The core mission of the Hampton Roads Alliance is to grow the economic base of our region by encouraging traded sector job creation and capital investment. 2023 has proven to be an exceptional year in the evolution of the Alliance as we announced 13 new projects that will create 2,860 direct new jobs and $625 million in capital investment. Representing our best results in the past 25 years, this achievement is clearly a sign that the new, expanded mission of the Alliance is paying significant dividends. This vitally important work can only be accomplished with the support of our partners and investors, both public and private. In 2023, we kicked off our Five-Year Allies in Economic Development Capital Campaign expecting to raise between $8 and $10M of private funding to match the commitments from our 14 localities. We are committed to supporting the creation of at least 7,000 direct new jobs in Hampton Roads by the end of 2027, which in turn will create thousands of indirect jobs and nearly $730 million in annual consumer expenditures. During the campaign we highlighted our three major strategies for to meet these goals:

1) Building a world-class regional economic development ecosystem

Building a world-class regional economic development ecosystem among the 14 localities and over 110 economic development professionals in Hampton Roads creates the structure needed to foster economic growth. The projects announced this year are a sign of success, and the Alliance will continue to build the ecosystem by pursuing business development in a targeted, data-based fashion to guide our lead generation strategy and schedule. Integrated regional intelligence is also key, and our Business Intelligence team is leading the way to position ourselves as a main source of research and real estate assistance, having provided more than 140 assists for our public and private partners throughout 2023. 

 2) Investing in our sites and people

The region cannot attract new business or retain expanding companies without business-ready sites. In fact, VEDP highlighted a lack of ready sites as the main reason Virginia lost projects over the past few years. The Alliance is tackling this issue head-on. In our first year serving as the staff for the Eastern Virginia Regional Industrial Facility Authority (EVRIFA), the Alliance team performed in-depth research on existing sites, including the EVRIFA-owned Kings Creek Commerce Center in York County, and worked with experts from KPMG and Grella Partnership Strategies to determine which other sites may be best positioned to win projects. The EVRIFA is the perfect entity to pursue regional site readiness, as localities can invest across municipal boundaries, position better sites much faster, and share in the revenues associated with project wins. 

Our regional economy also cannot grow without a vibrant and well-trained workforce, making investing in our region’s talent critical for future success. In July, the Alliance led a delegation, which consisted of more than 20 regional leaders, including presidents of various educational institutions, mayors, and business executives from Hampton Roads to Stuttgart, Germany, to study their famed apprenticeship and dual-track Vocational Education and Training (VET) program; as a result, an Memorandum of Understanding (MOU) is in place and plans are underway to create similar opportunities here in Hampton Roads.

 3) Strengthening our region’s economic resiliency

A prosperous region must also be resilient, primed to attract and nurture emerging industries which, in turn, attracts and retains a diverse array of talent.  The lifeblood of any economy is energy, and while Hampton Roads’ incredible providers are capable of serving virtually any company’s needs today, the demand for power to support future electrification and datafication will be enormous. Governor Youngkin is positioning Virginia to attract and develop energy in all forms, and the Alliance’s regional energy master plan and steering committee are ensuring Hampton Roads is at the forefront of Virginia’s energy emergence. In addition to the Alliance’s work with the offshore wind industry, this year we partnered with the Virginia Tech Corporate Research Center to help create a hydrogen tech center in Newport News and are exploring ways to position Hampton Roads for the resurgence of nuclear energy.

Connectivity is critical to economic development. Over the past few years, our region made great progress on our transportation, port and broadband infrastructure.  This year, the region expanded its focus to the skies as the Alliance and our local partners secured a grant to study the region’s Aviation, Aerospace and Uncrewed Systems assets and determine ways to enhance the region’s aerial connectivity.

The term “alliance” does not just describe our staff, Board, or even our organization; it encompasses a team of thousands of business leaders, elected officials, civically engaged residents, and everyone who wants to make Hampton Roads the best region in America. You are a part of our alliance and a key component of the successes we’ve seen this year.  You are all allies in economic development, and with your help, we look forward to an even more successful 2024.