The American Economic Development Institute and Pollina Corporate Real Estate ranked VEDP No. 2 on its Top 10 State Economic Development Organizations list for 2014.
With growing competitiveness on a global scale, AEDI and Pollina wanted to put the spotlight on state economic development organizations that are excelling at their job.
“Leaders of economic development organizations throughout the country need to do a far better job of understanding that their primary objective is to create new jobs and retain those already located in their state,” said Dr. Ronald Pollina, chairman of AEDI and president of Pollina.
This ranking is largely based on data from Stage II of the AEDI/Pollina Corporate Top 10 Pro-Business States 2014 report released earlier this year. The Stage II data examines the state’s incentive programs and the marketing efforts of their economic development agencies.
More specifically on the marketing analysis, the authors of the study examined the resources devoted to the agencies, their ability to respond to new company inquiries and existing company needs, and the functionality of their website.
Interestingly, the study found that a majority of states had few programs for existing companies and did not devote enough resources to contacting and assisting these existing companies. In contrast, VEDP has an entire team devoted to business expansion, which accounted for 86% of announced investment and 74% of new job creation in calendar year 2013. Even more impressive, the top five project announcements for both new job creation and invested capital in 2013 were made by expanding Virginia companies.
Through our international trade division, VEDP helps existing Virginia businesses expand sales internationally. Programs such as the Global Network, VALET, Going Global Defense Initiative and trade missions provide companies with the research, introductions and export training to substantially increase sales overseas.
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