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corporate-financial

Corporate, Professional and Financial Services

 “The Hampton Roads region has a strong and capable labor pool which has allowed us to constantly grow our company. Since locating our regional office here in 1998, we have grown to more than 2,600 associates and remain very happy with our decision to locate and expand in Hampton Roads.”
- Joe Thomas, GEICO

Hampton Roads’ central location on the talent rich Eastern Seaboard of the United States makes it ideal for professional firms. Unchanged since 1972, the Commonwealth of Virginia enjoys a very favorable corporate tax rate, well below the national average. The added benefit of a lower-than-average cost of living makes Hampton Roads the perfect place to work and live. This winning combination is why companies such as New York Times Shared Services, Anthem, Inc., and GEICO, as well as Fortune 500 companies Norfolk Southern Corporation, Dollar Tree, Inc., and Huntington Ingalls Industries all call Hampton Roads home.

Key Companies

  • Anthem, Inc.
  • Bank of America
  • Capital One
  • Dollar Tree, Inc
  • Ferguson Enterprises
  • GEICO
  • New York Times Shared Services
  • Norfolk Southern
  • PRA Group, Inc.
  • TowneBank

Regional Industry Highlights

  • Existing concentration of businesses with a large, growing labor pool of skilled professional workers.
  • Over 100,000 are directly employed in the Corporate, Professional and Financial Services industry.

Average office space costs, as well as the average commute time to work, are lower than the national average and many major cities, as illustrated in the table below.

Cost of Office Space & Commute Times
  Class A Class B Average Commute Time in Minutes
Hampton Roads, VA $20.77 $15.56 24.4
Atlanta $24.95 $17.27 31.1
Charlotte $26.35 $19.17 27.3
Chicago $26.45 $20.79 34.6
Los Angeles $34.19 $27.80 32.3
New York $61.68 $61.18 39.1
Washington, DC $38.22 $29.61 35.9
United States Average $29.26 $20.58 25.4

CoStar Market Reports, Q3 2015; U.S. and Census American Community 5 year Survey. Q3 2015

Average Wages and Salaries: the average salary in the corporate, professional and financial services sector is 10% lower than the national average. Below are examples of the regional average wage for various occupations in this field.

Average Wages and Salaries
  Regional Average Wage National Average Wage
Accountants and Auditors $71,320 $73,670
Financial Analysts $70,050 $92,250
Personal Financial Advisors $94,220 $108,090
Insurance Underwriters $55,000 $70,570
Architects $77,060 $80,490
Sales Representatives, Services, All Other $58,410 $61,960

U.S. Bureau of Labor Statistics, May 2014

Average Costs of Benefits to Employers: the chart below shows the cost to the employer per hour worked for employee compensation in dollars and as a percentage of total compensation. Hampton Roads is part of the South Atlantic region. Benefits include paid leave, supplemental pay, insurance, retirement and savings, social security, unemployment, and workers’ compensation.

Average Costs of Benefits to Employers
  Average Costs Average percent of Costs
National   $10.15 30.70%
South South Atlantic $8.64 28.90%
Northeast New England $11.08 29.90%
  Middle Atlantic $13.42 34.60%
Midwest East North Central $9.01 30.70%
  West North Central $8.39 29.80%
West Pacific $10.37 30.50%

U.S. Bureau of Labor Statistics, June 2015 

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