A region that works for everyone
A region that works for everyone
A new Comprehensive Economic Development Strategy, known as a CEDS, is being developed for the Central Virginia Planning District. The strategy document will enable the region to become an Economic Development District designated by the U.S. Economic Development Authority.
The Central Virginia Planning District Commission commissioned the work on behalf of the region. Short, Elliott, Hendrickson, Inc. (SEH) was selected to develop the plan. The primary contact with SEH is Chris Chittum, who is located in Roanoke.
SEH will work with stakeholders around the region to gain input and insight on the region’s economy and the needs for the future. A CEDS Steering Committee made up of economic development leaders has been formed to oversee and guide work on the project. The committee will begin meeting in January and the project is scheduled to be completed by June 2026.
A regional strategy will provide a unified vision for coordinated action and cooperation. It will also enable the region to access grant funds and other resources for implementation from the U.S. Economic Development Authority.
Insights about Central Virginia
Nuclear technology
This industry brings high-paying jobs and opportunities for global export, making it strategically significant for this plan. To ensure the industry stays strong, the region should consider priorities in workforce alignment, supply chain development, and innovative partnerships within this industry.
Healthcare
This industry supports jobs at all ranges of income and education. Strategies around workforce alignment and health research and innovation will help this industry stay strong. It will also be important to support investments in technology and broadband to ensure access to quality healthcare, as this is an important part of attracting workforce and supporting good quality of life in the region.
Agriculture
Decades of change in this industry may warrant consideration of strategic priorities focused on maintaining the rural character of the region. If the CVPD values the character that small and mid-sized farms bring to the region, priorities may include strategies to support them, such as community supported agriculture (CSA) programs, soil health strategies, agricultural workforce development, farmland protection policies, and value-added enterprises for farms (agritourism, specialty foods, etc). The region may also want to consider how urban and rural can support each other, with access to agritourism supporting the quality of life for urban residents while also adding value to small farming businesses.
Higher Education
Higher Education, overall, is currently experiencing some significant challenges with declining enrollments due to demographic shifts, rising costs, erosion of public trust, and difficulties with workforce alignment in the ever-changing landscape of AI integration. The higher educational institutions in the CVPD region seem to be weathering this storm better than most, however, it will be important to consider strategic priorities that support the long-term strength of this cluster – continuing to leverage the relationships between higher education and other key industries in the region.
Workforce and talent pipeline
Workforce is THE driving issue for economic development in the current economy and will be for the foreseeable future. Age demographics is an important statistic when it comes to workforce trends as the Boomer Generation is exiting the workforce and Gen Z is entering. Gen Z is estimated to be 27% of the workforce in 2025 and is projected to reach 34% by 2034 according to the Organization for Economic Cooperation and Development. The region is trending comparatively young, but staying on that trend will be important. Therefore, it will be worth considering priorities focused on building environments that are attractive to the changing workforce demographic.
Entrepreneurship and small businesses
Especially in light of the values of younger generations, it will be important to consider priorities around building a strong entrepreneurial infrastructure. The data shows that the region is fairly strong in this regard – with a decent innovation index and solid access to capital for small businesses. Although with almost 85% of jobs held in firms older than 10 years, this may be an area to focus some strategy discussion. It may also be helpful to strategize around business succession planning – allowing retiring entrepreneurs to take wealth into retirement, while also giving younger generations opportunity to pursue business ownership without starting from scratch. Strategies focused on maintaining good access to capital for diverse small-businesses will also be worth exploring.
Get in Touch
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Curabitur dignissim neque metus, non porttitor purus cursus non. In hac habitasse platea dictumst.