The Greater Richmond Partnership, Inc.’s marketing of the region in 2008 produced several positive results including a number of major new facilities. Growing interest from international firms created new business activity. A wide range of area companies announced plans to add employment or investment. Regional construction activity remained strong with a large number of private and public projects underway or completed during the year.
Worldwide economic challenges forced organizations to reevaluate their businesses. Although Greater Richmond’s unemployment rate remains well below that of the U.S., it is clear that the area is not “recession proof.”
Despite the challenges, companies including Alfa Laval, Owens & Minor and Altria grew through acquisitions during the year. And in the shifting financial industry, Capital One purchased Maryland’s Chevy Chase Savings Bank and Genworth agreed to acquire InterBank, a federal savings bank based in Minnesota.
The Partnership has led the charge for over a decade in providing leadership and vision in economic development and will continue to do so with its partners and allies. In December, the Partnership took proactive and strategic steps to enhance its ongoing work elements by implementing an aggressive 90-Day Action Plan.
Gregory H. Wingfield, president and CEO of the Partnership, stated “We recognize that we cannot control the global economy but we can control how we respond to it.” He added, “In the meantime, the Partnership continues to actively market the region’s existing strengths and opportunities, such as the moderate cost of doing business, the current valuation of the dollar, available corporate real estate and a talented and educated workforce.”
