2010 Hugh Keogh Presentation

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2010 Hugh Keogh Presentation

  1. 1. <ul><li>Virginia’s Competitiveness in the Global Economy </li></ul><ul><li>Hugh D. Keogh, President & CEO </li></ul><ul><li>The Virginia Chamber of Commerce </li></ul><ul><li>Spring 2010 </li></ul>
  2. 2. Commonwealth of Virginia
  3. 3. Virginia Economic Overview <ul><li>Geography: 42,000 Square Miles 95 Counties, 39 Cities </li></ul><ul><li>Population: 7.8 million </li></ul><ul><li>Unemployment: 7% (Spring ‘10) US 9.9% </li></ul><ul><li>Per Capita Income: >$42,000 (2009) 110% of the US avg. 8th Nationally </li></ul>
  4. 4. Prominent Economic Sectors <ul><li>Business Services </li></ul><ul><li>Defense </li></ul><ul><li>Manufacturing </li></ul><ul><li>Tourism </li></ul><ul><li>International Trade and Development </li></ul>
  5. 5. Southeast Region: Our Competitive Environment
  6. 6. Hallmarks of Virginia Economy <ul><li>Strategic Location </li></ul><ul><li>Supportive Business Climate </li></ul><ul><li>Quality of Life </li></ul><ul><li>Economic Diversity </li></ul><ul><li>High Income/Low Unemployment </li></ul>
  7. 7. Virginia’s Assets <ul><li>Traditional </li></ul><ul><li>Reputation/ AAA Bond Rating </li></ul><ul><li>Higher Education </li></ul><ul><li>Proximity to Markets/Transportation: </li></ul><ul><li>Rail, Highway, Ports of Virginia, Dulles </li></ul><ul><li>Workforce: Trainability & Work Ethic; </li></ul><ul><li>Workplace Environment: Right to Work </li></ul>
  8. 8. Virginia’s Assets <ul><li>Contemporary </li></ul><ul><li>IT Ambience </li></ul><ul><li>Cutting Edge Manufacturing </li></ul><ul><li>At the Heart of the Nation’s Defense Posture </li></ul><ul><li>Economic Incentives </li></ul><ul><li>Forbes Ranking </li></ul>
  9. 9. Virginia’s Challenges 2010 <ul><li>Workforce: Shortage of technically skilled workers- statewide </li></ul><ul><li>Transportation: Approaching (or at) crisis levels- need high speed rail; third crossing; highway improvements/ HB 3202 </li></ul><ul><li>Growth (SPRAWL) </li></ul><ul><li>Tobacco/Textiles/Coal/Furniture: Structural Economic Change </li></ul><ul><li>Stable Revenues/ Economic Development Marketing </li></ul>
  10. 10. Virginia’s Challenges, cont’d <ul><li>Politics/Reputation: Stability and a degree of collegiality </li></ul><ul><li>Local Government Structure </li></ul><ul><li>Gubernatorial Succession </li></ul><ul><li>Dealing with History </li></ul><ul><li>Disparity: Spreading the wealth </li></ul><ul><li>Healthcare Costs and Availability </li></ul>
  11. 11. Current Priorities <ul><li>Bipartisan Leadership/ Business Leadership/LEADVA </li></ul><ul><li>Dedicated Transportation Revenue Stream </li></ul><ul><li>Federal Issues: Health Care, EFCA, Cap and Trade, CFPA </li></ul><ul><li>Fiscal Stability </li></ul><ul><li>Workforce Development System </li></ul>
  12. 12. Leadership <ul><li>Many Faces </li></ul><ul><li>Integrity </li></ul><ul><li>Loyalty </li></ul><ul><li>Service </li></ul><ul><li>Team Sport </li></ul><ul><li>Sacrifice </li></ul><ul><li>Virginia </li></ul>
  13. 13. Conclusion <ul><li>Virginia remains an outstanding location in which to do business. Nevertheless, without significant investment in infrastructure and some modernization of its public policy framework, it will fall short of its substantial potential. </li></ul>
  14. 14. Virginia’s Competitiveness in the Global Economy

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