How Richmond Compares to Other Cities (Jefferson: incomes, quality of life, tax)

[richmondpics]

Check out this report (Oct. 2007) for an objective statistical look at how Richmond Metro Area compares to Birmingham-Hoover, AL; Jacksonville, FL; Louisville-Jefferson County, KY-IN; Nashville-Davidson-Murfreesboro, TN; Charlotte-Mecklenburg-Concord, NC and Raleigh-Cary, NC.

http://www.grcc.com/files/2007_Compe...ct07_Final.pdf

[ljsrmissy]

Thanks. Im looking at it now.

[NJRAMAL]

Richmond is always compared to Southern cities only. It should not only align itself with Southern cities but comparable Northern cities as well. It is in an excellent position geographicaly to compete in both regions and take advantage of its superb location.

[whynot?]

Funny – that was my point yesterday in what was (aptly) described as a "side discussion" on another thread. All of the cities in the vaunted, much referred "2007 Competitive Analysis" are cherry-picked southern cities.

When you look at other criteria, especially population, Richmond is also on par with cities like Cambridge (MA), Berkely (CA), South Bend (IN), and a host of others, depending upon whether you care to include the surrounding metropolitan areas or not.

Richmond does not seem to want to be compared to "similar" cities (or metro areas) unless they can spin the results in favor of their status quo. This precludes the kind of urban planning, regional marketing, and services to citizens that define a truly excellent city.

[CNI]

Njramal & whynot? - I agree completely.

[richmondpics]

Originally Posted by whynot?

Funny – that was my point yesterday in what was (aptly) described as a "side discussion" on another thread. All of the cities in the vaunted, much referred "2007 Competitive Analysis" are cherry-picked southern cities.

When you look at other criteria, especially population, Richmond is also on par with cities like Cambridge (MA), Berkely (CA), South Bend (IN), and a host of others, depending upon whether you care to include the surrounding metropolitan areas or not.

Richmond does not seem to want to be compared to "similar" cities (or metro areas) unless they can spin the results in favor of their status quo. This precludes the kind of urban planning, regional marketing, and services to citizens that define a truly excellent city.

I don't think you took it the wrong way, but I meant no harm in calling it a "side discussion."

The purpose of the report:

"The Greater Richmond Region competes annually with other metro areas around the country for relocating companies as well as relocating residents seeking an improved quality of life. This report compares the Richmond, VA MSA to six other metro areas: Birmingham-Hoover, AL; Jacksonville, FL; Louisville-Jefferson County, KY-IN; Nashville-Davidson-Murfreesboro, TN; Charlotte-Mecklenburg-Concord, NC and Raleigh-Cary, NC. The report is designed to provide a comparison between these seven metropolitan areas across a number of categories. All of the data is from 2006 unless otherwise noted."

The southeast is a major destination for relocations and these are regions which Richmond consistently competes against for jobs and companies. It makes sense to me that the Chamber would want to see how we stack up against our southeastern peers. Cities like Raleigh-Durham, Nashville, and Charlotte certainly aren't low hanging fruit in this regard.

That said, I think we certainly would stand to benefit by also observing how we compare to nationwide "peer" cities as well. I think we could gain much from looking at how we stack up against cities like Portland, Austin, San Antonio, etc.

[whynot?]

Richmond should be very familiar with "relocation" in the Southeast. In the past decade, at least two bank corporate headquarters, a major investment company, and a number of other sizable, formerly local-based corporate headquarters have "relocated" elsewhere in the Southeast, especially NC. With each departure Richmond's business pundits have said the job loss and impact would be "minimal."

The loss of corporate executives with higher paying jobs has definitely had an impact on tax incomes to the city/counties/state, high profile names in community involvement, corporate funding for community activities, etc. In addition to the executives, their mid-level support positions have also "relocated," and those jobs have been "replaced" by lower-skilled, lower-paying call centers and similar processing services. As far as I know, the only two national HQs to move to Richmond recently are Phillip-Morris and MeadWestvaco.

Respectfully, I just think there's a "vision problem" and a tendency to rest on their laurels, they are so comfortable with the past.

[richmondpics]

Meadwestvaco recently relocated its HQ to Richmond (HQ being built downtown), beating out Atlanta in the Final 2, and Genworth Financial established its HQ here when it spun-off. The Richmond area has actually been the fortunate recipient of many relocations recently. The bank "relocations" you refer to (I'm assuming Crestar and Signet) were actually buyouts/mergers due in large part to Virginia's archaic banking laws.

[whynot?]

Noted (and edited while you were responding) to include MeadWestvaco. I had forgotten about Genworth, you are right.

Yes Crestar, Signet, and also Central Fidelity and others, but when there are merger/buyouts, the corporate executives still go away and take their mid-level staff, higher incomes, and community influence. We are witnessing it all over again with the Wachovia Securities/A.G. Edwards deal, in which the HQ is moving to St. Louis.

[richmondpics]

Losing capable employees is definitely an unfortunate side effect of anything that pulls businesses away from here, for whatever reason. Interestingly, I hear that many Wachovia Securities folks are staying put. True, we lose the top flight execs, but many senior folks and other employees are opting to stay put. There has already been at least one start-up firm formed by rogue W.S. employees - Riverfront Investment Group was formed by the top investment leaders and strategists at Wachovia Securities, who managed a portfolio of $75 billion while there. Brokerage loses key workers - Business - More - inRich.com


The Greater Richmond Partnership, Chamber, and others have put an emphasis on keeping businesses here through the BusinessFirst initiative: Business First: Greater Richmond

Haha man, I know I sound like a PR person for the economic development groups around here but I honestly have no direct affiliation. My tone is more positive, but I want the region to improve in many respects as well. Resting on laurels would be a mistake repeated from the past...