page_title: Richmond, Virginia
section_title: Economy
hierarchical_section_title: Richmond, Virginia / Economy
caption_attribution_description: English: Postmarked 1918. "A Scene Typically Southern is this marketing of bright leaf Tobacco at a warehouse in Richmond, Va. From the surrounding country tobacco farmers have brought the products of their fields to be sold by the auctioneer to the highest bidder. Gathered around the piles of tobacco, (each pile weighed and marked) are the shrewd, experienced representatives of large corporations who quickly appraise and bid for each farmer's product. Sales are speedy, and the farmer is paid spot cash. In the back ground are the large hogsheads into which the tobacco is stored until required for use at the factories."
context_page_description: Richmond is the capital city of the Commonwealth of Virginia. It is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond Region. Richmond was incorporated in 1742 and has been an independent city since 1871. As of the 2010 census, the city's population was 204,214; in 2019, the population was estimated to be 230,436, making Richmond the fourth-most populous city in Virginia. The Richmond Metropolitan Area has a population of 1,260,029, the third-most populous metro in the state.
  Richmond is at the fall line of the James River, 44 miles west of Williamsburg, 66 miles east of Charlottesville, 91 miles east of Lynchburg and 92 miles south of Washington, D.C. Surrounded by Henrico and Chesterfield counties, the city is at the intersections of Interstate 95 and Interstate 64 and encircled by Interstate 295, Virginia State Route 150 and Virginia State Route 288. Major suburbs include Midlothian to the southwest, Chesterfield to the south, Varina to the southeast, Sandston to the east, Glen Allen to the north and west, Short Pump to the west and Mechanicsville to the northeast.
context_section_description: Richmond's strategic location on the James River, built on undulating hills at the rocky fall line separating the Piedmont and Tidewater regions of Virginia, provided a natural nexus for the development of commerce. Throughout these three centuries and three modes of transportation, the downtown has always been a hub, with the Great Turning Basin for boats, the world's only triple crossing of rail lines, and the intersection of two major interstates.
  Law and finance have long been driving forces in the economy. Richmond is particularly known for its bankruptcy court. The city is home to both the United States Court of Appeals for the Fourth Circuit, one of 13 United States courts of appeals, and the Federal Reserve Bank of Richmond, one of 12 Federal Reserve Banks, as well as offices for international companies such as Genworth Financial, Capital One, Philip Morris USA, and numerous other banks and brokerages. Richmond is also home to four of the largest law firms in the United States: Hunton & Williams, McGuireWoods, Williams Mullen, and LeClairRyan. Another law firm with a major Richmond presence is Troutman Sanders, which merged with Richmond-based Mays & Valentine LLP in 2001.
  Since the 1960s Richmond has been a prominent hub for advertising agencies and advertising related businesses. One of the most notable Richmond-based agencies is The Martin Agency, founded in 1965 and currently employing 500 people. As a result of local advertising agency support, VCU's graduate advertising school (VCU Brandcenter) is consistently ranked the No. 1 advertising graduate program in the country.
  Richmond is home to the rapidly developing Virginia BioTechnology Research Park, which opened in 1995 as an incubator facility for biotechnology and pharmaceutical companies. Located adjacent to the Medical College of Virginia (MCV) Campus of Virginia Commonwealth University, the park currently has more than 575,000 square feet (53,400 m²) of research, laboratory and office space for a diverse tenant mix of companies, research institutes, government laboratories and non-profit organizations. The United Network for Organ Sharing, which maintains the nation's organ transplant waiting list, occupies one building in the park. Philip Morris USA opened a $350 million research and development facility in the park in 2007. Once fully developed, park officials expect the site to employ roughly 3,000 scientists, technicians and engineers.
  Richmond's revitalized downtown includes the Canal Walk, a new Greater Richmond Convention Center, and expansion on both VCU campuses. A new performing arts center, Richmond CenterStage, opened on September 12, 2009. The complex included a renovation of the Carpenter Center and construction of a new multipurpose hall, community playhouse, and arts education center in parts of the old Thalhimers department store.
  Richmond is also fast-becoming known for its food scene, with several restaurants in the Fan, Church Hill, Jackson Ward and elsewhere around the city generating regional and national attention for their fare. Departures magazine named Richmond "The Next Great American Food City" in August 2014. while Metzger Bar & Butchery made its "Best New Restaurants: 12 To Watch" list. Craft beer, cider and liquor production is also growing in the River City, with twelve micro-breweries in city proper; the oldest is Legend Brewery, founded in 1994. Two cideries, Buskey Cider and Blue Bee Cider, are located in the popular beverage neighborhood of Scott's Addition, and are joined by nine breweries, one meadery, and one distillery. Three distilleries, Reservoir Distillery, Belle Isle Craft Spirits and James River Distillery, were established in 2010, 2013 and 2014, respectively.
  Additionally, Richmond is gaining attention from the film and television industry, with several high-profile films shot in the metro region in the past few years, including the major motion picture Lincoln which led to Daniel Day-Lewis's third Oscar, Killing Kennedy with Rob Lowe, airing on the National Geographic Channel and Turn, starring Jamie Be
caption: Richmond tobacco warehouse c. 1910s
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