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|Economic Development & Port Opportunities Analysis Report (2017)|
As presented during VMA's Membership Briefing on Feb 13, 2018
CBRE's Project Scope:
In an effort to understand and analyze all the various factors associated with economic development site selection including the Port of Virginia, the CBRE Consulting team undertook an exhaustive effort. This effort involved individual analyses that identified the relative strengths and weaknesses of multiple MSAs across the Commonwealth of Virginia as well as the Port Region itself. Based on these analyses, numerous recommendations (varying from “Easy” to “Difficult” to implement) were made to the Port of Virginia and the Port Opportunity Study team.
While each of the individual recommendations were designed to increase the Commonwealth of Virginia’s chances of winning net-new projects thereby increasing net-new job creation and capital investment, they were also made in an effort to increase overall port traffic associated with the Port of Virginia.
The recommendations all will take various amounts of time before their impacts will be recognized. However, most recommendations provided will change the landscape in the Commonwealth of Virginia slowly; it should be expected that most recommendations will take 18-24 months before initial impacts are recognized.
Related News Stories
Port Opportunity Analysis Report, Maritime Bulletin Article, by the VMA
Diversify Hampton Roads economy but focus on our strengths too | Reinvent Hampton Roads column, Inside Business Magazine, by Russell J. Held
The Virginia Maritime Association gratefully acknowledges the generosity and support of the following sponsors of the Economic Development & Port Opportunities Report.