Why move to Richmond in 2026? – An Accounting Firm’s Perspective

Richmond, Virginia Boasts a Vibrant Business Community and High-Quality of Life

For the past 45 years, Keiter has been a proud member of the Richmond, Virginia business community. Home to 1.3 million residents, eight Fortune 100 company headquarters and an additional four Fortune 1000 headquarters, and the nation’s only Class IV whitewater rapids in the center of downtown, Richmond boasts one of the most vibrant business communities in the country with a high-quality of life.

As more and more families and businesses have begun to take notice of what makes Richmond such an amazing place to live, work, and play, we wanted to share some of the reasons Keiter is honored to be a part of this special place.

Richmond’s Business Community

Richmond is home to 12 Fortune 1000 companies including Performance Food Group, CarMax, Dominion Energy, among others making it one of top cities in the United States for corporate headquarters. Additionally, major employers including Capital One Financial, META, Amazon, DuPont, CoStar Group, Virginia Commonwealth University, and the Federal Reserve Bank of Richmond all have a significant presence in the region employing nearly 700,000 people, resulting in a very low unemployment rate.

In 2024, Virginia was named by CNBC as the Top State for Business in America, its third time earning the honor in the past five years.”. CNBC’s method includes looking at ten categories including infrastructure, quality of life, education, cost of living, and more.

Another driver CNBC covered was Virginia’s infrastructure. Virginia offers a physical connection to over 100 million people as they can reach the state in a day. Sitting in the middle of the state is Richmond, which lies at the crossroads of major travel and trade routes including Interstates 95, 64, and 85. Richmond International Airport provides direct flights to nearly 30 domestic destinations while the Port of Richmond, part of the Virginia Port Authority, makes transporting goods across a breeze.

New Cultural Developments

The growth of Richmond goes beyond business as well with the addition of new developments of neighborhoods and entertainment. The City of Richmond recently announced Richmond’s latest neighborhood, the Diamond District, a new development with an updated baseball stadium for the Richmond Flying Squirrels. Construction of the stadium is expected to be completed in 2026, with additional housing and retail development continuing into 2030.

Adding to the city’s cultural landscape, the Richmond riverfront amphitheater, Allianz Ampitheater, is now open. The 7,500-seat venue enhances the region’s entertainment offerings by providing a versatile space for concerts, community gatherings, and large-scale events, offering residents and visitors a one-of-a-kind entertainment experience in the heart of the city.

Other cultural institutions have also embarked on major expansions including the Virginia Museum of Fine Art’s $261 million expansion and renovation, the $2.3B GreenCity project in Henrico County which will include a 17,000-seat arena, and the nearly $50 million Shockoe Project all add to rich quality of life that residents and visitors enjoy.

Best Town to Visit in 2024

Richmond is gaining attention for its creativity showcased in its arts, cuisine, and cultural offerings. CNN recently named Richmond as the Best Town to visit in 2024. In their article they explored the neighborhoods around Richmond and how each brings a “dynamic” touch to the city. The article features Carytown’s charm, Scott’s Addition’s breweries, Jackson Ward’s culture, Church Hill’s significance to the founding of our country, as well as many more.

The Greater Richmond area also has many offerings that are accessible in a 30-mile radius of the city. A few examples include New Kent’s golf courses and wineries, Chesterfield’s nature offerings, and Hanover’s world-renowned King’s Dominion Amusement Park.

Living in Richmond

One of the first things someone looks at when moving to a different city is the cost of living. Currently, within Richmond, cost of living is reportedly close to 5% lower than the national average. Housing in the city limits comes in 10% below national averages as well. When comparing to Washington D.C. which is 39% greater than the overall national average, the difference is stark. The amount of take-home money two individuals making the same salary in those areas would be greatly higher for the Greater Richmond resident.

The additions being made to Richmond, and the surrounding areas, will continue to bring a positive impact to the business and residents around the city. That belief is echoed by the new entities and families finding homes in the area as well. Within the past 10 years, there is close to a 12% increase in population within the city.

If you are exploring new cities to live or work in, look no further than Richmond, Virginia. Learn more about the public accounting careers we have to offer at Keiter.