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Richmond Unveils Strategic Plan for Equitable Economic Development

Strategic Insights

— 2 min read

The City of Richmond has released the Strategic Plan for Equitable Economic Development (SPEED), a comprehensive plan aiming to address long-standing inequities exacerbated by the COVID-19 pandemic. The plan focuses on community, innovation, and industry, with five aggressive economic development goals through Fiscal Year 2026, including $3 billion in announced capital investment, 3,000 new jobs, and a 5% reduction in poverty rates. The plan was developed in consultation with local experts and community leaders, aiming to build a more equitable and sustainable economy for Richmond's residents.

Key Takeaways:

  • The Strategic Plan for Equitable Economic Development (SPEED) was developed in consultation with TIP Strategies, VCU's Center for Urban and Regional Analysis, The M Companies, Hugh Helen LLC, and over 200 community and business leaders.
  • The plan sets five aggressive economic development goals through Fiscal Year 2026, including:

+ $3 billion in announced capital investment for economic development projects

+ 3,000 announced new jobs with annual salaries at or above $52,000

+ Reduce the poverty rate by 5 percentage points

+ Public and private sector real estate development activities that generate $25 million in annual real estate tax revenue

+ 2,500 postsecondary credentials awarded to Richmond residents

  • The plan aims to address racial disparities in education, poverty, housing, and health, using tangible steps to build a more equitable, inclusive, and sustainable economy for Richmond.
  • Mayor Stoney emphasized that the plan is "not just an economic development plan, but an economic justice plan."
  • The Metropolitan Business League, Greater Richmond Partnership, and City Council members praised the plan for its comprehensive approach to addressing economic disparities and promoting equity.
  • The plan emphasizes the importance of minority-owned businesses, small businesses, and larger corporations in driving growth and Increasing General Fund revenue.

Statistics:

  • Five aggressive economic development goals through Fiscal Year 2026
  • $3 billion in announced capital investment for economic development projects
  • 3,000 announced new jobs with annual salaries at or above $52,000
  • Reduce the poverty rate by 5 percentage points
  • Public and private sector real estate development activities generating $25 million in annual real estate tax revenue
  • 2,500 postsecondary credentials awarded to Richmond residents

Sources:

  • Richmond, VA. (n.d.). Press release: Mayor Stoney Unveils the City's Strategic Plan for Equitable Economic Development. Retrieved from [Source URL was not provided in the original text]
  • Jennifer Wakefield, President and CEO of the Greater Richmond Partnership, quoted in the press release.
  • Floyd E Miller II, President and CEO of the Metropolitan Business League, quoted in the press release.
  • Ellen Robertson, City Council Vice President, quoted in the press release.
  • Michael Jones, City Councilmember, quoted in the press release.
  • Andreas Addison, City Councilmember, quoted in the press release.

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