Infographic by Sarah Lockwood (Click upper-right corner to enlarge.)
Richmond is blessed with multiple industries, a major public university and the state government infrastructure. They provide tax revenue (well, at least most do), jobs, and community and charitable support. The names of Richmond’s cornerstones are familiar, but let’s learn more about the influence of these titans of the region.
Altria Group Inc.
The biggest corporate entity in Richmond for generations, Altria was known as Philip Morris & Co. when it moved here in 1929. The leader of the United States’ tobacco industry since 1983, the corporation uses some of the profits from its cigarette, e-cig and other businesses to support cultural and community initiatives.
Branches based in Richmond: Altria headquarters, Altria Center for Research and Technology, Altria Group Distribution Company, U.S. Smokeless Tobacco Company, Philip Morris USA
$7.6 million in income tax in 2016
Charitable and community initiatives: Altria Theater; neighborhood revitalization project with Local Initiatives Support Coalition (LISC) and Virginia Community Capital; partnering in Chesapeake Bay cleanup project; community outreach program at The Valentine; matching program for employee charitable donations
Capital One Financial Services
Credit card and banking giant Capital One is headquartered in McLean, but its largest campus is in Goochland County, with more than 11,000 people employed there and in Chesterfield, Henrico and downtown Richmond. The company’s move here in 2001 heralded a new burst of construction in West Creek, accompanying growth in Short Pump. It also was one of Virginia’s first big corporate “gets,” after offering the company large tax incentives. Using that strategy with other corporations has worked well and not so well for the commonwealth in subsequent years, with some deals more of a boon for businesses than for local communities.
316-acre Goochland County Campus
Additional properties in Richmond area: Offices in Chesterfield, Henrico and the city of Richmond
Income tax in 2016: $1.7 billion
Charitable and community initiatives: Partnership in City Lights program in Jackson Ward, providing career training, tech assistance and volunteers; partnership and grant for St. Joseph’s Villa, including free IT support
Dominion Energy
Still known by some Richmonders as VEPCO (as in Virginia Electric and Power Company), Dominion Energy lets us turn on the lights all across the region. Downtown, along the James River, is Dominion Energy’s headquarters, overseeing electric and gas distribution lines, as well as a coastal wind project. You also tend to hear about the company for its political influence; in 2017, some state Democrats pledged to take no donations from Dominion, which would build the Atlantic Coast Pipeline that’s under federal and state consideration.
$135 million in income tax in 2016
Property in Richmond: Dominion Energy headquarters, Dominion Virginia Power
Charitable and community initiatives: EnergyShare program for energy bill assistance; Dominion Foundation grants supporting education, environment and community services; Dominion Energy Center arts venue; sponsor of Christmas Parade
HCA Virginia Health System and Bon Secours Health System Richmond
It seems natural to pair HCA and Bon Secours, given their major impact on health care in Richmond (along with VCU Health). Bon Secours is perhaps better known locally because its name is on the Redskins Training Facility, but both institutions treat numerous Richmond residents each year and employ many more.
HCA VIRGINIA
6 hospitals in the Richmond area
State and local taxes in 2016: $82.3 million
Charitable and community initiatives: Free medical care and financial advising to people in the community; local health fairs and blood drives
BON SECOURS
5 hospitals in the Richmond area
As a 501(c)(3) organization, Bon Secours is exempt from paying federal income taxes.
Charitable and community initiatives: Urban agricultural certification program; Care-A-Van mobile health for uninsured Richmonders; Growing Chefs, a children’s culinary training program
Virginia Commonwealth University and VCU Health
As Virginia’s second-largest public four-year university, VCU has long had an outsize impact on downtown Richmond. We see its influence in Richmond’s sports, visual arts, music, architecture, health care, engineering and advertising. If you aren’t an alumnus, an employee or a current student yourself, you probably live near one or are related by blood. As a state institution, VCU does not pay federal or state taxes, but it does pay back in terms of community and charitable work.
Property owned: 765 acres in the city of Richmond
$46,386,273 in four bonds for property purchases issued in 2013 and 2015
VCU Real Estate Foundation is exempt from federal and state taxes.
Charitable and community initiatives: Massey Cancer Center’s 14-year sponsorship of the Monument Avenue 10K; VCU Alumni partnership with FeedMore; VCU Health Cap2Cap Bike Ride; CARES Clinic (nonprofit, pro bono physical therapy clinic); VCU departments “adopted” nine Carver Elementary classrooms in 2016, offering tutoring and literacy skills.
Virginia State Government
More than 30 percent of Virginia’s classified state employees work in Richmond. They oversee the state retirement fund, salt and sand highways when it snows, investigate causes of death, inspect restaurant kitchens, teach children and adults, and help first-time homebuyers. And that’s merely the tip of the commonwealth iceberg.
10,018 acres of state-owned property in Richmond, Henrico and Chesterfield
Charitable initiative: Commonwealth of Virginia Campaign, annual donation program to 501(c)(3) charities that provide services geared toward health and human services, the environment or animal welfare
