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Blog | 6 min read
Region bolsters key industries and explores new trends in 2024
January 13, 2025
Company investments, expansions and openings across the region strengthened Greater Richmond’s economy in 2024. The region’s number of international companies as well as manufacturing and data centers continued to grow while new supporting industries emerged, bolstering Greater Richmond’s reputation as a thriving business hub.
Here are some of the top economic development stories of 2024:
Announcements
Commonwealth Fusion Systems is making history by building the world’s first grid-scale fusion power plant in Chesterfield County. This multi-billion-dollar investment will generate 400 megawatts of clean carbon-free electricity, enough to power 150,000 homes and create hundreds of jobs. The innovative plant expected to be operational by the early 2030s represents a monumental step forward in fusion energy commercialization. Commonwealth Fusion Systems spun out of MIT selected Chesterfield County after a global site search citing its strong infrastructure and talent pool. In collaboration with Dominion Energy, the fusion power plant will establish Virginia as a leader in clean energy innovation and sustainable power solutions.
Danish manufacturer Topsoe announced a $400 million investment for a 280,000 sq.ft. facility in Chesterfield County to produce Solid Oxide Electrolyzer Cells (SOEC) which are essential for manufacturing clean energy. Topsoe will add 150 jobs and support STEM education to prepare the next generation for career opportunities in clean energy.
Openings
DEUTZ Corporation opened a new 12,000 sq.ft. mid-Atlantic Power Center in Hanover County to serve Virginia, West Virginia and Maryland. The center provides comprehensive access to DEUTZ engine products, parts and services including on-site and mobile technical support, custom application engineering and value-added production solutions for office management and employee services.
International evaporative technologies company Condair Group AG celebrated the opening of its $57 million, 400,000 sq.ft. production facility in Chesterfield County which will add 180 jobs. The facility will house Condair’s cutting-edge humidifier and dehumidifier manufacturing operations. CEO Oliver Zimmermann highlighted the importance of this facility in bolstering Condair’s production capabilities.
In Chesterfield County, Plenty Unlimited launched the world’s first indoor vertical berry farm. The Plenty Richmond Farm uses artificial intelligence to create the perfect growing environment. The $300 million facility covering just 40,000 sq.ft. will produce more than 4 million pounds of strawberries annually and create 300 jobs.
“This campus will raise the bar on what indoor vertical farming can deliver. The scale and sophistication of what we’re building here in Virginia will make it possible to economically grow a variety of produce with superior quality and flavor. We look forward to continuing to work in close partnership with the government of Virginia as we endeavor to rewrite the rules of agriculture,” said Arama Kukutai, CEO of Plenty Unlimited.
In Henrico County, Amazon opened a 2.7 million sq.ft. robotics fulfillment center that will create more than 1,000 jobs. Amazon’s new facility marks the second of its kind in Virginia. Employees at the facility leverage cutting-edge technology to efficiently process and fulfill customer orders.
Meanwhile, a wholesale window and door manufacturer named Tucker Door & Trim announced plans to establish a $10 million manufacturing and assembly operation in Henrico County, creating 50 jobs. Tucker Door & Trim President Phil Odom said, “This new location will offer us an unrivaled opportunity to serve new customers, grow and develop our team and actively participate in our communities.”
Virginia Beach-based company VIcom, an IT and communications technology firm, opened a 31,000 sq.ft. hub in Hanover County. VIcom will use the new space to design audiovisual and communication technology systems for clients in education, local governments and healthcare as well as for private companies. The facility enhances service capabilities and strengthens VIcom’s regional presence.
Expansions
Marking its 35th year in Henrico County, German manufacturer and leading supplier of pumps and industrial valves KSB USA/North America announced a $25 million and 30,000 sq.ft. expansion. This investment will modernize the facility’s operations and create 32 new jobs.
In the City of Richmond, CoStar Group continued building its $460 million, 750,000 sq.ft. corporate campus, expected to bring 2,000 new jobs. “Since 2016, CoStar Group has built our presence in Richmond and today we have over 1,500 employees thriving in the community. Our employees love living and working in Richmond. CoStar Group’s largest concentration of employees is in Richmond, and we look forward to continuing our growth in this great city,” said Andy Florance, Founder and CEO of CoStar Group.
Data center activity grows
Greater Richmond’s data center sector saw significant growth in 2024. Developer Tract received zoning approval for a 1,200-acre data center campus in Hanover County that could accommodate up to 9 million sq.ft. across multiple campuses. The development will include extensive buffers, open space and transportation improvements to enhance community integration.
Further expanding Henrico county’s data center offerings, developer Hourigan plans to expand White Oak Technology Park which would span 622 acres and potentially support up to 13 data centers. The expansion makes White Oak Technology Park Virginia’s second largest industrial park at 3,000 acres. Dominion Energy is planning for an electric capacity of 4.8GW in the industrial park, or just under half that of Loudoun’s data center alley. Hourigan’s expansion project demonstrates the continued demand for infrastructure-ready sites in the area and highlights Greater Richmond’s pro-business environment and strategic location.
Educational breakthroughs and cultural investments shine
Virginia Commonwealth University (VCU) reached a major milestone in 2024, surpassing $500 million in sponsored research funding for the first time. This marks the sixth consecutive year of record-breaking funding, reflecting an 86 percent increase over the past six years and a 9 percent rise from last year. Major grants including $9 million from the Department of Defense and $4 million from the Bill and Melinda Gates Foundation highlight VCU’s growing national prominence as a top public research university tackling critical global challenges.
The City of Richmond’s cultural landscape continues to evolve with the $30 million Allianz Amphitheater scheduled to open in Summer 2025. Located downtown along the James River, the amphitheater will create 300 jobs and host major events, enhancing the region’s entertainment offerings. Richmond Flying Squirrels’ new stadium will be called CarMax Park. This premier entertainment venue is set to include a 360-degree concourse, a field-level dugout suite, a multi-tiered beer garden, a kid’s zone, climate-controlled areas and 20 luxury suites. Construction is slated for completion ahead of the Flying Squirrels’ 2026 season.
With these developments and more, Greater Richmond continues to thrive as a top destination for business. Click here to sign up for GRP’s wrap session for more regional news.
