( Richmond , Virginia ) June 11, 2008… Based on 282 face-to-face interviews with area business leaders – the Richmond regional economy continues to grow. That's according the first half of 2008 results of an ongoing business retention and expansion program, Business First Greater Richmond.
The 282 firms consulted represent a broad cross section of companies of various sizes and industries. Thirty-seven percent of all firms responding indicated that they plan to add additional jobs over the coming 12 month period. Fifty-nine percent report plans to hold employment at current levels and only 4% of the firms anticipate reducing their staffing levels. These results are a stark contrast to a recent Manpower survey.
“A s you drill down deeper into a broader cross section of the Richmond area business community, the discussions that we have been having with leadership is very different from the recent Manpower survey. There is more optimism in the marketplace, as reflected by a much higher percentage of companies planning to add staff than what was noted by Manpower ”, states Greg Wingfield, President and CEO of the Greater Richmond Partnership, Inc. Additionally, 30% of interviewed firms are planning physical expansions in the coming year with estimated investment of more than $39 million in new facilities and equipment.
Business First Greater Richmond brings together a comprehensive team of service providers available to support existing businesses. This business assistance program has interviewed more than 850 companies since its launch in September 2006. Collectively, the group of firms represents 50,000 jobs in the region.
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( Richmond , Virginia ) Feb. 18, 2008… Despite reports of a nationwide economic downturn, 40% of Richmond area firms have plans to expand. That’s according to results of a regional effort to engage, retain and grow businesses in greater Richmond. Business First Greater Richmond partners have interviewed 600 firms in the past 18 months, including almost 300 in the past six months alone. Collectively, these firms anticipate creating more than 2,200 new jobs in the region.
“These conversations with area business leaders and CEOs demonstrate the resiliency of the Richmond area economy,” states Greg Wingfield, President and CEO of the Greater Richmond Partnership, Inc. “We have been watching for changes in attitudes about the business climate, hiring plans and investment trends, particularly over the past six months. So far the feedback we are getting indicates that our region’s economy is on relatively solid ground.”
The Business First program is a proactive effort to reach out to the business community, gain a greater understanding of each company’s critical success factors, and quickly connect them with the resources they need to succeed. Economic development teams in the City of Richmond, and the counties of Chesterfield, Hanover and Henrico are actively working with many firms to address obstacles or challenges uncovered during these business discussions.
Area development officials have joined forces with more than 80 trained volunteers from the business community to connect with a wider variety and larger number of businesses. Information is gathered in a face-to-face interview that typically takes 30 to 60 minutes. The information is then used to guide a team to address a wide variety of business issues. In addition to dedicated staff in each respective economic development office, the program engages experts in finance, international trade, business management, workforce development and government contracting. In aggregate, the information collected is used to identify regional business trends and better direct resources to remove barriers to business growth.
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