Supply Chain & Logistics
A strong transportation network and competitive tax rates and business costs make it easy for supply chain management and logistics companies to succeed in Hanover.
Advantages for Supply Chain Management & Logistics
- More than half of the nation’s consumers and more than half of the nation’s manufacturers are located within 500 miles of the Greater Richmond region.
- Hanover has prime access to Interstates 95, 295 and 64. This access equates to lower operating costs with quick shipments of “just-in-time” inventories.
- There are more than 100 motor freight companies and brokers.
- UPS and Fed Ex district hubs are located in the area.
- The Port of Richmond provides weekly container service to Antwerp and Liverpool and bi-monthly container/temperature-controlled container service to Canada and Iceland.
- The Port of Richmond also provides service to the Mediterranean, Canada, Mexico, South America and the Caribbean.
- The Port of Virginia is less than two hours away, with service from more than 75 international shipping lines and more than 5,000 sailings annually.
- CSX and Norfolk Southern provide rail service in the Richmond metropolitan area.
- Richmond International Airport has a foreign trade zone (FTZ) established. FTZs allows companies to defer paying customs duties on goods until they leave the zone for domestic consumption.
- Building costs are 12 percent below the national average.
- Merchant’s capital or inventory tax is based only on inventory in place on January 1 of each year.
- The Commonwealth of Virginia is a right-to-work state. There are low levels of unionization and union election activity in the metro area and state.
- Workers’ Compensation and Unemployment Compensation costs are among the lowest in the U.S.