The GO Virginia Regional Council Committee convened on November 11, 2024, to discuss the ongoing economic challenges facing Virginia and the initiatives aimed at addressing these issues. The meeting highlighted the historical context of Virginia's economy, particularly in relation to past recessions and the subsequent recovery phases.

The discussion began with a review of Virginia's economic performance during previous recessions, noting that while the state did not decline as sharply as the national average, its recovery was notably weak. This prompted business leaders to collaborate on a solution, leading to the establishment of the GO Virginia initiative. Originally named "Regions Work," the initiative was rebranded to emphasize its focus on growth and opportunity across all regions of Virginia.

Key principles of GO Virginia include fostering collaboration among businesses, educational institutions, and local governments, incentivized by state support. The initiative aims to address systemic economic issues that have hindered growth, particularly in the wake of the 2008 recession. A study commissioned by the group revealed that Virginia's economy was lagging behind competitor states, with a significant decline in high-paying jobs and an increase in lower-paying positions, particularly in sectors like leisure and hospitality.

The committee emphasized the importance of cash incentives to encourage localities to work together to identify and solve regional economic challenges. Despite a relatively low unemployment rate, the labor force in Virginia has been shrinking, which has contributed to a decline in overall economic performance. The meeting underscored the need for strategic initiatives to reverse this trend and promote sustainable economic growth.

In conclusion, the GO Virginia Regional Council Committee reaffirmed its commitment to enhancing collaboration and driving economic development across the state. The discussions highlighted the critical need for ongoing efforts to address the structural challenges within Virginia's economy, ensuring that future growth is robust and inclusive.