As capital of one of CNBC’s top states for business, Greater Richmond is home to many major businesses including 8 Fortune 500 and 3 Fortune 1000 company headquarters. Greater Richmond offers a low cost of business operations, an acclaimed business environment and opportunities for sustainable operations.
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 commercial 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
Cost of Living Index
Greater Richmond offers a high quality of life on par with the national average cost. According to the Center for Community and Economic Research’s Cost of Living Index, Annual Average 2022, our region’s overall cost of living is over three percent below the national average at 96.9. Housing costs, which account for 28 percent of the index, are over 12 percent lower in the Richmond area than the national average.
local companies on Inc. 5000 list (2021)
State for Workforce (CNBC, 2021)
Top State for Regulatory Environment (Forbes, 2021)
More Information on Why Richmond