Richmond, Virginia

:This article is about the city in Virginia. For information on other cities with the same name, please see Richmond (disambiguation).

Economy

Richmond's strategic location on the James River, built on undulating hills at the rocky fall line separating the piedmont and tidewater regions of Virginia provided a natural site for the development of commerce. For centuries, the native peoples of the powerful Powhatan tribe recognized the value of this site, rich in natural beauty. They knew it as a place to hunt, fish, play, and trade, and they called it "Shocquohocan,", or Shockoe.

Related Topics:
Piedmont - Tidewater - Virginia - Powhatan

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The first European explorers came in 1607, from the Virginia Company of London. They discovered a fragrant weed grown by the natives, and tobacco became a lucrative commodity in the area. The trading post developed into a village, and by 1733 a town was laid out by William Byrd II and William Mayo. Its early buildings were clustered around the Farmers' Market, existing today at 17th Street.

Related Topics:
European - 1607 - Virginia Company - London - Tobacco - 1733 - William Byrd II - William Mayo

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Early trade grew rapidly, primarily in the agriculture sector, but also in the slave trade. Slaves were imported to Richmond's Manchester docks from Africa, were bought and sold at the same market.

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To facilitate the transfer of cargo from the flat-bottomed bateaux above the Fall line to the ocean-faring ships below, George Washington helped design the Kanawha Canal in the 1700s to bypass Richmond's rapids. The canal was later superseded by rail in the 1800s, and the railroads were laid on the original canal towpaths. In the 1900s highways were constructed in the air over the same area.

Related Topics:
Bateaux - George Washington - Kanawha Canal - 1700s - 1800s - 1900s

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Throughout these three centuries and three modes of transportation, downtown has always been a hub, with the Great Turning Basin for boats, the world's only triple crossing of rail lines, and the intersection of two major interstates.

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Richmond emerged from the smoldering rubble of the Civil War as an economic powerhouse, with iron front buildings and massive brick factories. Innovation of this era included the world's first cigarette-rolling machine and the world's first successful electric street car system.

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Freed slaves and their descendents created a thriving African-American business community, led by such influential people as Maggie Walker and John Mitchell, Jr. The city's historic Jackson Ward became known as the "Wall Street of Black America."

Related Topics:
African-American - Maggie Walker - John Mitchell, Jr.

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Law and finance have long been driving forces in the economy. Richmond is one of the only cities to be the home of both a U.S. Circuit Court of Appeals and a Federal Reserve Bank, Many downtown office buildings today house major law firms, banks, and brokerages.

Related Topics:
U.S. Circuit Court of Appeals - Federal Reserve Bank

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In 2005, Forbes Magazine ranked the Richmond area as the #14 Best Place for Business and Careers, primarily due to its highly educated labor force and relatively low business costs. Other areas of the economy that have developed recently in the city include pharmaceuticals, insurance, advertising, biotechnology, education, tourism health services, or semi-conductors.

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The Richmond Metro area is also the home of seven Fortune 500 companies, including electric utility Dominion Resources; consumer electronics retailer Circuit City, which also spun off the used car retailer Carmax, now a separate Fortune 500 company; Performance Food Group; LandAmerica Financial Group; Owens & Minor; and the Brink's Company, a security services outfit. Genworth Financial, the former insurance arm of GE, also has its headquarters here.

Related Topics:
Fortune 500 - Dominion Resources - Circuit City - Carmax - Performance Food Group - LandAmerica Financial Group - Owens & Minor - Brink's Company - Genworth Financial - Insurance - GE

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Other Fortune 500 companies, while not headquartered in the area, do have a major presence here. These include Wachovia Securities (based in Charlotte, North Carolina), SunTrust Banks Incorporated (based in Atlanta, Georgia), credit card agency Capital One Financial Corporation (based in McLean, Virginia), and the medical and pharmaceutical McKesson Corporation (based in San Francisco, California).

Related Topics:
Fortune 500 - Wachovia Securities - Charlotte, North Carolina - SunTrust Banks Incorporated - Atlanta, Georgia - Capital One Financial Corporation - McLean, Virginia - McKesson - San Francisco, California

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Philip Morris USA (a division of Altria Group), one of the world's largest food, beverage, and tobacco companies, maintains their corporate headquarters in Henrico County just outside the city, and has several other facilities in the area. Universal Corporation, also in the tobacco industry, has its corporate headquarters here as well.

Related Topics:
Philip Morris USA - Altria Group - Food - Beverage - Tobacco - Henrico County - Universal Corporation

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DuPont also maintains a production facility known as the Spruance Plant, and Infineon Technologies has a facility located at Elko Tract (a former WWII airfield and ghost town) near Richmond International Airport, and produces DRAM computer memory in the area.

Related Topics:
DuPont - Infineon Technologies - Elko Tract - WWII - Ghost town - Richmond International Airport

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Richmond is also home to the rapidly developing Virginia Biotechnology Research Park, which opened in the 1990s as an incubator facility for biotechnology and pharmaceutical companies. Located adjacent to the Medical College of Virginia (MCV) Campus of Virginia Commonwealth University, the park currently has more than 575,000 square feet (53,000 m²) of research, laboratory and office space for a diverse tenant mix of companies, research institutes, government laboratories and non-profit organizations. The United Network for Organ Sharing, which maintains the nation's organ transplant waiting list, occupies one building in the park. Philip Morris USA also recently announced their plans to build a $300 million research and development facility in the park as well.

Related Topics:
1990s - Virginia Commonwealth University - United Network for Organ Sharing - Organ transplant - Philip Morris USA

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Richmond is also the home of the Ukrop's Super Market, a small, local, family-owned chain of supermarkets, known for its remarkable customer service and friendly employees, as well as its sponsorship of community events, such as the Monument Avenue 10K, Easter on Parade, and the Ukrop's Christmas Parade. The Ukrop family has also been criticized by some for various conservative political actions, such as causing the ban on both GWAR playing concerts in Richmond and Howard Stern's show being syndicated on local radio.

Related Topics:
Ukrop's Super Market - Supermarkets - Monument Avenue - GWAR - Howard Stern

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In recent years, Richmond has been trying to revive its downtown environment, a process which has proven somewhat controversial at times. Recent downtown initiatives include the failed Sixth Street Marketplace and a proposal for a new baseball stadium in Shockoe Bottom.

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