region-4-growth-diversification-plan-2019
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region-4-growth-diversification-plan-2019
GO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics....................................................... region-4-growth-diversification-plan-2019.....................6Employment.................................................................................6Wages......................................................................................7Exporting Industries.......................................................................8Pr region-4-growth-diversification-plan-2019ogram/Degree Completions.................................................................9Internships.................................................region-4-growth-diversification-plan-2019
..............................10Apprenticeships...........................................................................11Start Ups and Scale Ups...GO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics....................................................... region-4-growth-diversification-plan-2019........17Historical Drivers..........................................................................18Intraregional Distinctions..................................................................223.Workforce Gap Analysis....................................................................32Skills G region-4-growth-diversification-plan-2019aps.................................................................................32Training Pipeline...............................................region-4-growth-diversification-plan-2019
............................424.Linkages with Significant Statewide Initiatives...........................................485.Project Generation FrameGO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics....................................................... region-4-growth-diversification-plan-2019..........647.Project Review and Evaluation.............................................................658.Priorities to Projects....................................................................661EXECUTIVE SUMMARYECONOMIC GROWTH AND DIVERSIFICATION PLAN UPDATE, REGION 4Featured Metrics1.Employm region-4-growth-diversification-plan-2019ent in Region 4 increased 2.0% between 2016 and 2018, adding 13,094 jobs. Three of the targeted industry clusters grew at a faster pace than the regioregion-4-growth-diversification-plan-2019
nal average over this period, led by 5.3% growth in both information technology and communications (+2,106 jobs) and logistics, warehousing, and distrGO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics....................................................... region-4-growth-diversification-plan-2019port-oriented) sectors added 9,144 jobs over this period, accounting for about 70% of regional employment growth.2.While employment in the target clusters grew faster than the average of all industries, average wage growth was relatively slower in three of the four target clusters. Average annual wa region-4-growth-diversification-plan-2019ges per worker increased 4.9% across all industries for Region 4 between 2016 and 2018, outpaced only by logistics, warehousing, and distribution (6.6region-4-growth-diversification-plan-2019
%). Despite this growth, however, wages in this cluster remain below the regional average wage. Bioscience average wages advanced 4.3% over this perioGO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics....................................................... region-4-growth-diversification-plan-2019ed for 54% of total wage growth in the region over this period.3.Several measures point to advances in entrepreneurship development and alignment of the talent pipeline with needed skills and occupations. Total certificates and degrees linked to key occupations in the target clusters increased 1.4% region-4-growth-diversification-plan-2019from 2016 through 2017, driven by 13.5% growth in certificates and 2-year awards. Small business growth in Region 4 has consistently outperformed theregion-4-growth-diversification-plan-2019
national average, reaching an estimated 28,982 small businesses as of 2016 (the latest available data):1 small businesses account tor approximately 94GO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics....................................................... region-4-growth-diversification-plan-2019-wage jobs supporting targeted clusters. Almost all sponsors are located only in andSmall business is defined as establishments with fewer than 50 employees.2https://khothuvien.cori!immediately around Richmond, and the occupations with the most sponsors are cosmetologists, electricians, and barbers. region-4-growth-diversification-plan-2019Industry Clusters in Region 45.Between 2016 and 2018, employment in most clusters was less competitive locally based on national growth trends? Employregion-4-growth-diversification-plan-2019
ment expanded in logistics, bioscience, and information technology, but at a slower pace than growth in those clusters nationally resulting in lower lGO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics....................................................... region-4-growth-diversification-plan-2019and glass and ceramics (driven by concrete manufacturing) had higher local competitiveness. Logistics, warehousing, and distribution had low competitiveness; and despite rapid wage growth, average annual wages remain below the regional average. However, logistics is a significant and growing compone region-4-growth-diversification-plan-2019nt of employment in the southern part of Region 4, and automation of routine work within the cluster can be expected to boost worker productivity andregion-4-growth-diversification-plan-2019
continue to lift wages.GO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics.......................................................GO Virginia Region Updated Economic and Diversification43675Table of Contents1.Featured Metrics.......................................................Gọi ngay
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