What’s Next: The Future of Economic Development in Henrico

Anthony J. Romanello -

Interest rates are rising. Inflation won’t loosen its grip. Supply chains still vex. And COVID-19 is the houseguest that takes a seat even after you announce its leave o’clock. So, what’s next for those of us who work to grow the economies of our localities?

Here’s the good news for Henrico: We have a plan. We have a road map. We are taking the reins and creating our big picture by focusing on the fine details. And our economy – supported by three pillars – is not dimmed by our present, but rather brightened by our possible.

Pillar One: People 

Pillar Two: Place 

Pillar Three: Opportunity

People

By collaborating with our private sector partners, we continue to advance Small, Women-Owned and Minority (SWaM) and Environmental, Sustainability, and Governance (ESG) goals. We do this not only because it is the right thing to do but also because it is just good business sense. In addition, with every business expansion, relocation, and grand opening, we are mining for opportunities to engage our workforce, Henrico Public Schools Career & Tech Education, Reynolds Community College, and our higher education partners to help further our economic mobility.

Place

Knowledge workers can work anywhere in the world. Now more than ever, place is a driving factor in corporate location decisions. To that end, we’ve appointed our first Manager of Placemaking. Her role is to ensure Henrico is reimagining and reinventing public spaces in ways that connect with our community. Further, we are promoting our area’s recent recognition as one of the best places to live in America. And we are working with property owners to reposition existing buildings and new development into places that embrace our innate desire to live, work, play, and learn in our communities.

Opportunity 

If you think this all sounds promising, we’re just getting started. We continue to position Henrico and Central Virginia as a global internet hub – where the world connects to do business with Europe, South America, and Africa. In terms of lab space and research and development opportunities, robust conversations continue with our trusted partners.

In collaboration with Richmond Region Tourism, ChamberRVA, and the Greater Richmond Partnership, we are telling the world our story through our Live Your Best campaign. We are Henrico. The home of six Fortune 1000 headquarters, more than 25,000 businesses, a world-class culinary scene, and a $1.3 billion tourism industry. The last thing we want or should be is anyone’s best-kept secret.

Fundamentally, the Henrico EDA’s mission is to grow Henrico’s economy for all. And those final two words “for all” are the most important. While we have a diverse $27 billion economy and the second most jobs of any other Virginia locality, our median family income in Henrico is $70,000. As we do our daily work, we never forget that half our families live on less than $70,000.

Thanks to our Board of Supervisors and county team, we have developed a world-class toolkit that helps attract capital investments, support our local business owners, encourage job creation, evolve our economy, and cultivate a community where every resident can thrive.

The Henrico Toolkit

1. The Board’s low business tax policies work. As tax rates go down, private investment in every business category increases.
2. While every local government in America promises speedy permitting, don’t take our word for it. Ask a Henrico business.
3. Regulatory flexibility ensures our private sector partners can develop and redevelop sites and buildings to meet market demand.
4. Economic development agreements leveraged $1.4 billion in private investments since 2019. Plus, our agreements are post-performance, so the taxpayer is always protected.
5. Enterprise Zones work, generating over $600M in private investment since 2019.
6. Our new Innsbrook Technology Zone is helping the premier office park reinvent itself as a vibrant urban center and continue to be an economic engine for our region.
7. The Commercial Tax Rehabilitation Credit program pays dividends with $400 million in new private investment in the last three years.
8. In 2022 – its first full year of existence – the Henrico Improvement Program (HIP) Zone spurred $26 million in private investment. Plus, every dollar in locality support leveraged $88 in private capital.

For further proof, check out our latest impact report. You’ll see that from 2019 through the pandemic to today, our county’s economic development wins have generated 4,400 new jobs and retained another 2,400. 

And there remains much work to do. But by focusing on people, place, and opportunity, we have our recipe for future success. One meeting, one phone call, one handshake at a time.