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FAQs about the Greater Richmond Partnership

Frequently asked questions about the Greater Richmond Partnership

What is the purpose of the Greater Richmond Partnership?

The short answer is “jobs, investment (new tax base) and regional cooperation.” The long answer is in the mission statement: “To aggressively generate economic opportunities that create quality jobs for residents in the region and increase the tax base for needed community services.”

What are GRP’s main functions?

GRP has four main functions:

Advancing business recruitment and cluster development
Amplifying awareness and shaping perception of the region
Delivering world-class research and market intelligence
Elevating regional competitiveness

What types of companies does GRP work to attract?

GRP works to attract companies across four overall industry sectors:

Advanced Manufacturing
Corporate Services
Information Technology
Life Sciences

GRP is also leaning into emerging industries such as energy and aviation/defense, while continuing to support economic drivers in Transportation and Logistics.

When and why was GRP formed?

To better align resources and elevate the region, the business community joined the public sector as a 50-50 partner to form the Greater Richmond Partnership in 1994. GRP markets Greater Richmond’s four jurisdictions (City of Richmond and counties of Chesterfield, Hanover and Henrico) as a whole. The same four governments previously formed the Metropolitan Economic Development Council for economic development collaboration in 1978.

How is GRP funded?

GRP is funded by our four public partners as well as private sector businesses equally, providing balance and oversight of regional economic development efforts.

What is GRP’s board makeup?

Half of the board’s 16 members come from the private sector (typically top executives of major corporations that invest in GRP) and half from the public sector (usually top elected city or county administrators or officials from each jurisdiction).

What have been the results since GRP’s formation?

From its founding in July 1994 through February 2026, GRP assisted 582 new and expanding companies that invested roughly $15.4 billion and created more than 66,500 jobs in Greater Richmond. This does not consider the economic impact of associated ongoing benefits of an increased tax base, enhanced individual incomes and job opportunities, or new retail and commercial opportunities for the region’s businesses.

What is the size of GRP’s staff?

Click here to see our current members.

How does GRP compare to other regional programs around the country?

The media, consultants and researchers consistently recognize GRP as one of the leading, most successful programs in the United States. Site Selection Magazine, an economic development publication, has rated GRP as one of the top economic development groups in the United States nine times.

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FAQs About Greater Richmond

Is Virginia a top state for business?

For the sixth time, Virginia has been named America’s Top State for Business by CNBC, previously earning the top spot in 2007, 2009, 2011, 2019, 2021 and 2024.
Infrastructure was weighed as the most critical factor, with CNBC citing VBRSP and the Commonwealth’s ports, rail, roadways and air connectivity.

Home to 7 Fortune 500 and 5 Fortune 1000 headquarters, plus major divisional HQs and operations.

What is our capacity and site development investment?

$223M invested over the past 3 years, with another $40M under review and 45 sites funded supporting 3,720 direct jobs.
23 sites totaling 10,000+ acres receiving support in 2024.
More than 8% of industrial development is under construction—significantly outpacing the national average.
Electric rates and building costs remain well below national norms, helping accelerate industrial growth.

Describe the workforce and talent in the GRP MSA

Customized training and recruitment at no cost for qualified companies.
Virginia Jobs Investment Program offers cash reimbursements for training/recruiting.
Top State for Education per CNBC, highest concentration of tech talent and major workforce investments.
42% of Virginians hold bachelor’s degrees; strong veteran talent pipeline.
VEDP’s Talent Accelerator delivers customized workforce training aligned with employer needs.
Expanded paid internship programs boost employer‑student connections and experiential learning.
New pharmaceutical manufacturing training hub will prepare 2,000–2,500 workers annually for biomanufacturing careers.

What are the geographical advantages of Greater Richmond?

Central East Coast location within 1-day drive of 45% of U.S. population.
Access to CSX, Norfolk Southern, major interstates and efficient airport.
225+ international companies, 12 Fortune 1000 HQs and growing investment pipeline.

What is a general cost of doing business?

Industrial real estate 19% below U.S. average; construction 12% lower; electric rates 5% below national average.
4-5 star office rent 50% cheaper than U.S. average.
Strong sustainability metrics with 265MW solar production.

What is the education of the workforce in Greater Richmond

Region of 1.33M residents gaining 187 weekly; #11 hottest job market.
Nearly 55% of residents are ages 25–54, offering a deep pool of prime‑age talent.
42% hold a bachelor’s degree or higher; the region is more diverse than the U.S. average.
Large share of grads remain local.
Labor shed of 2.5M and strong higher ed system including HBCUs.
VCU secured $568M+ in sponsored research, with a historic $104M gift supporting liver research.
University of Richmond ranks among top U.S. liberal arts colleges, further strengthening the region’s talent pipeline.

What is the quality of life like?

Diverse region with 43% non-white population and strong Black-owned business presence.
Cost of living 5.8% below national average; housing 17% lower.
Rich arts, culture, food, festivals and sports offerings.

What sorts of international investments and opportunities are there?

Greater Richmond ranks among the Top 25 American Cities for FDI Strategy, supported by strong economic potential and human‑capital assets.
Global firms like LEGO Group, Topsoe and Sapporo‑Stone continue to expand in the region, joining established international employers.
Henrico County’s Global Business Gateway provides turnkey space and services that help international companies launch and scale U.S. operations.

What is the corporate & community investment like overall?

Major employers continue expanding, including CoStar’s $460M corporate campus bringing 2,000 jobs to downtown Richmond.
Significant mixed‑use and entertainment investments like the Richmond Amphitheater, Diamond District, City Center and The Lake enhance livability and business attractiveness.

Is Greater Richmond booming in tech and biosciences?

The region secured $52.9M through the Build Back Better Regional Challenge to expand pharmaceutical manufacturing capacity.
Richmond‑Petersburg is designated a national Tech Hub, unlocking new funding and innovation opportunities.
Since the designation, Virginia has attracted $12.5B in biopharma investment from Merck, AstraZeneca and Eli Lilly.
Data center growth is driven by low energy costs, skilled tech talent and access to major national and international internet pathways.

Region ranks among the Top 10 Best Metros for Tech Talent for four consecutive years.
Richmond is the #1 Most Climate‑resilient U.S. City, offering data centers stability and uninterrupted service.

What is the current landscape of corporate social responsibility?

Companies like LEGO, CoStar, Plenty Unlimited and Meta drive sustainability advancements through carbon‑neutral operations and LEED‑certified developments.
Richmond MSA has 400+ LEED‑certified buildings, reflecting strong environmental commitments.