The Richmond economy is primarily powered by finance, the government and law. The city includes federal, state and local government agencies and noteworthy banking firms and law firms. Banking is a significant source of employment. Combined, services and the government provide over half of the jobs. Richmond is the headquarters of the Fifth Federal Reserve District. In addition, Market Watch ranked the Greater Richmond area as the third best city for business.
The insurance industry provides numerous jobs. Richmond includes the headquarters of GE Financial Services, Markel Corp, Anthem, Inc., and LandAmerica Financial Group. Diversified financial service firms also provide jobs. The concentration of educational facilities in the area also significantly contribute to the economy.
Manufacturing companies are important economic assets for Richmond. Prominent semiconductor and information technology companies contribute to the economy. The city is also a notable hub for advertising and advertising related companies. In addition, due to the area's historic sites, tourism is an integral part of the economy.
Richmond has the most Fortune 500 headquarters of any city in Virginia. The city has the headquarters of Fortune 500 companies such as CarMax, Dominion Resources, Owens & Minor, Performance Food Company, MeadWestvaco, Altria Group and Genworth Financial.
Fortune 500 companies with a notable presence in Richmond are Capital One Financial Corporation, SunTrust Banks Incorporated, Universal Corporation and McKesson. Dupont has a product facility in the city.
The notable Virginia BioTechnology Research Park has tenants such as government laboratories, research institutes and non-profit organizations. It also has biotechnology, bioscience and other related firms. The park supports research and development for medical diagnostics, environmental analysis, developing drugs, biomedical engineering and forensics.
The largest private employers in Greater Richmond:
- Virginia Commonwealth University Health System - Healthcare
- Capital One Financial Corp - Credit cards
- HCA Inc - Healthcare
- Walmart - Retail
- Dominion Resources Inc - Energy
- Bon Secours Richmond Health System - Healthcare
- Altria Group Inc - Cigarettes
- Wells Fargo & Co - Banking
- Sun Trust Banks Inc - Banking
- Ukrop's Super Markets Inc - Grocery Stores
- WellPoint Inc - Health Insurance
- DuPont - Chemicals/fibers
- Bank of America Corp - Banking
- Verizon Virginia Inc - Telecommunications
- United Parcel Service Inc - Package Distribution
- Food Lion LLC - Grocery Stores
- Federal Reserve Bank of Richmond - Reserve Bank
- Genworth Financial Inc - Insurance
- The Kroger Company - Grocery stores
- University of Richmond - Education
Shown below are the primary nonagricultural employment segments in Richmond:
- Trade, transportation and public utilities
- Professional and business services
- Educational and health services
- Financial activities
- Leisure and hospitality
Noteworthy details about Richmond, Virginia: Adult residents which have earned a bachelor's degree or better: 30%. Cost of living index in 2008: 88.7 (U.S. average: 100). Estimated median household income in 2007: $38,000.
Richmond businesses can receive assistance from associations such as:
- Greater Richmond Chamber of Commerce
- Economic Development: City of Richmond
- Virginia Economic Development Partnership
- Virginia SBDC Network
- Virginia Manufacturers Association
- Small Business Administration - Virginia
The Richmond Times Dispatch provides local business and economic news.