H. Wingfield, CEO and President of the Greater Richmond Partnership, as he addressed the crowd of 175 guests.
This year, through collaborative efforts of the GRP’s partners and allies, the business attraction program successfully assisted 17 new and expanded companies, including Aditya Birla Minacs, The Vitamin Shoppe and Innovative Diagnostic Laboratory. Collectively, these attracted companies plan to create 1,384 jobs and invest $192 million in the Richmond Region.
Local partners and volunteers of the regional business retention program, Business First Greater Richmond, supported the creation of 419 jobs and $77.8 million in new capital investment. The program’s annual report and survey findings were released last week.
When using multipliers based on the IMPLAN economic development model, the total economic impact equated to 3,197 total new jobs created and $440 million in new sales. More information can be found in the GRP Annual Report, released on Oct. 24.
During the presentation, Wingfield addressed the recent organizational changes with the Greater Richmond Chamber, including the GRP’s new funding structure. “Our new fundraising strategy will be to raise monies annually for a three-year marketing plan starting in 2014 and completing in 2017. We are seeking $2.1 million from the private sector for this three-year plan, or about $700,000 annually.”
Stepping up to the stage was Mike Nelson, CEO of Allianz Global Assistance, who welcomed the audience earlier in the presentation. Nelson interrupted Wingfield with a six-foot-long check, promising to be the first to contribute to the 2014-2017 fundraising campaign once it begins in January.
“As we move into our last year of this current funding cycle, our resources have remained the same, if not slightly decreased,” Wingfield said after the presentation. “The economy has changed the landscape of business, but we can’t continue to recruit large employers such as Sabra, MWV and Amazon without public and private investment.”
About the Partnership
The Greater Richmond Partnership, Inc. was launched in 1994 as a pioneering regional public-private initiative to serve as the regional economic development group for the City of Richmond and counties of Chesterfield, Hanover and Henrico. The mission is to help grow the regional economy through the attraction of high quality jobs and new capital investment, the retention of existing businesses, and the continued improvement of the region's business climate. For more information, please visit www.grpva.com.
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