In 2004, the Richmond-Petersburg, Virginia area maintained an average personal income of $35,422. According to the U.S. Department of Commerce's Bureau of Economic Analysis, the average area resident earns approximately 7% more than the average American. Average income in the area has grown about 8.1% since 1969, which is about 8% above the national average.
Law and finance are the driving forces in the Richmond-Petersburg area, and the city is home to:
- A U.S. Circuit Court of Appeals
- A Federal Reserve Bank
- Dominion Resources
- Phillip Morris
- Ukrop Supermarkets
- Circuit City
- CapitalOne
Due to its highly educated inhabitants and fairly low business costs, Forbes ranked the Richmond-Petersburg area's the #14 Best Place for Business and Careers in 2005.
Areas of economic development in the Richmond-Petersburg area include:
- Pharmaceuticals
- Insurance
- Advertising
- Biotechnology
- Education
- Tourism Health Services
- Semi-conductors
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