Richmond features a robust, diversified economy. Once heavily reliant on the tobacco industry, the modern economy is driven by finance, healthcare, government, higher education, and logistics. The Greater Richmond area has a gross domestic product (GDP) of over $85 billion and is home to multiple Fortune 500 companies, including Dominion Energy, CarMax, Markel, Altria Group, Owens & Minor, and Genworth Financial.
The presence of the Fifth District Federal Reserve Bank solidifies Richmond as a vital financial center in the Southeast. The cost of living in Richmond generally hovers near or slightly below the national average, making it an attractive destination for businesses and remote workers relocating from more expensive coastal cities. Median household income in the city is growing, though economic disparities between neighborhoods remain a focus for civic leaders. Future economic development is heavily targeted toward the tech sector, life sciences, and the continued revitalization of the downtown and riverfront corridors.