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The City of Richmond is Virginia’s richly historic, diverse and inclusive capital city located in the center of the region, state and East Coast. Located at the crossroads of multimodal transportation networks, the City is home to major colleges and universities, a Federal Reserve Bank, the VA Bio+Tech Park and several Fortune 1000 headquarters. The City attracts young professionals and seasoned executives alike, who are drawn to the historic and natural beauty, convenience, as well as the low cost of living and ease of doing business that Richmond offers.

Key Real Estate Developments

Central Business District

Downtown Richmond’s Central Business District offers office options convenient to some of the largest companies in the region, the state government, Interstates 95 and 64 as well as one of the largest universities in Virginia.

Scott’s Addition

Scott’s Addition is one of the City of Richmond’s fastest growing neighborhoods. Convenient access to Interstates 64, 95, 195 and the Powhite Parkway have also led to a growing number of employers choosing to relocate or open new offices in the neighborhood.

Deepwater Industrial Park

Located within a mile of the Richmond Marine Terminal and Interstate 95, Deepwater Industrial Park is a 110-acre industrial development site located south of the City of Richmond’s central business district.

Demographics + Workforce

  • Population: 226,622 people
  • Median household income: $47,250
  • Total labor force: 124,778 people (65.8 percent)
  • Mean earnings per jobs: $62,400 (wage data as of 2020)

Source: Chmura Economics & Analytics, JobsEQ, Demographic Profile pulled March 2022, American Community Survey 2015-2019

 

Educational Attainment

21.2 Percent

High School Diploma Only

87 Percent

High School + Above

25.4 Percent

Bachelor’s Degree

16.1 Percent

Postgraduate Degree

 

Economic Statistics

$22.96b

Gross Domestic Product

156,570

Total jobs

6.7%

Unemployment rate

Major Employers

Company Industry Estimated Employment
Virginia Commonwealth University Health System Healthcare and Hospitals 13,500
Virginia Commonwealth University Higher Education 7,832
Dominion Energy Utility 5,433
Truist Banking 4,549
Altria Group (headquarters) Tobacco and Related Products 3,850
Federal Reserve Bank Reserve Bank 2,700

Economic Development Contact

Leonard Sledge

Director, Dept. of Economic Development, City of Richmond