A Strategic Partnership for Economic Development
Economic development is a long-term commitment that requires a blend of strategic research, targeted opportunity identification and persistent marketing efforts to attract and sustain new business prospects. SVRA is at the heart of this work, coordinating with state, regional and local experts to work through site and talent solutions, regulatory compliance, incentives and company engagement in a globally competitive ecosystem.
IALR plays a crucial role by hosting SVRA and providing access to a wealth of resources, including:
- Applied research capabilities
- A full-service conference center
- Rapid-launch space
- Workforce training programs
IALR and SVRA ensure that Southern Virginia is presented effectively to prospective businesses, leveraging regional strengths and creating an environment where new companies can thrive.
In addition to the localities and IALR, SVRA works collaboratively with the Virginia Economic Development Partnership, chambers of commerce and other economic development partners throughout Southern Virginia.
Working to Attract and Grow Businesses for Job Creation and Capital Investment
SVRA is focused on attracting new businesses to and growing existing companies in Southern Virginia, creating jobs and fostering capital investment. Key activities in this effort include:
- Prospect Recruitment: Recruiting new industry prospects and conducting initial due diligence to ensure alignment with the region’s needs.
- Business Retention and Expansion: Working with existing businesses to assist with capital investment, identify growth opportunities and ensure long-term stability.
- Workforce and Site Development: Facilitating workforce training initiatives and promoting available sites to ensure competitiveness for new and expanding businesses.
Primary Sectors and Goals
SVRA focuses on attracting businesses that align with the region’s strengths, including:
- High-performance Manufacturing
- Environmental and Life Sciences
- Advanced Materials
- Information Technology and Professional Services
In addition to recruiting new businesses, SVRA is committed to helping existing companies expand and thrive, ensuring long-term success and stability for Southern Virginia’s economic base. As a key partner, IALR supports SVRA’s work by serving as a leading hub for high-value and high-tech companies, growing sectors and targeted industries for economic development.
A Vision for the Future
IALR is proud to serve as a champion and work with local, regional, and state partners, as well as others, to continue building an environment that is attractive and beneficial to sought-after business prospects. With the combined strengths of SVRA, IALR and local partners, Southern Virginia is positioned as an accessible, affordable and skilled region—ready to welcome new businesses and support workforce development for years to come.
