More About Our Market
The Richmond market is strategically located on the intersections of Interstates 95, 64 and 85, at the mid-point of the eastern U.S. seaboard. 55% of all U.S. consumers live within a two-day drive. This position makes Richmond a prime location for business and industry, resulting in a strong and diverse economy. Richmond is also home to the Fifth Federal Reserve District, further enhancing the market's status as a hub for banking and finance. Other expanding industries contributing to overall economic strength are: pharmaceuticals, chemicals, biotech, information technology and higher education.
Five four-year and three two-year colleges and universities offer degree programs in fields such as business, law, engineering and medicine. The VCU Medical Center is one of the nation's leading academic medical centers for teaching and research. Richmond's centers for higher education provide a steady stream of qualified employees for the area's businesses and a stable, well-trained workforce of consumers with high levels of disposable income. The entire workforce provides a wide range of skills and experience levels that support businesses from manufacturing to retail, and everything in between.
54.2% of the total population is in the prime working age range of 25 to 64. This is significantly higher than the national average of 52.9%. In addition, per capita income of $41,242 is above the national average of $40,757. Cost of living levels below the national average make living in the region more desirable and help businesses attract and retain employees.
Accolades For The Richmond Market
- The nation's 17th healthiest housing market for 2011 on Builderonline.com, March 3, 2011.
- Number four among 10 best cities for commuters, by Kipplinger.com, March 11, 2011.
- The 7th best metro center for business, rated by the Wall Street Journal's MarketWatch.com, December 20, 2010.
- The top digital city in 2010 for its population size according to the Center for Digital Government.
- Ranked 12th on a list of America's Top 50 U.S. cities for working mothers, Forbes.com, July 26, 2010.
- Ranked 25th among Best Cities for New College Grads by Businessweek.com, July 16, 2010.
- America's healthiest city and one of the best cities for families, Parenting.com, June 18, 2010.
- One of the nation's 50 best places for business and careers by Forbes.com, April 14, 2010.
- Ranked ninth lowest among 50 cities for the cost of operating a corporate headquarters, according to the Boyd Company, Inc., November 30, 2009.
- One of America's 50 fastest-recovering cities by Forbes.com, November 19, 2009.