Richmond MSA GDP
Top state for Business (CNBC, 2019-2021)
Best Overall Business Climate (Business Facilities)
Greater Richmond’s economy isn’t dependent on one or two industries, so the region hasn’t been as affected by economic disruptions compared to peer cities.
The region’s low cost of business includes electric rates that are 30 percent below the national average, with unionization and unemployment insurance among the lowest in the U.S. Virginia’s long-standing and affordable corporate tax rate of 6 percent hasn’t changed since 1972.
“We were squeezed in Washington and needed additional space… the space here in Richmond costs one third of what it costs for equivalent space in D.C.” Bob SchultzePresident and CEO, ICMA-RC
local companies on Inc. 5000 list (2021)
State for Workforce (CNBC, 2021)
Top State for Regulatory Environment (Forbes, 2021)
More Information on Why Richmond