GROWTH & DIVERSIFICATION PLAN

REGION ONE GROWTH AND DIVERSIFICATION PLAN

OVERVIEW

While the origins for the economic challenges facing the Commonwealth of Virginia and its citizens often vary by region, the harsh actuality of the difficulties is undisputed. GO Virginia was established as an important tool to help regions tailor solutions to their unique economic situations with the ultimate goal of creating additional higher-paying jobs in a sustainable environment, improving the economic situation and outlook for all Virginians.

The Region One Growth and Diversification Plan identifies and prioritizes economic opportunities, needs and challenges facing the region and is designed to assist the regional council in evaluating which potential projects best address the identified priorities. It outlines the needed enhancements where GO Virginia grant funds may support collaborative programs between at least two or more localities that will lead to the creation of higher paying jobs. This plan guides the regional council’s work to develop talent pipelines, grow existing businesses, encourage the entrepreneurial activity of the region and advance joint site and infrastructure development.

All GO Virginia Region One proposals must align with the Region One Growth and Diversification Plan. The plan will serve as a guide to applicants in identifying actionable grant requests.

INDUSTRY TARGETS

Developed through a collaborative process, the 2024 Region One Growth and Diversification Plan builds upon the original plan released in 2017 and subsequent in 2019 and 2021, reflecting the ongoing commitment to driving economic growth and addressing new challenges within the region. The previous Growth and Diversification Plans identified four targeted industries with the best potential to grow and create higher-paying employment opportunities. These include advanced manufacturing, agriculture and food/beverage manufacturing, information technology, and energy and minerals. These industries remain targets for Region 1 given their significance to the region and their potential for growth. In 2023, the Region 1 Council included logistics, transportation, and warehousing as an additional industry target based on the quantitative data supporting it as an emerging industry cluster.

Region One’s growth strategies also remain relatively the same with minor updates to specific outlined strategies. The strategy framework includes talent development, sites and infrastructure, and innovation and scale up support.