- Economic development marketing partnership
- Single source for regional information
- Facilitate job creation and capital investment
- Diversify the economy
- Increase tax base
The Fredericksburg Regional Alliance (FRA) is a public/private economic development marketing partnership created to provide CEOs, presidents, corporate real estate executives, and site selection consultants with a single source for comprehensive demographic, economic, and commercial real estate information on the Fredericksburg, Virginia Region — which includes the City of Fredericksburg and the counties of Caroline, King George, Spotsylvania, and Stafford — while also providing a wide range of services designed to facilitate the creation of jobs and capital investment while diversifying the economy and increasing the tax base.
By working in cooperation with local economic development offices, the Virginia Employment Commission (VEC), higher educational institutions, and other regional groups, the Alliance is able to offer a truly comprehensive collection of services and information vital to corporations considering expanding or relocating their operations. (For more information on FRA services please see Overview of FRA Consulting Services)
How We Work
Fundamental to economic development is an understanding of what prospects are searching for when they select a place to establish new facilities—these are generally called location factors. Broadly speaking they are: labor, markets, transportation, assorted business services, business climate, quality of life/amenities, and of course, a site for building or an existing structure. All of these factors, except sites or buildings are regional in nature. Prospects look for regions that can meet their location requirements and consequently approach the search regionally.
In 2013, FRA engaged Chmura Economics to develop a cluster analysis that the region should focus its marketing on. Each locality may have others that FRA assists with but those selected for regional focus were:
- Business Services
- Manufacturing and Distribution
- Public Administration
- Information and Communication
Additionally, in 2006 FRA retained Stephen Fuller of George Mason University to survey commuters on how much less income they would be willing to take to shorten their commute. We are currently in discussions with the Department of Economics at the University of Mary Washington to update that study and develop a database of the skill level and occupation of those commuters. This will be a very helpful marketing tool for the region.
We perform research and respond to over 400 inquires per year, many of these requests are from regional real estate professionals. We subscribe to services such as ESRI/STDB, CoStar, Loopnet and JobsEQ, which is a licensed platform created by Dr. Christine Chmura, Chmura Economics and Analytics. We are also experienced in navigating BLS, BEA, QCEW and all of the Census programs. From these services and experience, we can generate reports such as: demographic and income profiles, household budget and expenditures, market growth potential, disposable income reports and countless types of workforce and economic analysis’.