About Richmond


Richmond is not only the government center of Virginia, it is also one of the strongest business arenas in the state. Over $6.5 billion has been invested in the Greater Richmond area over the past 6 years, creating one of the fastest growing regions in the country. Today, Richmond is earning worldwide recognition as an exciting technology center, with competitive growth in semiconductors, information technology, chemical synthesis research, telecommunications, microelectronics, biotechnology and medical research. In addition to advanced industries, Greater Richmond is also home to 5 four-year universities and 2 two-year community colleges, which trains and educates a skilled workforce. Richmond also possesses an historic charm, with cultural opportunities, including museums, festivals, ballet and a Symphony Orchestra. It is no wonder why Employment Review Magazine and BestJobsUSA.com recently ranked Richmond among the top 20 Best Places to Live and Work in America.

Greater Richmond has many business incentives that benefit new and existing businesses:
  • Moderate and Stable State Tax Environment
  • Corporate Income Tax unchanged since 1972
  • Virginia ranked as the second lowest unemployment insurance tax burden
  • Virginia has the second lowest Workers Compensation Rates in U.S.
  • There is an established trend of reducing local taxes
  • Northern most Right-to-Work State on the East Coast
  • Highly Educated and productive workforce
  • Highly desirable recruiting location
  • Moderate cost of living
  • Excellent transportation system with minimal traffic congestion
State Incentives for Business:
  • Major Business Facility Job Tax Credit
  • Workforce Service training
  • Industrial Development Bond Financing
  • Enterprise Zones
Other Business Advantages:
  • Building costs are 15% below U.S. average, making Greater Richmond among the top 15 metro areas for locating a business, as voted by readers of Plants, Sites & Parks, Feb./March 2000.
  • Richmond is ranked the second best in housing affordability out of 75 U.S. markets (and first on the East Coast in 1998).
  • Compared to the 50 states and the District of Columbia, Richmond has the fourth lowest average state and local taxes per $1,000 of personal income.
  • Virginia is one of only nine states with a Triple A bond rating from all three major rating agencies.

Greater Richmond’s International Mixture Greater Richmond is home to 140 foreign affiliated firms from 20 countries. Countries with the largest representation are Germany (37 companies), United Kingdom (31), Japan (17), and Canada (15).

For more information on the Greater Richmond area, please visit the Greater Richmond Partnership’s web site at www.grpva.com. Information adapted from the Greater Richmond Partnership, Inc.