Why
Richmond A Guide to Virginia’s Capital City
Richmond is the state capital of Virginia and the 44th largest metro area in the United States. Located approximately 100 miles south of Washington D.C., Richmond is strategically positioned along the I-95 corridor at the midpoint of the Eastern Seaboard.
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“#1 Top State for Education”
“Virginia is America’s Top State For Business (2019-2021)” #2 in 2023
“#11 Top Job Market in the US”
“Best River Town in America”
“Top 10 Most Interesting Food Scenes Across the Country”
“Best Places to Live in America”
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Strategically Located Richmond is centrally located along the East Coast, with half of the country’s population within a one-day drive. The city is approximately 100 miles south of Washington D.C. and is positioned halfway between Maine and Florida. Richmond is located at the intersection of I-95 (North/South) and I-64 (East/West) in addition to being easily accessible to I-81 (North/South) and I-85 (Southeast to Atlanta).
50% of the U.S. population is located within 750 miles of Richmond
Boston New York York New Detroit Chicago
Philadelphia Pittsburgh Pittsburgh Philadelphia Columbus
Washington D.C. Washington D.C.
St. Louis
Raleigh Nashville Nashville
M 250
Atlanta Atlanta
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Memphis Memphis
Charlotte
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Richmond
Jacksonville Jacksonville
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Tampa
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Charleston
A Transportation & Logistics Hub, Connecting Businesses Port of Virginia Richmond is located approximately 90 miles Northwest of the Port of Virginia, the 6th largest port in North America and the 3rd largest on the East Coast by TEU’s, and directly connected to port operations through road, rail, and barge routes. Located in Norfolk, the Port of Virginia is comprised of 6 deep water terminals on 1,864 acres and is a major domestic and international shipping/ transportation hub within the United States. It is currently undergoing a $1.4B investment program, whose goals include 100% clean energy (completed in 2023), 1.8M TEU rail capacity expansion (2024), becoming the East Coast’s deepest, widest channels (2024), and increasing total annual capacity to 5.8M TEUs (2027). Port of Richmond The Port of Richmond is a domestic and international transportation gateway with exceptional access to inland markets. It is 121 acres and has direct access to the Port of Virginia shipping hub through the James River. The Port of Richmond is located only 4 miles south of the Richmond CBD and has the quickest access to I-95 out of any port.
Richmond International Airport (RIC) RIC Airport is the gateway to Virginia’s Capital Region and plays a vital role in the Central Virginia regional economy including being responsible for annual economic activity of nearly $2.1 billion. The Richmond International Airport is easily accessible to the region and 10 minutes from Richmond’s CBD and sees nearly 4 million passengers annually. On average, approximately 180 million pounds of cargo are handled annually at RIC by air carriers, including DHL, Federal Express (FedEx) and United Parcel Service (UPS). Railway The Richmond MSA is supported by a robust railway infrastructure inclusive of passenger and freight transport services. Combined, CSX Transportation and Norfolk Southern Railway operate over 2,800 miles of Class I rail in Virginia. The CSX I-95 corridor spans the entire East Coast linking cities, ports, and manufacturing hubs across the Eastern Seaboard. Rail provides alternate transportation options that connect Virginia’s ports and businesses to other population centers, manufacturing regions, and customers.
Hanover County Municipal Airport
Richmond is an excellent location for
Multi-Modal Freight
Staples Mill Station
Large Port Access Main Street Station
Multiple Airports
Port of Virginia (90 miles) New Kent Airport
Richmond
Richmond Intl. Airport
Robust Railways
Port of Richmond
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Diverse Economy The Richmond MSA is a leading secondary market with immense growth potential. Eight Fortune 500 and 11 Fortune 1000 companies such as Altria, CarMax, PFG, Dominion, Owens & Minor, Genworth, and Markel have all chosen Richmond as their headquarters. Other large corporations such as Capital One, CoStar, Amazon, Facebook, Bon Secours, SunTrust, Wells Fargo, Bank of America, Truist, UPS, DuPont, Honeywell, and WestRock have chosen Richmond as a strategic location for large operations. As the state capital and the seat of both the Fifth District Branch of the Federal Reserve and the 4th Circuit Court of Appeals, the Richmond MSA maintains a highly educated and deep State and Federal government presence, in addition to the area’s expansive public higher education system. This diversification allows for economic resiliency in times of contraction and crisis.
