The Virginia Economic Developers Association (VEDA) is the voice in Virginia for shaping economic development public policy and a primary source of strong and effective education and networking for economic development professionals.
WHY IS ECONOMIC DEVELOPMENT VITAL TO VIRGINIA’S FUTURE?
Economic development is an investment in our communities’ prosperity. Economic development is about creating competitive communities across Virginia and attracting new and expanding businesses.
Underlying any successful economic development program is public policy. Public policy choices made by government entities drive the business climate and attract business prospects. A pro-business climate, fostered by all levels of government, is essential to continued success in promoting economic prosperity, broadening the tax base, and enhancing the Commonwealth’s economic stability and quality of life.
ECONOMIC DEVELOPMENT: CREATING JOBS AND GROWING VIRGINIA
Virginia’s economy is at a crossroads. If we do not make the necessary changes to diversify our industry mix and strengthen investments in product (available sites and buildings) and other incentives, the Commonwealth’s competitive edge will erode further, which will impact both our quality of life and the state’s fiscal health. It is vital that the Commonwealth of Virginia increase the investment in programs that are creating jobs and fiscal returns-on-investment. In addition, funding in programs that are not serving Virginia businesses must be repurposed. To bolster Virginia’s economic development competitiveness in the global marketplace, VEDA recommends the following policy and budgetary actions.