(For those of you with warped minds, that’s an Economic Development plan!)
Pat Gottschalk works fast. The Secretary of Commerce and Trade had a year to update Virginia’s strategic plan for economic development, but he cranked it out in eight months. (You can read the plan here.) There are no dramatic departures from the Warner administration’s plan, which is no surprise considering that Gottschalk thinks the Warner team did a commendable job with economic development.
The differences are mainly thematic. The Kaine plan takes a more wholistic approach to economic development, giving particular emphasis to the development of human capital.
The plan is built around nine broad goals, each of which has distinct measurable strategies for tracking progress. Highlights include:
- Increasing the total amount of Defense Department related contracts for Virginia firms by 5 percent, or $1.15 billion.
- Increasing the economic impact of tourism in Virginia from $16.5 billion to $18.5 billion annually.
- Increasing exports of goods from the Commonwealth by 7 percent ($855 million).
- Increasing foreign direct investment in Virginia from an annual average of 2,300 jobs and $270 million to 3,000 jobs and $300 million.
- Ensuring broadband access for every Virginia business.
- Increasing procurement for small businesses to 40 percent of state purchases.
- Increasing the proportion of 18-24 year-olds with a high school diploma or equivalent from 87 percent to 92 percent (an additional 34,000 students).
- Increasing the proportion of 18-24 year olds enrolled in college from 34 percent to 39 percent (an additional 34,000 students).
- Increasing the percentage of Virginia’s population (25-65) with a college degree from 35 percent to 37 percent (an additional 78,500 persons).
- Decreasing government administration transaction time for businesses by 30 percent.
- And by January 2008, formulating specific regional economic growth goals based on the Council on Virginia’s Future’s regional data.
The plan also puts in a plug for “a long-term transportation finance plan that includes a reliable, long-term funding stream.” Hmmm. Where have I heard that before?
The real meat of the plan is in the strategies for accomplishing the goals. To gauge where the Kaine administration is heading, it’s worth reading the whole plan.