Hampton Roads Economic Development Alliance

Hampton Roads Economic Development Alliance

The EDA, along with each of our neighboring Hampton Roads localities, continued to support staff participation in marketing activities with the Hampton Roads Economic Development Alliance (HREDA), whose sole mission is the recruitment of new businesses to the Hampton Roads region. Staff participated in domestic marketing missions to Chicago, Philadelphia and Atlanta, calling on business prospects and site-selection consultants. International missions included trips to the United Kingdom and Germany, where business appointments were held with high-level executives of corporate headquarters for several Newport News companies, other Hampton Roads firms with corporate headquarters locations in these areas, and business recruitment calls on targeted new business prospects.

Staff continued to participate in outreach and relationship-building efforts with the Virginia Economic Development Partnership (VEDP), including quarterly breakfast meetings in Richmond to provide a forum and effective setting for updates and exchange of information. EDA Board and staff participated in a highly effective two-day awareness event coordinated by HREDA featuring the Hampton Roads ports, with VEDA business development and research staff attending as well as site-selection consultants from other states. VEDP business representatives visited the City for site tours, building tours and prospect visits, and were instrumental in our 2013 expansion projects.

During the first ten months of calendar year 2013, HREDA opened 63 new projects as a result of recruiting activities, and hosted 80 prospect visits to the region. The two target industry sectors dominating the activity were Advanced Manufacturing and Maritime/Logistics operations. Approximately two-thirds of new prospects were generated directly through HREDA, while one-third came from our activities and coordination with VEDP.

Ten companies announced plans to locate in Hampton Roads, representing capital investment of over $35 million and creation of 353 new jobs. Additionally, HREDA provided assistance to Newport News in several of our local expansion projects announced in 2013.