Richmond economy: how is it doing? (Virginia Beach, Norfolk: home, employment, universities)

[andalusian]

My mom just sent me this article on home affordability in Richmond. In brief, it explains that there are only 4 other areas in the state which are more affordable than Richmond, although Richmond home ownership is down (as it is across the country) in general.

Richmond seems affordable across the board: cheaper gas (compared to NOVA), lower property taxes (including tax abatement programs which I have never seen in NOVA), etc.

If you look at Moderator cut: link removed, linking to competitor sites is not allowedon numbeo.com, the difference (with a few exceptions) is pretty stark. My husband worries that this means that the economy is sluggish and that Richmond may not be a great place to open/buy a business. I think that living in a place with lower cost of living alleviates the financial strain of starting a new business venture. I pointed out that Richmond does have its own financial district, and the fact that it is the seat of the state govt. and also home to several universities and hospitals should help keep employment relatively stable. However, when I look at VA unemployment numbers, it is true that unemployment in RVA is almost double some parts of NOVA.

My question for Richmonders is: how does it feel right now in Richmond? Do you feel pretty confident, or are you worried about the economy? Are you comfortable spending money on non-necessities, or have you cut back? Any thoughts are greatly appreciated!

[Charlesaf3]

Richmonds economy is in pretty good shape. Nova, thanks to federal government spending, is in arguably the best shape in the country.

Richmond is surprisingly cheap for what it offers. It's great, though I bet it will get more expensive... Probably best bang for the buck in the us right now.

[RedRican]

Charlesaf3 is correct. I feel pretty confident about the economy. I personally have not had any problems finding and staying employed.

When it comes to the unemployment rate, you may want to check the surrounding counties (Chesterfield, Henrico, Hanover, Powhatan, since 80%+ of the Richmond metro area lives in those and other counties. Richmond City itself has double digit unemployment; however, counties like Chesterfield and Henrico are around 6-7%; and I think they offer good tax incentives to companies that want to relocate to their areas. Like anywhere else companies do lay off or close, but we have been fortunate that others are hiring and moving into the area.

When it comes to the cost of living, I feel that the Richmond area is pretty comfortable, especially if you don't mind commuting.

Oh and not to forget, traffic is no where close to what NOVA is.

Good luck!

[andalusian]

Thanks for your responses! This is more or less what I hoped to hear.

[VTHokieFan]

Richmond is in solid shape. For a city its size, it packs a pretty big punch economically as it's not even close to the 3rd largest city in the south, yet is most likely the third most importand economic center in the south after Atlanta and Charlotte.

[richmondpics]

Comparing anywhere to NOVA, which has gorged on the federal teat for decades, is unfair. Richmond has a diverse economy and a relatively low unemployment rate.

[andalusian]

Originally Posted by richmondpics

Comparing anywhere to NOVA, which has gorged on the federal teat for decades, is unfair. Richmond has a diverse economy and a relatively low unemployment rate.

You are absolutely right, of course. Very glad to hear these positive responses!

[Archguy]

Originally Posted by VTHokieFan

Richmond is in solid shape. For a city its size, it packs a pretty big punch economically as it's not even close to the 3rd largest city in the south, yet is most likely the third most importand economic center in the south after Atlanta and Charlotte.

This got me to thinking. What are the largest cities in the South? Obviously I need to define my terms, so I'll say "MSAs" or metropolitan areas rather than cities 'proper' as physical agglomerations of people are more meaningful than artificial political subdivisions. And by 'South' I'll leave out Texas which is a place unto itself (and sort of southwestern anyway) and Florida which is southern only in the geographical sense. Except northern Florida which is actually a bit southern! Therefore, allow Jacksonville but leave out Tampa-St.Pete and Miami. We skip Washington & Baltimore even though they are south of the Mason-Dixon Line as there is a general consensus that--culturally--the South starts somewhere around Fredericksburg.

So! I look here and see 1. Atlanta, obviously, and then 2. Charlotte, as you said. Then 3. Virginia Beach! (Well, it is Virginia Beach-Norfolk-Newport News, VA-NC MSA aka Hampton Roads Metro.)

Do we include 4. Nashville? Then 5. Jacksonville. 6. Memphis, 7. Richmond. 8. New Orleans, 9. Raleigh, 10. Birmingham.

One could argue that Raleigh is part of the Triangle, which appears on the CSA list.

Nothing to see here, just thinking aloud But you are definitely right, Richmond punches well above its weight on this list. By far the smallest city to head a Federal Reserve district btw.

[RedRican]

Since you're looking at opening a new business, you may want to take a look at this site: Unemployment Rates for Metropolitan Areas

[Novadhd5150]

I wanted to bump this thread to see how the economy is in the Richmond area is doing. There seems to be a lot more of IT/Telecom in Nova but the quality of life would seem better in Richmond.. How is the tech industry down there?