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Six Fortune 500 information mill headquartered within the Richmond areaThe Greater Richmond area was named the 3rd-best city for business by MarketWatch in September 2007, ranking behind just the Minneapolis and Denver areas and merely above Boston. The region hosts six Fortune 500 companies, including: electric utility Dominion Sources CarMax Owens Minor Genworth Financial, the previous insurance arm of GE MeadWestvaco and Altria Group. However, only Dominion Sources and MeadWestvaco are headquartered inside the town of Richmond others come in the neighboring counties of Henrico and Hanover.

Five Fortune 1000 companies also provide their headquarters found in the area. Included in this are: Brink’s Massey Energy Universal Corporation and Markel. Of those, only Massey Energy and Universal Corporation are headquartered within Richmond.

Other Fortune 500 companies, whilst not headquartered in the region, will have a significant presence here. Included in this are SunTrust Bank (located in Atlanta), Capital One Financial Corporation (formally located in McLean, Virginia, but founded in Richmond using its operations center and many employees within the Richmond area), and also the medical and pharmaceutical giant McKesson (located in Bay Area). Universal Corporation, and in the tobacco industry, has its own corporate headquarters because well.

Capital One and Altria company’s Philip Morris USA are two largest private Richmond-area employers. In 2008, Altria moved its corporate HQ from New You are able to City to Richmond, adding another Fortune 500 corporation to Richmond’s list. DuPont keeps a production facility in South Richmond referred to as Spruance Plant.

Richmond hosts the quickly developing Virginia BioTechnology Research Park, which opened up in 1995 being an incubator facility for biotechnology and pharmaceutical companies. Located next to the Medical College of Virginia (MCV) Campus of Virginia Commonwealth College, the park presently[when?] has greater than 575,000 square ft (53,400 m2) of research, laboratory and work place for any diverse tenant mixture of companies, research institutes, government laboratories and non-profit organizations. The U . s . Network for Organ Discussing, which maintains the country’s organ transplant waiting list, occupies one building around the block. Philip Morris USA opened up a $350 million development and research facility around the block in 2007. Once full-grown, park officials expect the website to use roughly 3,000 scientists, technicians and engineers.

Richmond is the house of the Ukrop’s Grocery, a regional, family-owned chain of supermarkets noted for its customer support and innovation. Ukrop’s is really a high-profile sponsor of community occasions, like the Monument Avenue 10K, Easter time on Parade, and also the Ukrop’s Christmas Parade. However, the chain announced that it might be offered to Giant Food Stores, a subsidiary of Nederlander conglomerate Ahold, in Feb 2010.

Cavalier Telephone, a mobile phone, internet, and digital television provider created in Richmond in 1998, also offers its headquarters around town.

[edit] Economic developments

Recently, Richmond continues to be trying to revive its downtown. Recent downtown initiatives range from the Canal Walk, a brand new Greater Richmond Convention Center, and expansion on VCU campuses. Despite numerous controversies associated with excessive worker salaries and inefficient spending of public tax money, a brand new performing arts center, Richmond CenterStage, opened up on September 12, 2009.[73] The complex incorporated a renovation from the Carpenter Center and construction of the new multipurpose hall, community playhouse, and humanities education center in areas of that old Thalhimers mall. As planned through the Virginia Performing Arts Foundation (VAPAF), the openly-funded arts center project now referred to as CenterStage continues to be mired in debate, poor planning and questionable spending of cash elevated from the special citywide meals tax hike.

The middle was set to get $25 million in ‘City from the Future’ funds from Mayor Doug Wilder, although the current planner of CenterStage had yet to reveal annual administrative and operating expenses or initiate an artists endowment. There’s also couple of representatives in the area’s performing arts community in key positions of authority inside the project, leading critics to take a position that CenterStage is much more of the property deal made to support a failing convention center expansion than the usual useful arts venture.

In Feb 2006, MeadWestvaco announced they would change from Stamford, Connecticut, to Richmond in 2008. The organization is building[when?] an 8&#821110 story business building downtown, close to the Fed building.