Richmond, VA Business Overview

By Jessica Walker on December 10, 2012 at 9:37 pm EST
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PHOTO CREDIT: Photo by Flickr user nikkorsnapper

Home to a thriving workforce, Richmond's major industries include bio-science, technology and financial services. Federal, state, and local governmental agencies also create and sustain several jobs in the area.

Business Climate

Richmond has five Fortune 500 companies including Altria Group, Dominion Resources, Genworth Financial, CarMax and MeadWestvaco, as well as four Fortune 1000 companies including Brink's, Markel, Universal and NewMarket.

In addition to major corporations, the city features several small businesses and startups, which is one reason why Richmond scored a spot on Forbes' list of The Best Places For Business And Careers.

To support growing businesses, the city offers various incentives including the Citywide Revolving Loan Program, Enterprise Zone Incentive Program, Tax Abatement Incentive Program and Contractor Assistance Loan Program.

Transportation

Richmond's transportation assets contribute to the city's excellent business climate. The Richmond International Airport sees more than 3 million people and handles 90 million pounds of cargo each year. Seven air carriers provide non-stop flights to several major cities such as San Francisco, Dallas and London.

Recently the airport received a $300 million renovation, which added additional gates and ticketing counters and made the parking lot easier to navigate.

The area has several major thoroughfares including Interstate 64, which runs east to west, and Interstate 95, which runs north to south, as well as Interstate 195 and Interstate 295. Richmond also includes the Downtown Expressway and the Powhite Parkway, both of which are toll roads.

The Port of Richmond also serves the city, exporting and importing chemicals, pharmaceuticals, machinery, produce, steel products, aluminum, vehicles and more.

See our list of top employers in Richmond.

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