Business Climate

Reap the benefits of state and local government dedicated to cultivating a dynamic business climate. White Oak Technology Park is located in Henrico County, Virginia – one of the best run localities in the nation. Henrico’s commitment to its business community and residents is reflected in the County’s low taxes, exceptional public services, and strategic deployment of public assets. As a result, Henrico is home to four Fortune 1000 company headquarters and more than 25,000 individual businesses, and ranks second in Virginia for total employment.

White Oak Technology Park benefits from the Commonwealth of Virginia’s pro-business statutes and economic development support. Virginia maintains a robust network of transportation and shipping infrastructure, strong incentive packages for qualifying projects, and a deep labor pool – including the highest concentration of tech workers in the nation. As a right-to-work state, Virginia has one of the lowest private sector unionization rates in the U.S., at 2.5%.

Existing Industryexisting industry

  • Four Fortune 1000 headquarters and more than 25,000 businesses
  • More than 55M sq. ft. of commercial real estate, including 33M sq. ft. of industrial space
  • Businesses in White Oak Technology Park include QTS Data Center, Lumber Liquidators, Facebook, H.P., Anord Critical Power, and Polykon – a joint venture of Seppic-Shulke

Skilled Workforceskilled workforce

  • 41% of Henrico residents have a bachelor’s degree or higher
  • Metro labor force of more than 660,000 workers
  • K-12 workforce programs focusing on S.T.E.M. education
  • 90,000+ graduates per year from nearby colleges and universities, including Virginia Commonwealth University and the University of Richmond

Competitive Taxescompetitive taxes/
low operating costs

  • $0.87/$100 real estate tax, including six rate decreases since 1978
  • $0.40 per $100 assessed value on data center equipment and an aggressive depreciation schedule
  • Electricity costs 30% below the national average, provided by Dominion Energy
  • $0.30 per $100 assessed value on manufacturing machinery & tools, with the lowest effective rate in Central Virginia – $0.24 for Year 1
  • More tax information can be found here

Business Incentivesbusiness inventives

Spotlight: The Henrico Way

Henrico County is dedicated to delivering the best services and administration possible to its residents and business community. We do this through our long-standing tradition of the Henrico Way: exhibiting the highest level of customer service, leadership, efficiency, and accountability. Henrico’s commitment to its stakeholders is reflected in the County’s AAA bond rating from all three major credit rating agencies, a nationally recognized school system, the second-highest concentration of jobs in the Commonwealth, and its reputation as one of the best run localities in the nation.

The Henrico Way guides the County’s proactive approach to business, understanding that business pays for the exceptional quality of life and services offered here. To maintain a competitive edge and enhance its value to business, Henrico continually explores opportunities to reduce development and operating costs in the County without increasing taxes on its corporate citizens or residents.

Henrico operates under a County Manager form of government, which enables flexibility, stability, and a unique authority to make commitments to its business community. The County Manager, appointed by the Board of Supervisors, provides professional management of government operations similar to a corporate CEO. The stability offered by the County Manager and Henrico’s dedication to its business community creates a dynamic business location where companies can come for success and stay for life.

Henrico County Seal