Our concentration and proximity to top-notch talent, along with our low cost of living, means that your company can attract the skilled workers it needs at wages well below other metros.
Historically, Greater Richmond has enjoyed low levels of unemployment. In 2010, due to the recession, unemployment rates rose to uncharacteristically high levels, reaching nearly 8 percent. In recent years, the rates have dropped and remain at or below the national average, though pandemic conditions have affected these figures.
total workforce in the Richmond MSA
Richmond MSA unemployment rate
net new residents per week
Overall, it is substantially cheaper here… so there is a huge advantage for us moving a lot of our operations out of a very expensive area [New York] to an area which is more cost-effective yet has a highly skilled workforce. Brian BrownCOO, Avepoint
According to the latest American Community Survey data, 91 percent of the Richmond MSA’s population between the ages 25 and 64 have at least a high school education compared to 89 percent nationally. Greater Richmond compares favorably in higher education with many residents holding at least a bachelor’s degree.
higher education students within a 150-mile radius
local colleges and universities
highest concentration of tech workers of any state in the U.S.
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