Doing Business in Richmond
Advantages
- Greater Richmond's growing population exceeds 1,200,000. The area is a magnet for labor, drawing workers from more than 40 localities statewide.
- The diverse economy includes 10 Fortune 1000 headquarters; pharmaceutical, chemical, biotech, and other 21st century manufacturers; Fifth District Federal Reserve, Fourth Circuit U.S. Court of Appeals, and state capital; financial and information technology services; and higher education.
- Five four-year and five two-year and specialty colleges and universities offer undergraduate, graduate, and professional degree programs in all major fields, including business, law, engineering, and medicine.
- Greater Richmond is strategically located at the mid-point of the East Coast.
- Washington, D.C., the nation's capital is only 100 miles away.
- 55 percent of the nation's consumers are within two days delivery by truck from Greater Richmond.
- Interstates I-64, I-95, I-85, and I-295 converge in the metro area.
- More than 3.5 million passengers and about 115 million pounds of cargo are handled at Richmond International Airport (RIC) each year. RIC is served by nine passenger airlines and four dedicated air cargo airlines.
- Foreign Trade Zone 207 at Richmond International Airport allows companies to defer paying customs duties on goods until they leave the zone for domestic consumption.
- Washington Dulles International Airport provides direct service to 42 foreign cities and nonstop service daily to 88 U.S. cities. Dulles is 50 minutes by air or two hours by car from Greater Richmond.
- The Port of Richmond provides bi-monthly container/temperature-controlled container service to Canada and Iceland via Eimskip Lines.
- Weekly barge service is provided between the Port and Norfolk International Terminal at the Port of Virginia by 64 Express barge service.
- The Port of Virginia at Hampton Roads is within 100 miles of Richmond. It is the third largest container port on the U.S. East Coast, with service from more than 75 international shipping lines and more than 3,000 sailings annually to 100 countries.
- CSX and Norfolk Southern provide rail service.
- Fed Ex district hub is located in the area.
- The area's telecommunications infrastructure is state-of-the-art with an extensive fiber optic network and digital switching capability.
- Virginia is a right-to-work state. State and metro area have low levels of unionization and union election activity.
- Workers' Compensation and Unemployment Compensation costs are among the lowest in the nation.
- Building costs are 13 percent below the national average.
- Greater Richmond offers the cultural and recreational opportunities of a large city with minimal traffic congestion and an average 24-minute commute.
- The area's excellent quality of life makes it easy to relocate, attract, and retain top quality professional and technical employees.
- Relocation services are provided by the Greater Richmond Partnership Inc. in cooperation with local businesses.
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