Virginia's Strategic Plan Pinpoints Measurable Goals for 2010

The recently released Economic Development Strategic Plan for the Commonwealth of Virginia includes measurable benchmarks to gauge the building blocks for economic development. As required by legislation, each of Virginia's governors must establish an Economic Development Strategic Plan within his first year in office. The 2006 version is the result of collaboration between the cabinet of Virginia Gov. Tim Kaine, business leaders, economic development professionals, and private citizens.

 

The report details nine broad goals, which include such topics as: encouraging workforce development, emphasizing regional cooperation, supporting research and development, and strengthening tourism.

 

To accomplish many of these goals, several strategies are listed. Some of these strategies include benchmarks that may be of interest to the tech-based economic development community. By the year 2010, Virginia intends to:

• Ensure every business has access to broadband services anywhere and anytime.
• Increase the proportion of 18- to 24-year-olds with a high school diploma by 5 percent.
• Increase the proportion of 18- to 24-year-olds enrolled in college by 5 percent.
• Increase the proportion of the population aged 25-65 with a bachelors degree by 2 percent.
• Establish loan tuition reimbursement or loan forgiveness for students in science, technology, engineering, mathematics, nursing, education, and other critical fields, provided the student agrees to work in Virginia after graduation in those areas.
• Launch a statewide registry of qualified angel investors, a training program for new angel investors, and a formation assistance program to assist the creation of new angel investment organizations.

Additional strategies can be found in Virginia's economic development plan, which can be downloaded at http://www.commerce.virginia.gov/EconPlan/EconStratPlan-2006.pdf