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Stoney unveils Strategic Plan for Equitable Economic Development

Richmond Mayor Levar Stoney announced the new Strategic Plan for Equitable Economic...
Richmond Mayor Levar Stoney announced the new Strategic Plan for Equitable Economic Development, which will be introduced at Monday’s city council meeting.(wwbt/nbc12)
Published: May. 23, 2022 at 3:16 PM EDT
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RICHMOND, Va. (WWBT) - Richmond Mayor Levar Stoney announced the new Strategic Plan for Equitable Economic Development, which will be introduced at Monday’s city council meeting.

Officials said the plan will take steps toward addressing long-standing inequities, including racial disparities in education, poverty, housing and health.

The plan includes five goals to reach before F2026:

  • $3 billion in announced capital investment for economic development projects
  • 3,000 announced new jobs with annual salaries at or above $52,000
  • Reduce the poverty rate by 5 percentage points
  • Public and private sector real estate development activities that generate $25 million in annual real estate tax revenue
  • 2,500 postsecondary credentials awarded to Richmond residents.

Stoney said the plan is the city’s “roadmap to economic prosperity.”

“It’s a forward-looking assessment of the trends that got us where we are today and those that will carry us into the future. But this is not just an economic development plan. This is an economic justice plan,” Stoney said.

The plan was developed with the help of several organizations and community and business leaders.

For more information, click here.

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