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#1
Best Business Climate (City of Richmond) – Business Facilities
#1
Best State Business Climate – Site Selection
5%
2%
15%
6%
Fo rt une 1 0 0 0 Emplo y er s Wit h Richmond Area H Q
7% 10% 7%
9%
7%
8%
8% 8%
Healthcare Retail Trade Transportation/Warehousing Education Administrative Finance, Insurance & Real Estate Construction, Agriculture & Mining
8%
Professional & Technical Services Business & Personal Services Accomodation & Food Services Public Administration Manufacturing Arts, Entertainment, & Recreation
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Exciting Business Growth
First Ever US Manufacturing Plant
World’s Largest Indoor Vertical Farm
Lego is creating its first ever US manufacturing facility in the Greater Richmond area. The $1B toy plant will be located in Chesterfield County’s Meadowville Technology Park and will create 1,760 local jobs. Lego’s goal for the 1.7M SF facility is to be 100% carbon neutral with on-site solar energy to meet the challenge. Completion is expected in 2025.
Plenty Unlimited has secured 120 acres of land in Chesterfield County’s Meadowville Technology Park to build the largest, most advanced indoor vertical farm campus in the world. Plenty is investing $300M in the campus, which is is slated to exceed 20 million pounds of crops, including Driscoll’s strawberries. The first crop grown at the site will be available in 2024 and the full campus is expected to be complete in 2028, bringing 300 full-time jobs.
One of Virginia’s premiere master-planned publically owned industrial parks. The 1,262 acre park features build-ready industrial sites with transportation, power, telecom, and utility infrastructure in place.
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Changing the Richmond Skyline
Furthest South Distribution Center
CoStar Group invested $460M to build a twobuilding campus expansion along the banks of the James River. The 425 ft tall tower will be a part of a 750,000 SF complex that will change the Richmond skyline. The project is expected to bring 2,000 new jobs to Richmond and should be completed in 2024.
Wegmans recently completed construction on its $175M regional distribution facility in Ashland, VA. The 1.7M SF distribution center will bring 700 new jobs to Richmond by 2026. The site is Wegman’s third distribution hub and will help enhance Wegmans’ fastgrowing East Coast network of stores.
Dedicated, Continued Virginia Investments
New East Coast Distribution Hub
Amazon continues to invest in the Commonwealth with its state-of-the-art robotics fulfillment center at Richmond Raceway in Henrico County. The 2.6M SF delivered in late 2022 and has already added 1,000 new jobs to the Richmond workforce. The facility is the first of its kind in Central Virginia.
AutoZone is investing $185M for a new warehouse distribution center in New Kent County. The 800,000 SF facility will serve as AutoZone’s East Coast distribution operation and create 352 new jobs for the area.
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New & Proposed Developments
Delivery November 2023
Athletics Village Under Review
#3 10
Most Economic Development Projects Per Capita -Site Selection
Henrico County has approved the $2.3B GreenCity project, a major mixed-use development that will feature a 17,000seat arena, two hotels, 2.2 million SF of office space, 280,000 SF of retail space, 2,100 residential units and green space and plazas. When complete, it will be the greenest arena in the U.S.
Libbie Mill Midtown is an 80-acre mixeduse site offering 1,096 Apartments, 994 single-family homes, and 200,000 SF of commercial space. The project is nearing completion (2024) with over 1,500 residents and around 30 tenants already in place. The development features a Henrico County Library as well as a plaza area serving as community hubs.
Diamond District Redevelopment $2.4B is being invested in Richmond’s Diamond District to replace the Flying Squirrels’ baseball stadium with a stateof-the-art, 10,000-capacity facility as well as 1,200 housing units, a hotel, and 59,000 SF of retail - all supported by 1,700 parking spaces. Phase 1 is slated to be ready by opening day of the 2025 minor league season.
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An Influx of New Richmonders Low Cost of Living Spurs Migration to Richmond. As remote work has become the norm, people are moving to Richmond in droves. From 20202022 the Richmond MSA grew by 2.1% - three times that of Northern Virginia. In fact, three of of the top five fastest-growing Virginia counties since 2020 are in the Richmond MSA, with the top spot reaching 7.5% population growth.
