$196,000 in Virginia's Building Collaborative Communities fundingStaff Writer | September 26, 2016
Governor Terry McAuliffe announced $196,000 in funding for three collaborative efforts in Virginia through the Building Collaborative Communities (BCC) program.
Development Regional economic collaboration in Virginia
The three selected projects focus on and facilitate significant involvement from the private sector, economic development agencies, community organizations, educational institutions, nonprofits, local leaders and governmental officials.
“Through the BCC program, Virginia has seen the success of numerous regional partnerships that are spurring growth and helping to drive the new Virginia economy,” said Governor McAuliffe.
“Regional, community-based strategies that capitalize upon the unique assets of communities offer stronger opportunities for success and long-term sustainability. These projects are bringing new jobs and opportunities to stimulate economic growth and prosperity for the region.”
Governor McAuliffe made the announcement during his remarks at the Governor’s Summit on Rural Prosperity – Connecting Rural Virginia to the Global Economy.
“Regional collaboration is key to any successful economic and community development strategy,” said Secretary of Commerce and Trade Todd Haymore.
“Since 2012, the BCC program has leveraged nearly $1.2 million to assist regions attract investment and create a stronger quality of life in their communities. Today’s announcement is another testament to the success of this program and I congratulate the recipients for their efforts in building the new Virginia economy.”
Economic research shows that in areas around the country where localities work together cooperatively, the promotion of a sense of place, business growth and leveraging additional funding for regional economic development initiatives account for approximately 76 to 92 percent of new jobs.
Quality of life indicators, such as income disparity between localities, area median income and job creation, are more positive in areas that interact on a regional level. ■