Labor & Workforce
In addition to the Richmond MSA’s labor pool of more than 650,000, Hanover County workers commute from surrounding localities. The strong transportation network allows an easy commute to jobs in the metropolitan region from more than 40 localities statewide.
The region’s diverse economic base and sheer number of companies and educational institutions creates a growing supply of employees with solid work ethics and valuable skills.
According to information provided by the Greater Richmond Partnership, the young people graduating from area high school, college, and other training institutions are the largest continuing source of labor for the long term. In the Richmond MSA there are more than 14,000 high school graduates each year and the area’s institutions of higher education confer more than 12,000 post-secondary degrees each year.
Furthermore, recent economic challenges have created an unprecedented opportunity for new and expanding companies to have access to a very strong labor pool of highly skilled technical workers and white-collar workers. There is a regional historic high of nearly 50,000 underemployed and downsized employees. The current unemployment rate, which is still below the national average, includes employees from highly specialized companies such as Qimonda (semiconductor manufacturer), Land America (Fortune 1000 headquarters), Circuit City (Fortune 500 headquarters) and more.
Other advantages of the Hanover County and Greater Richmond labor market include:
- low levels of unionization and union election activity
- eligibility for several state and local workforce training programs and incentives