Target Industries

The energy sector brings significant income into the Richmond economy. Energy generally require many more middle-skill jobs than most other industries.

These middle-skill jobs are in high demand nationwide, and are a particular strength of the Richmond economy. Additionally, this cluster is highly concentrated and specialized in Richmond. Other Richmond businesses (outside of oil and gas) are heavily dependent on the energy cluster. In particular, two other strong clusters in Richmond, professional and technical services and specialty trade contractors, are currently supplying 31% and 69% of the oil and gas industry’s need for these services.

The finance, insurance, and real estate (FIRE) industry is a rapidly growing industry cluster in the Richmond economy. Further, this cluster is highly concentrated and specialized in Richmond – meaning that while this Richmond industry is highly competitive, there are significant opportunities for other Richmond businesses (outside of FIRE) to tap into the industry supply chain.

Similar to the professional services cluster, focusing economic development efforts on business services will, in turn, support growth in all the other clusters. Business services encompasses a great variety of types of businesses, which also helps in diversifying the economy.  Combining economic development goals of attracting and retaining both business services and professional service companies builds on Richmond’s housing and education assets.

The wide range of professional skills and societal impact tied to this industry could make it the industry cluster that offers the single most potential for economic development efforts. Professionals in this cluster expect a good housing market, good schools, local amenities, and a high quality of life. Further, this cluster supports all of the other targeted clusters with essential services and expertise.

The healthcare and life sciences industry is a cluster that requires high levels of experience and education for many occupations, while also offering entry-level jobs. At 10% of the GRP and nearly 20% of all jobs, this cluster is exceptionally important to the Richmond economy.

Building up the industry and its supply chain, as well as offering a high quality of life for those employed in Healthcare and Social Services are prime economic development efforts for Richmond that can capitalize on the strong foundation already present in the city.