Response to the SWOT Analysis of Henrico County, VA

SWOT Analysis of Henrico County, VA

Strengths:

A diverse economy which contributes to economic advancement by expanding environmental openness and cultural diversity and acceptance.

Multiple industries contributing to economic growth such as Health Care & Social Assistance, Retail Trade, and Finance & Insurance. The highest paying industries are Management of Companies & Enterprises, Utilities, and Professional, Scientific, & Technical Services. (DataUSA.io/Henrico-county)

The unemployment rate in Henrico County is 5.2%, which is lower than the US average of 6.0%.

The job market has increased by 1.8% over the last year, and future job growth over the next ten years is predicted to be 36.3%, which is higher than the US average of 33.5%.

The Sales Tax Rate for Henrico County is 5.3%, which is lower than the US average of 7.3%.

Henrico County is a good place to live with a solid economy and a bright job market. Biblically, I am reminded of the scripture Proverbs 24:27 where it states, “Prepare your work outside; get everything ready for yourself in the field, and after that build your house.”

Weakness:

Drug overdose deaths are the third most leading cause of injury death in Henrico. According to VDH Virginia Health Information data, drug overdose deaths had the sharpest increase in death rate than any type of injury death. Henrico exceeds the state rate for overdose deaths. The number of drug overdose related deaths in Henrico County increased by more than 300% within the last ten years. Opioid related deaths, specifically from heroin and/or fentanyl more than tripled.

Substance abuse can have a major effect on the economy by hindering economic growth because future funds are allocated to providing resources. The bible states in Romans 12:1, “I appeal to you therefore, brothers, by the mercies of God, to present your bodies as a living sacrifice, holy and acceptable to God, which is your spiritual worship.” From a biblical perspective, I feel as though the church should be responsible for helping those who suffer from substance abuse to find their way back to Christ.

Opportunities:

Henrico County’s location has a significant advantage. We have two major interstates that are intersected which are heavily traveled north-south and east-west highway passages. Richmond International Airport (RIC) provides service to more than 3 million passengers annually and is also located in Henrico County.

Technological advancement of Henrico is important therefore The Henrico EDA offers incentives to support businesses in the county. For example, the Inns brook Technology Zone provides incentives for technology-based businesses, including fee waivers and tax credits. (Henrico EDA)

Opportunities for a New Market with EAB, the leading provider of education research, technology, and marketing and enrollment solutions, announced that it will invest at least $6 million and add more than 200 jobs in Henrico County over the next five years. (EDA)

Threats:

The average income of a Henrico County resident is $33,576 a year, and the Median household income of a Henrico County resident is $76,345 a year. (National Average is $63,214 and household average are $87,864.)

Increased taxes- The income tax rate for Henrico County is 5.8%, which is higher than the US average of 4.6%.

Challenging economic development plan including cost, time, and the challenge to balance social, economic, and environmental factors.

Although Henrico County has an increased income tax rate there is also an increased revenue to pay for public programs and services. This is better for the overall community because funds are allocated back to taxpayers.

Citations

Henrico County, VA | Data USA

Romans 12:1 ESV

(2023). HENRICO ECONOMIC DEVELOPMENT AUTHORITY.

Retrieved from: Henrico EDA

Economic Development Authority - Henrico County, Virginia

(Leigh, 2016-11-23)

Leigh, N. G., Blakely, E. J. (2016-11-23). Planning Local Economic Development, 6th Edition. [VitalSource Bookshelf version].

(McDonald, 10/2016)

McDonald, O. M. (2016). Collaborative Stewardship: Analytical Approach to Improving Quality of Life in Communities. Statesmanship.

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