After their first-ever joint meeting on Monday, the Historic Triangle’s Economic Development authorities came away with a new strategy for business growth in the area: unity.
The Economic Development authorities for James City and York counties and the City of Williamsburg unanimously agreed to join forces and to shift 95 cents per resident currently sent to the Hampton Roads Economic Development Alliance to a new group that will specifically market the Historic Triangle to businesses.
The agreement establishes 2015 population statistics supplied by the Weldon Cooper Center for Public Service as the determining factor for the joint funding effort. Its 2014 population estimate – the most recent statistic available – was 71,140 for James City County, 67,396 for York County and 15,064 for Williamsburg.
With those population estimates, the joint appropriation for economic development would be about $146,000.
The three local EDAs were united in their support for the proposal, but did not provide details on specific projects or initiatives where the funds could be directed.
Williamsburg Director of Economic Development Michele DeWitt said the three boards would examine potential initiatives through the summer, with decisions likely corresponding with the completion of a new joint economic development website and digital marketing campaign for the greater Williamsburg area, which is currently slated for August.
“Beyond that, we’ve got to figure it out,” she said.
The agreement came after an update on the efforts of the Historic Triangle Economic Diversification Task Force. Originally launched in 2009 by the Historic Triangle Collaborative, the task force has spent the past nine months investigating means of diversifying the region’s economy beyond the traditional tourism attractions, which have gone through a prolonged decrease in popularity in recent years.
Task force chairman and former vice president for strategic initiatives at the College of William & Mary Jim Golden delivered an update on the organization’s efforts, focusing on a few specific things to move economic diversification forward, such as local collaboration and attracting small- and medium-sized businesses.
Golden said the region was largely integrated economically, and area business and governmental leaders had become closer and more collaborative since the task force was launched in 2010. That collaboration, he said, was essential to attracting new businesses to the area.
“[Those businesses] don’t care about which side of Route 60, or Richmond Road you’re on,” he said. “They look at the [Williamsburg] area first.”
Golden also said the region could focus on attracting businesses from particular sectors, like health care and technology. He pointed to the opening of Riverside Doctors’ Hospital as a health care hub between Richmond and Norfolk.
The Historic Triangle’s location between the Richmond and Hampton Roads metropolitan statistical areas could also yield economic benefits as both areas are gradually expanding toward each other.
“This is a good place to have connections,” Golden said. “There’s an advantage of thinking of this area as the middle of two expanding MSAs.”
Golden’s message of collaboration received support from those in attendance Monday night.
“We do need to work more cooperatively,” York County Economic Development Director Jim Noel said. “We have a very integrated region, very homogeneous. It makes complete sense to me [to collaborate]. We have a great story and we need to tell that story to the world.”
Clarification 3/26: the 95 cents per capita is not a proposal for a new expenditure but to shift money currently going to the Hampton Roads Economic Development Alliance to a new group proposed to market the Historic Triangle to businesses.
