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Commentary: RVA is now a destination for new business. It’s not by accident
October 31, 2024
In the early 1990s, a group of business leaders led by Jim Ukrop discussed how to help propel the Richmond region to the next level. While Greater Richmond had thrived, other Southern metros were excelling, and our community was starting to lag in job creation and domestic product amid a rising crime rate. Making matters worse, Charlotte and Atlanta had landed major airline hubs, essentially waving a flag to company decision makers that they were open for business.
Our four public-sector partners in the city of Richmond and counties of Chesterfield, Hanover and Henrico had already been collaborating to boost regional economic development as part of the Metropolitan Economic Development Council. However, when the business community matched our localities’ investment, the Greater Richmond Partnership was formed.
Today, we commemorate the 30th anniversary of that visionary milestone, and as we reflect on the three decades of tremendous success — enjoyed by all four jurisdictions — we can truly appreciate the transformational nature of that achievement, born not only through a spirit of cooperation among regional governments but with our partners in private enterprise.
Over the past three decades, GRP’s work has been instrumental in moving Greater Richmond to unprecedented heights on the economic development front, achievements that have helped to reshape the character, reputation and competitive posture of the region. Major corporate relocations like Altria and Brinks, among them, have created thousands of new jobs while contributing to the area’s higher standard of living. To date, GRP has helped assist 560-plus projects which have announced nearly 55,000 jobs and $11.2 billion in capital investment.
Manufacturers have found in the Richmond region a skilled and stable workforce, pro-business environment, strategic location and supportive infrastructure. Sapporo-Stone Brewing, Lego, Cascades, Tucker Door & Trim and many others have opened facilities totaling hundreds of thousands of square feet across the region. The sum total of new and expanding manufacturing facilities as well as data centers has been a largely unheralded economic juggernaut over the past several years.
Business expansions have been just as robust. Companies are deciding to continue to invest in the region. The new CoStar towers rising in downtown Richmond are testament to this ongoing commitment, so too are Amazon’s multiple investments throughout the region as well expansions from firms such as SimpliSafe, Hanover Foils and Sabra Dipping Co.
We’re constantly evaluating our community’s assets and best practices to leverage the region’s strong points.
In addition to developing a long-range strategic plan, we annually evaluate and survey corporate decision makers on their perception of the region. Based on our regular research that measures the likelihood of Greater Richmond becoming their next home, we continue to see consideration of the Richmond region rise. Since 2021, consideration by site location consultants grew from 20% to nearly 60%. And during the same time frame, perception of the region among corporate executives escalated from 2% to nearly 30%. We also benefit from third-party accolades, including by Site Selection Magazine, which heard from business leaders late last year who ranked Richmond eighth best in the nation for corporate headquarters projects. (It’s likely something that the region’s 12 Fortune 1000 companies know well.)
Contributing to these perceptions are an array of assets. The region’s strategic location — at the midpoint of the Atlantic seaboard and just two hours from federal lawmakers — is a prime advantage. So, too, is our diverse and educated workforce and the fact that Virginia is the East Coast’s northernmost “right-to-work state,” which is particularly attractive to manufacturing companies. Overlay this with the region’s quality of life and range of cultural, historic and environmental amenities, and GRP’s formula for success becomes more apparent.
Most important, however, has been the continued commitment among local governments and our private partners. While we see many cities and regions around the country losing population, much of the growth of the Richmond region comes from the strong foundation of economic opportunity that exists here. A robust and growing business community is the lifeblood of a community’s quality of life, and we are indebted not only to the wisdom of those who created GRP, but also to the government and business leaders whose efforts allow us to accelerate our momentum and position Greater Richmond for continued success for the next 30 years.
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