Headquarters Locations: Building A Strong Corporate Home

There are many critical factors to consider when businesses decide where to locate their corporate headquarters.

Virginia: America’s Corporate Hometown

The recent release of the Fortune 1000 list illustrates Virginia’s position as America’s hometown for corporate headquarters. The Commonwealth is home to 24 Fortune 500 headquarters and 36 Fortune 1000 companies representing industries as diverse as technology, defense, hospitality, food and beverage, and finance. More than 500 companies have relocated to or have expanded headquarters offices in Virginia in the last decade, including two recent Fortune 500 relocations, RTX (formerly Raytheon Technologies Corp.) and Boeing Co.

Virginia corporate headquarters
Virginia is home to 24 Fortune 500 companies, with 14 in Northern Virginia alone, including General Dynamics Corporation in Fairfax County. (Photo: Virginia Economic Development Partnership)

 

Virginia is home to almost a million professionals in corporate headquarters functions, and that talent pool is one of the most diverse in the country. Virginia’s talent advantages start with its top-notch education system, and the Commonwealth is making major investments to ensure the future health of that talent base. Virginia boasts the best higher education system in the South and the second-best in the country (SmartAsset 2022), as well as the best K-12 public schools in the South and the fourth-best in the country (WalletHub 2022). The Commonwealth holds another talent advantage over its peer states—a robust pipeline of individuals exiting the military into the job market each year, exhibiting stability, skill, and high-stakes operational knowledge.

Access, Connectivity, Stability. Virginia’s location on the center of the East Coast offers headquarters proximity to key economic hubs, including critical customer markets like the federal government, Northeast Corridor, and Southeast metro areas. The Commonwealth also offers an easily accessible base of operations for international companies expanding their footprint into North America. As Boeing President and CEO Dave Calhoun said when announcing his company’s relocation to Arlington County, “The region makes strategic sense for our global headquarters given its proximity to our customers and stakeholders and its access to world-class engineering and technical talent.”

Strong infrastructure helps magnify Virginia’s geographic advantages. Located within a one-day drive of nearly half of U.S. consumers, the Commonwealth’s highway network is the second-densest in the Southeast, and every region has access to at least one of 16 commercial airports. Virginia’s extensive public transit network offers access to environmentally friendly transportation options—the Commonwealth ranks No. 1 among Southeastern states for public transit usage.

Another Virginia asset attractive to corporate headquarters is its stable, predictable operating environment. The Commonwealth offers a combination of business-friendly policies and lower operating costs, including a corporate income tax rate unchanged since 1972. Virginia has earned an AAA bond rating for more than 80 consecutive years, longer than any other state.

A Home For Business. Major corporations have found Virginia to be a strategic location to establish roots and grow, supported by an educated workforce, exceptional infrastructure, demographic diversity, unparalleled quality of life, and a host of other benefits. State and local leaders are committed to fostering a business climate that helps corporate partners build on the Commonwealth’s success story—a story that’s still being written by the companies that choose to make Virginia their home.

Visit www.vedp.org for more information.

Click here to continue reading.

LEAVE A REPLY

Please enter your comment!
Please enter your name here