Greater Richmond gains top ranking, millions of dollars in new company investments and more

Great news for our region! For a second consecutive year, Greater Richmond is among the top 10 metros for economic development projects per capita according to Site Selection magazine, outranking metros like Columbus, Ohio, Grand Rapids, Mich., Indianapolis, Ind., and Kansas City, Kan. The rankings were released around the same time that the region celebrated a few new projects:

• ISO Group, based in The Netherlands and specializes in horticulture automated solutions, will invest $570,000 and add 30 jobs in Chesterfield County.
• SanMar Corporation, the nation’s largest wholesaler of promotional apparel and accessories, will invest at least $50 million and create 1,000 jobs in Hanover County.
• Weidmüller Group, a leader in designing and manufacturing electrical components, announced it will expand in Chesterfield County with a $16.4 million investment that will add more than 100 jobs.

As seen above, Greater Richmond is an optimal business location for both national and international companies to invest thanks to a business-friendly environment and low operating costs. For these reasons and more, companies constantly invest and reinvest in the region leading to an ongoing forward momentum. Here’s a taste of what that looks like:

• The LEGO Group held a groundbreaking ceremony for its $1 billion manufacturing facility in Chesterfield County. The Danish toymaker plans to create 1,761 jobs and has already begun hiring. The LEGO Group will hire 500 employees by the end of this year.
• Zoning in Henrico County was approved for a 90-acre redevelopment which will feature two 258,000 square-feet office facilities. The added space will be crucial in attracting Life Sciences companies as the demand for lab space has increased recently especially in part due to the region’s awarding of the EDA’s Build Back Better Regional Challenge.
• Speaking of new funding for Life Sciences, the National Institutes of Health awarded Virginia Commonwealth University $27.5 million, the largest NIH grant in VCU history. Plus, Activation Capital will receive $15 million in funding from the state to establish a new 102,000-square-foot Innovation Center.
• Stone Brewing announced it will expand operations while doubling its workforce. The brewing company was recently acquired by Japanese beer giant Sapporo and will soon begin producing their products at its Richmond facility.
• Spirit Airlines announced a new direct route from Richmond International Airport to Las Vegas. With this new flight, RIC now offers 34 direct air routes.

All this positive news adds up and is causing more corporate executives and site location consultants to consider the region for expansion or relocation.

Finally, I’m happy to share GRP won a top Economic Development Organization award from Business Facilities Magazine for Diversity, Equity and Inclusion initiatives. We couldn’t have landed this award without our partnership with the City of Richmond and counties of Chesterfield, Hanover and Henrico.

Stay tuned for more good news.

Sincerely,