The diversity of the Richmond region’s economy is a shield against recession and downturns in specific industries. The Fifth District Federal Reserve is part of the area’s dynamic finance and insurance sector. Financial services powerhouse, Capital One, is one of the area's largest private employers. Biotechnology firms are recent additions to a manufacturing base that includes pharmaceuticals, chemicals, and machinery, as well as tobacco products. State government, education, and business services cushion the local economy.
The Richmond Region is home to more than 140 foreign affiliated firms with more than 170 facilities employing nearly 13,000. Twenty-two countries are represented, with the most firms from Germany, the United Kingdom, and Japan. The products and services provided by these firms range from industrial machinery to specialty foods and from transportation to consulting services.
Both small businesses and Fortune giants find the region an ideal location. All business support services are readily available including architectural, engineering, legal, financial, and advertising services.