The Richmond metro area, which includes suburban areas in Chesterfield, Hanover, and Henrico counties, is home of many startups and recognized firms serving on multiple industry clusters, including finance, healthcare, manufacturing, and more.
In 2022, Richmond had the second-highest rate of new business license applications in the state, with 23.2 new business applications per 1,000 residents. The number of new business applications is an important indicator of the economic health of an area. It shows that many people are interested in starting new companies in Richmond, which suggests that they have confidence in the city's potential for growth.
Richmond has also the highest concentration of lawyers and law firms in Virginia. The city attracts nationally recognized architecture and engineering firms and is home to over 200 companies in the creative industries cluster, with over 50 companies specialized in motion picture, sound, and video production.
It is also a hub for advanced manufacturing, with over 450 companies in the sector. From WestRock's paper products to NewMarket's chemical development to Alloy Polymers, Inc.'s plastics and resins.
There are over 50 advertising companies and Richmond is also home of many major financial players like BB&T, SunTrust, Wells Fargo, Capitol One, and Union First Market Bank.
The
Virginia BioTechnology Research Park, a 34-acre park with over 70 companies, labs, and research centers, as well as the well-respected VCU Medical College of Virginia campus and Medical Center supports several startups.
So, if you are looking for a new job, Richmond is the right place to look at.
The cost of living in Richmond, VA is 4% below the state average and 4% lower the national average.
| Cost of Living in Richmond, VA | Compared to State Average | Compared to National Average |
|---|
| Housing (Buy and Rent) | 17% lower | 15% lower |
| Utilities (Monthly) | 1% higher | 4% higher |
| Food | 4% higher | 0% |
| Healthcare | 6% lower | 4% lower |
| Transportation | 8% higher | 0% |
| Goods & Services | 0% | 0% |
More data and info at
Rentcafe Richmond