When considering a relocation or expansion, the Richmond Region has a wide range of business advantages for companies seeking success.
A Pro-Business, Low Cost Region
- Building costs are 13 percent below the national average.
- Workers' Compensation and Unemployment Compensation costs are among the lowest in the nation.
- The diverse economy includes 11 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.
- The area's telecommunications infrastructure is state-of-the-art with an extensive fiber optic network and digital switching capability.
A Strategic Location on the East Coast
- Situated at the mid-point of the East Coast with Washington, D.C., the nation's capital, 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 3.3 million passengers and about 85 million pounds of cargo are handled at Richmond International Airport (RIC) each year. RIC is served by eight 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.
- The Richmond Marine Terminal is served by 64 Express barge service.
- 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 and UPS district hubs are located in the area.
- Washington Dulles International Airport provides direct service to more than 40 foreign cities and nonstop service daily to nearly 90 U.S. cities. Dulles is 50 minutes by air or two hours by car from Greater Richmond.
A Strong, Highly-Educated Workforce
- Virginia is an at-will, right-to-work state. State and metro area have low levels of unionization and union election activity.
- Greater Richmond's growing population exceeds 1,200,000. The area is a magnet for labor, drawing workers from more than 40 localities statewide.
- Ten four-year and thirteen two-year colleges and universities offer undergraduate, graduate, and professional degree programs in all major fields, including business, law, engineering, and medicine.
An Easy Place to Live
- Greater Richmond offers the cultural and recreational opportunities of a large city with minimal traffic congestion and an average 25-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.