4,339
Multifamily Units Delivered this Year Multifamily Units
8,400 Under Construction
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“The Richmond Region is the Fastest Growing in Virginia and Has Been for the Past 2 Years” - UVA’s Weldon Cooper Center, 2023
New Residents Means New Employee Talent. Ric hmond M SA Empl oy ment Tr e n ds
59%
Population who are Within the Prime Working Ages of 20-64
Total Employment
710,947
Unemployment Rate
3.2%
Cost of Living Index
Richmond’s cost of living is among the lowest of U.S. metros with 1 million or more population, providing businesses the opportunity to engage with residents at lower cost.
12%
Cost of Living by MSA
Lower than Group Average Home Prices
National Average
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Highly Educated Talent
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An educated population has been a historical facet of the Richmond MSA. There are 23+ regional institutions of higher education that train and supply 66,000+ students as the newer generation of skilled professionals - producing 15,000+ annual graduates. Transplants from other regions also choose to relocate to the Richmond MSA as an effect of its status as a hip, upand-coming, southern city with millennial growth and local charm. Richmond employs graduates from highly rated major colleges across the state and Atlantic East Coast. Within a 150-mile radius from the Richmond MSA, there are an additional 46 higher education facilities that claim a student population of 406,000+ with over 104,000+ degrees awarded.
23+ 66K+ 15K+ 200+
T op P u b l i c S c h ool s
T op Na tiona l Li b e r al Arts
#5
#21
#20
#25
#23
#63
#51
#107
#64
#116
#76
#130
Institutions of Higher Education
Students Enrolled in Higher Education Annual Graduates Professional Groups and Associations
70% of Population With Some College or Higher
U.S. News & World Report “Best Colleges” Rankings
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Unmatched Quality of Life History Lives in the Richmond Region. Walk among the earliest settlers at Henricus Historical Park and sit in the church where Patrick Henry gave his famous “Give Me Liberty, or Give Me Death” speech. Historic Tredegar & the Richmond Slave Trail chronicles Richmond’s place in the Civil War, while The Valentine Museum tells the story of Richmond’s people through an expansive permanent collection and creative special exhibits. Because of its immense impact on American history, Richmond welcomes numerous history lovers annually.
16M
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Tourists Visit the Greater Richmond Region Each Year Best State for Quality of Life -Forbes
Richmond is a Destination with Art at its Epicentre. Richmond is home to the Virginia Museum of Fine Arts, a top-ten ranked U.S. museum and one of the largest museums in North America. It features as 70+ galleries, stunning historic theaters, over 100 murals peppered throughout the streets, and a variety of festivals, including the Richmond Folk Festival, which is the largest in the country and attracts 200,000 visitors to Brown’s Island each year.
25 Min
Average Commute
2 Hours
Drive West to the Mountains and East to the Beach
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Unmatched Quality of Life Richmond is a City Made for Foodies. With a slew of food competition wins and appearances - including Top Chef, numerous nationally acclaimed restaurants serving every type of cuisine imaginable, and multiple James Beard award-winning chefs - it’s no wonder why Forbes called Richmond a “Hidden Culinary Gem”.
30+
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Craft Breweries
Convenient Trail-to-Water Access Makes Richmond a Top City for Outdoor Activity. The James River cuts through Richmond and is surrounded by a vast park system with wellmaintained trails for hiking and biking. The main section of the James River Park extends 2.6 miles through downtown Richmond and connects to the Virginia Capital Trail, a 52-mile multi-use trail that stretches from Richmond to Williamsburg. The James River is also the only urban river with Class III-IV rapids in the US, making it a top rafting destination.
#1
James River for Best River Walk/Hike – River Travel Magazine
“Richmond, Virginia Has Become a Culinary Powerhouse” - Food & Wine, 2023
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James Beard Awards for Richmond Chefs & Restaurants
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©2023, Colliers International. All rights reserved. Sources: Census Bureau, Bureau of Labor Statistics, CoStar, Virginia Economic Development Partnership, Greater Richmond Partnership, UVA’s Weldon Cooper Center, The Port of Virginia, Richmond International Airport