Richmond: Economy/Business/Real Estate

[krazeeboi]

No surprise there; Richmond has been topping these lists for some time now. I'm a little puzzled as to why the city didn't place on this list, but I guess you can't win 'em all.

[eandslee]

No surprise there; Richmond has been topping these lists for some time now. I'm a little puzzled as to why the city didn't place on this list, but I guess you can't win 'em all.

That is interesting Krazeeboi...seems like Richmond was left off altogether on this list. Obviously, Richmond wasn't even considered...or was forgotten...

[wrldcoupe4]

Altria Moves HQ from NYC to Richmond Today

After losing PFG as a Fortune 500 (it's being taken private), this move helps maintain our Fortune 500/1000 levels, at 13 Fortune 1000 companies.

"With Performance Food going private, [the Altria relocation] will effectively swap out one [company] for another and keep our total number of Fortune 1000 companies headquartered in the Richmond area at 13," said Greg Wingfield, president of the Greater Richmond Partnership. The regional economic development group has made one of its goals recruiting more corporate headquarters to the area.

Having a significant number of Fortune 500 and Fortune 1000 companies here can give the Richmond area an edge in attracting new businesses, Wingfield said.

Altria ranked 23rd on the 2007 Fortune 500 list, with more than $70 billion in revenue. The spinoff of its international cigarette division takes a huge chunk out of its revenue, but Philip Morris USA brought in about $18.5 billion in revenue in 2007, more than enough to keep Altria on the Fortune 500, even without the international business.

Edited March 31, 2008 by wrldcoupe4

[wrldcoupe4]

Also, pretty interesting articles on the size, depth, and impact of the legal industry in Richmond

Richmond evolves into hub for legal industry

Richmond is legal central. It lost its title as a banking center a decade or so ago, but the legal industry is going strong and is a major driver of the local economy.

Mergers and acquisitions in the late 1990s saw local banks such as Crestar Financial Corp. and Central Fidelity Banks of Richmond transformed into national banks with headquarters in Georgia and North Carolina.

Law firms took up some slack along with an influx of companies such as MeadWestvaco and Qimonda

-AND-

Legal Industry helps drive local economy

For every three legal positions in Richmond, nearly one job is added to the local economy...

Richmond is a legal hub because of the courts, companies, lobbyists and law firms headquartered here.

Two of the largest law firms in the nation -- Hunton & Williams LLP and McGuireWoods LLP -- are based here.

They, like others, have grown by opening offices and merging with other firms. Today, McGuireWoods completes a merger with a North Carolina firm, keeping its name and adding 145 attorneys for a total of 900 lawyers nationwide.

[wrldcoupe4]

The advertising for Al Gore's new environmental awareness campaign is being handled by Richmond's Martin Agency... Billings for the 3-year project may be as much as $100 million per year.

Richmond Ad Agencies Hired to Fight Global Warming

[Shakman]

85 jobs coming to Hanover County. Inrich link:

http://www.inrich.com/cva/ric/news.apx.-co...04-09-0211.html

[wrldcoupe4]

Richmond boasts 14* Fortune 1000 Companies in 2008

2008 Fortune 500 List

*Technically, PFG just went private so we have 13 Fortune 1000's. Here's the list:

61. Altria

161. Dominion Resources

215. Circuit City

233. Genworth Financial

333. CarMax

356. MeadWestvaco

360. Owens and Minor

384. PFG ***

582. LandAmerica Financial

636. Brink's

683. Universal Corp.

780. Markel

791. Massey Energy

806. Albemarle

[journiyin]

Richmond boasts 14* Fortune 1000 Companies in 2008

2008 Fortune 500 List

*Technically, PFG just went private so we have 13 Fortune 1000's. Here's the list:

61. Altria

161. Dominion Resources

215. Circuit City

233. Genworth Financial

333. CarMax

356. MeadWestvaco

360. Owens and Minor

384. PFG ***

582. LandAmerica Financial

636. Brink's

683. Universal Corp.

780. Markel

791. Massey Energy

806. Albemarle

13 is such an unlucky number. Albeit I know of another company who is looking to move here. And that - my friends - is all I can say.

[jbjust]

I know you can't say much, Journiyin, but would they be big enough to maybe want a signature building on the triangle lot? What quintile of the Fortune 500 are they in?

[journiyin]

I know you can't say much, Journiyin, but would they be big enough to maybe want a signature building on the triangle lot? What quintile of the Fortune 500 are they in?

not sure of there position currently...

they are looking around the area - the triangle piece doesn't seem to suit their overall needs...

[jbjust]

not sure of there position currently...

Feel free to click on the link above and look them up...

[eandslee]

13 is such an unlucky number. Albeit I know of another company who is looking to move here. And that - my friends - is all I can say.

You sure know how to "push our curiosity buttons!" Gee man, you can't give us any more than that?! Doesn't look like they will likely move downtown...most end up in the burbs anyway.

[TBurban]

Perhaps it has something to do with the under contract sign on the James Center lot..?

[wrldcoupe4]

I've heard the James Center lot under contract is something different... we'll see once the sale goes through though.

Also - unfortunately for us wanting to know, Journi is wise not to say more. Even if all intentions are good, I've heard horror stories of cities/towns being stricken from consideration by companies when word of their interest was leaked too early.

[jbjust]

All I want to know is whether we're talking about top 100 or somewhere in the 400's. That's not too much to ask.

[eandslee]

I've heard the James Center lot under contract is something different... we'll see once the sale goes through though.

Also - unfortunately for us wanting to know, Journi is wise not to say more. Even if all intentions are good, I've heard horror stories of cities/towns being stricken from consideration by companies when word of their interest was leaked too early.

Oh, I totally agree...I'm just messing around. I know the implications of leaking information before they should. It'd just be nice to know what's in journiyin's head. Some people have all the luck!

[journiyin]

Oh, I totally agree...I'm just messing around. I know the implications of leaking information before they should. It'd just be nice to know what's in journiyin's head. Some people have all the luck!

If walls could talk...

[jbjust]

Could you at least tell us how many cities are in the running and whether Richmond has a serious chance?

Edited April 22, 2008 by jbjust

[journiyin]

Could you at least tell us how many cities are in the running and whether Richmond has a serious chance?

[burt]

Does this portend changes at Media General?

http://www.inrich.com/cva/ric/news.apx.-co...04-24-0247.html

[jbjust]

Hey Journiyin -- does Centennial Tower's new 30-story plan have anything to do with the new company you've been hinting at?

Edited April 29, 2008 by jbjust

[journiyin]

Hey Journiyin -- does Centennial Tower's new 30-story plan have anything to do with the new company you've been hinting at?

That would be a negative...

[burt]

Back in the days when Centennial was a hot prospect, and before its profile rose from 20 to 30 stories, COURTYARD BY MARRIOTT was expected to be the boutique hotel tenant. Here's hoping they are negotiating now with something a bit more upscale.

[burt]

Soon Richmond's Fortune 1000 count will be reduced by one when Albemarle Corp moves its headquarters to Baton Rouge. There are only about 25 people in the Richmond headquarters, but its move is a prestige loss. See story in today's inRich.

[Shakman]

Soon Richmond's Fortune 1000 count will be reduced by one when Albemarle Corp moves its headquarters to Baton Rouge. There are only about 25 people in the Richmond headquarters, but its move is a prestige loss. See story in today's inRich.

That does sting a little.

I would think that since the headquaters is moving, a good number of the jobs that leaving are high paying.