A Desirable Region with Positive Growth Trends

With a focus on stability for the future, many headquarters operations are attracted to Virginia for its positive signs of demographic growth. In 2019, Virginia had the No. 5 highest level of international in-migration in the country, and many of the Commonwealth’s metro areas are experiencing positive net domestic in-migration to the extent that half of Virginians were born outside the Commonwealth and over a quarter million people move to the state every year. Greater Richmond’s population is 1,117,547 (2020) with a labor force of 554,205 (2021).

Overall, Virginia residents make up the 11th largest millennial population in the country, with nearly 1.86 million millennials in residence. And while other states like New York and Pennsylvania saw a 2.3% decline in the millennial population between 2013 and 2018, Virginia experienced a negligible 0.19% decline overall and high growth in Metro Areas like Washington, D.C. (10.2%) and Richmond, Virginia (4.2%).

Source: Emsi, 2021.4