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Area economy's strength shines in Top 50 list
Experts say they're pleased by consistency in 2007's employers
 
Sunday, Apr 22, 2007 - 12:06 AM Updated: 09:50 AM
 
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BY CAROL HAZARD
TIMES-DISPATCH STAFF WRITER

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Top 50 Richmond Area Employers

Three newcomers made this year's list of the Top 50 employers in the Richmond area:

  • MeadWestvaco Corp., which moved its headquarters here from Stamford, Conn. The packaging company is leasing offices in Henrico County while it builds a home office in downtown Richmond.
  • Westminster Canterbury, a retirement community in Richmond and Henrico County that doubled in size with an expansion.
  • World Access, a specialty insurance provider in Henrico that found a growing market niche in travel insurance and international health care.

    In all, 33 companies added workers this year, including No. 2 Capital One Financial Corp. The credit-card and financial-services company trimmed ranks in the past couple of years.

    HCA Inc., a hospital and health systems operator, is the area's leading employer with the equivalent of 7,719 full-time workers. It surpassed Capital One, which had been the leader for several years.

    For all the fluctuations, the list is relatively stable, with most of the same players as in years past.

    "The similarity to last year's list is astounding," said Richard Coughlan, associate dean for gra- duate and executive programs at the University of Richmond's Robins School of Business.

    "I was immediately struck that this year's top 30 has exactly the same set of firms as last year's top 30. There were no new entrants into the top 10 or the top 20, either.

    "That speaks to a very healthy business climate in the region with a variety of growing sectors providing numerous opportunities for employment," Coughlan said.

    "This is a very positive sign for individuals looking for career opportunities and for businesses that might be thinking of moving jobs to Richmond."

    LandAmerica Financial Group Inc. added 45 full-time employees and maintained its rank at No. 37.

    "From a business perspective, the Richmond region is a good place to grow jobs," said Theodore L. Chandler Jr., LandAmerica chairman and chief executive officer and incoming chairman of the Greater Richmond Chamber of Commerce.

    "We have a nice balance of businesses, not heavily reliant on manufacturing as we once were," Chandler said.

    Yet manufacturing is holding its own.

    Coughlan said he is pleased to see significant growth at DuPont and Qimonda and investments in their Richmond-area operations.

    "Increased numbers of jobs at these two firms translate into more opportunities for entrepreneurial firms that serve as their suppliers and partners."

    The list indicates that the region is fortunate to have a work force with abundant skills in manufacturing, retail, health care and finance, Coughlan said.

    Health care and finance account for nearly half the jobs among the largest area employers, with each adding about 1,000 jobs since last year. (Insurance companies are included with financial institutions.)

    "I'm especially intrigued by the continued growth among financial firms, including the insurance companies," Coughlan said. "It suggests that Richmond is poised again to be seen as a serious player in the banking and finance arena."

    The loss of banking jobs to North Carolina years ago opened up opportunities in insurance and financial services.

    "World Access is an intriguing entrepreneurial story," Coughlan said about one of the nation's biggest travel insurers. "It may very well jump several spots next year."

    Given the collection of businesses here, the Richmond region may provide answers to questions about the challenges and opportunities that might exist as baby boomers move into retirement, Coughlan said.

    As the boomer/retirement trend continues, health-care providers, insurance companies and financial advisers are forging tighter business relationships, he said.

    Economist Christine Chmura, president of Chmura Economics & Analytics in Richmond, said the Top 50 employers grew faster than the region.

    Their 3.6 percent growth compares with a 2.1 percent rate in the region.

    "Only 12 saw employment declines, and there was no real pattern to that," Chmura said.

    "The Richmond region has a diverse economy, and this list underscores that," she said. "It is not totally dependent on one sector."

    The 50 employers are made up of six companies in health care, nine in manufacturing, nine in finance, insurance and real estate, and 11 in retail; the rest are mixed.

    "The Richmond region is clearly very service oriented," Chmura said.

    She noted that employment in manufacturing grew at nearly 6 percent. However, that number includes the arrival last year of MeadWestvaco. Back the packaging company out of the equation and manufacturing employment rose less than 1 percent.

    Yet it is still positive and remarkable because the rest of the country is seeing year-over-year declines in manufacturing, Chmura said.

    "In some of these sectors, we are seeing employment declines, but that is only half of the story," she said. "It doesn't necessarily mean a company is unhealthy, but more efficient."

    Contact staff writer Carol Hazard at chazard@timesdispatch.com or (804) 775-8023.

     

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