Submitted by piratestears t3_11d2zvk in rva
DefaultSubsAreTerrib t1_ja7a8iy wrote
Not a direct comparison. Places like Austin have a huge tech market that helps drive their growth specifically. In contrast, remote work lets some people move to Richmond, but those jobs are not specific to Richmond and the remote workers are spread across many municipalities.
Charlesinrichmond t1_ja86nom wrote
we have a LOT of corporate headquarters. A lot more expensive jobs than people on this sub tend to think. Hence the really high household income in western henrico.
Austin got the huge tech market after it was a hot place to live - being cool brought in the tech companies, not vice versa.
ThatChildNextDoor t1_ja7ro9n wrote
Richmond has things that are driving growth here. It's just that it's not tied exclusively to one sector, but rather 3 sectors.
sleevieb t1_ja7u8s6 wrote
Which sectors
ThatChildNextDoor t1_ja7x5rh wrote
Information technology, manufacturing, and financial. Although out of three, there isn't one company that's driving growth like Phillip Morris did in the 20th century.
GMUcovidta t1_ja99yr7 wrote
Huge insurance presence here- Markel in particular has boomed
sleevieb t1_ja8gq63 wrote
The fortune 500s in town are all financial and lawyers, arent they?
borkus t1_ja961kc wrote
Including insurance in that, you have Markel and Genworth. There are also several smaller agencies like Kinsale and Elephant in town.
Also, while Richmond is not the headquarters for many companies, there are many employers with large administrative presences including Capital One, Truist, Well Fargo, and UPS.
sleevieb t1_ja99dmw wrote
UPS freight in manchester got bought out.
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Unless you mean something else?
Charlesinrichmond t1_ja8i83i wrote
I don't think any lawyers, though we have 2 international firms, that one is an interesting question they might get left off. Hunton and McGuire. Biggest 2 are Performance Food Group and Carmax. Capitol one isn't on here because headquarters in Nova, but it still matters too. As do VCU/VCU med and state
link
https://www.grpva.com/wp-content/uploads/2022/03/Fortune-1000-blog.png
ManBMitt t1_ja8223x wrote
Out of those three sectors, financial is the only one that has the potential to drive big CoL increases. IT and manufacturing aren’t particularly high-paid industries, and manufacturing plants (and the people who work there) are almost always located far outside the city limits.
ThatChildNextDoor t1_ja83dlv wrote
We are talking about metro wide, aren't we? I have heard instances of people moving from portions of Southside Virginia to Richmond only just to work in those said industries.
ThatChildNextDoor t1_ja83juh wrote
>IT
I said IT because it's whether if you would consider Costar an IT company or finance one.
GMUcovidta t1_ja9a9hz wrote
Lol Costar is neither. It's a data company similar to Bloomberg or Nielsen.
sleevieb t1_ja8go9i wrote
Commercial real estate for sure.
Charlesinrichmond t1_ja8hzpl wrote
yes, but that's more a symptom than a cause. Though it adds to the economy
GMUcovidta t1_ja9ajcl wrote
They sell data on commercial real estate, they don't actually invest in or sell commercial real estate.....
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