I-64 Innovation Corridor
Opportunity Study

⁠A research initiative

RVA757 Connects conducted research to better understand the size, dynamics, and promise of the I-64 Innovation Corridor, and to learn about the full potential of regional collaborative work.

In 2021, RVA757 Connects teamed up with GO Virginia Region 4 (Richmond) and Region 5 (Hampton Roads) to conduct the study. The funds from the GO Virginia grant helped gain a greater understanding of the modern labor pool so that RVA757 Connects could identify ways to best leverage current workforce trends and opportunities.

Through the I-64 Innovation Corridor Opportunity Study, the Research Council identified 25 major trends shaping the future of the Corridor. These trends include the future of talent, industries, occupations, technology, work locations, and work arrangements.

This study was guided by a Research Council that was set up to design and shepherd this investigation. Members include business leaders, economists, economic development officials, workforce industry professionals, and representatives of institutions of higher education.

The primary goals of the I-64 Innovation Corridor Opportunity Study include:

  • Profile the defining characteristics of the I-64 Corridor today. This includes population, employment, industry composition, gross domestic product, etc.

  • Identify opportunities for the I-64 Innovation Corridor to realize its full potential tomorrow. This includes specific recommendations on how to support the economic growth and quality of life of both the Richmond and Hampton Roads regions.

  • Understand how interregional collaboration is being deployed in other parts of the country as an economic development strategy.

“There are two primary forces fueling the growing momentum of megaregions and innovation corridors. The first one is the growing realization that intentional collaboration across borders creates a positive, catalytic economic impact on the combined region’s footprint.

The second momentum-building force is the growing realization that we are facing new threats and challenges on a megaregional scale.”

— John W. Martin
President & CEO, RVA757 Connects

Read details of the I-64 Innovation Corridor Opportunity Study:

⁠Executive Summary of this study provides the goals, approach, major findings, and implications for the I-64 Innovation Corridor.

Full Report includes all details and trends.

What will it take to realize the I-64 Innovation Corridor’s full potential?

The Research Council identified four imperatives that will help the I-64 Innovation Corridor reach its full potential: advance target industries, build digital infrastructure, retain talent, and build a great place. All four of these strategies center on creating and filling jobs.

  • Decades ago, the economic development industry realized that significant new job growth comes from growing key industry clusters that are unique to a market. To this end, both the Hampton Roads Alliance and Greater Richmond Partnership are hyper-focusing their business recruitment and expansion efforts on a set of key clusters, many that overlap.

    The Research Council’s work identified the four industry growth clusters that could offer a competitive advantage, creating good jobs and giving us an advantage over peer regions:

    • Pharmaceutical Manufacturing & Life Sciences

    • IT / Data Centers / Digital Network

    • Transportation / Logistics / Supply Chain

    • National Security / Cybersecurity

  • One of the common denominators of all four cluster opportunities is data and digital technology. Our megaregion has most, if not all, of the criteria to become a world-class center of digital technology, a Global Internet Hub. The subsea fiber optic cables landing in Virginia Beach, the Network Access Point (NAP) in Henrico County, and the growing number of data centers in between are the most visible signs of this potential.

  • The educational organizations across the I-64 Innovation Corridor are doing their part, creating a qualified talent pool by graduating thousands of students every year to support and grow our industries of today and for tomorrow. The challenge is the “brain drain,” as only 50% of the newly minted graduates from colleges and universities in the I-64 Innovation Corridor remain here after graduation.

  • The I-64 Innovation Corridor may be one of the beneficiaries as net migration is increasing. To remain attractive, we must continue to invest in placemaking. This includes improvements in roads, passenger rail, and bike and walking trails.