Business Case

Is it too bold a statement to say Greater Richmond is recession proof? Considering the number of businesses locating to the region, the low unemployment rate, the region's diverse industries, and the growth of existing businesses; it may not be that bold after all.

Also consider some recent third-party accolades. According to the annual report by Forbes magazine, Greater Richmond is the 7th best place for business and careers out of 200 largest metro areas. Expansion Management magazine recently listed Greater Richmond as an economic development “hot spot”, and as one of the nation's top 20 real estate markets for expanding companies. Forbes.com has ranked Virginia as the “Best State for Business” for two years running. It's a testament to the quality of the community's business environment for large corporations and small businesses.

Large corporations are plentiful. Greater Richmond has the second most Fortune 1000 headquarters per capita for communities of its size, with 14 companies, including Genworth Financial, MeadWestvaco, Dominion Resources, CarMax, Altria (parent company of Phillip Morris USA), Circuit City, and Owens & Minor. With its mix of corporate headquarters, advanced manufacturing, a growing Biotechnology park and life sciences industry, the available talent and real estate in the finance-securities-insurance business cluster, food processing, creative and knowledge-based services, and information technologies, the region isn't dependent on one industry to provide economic stability.

Economic diversity is complemented by the region's accessibility. Having access to more than 50 percent of the U.S. population within 750 miles, Greater Richmond's location at the junction of I-95 and I-64 is a distinct advantage from a logistics perspective. The region's solid infrastructure includes the Richmond International Airport, with its newly expanded terminals, major airlines, and low-cost carriers, and strong rail and port services. In addition to the Port of Richmond, the region is only 100 miles from the Port of Virginia.

When Mother Parkers Coffee & Tea, Inc., a privately-owned Canadian company, decided to locate a new roasting facility in the region, Michael Higgins, Co-Chief Executive Officer, referenced the proximity of the Port of Virginia as one of the advantages that “sealed the deal for them.” Mother Parkers also cited the superior workforce and the business-friendly climate prevalent in the Commonwealth, not to mention the red-carpet treatment they received.

Companies with international connections are attracted to the region's culturally and ethnically diverse population which exceeds 1.2 million people with a growing international community. Greater Richmond has been marketed worldwide over the past 15 years and is competitive on the world stage. Foreign Direct Investment (fDi) magazine, an international publication of the United Kingdom's Financial Times group, ranks the region among the top large metro areas in three categories in its “North American Cities of the Future” evaluation.

Given the current value of the dollar versus the pound and euro, the region is benefitting from foreign-based companies seeking U.S. investment and expansion opportunities. While other markets are seeing a flattening of prospect activity, Greater Richmond continues to stay engaged with international businesses. In just the past four years, the region has welcomed 18 foreign-affiliated companies who have added 609 jobs and invested over $981 million.

Greater Richmond's superior school systems and quality of life also play a role in attracting companies. Expansion Management magazine recently listed Greater Richmond as one of the nation's best large metros for public schools (rated eighth), and Forbes.com says its one of the nation's top 20 places to educate your child (ranked #12). Because businesses stay in communities they are proud of and can easily recruit a quality workforce to, they also give consideration to the intangibles and cultural opportunities. Greater Richmond provides a unique and unexpected mix of cultural sophistication and Southern charm. Professional arts, entertainment, sports, and natural attractions come together to form a cosmopolitan region. Easy, fun, accessible and affordable, the region features some of the most distinctive and best-preserved historic neighborhoods as well as awarding-winning new communities.

State of the art amenities are possible because of the generosity of local businesses. Not only do they contribute to cultural venues but also to the region's higher education and training institutions. Greater Richmond has five four-year and five two-year and specialty institutions. Businesses and government partnered to build up Virginia Commonwealth University's Schools of Engineering and Business to prepare the next generation of innovators and leaders for the new economy. Two local community colleges provide customized training programs for individual companies and offer Workforce Development courses. The Richmond region has an intellectual community to recruit the right people for businesses. The lifestyle the region offers helps retain them.

The Greater Richmond Partnership, Inc. serves as the regional economic development organization. It is an initiative funded publicly and privately by local governments and the business community. The services provided by the group are free of charge to domestic and foreign companies looking to relocate or expand, or to establish U.S. subsidiaries. It has oversees representatives in the United Kingdom and Europe. The website, www.grpva.com, offers a tremendous amount of information to start site selection research, including a user-friendly “Business Report Builder” feature making it easy to compile initial site-evaluation analysis. This feature helped Shannon Walls of Aspen Products Inc. in the early stages of his research, resulting in communications with the Partnership, visits to the region, and a location decision.

“When we got to Richmond, both with the experience that we had with the people we met here and with the facility that was available, we knew our search was over,” said Walls, Plant Manager. He opened Aspen's East Coast manufacturing and distribution center in Greater Richmond in February 2008. Walls looked at a variety of locations that were making promises “they didn't intend to keep.” “Everything we've been told and promised from moving and locating here in the Richmond area has been upheld.”

Our 12-page refunding brochure is available for download via portable document file (.PDF), here