A B USINESS -L ED S TATEWIDE I NITIATIVE TO G ROW AND D IVERSIFY THE P RIVATE S ECTOR IN E ACH V IRGINIA R EGION
GO Virginia Purpose Statement “Create more higher paying jobs through incentivized collaboration, primarily from out-of- state revenue, which diversify and strengthen the economy in every region” 2
Commonwealth of Virginia Unemployment Rates, 2010-2017 (%) 12 10 8 5.7 – D.C. 6 4.7 – U.S. 4.2 – MD 4 3.9 – VA 2 0 Sources: U.S. Bureau of Labor Statistics (Seasonally Adjusted), The Stephen S. Fuller Institute at the Schar School, GMU
U.S. GDP and Virginia GSP 2002 – 2015 (Annual % Change) (%) 6 5 4 3 U.S. 2 1 0 -1 Virginia -2 -3 -4 Sources: U.S. Bureau of Economic Analysis, The Stephen S. Fuller Institute at the Schar School, GMU
Commonwealth of Virginia Military Employment, 2000-2015 (in 000s) 180.0 170.4 171.0 168.2 170.0 160.9 160.0 163.4 152.4 150.0 140.7 139.5 140.0 130.0 120.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Sources: U.S. Bureau of Economic Analysis, The Stephen S. Fuller Institute at the Schar School, GMU
Commonwealth of Virginia Federal Procurement Outlays, FY 2005-2015 Billions of $s 90.0 81.8 Non-DOD 80.0 DOD 70.0 60.2 58.3 60.0 55.2 53.9 51.9 51.1 50.5 48.7 50.0 45.4 41.9 38.6 40.0 30.0 20.0 10.0 - 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sources: Consolidated Federal Funds Report (2005-2010), USAspending.gov (2011-2016), The Stephen S. Fuller Institute at the Schar School, GMU
State Growth Rates and Rankings 2010-2015 (annual percent change) Year U.S. Maryland D.C. Virginia N.C. 2010 2.5 3.2 3.3 2.4 1.1 2011 1.6 2.0 1.8 0.7 1.2 2012 2.2 0.4 0.2 0.6 (0.3) 2013 1.7 0.0 (0.2) 0.1 1.5 Ranking 39th 40th 38th 20th 2014 2.4 1.0 1.6 0.2 1.9 Ranking 38th 28th 44th 20th 2015 2.6 2.0 2.2 2.0 2.0 Ranking 19th 17th 21st 20th Sources: U.S. Bureau of Economic Analysis, The Stephen S. Fuller Institute at the Schar School, GMU
Virginia Payroll Job Change: Private Sector The Great Recession and Recovery To Feb 2017 Trough to Feb 2017 Peak through Trough Total +362 (ranked by Size in 2016) Total -293 Prof. & Business Services -24.5 91.9 Education & Health Services -4.1 85.1 Retail Trade -35.0 29.3 Leisure and Hospitality -18.9 72.3 Manufacturing -69.4 3.2 Financial Activities -18.2 27.2 Other Services -6.1 17.4 Construction -75.4 9.0 Transportation & Utilities -8.7 24.2 Wholesale Trade -12.2 2.7 Information -19.1 Mining and Logging -1.5 -100 -75 -50 -25 0 0 25 50 75 100 Sources: U.S. Bureau of Labor Statistics (Not Seasonally Adjusted), The Stephen S. Fuller Institute at the Schar School, GMU
Commonwealth of Virginia, Average Job Contribution to Gross State Product ( in 2016 $s) Sector Average Job Contribution to GSP Leisure & Hospitality Services $38,706 Retail Trade $60,007 Other Services $63,769 Education & Health Services $67,186 State and Local Government $78,380 Transport/Warehousing $107,779 Construction $111,944 Professional & Business Service $130,342 Military $138,647 Federal Government $170,031 Manufacturing $179,968 Wholesale Trade $183,983 Information Services $252,140 Financial Services $484,860 All Private Sectors Average $125,281 All Government Average $128,522 Sources: IHS Economics (Feb 2017), The Stephen S. Fuller Institute at the Schar School, GMU
The GSP* Effects of Private Sector Job Change in the Commonwealth of Virginia ~2007 to Feb 2017 (in 2016 $s) Job Average Total Change GSP* Value GSP* Value -293,100 $132,697 -$38,893,540,000 +362,300 $90,392 +$32,945,718,000 +69,200 -$5,947,822,000 *Gross State Produce Source: The Stephen S. Fuller Institute at the Schar School, GMU
Headwinds Facing Virginia’s Economy John Accordino, VCU Wilder School of Government Qian Cai, Weldon Cooper Center for Public Service Stephen Moret, Virginia Economic Development Partnership
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