Published on
August 21, 2025
Richmond has been named among the top U.S. cities experiencing explosive growth in business travel, with notable increases in hotel and airline bookings. This surge is largely driven by the city’s expanding economic landscape, fueled by significant corporate investments, major development projects, and an increasing number of Fortune 500 companies establishing a presence in the area. Key developments, such as the Diamond District and City Center Innovation District, are creating an ideal environment for business expansion. Additionally, state and local incentives designed to attract new businesses and enhance workforce development are making Richmond a prime destination for corporate relocations. As a result, the city is seeing more executives and professionals choosing Richmond for business trips, contributing to its growing role as a top business travel hub.
Richmond’s Rising Business Presence
American Express identified Richmond as one of five U.S. cities experiencing the most substantial increase in business-related hotel and airline bookings. The Amex Trendex report describes Richmond as a “developing economic hub,” noting its growing influence as a key business center in the United States. The city is attracting attention due to the presence of several Fortune 500 companies, which contribute to its economic dynamism.
The rise in business travel and interest in the city is linked to targeted efforts by both local and state governments. These initiatives aim to improve workforce development, offer incentives for companies to move or expand operations in the city, and create a favorable business climate. Richmond’s favorable positioning as an attractive city for business investment is creating a growing interest among professionals and entrepreneurs.
Major Development Projects Fueling Growth
Richmond’s business appeal is further enhanced by several transformative projects that are reshaping its landscape. The Diamond District and the City Center Innovation District are two high-profile developments that are poised to drive significant economic activity in the region.
The Diamond District project is designed to bring a blend of residential, commercial, and leisure spaces to Richmond, making it a more vibrant and appealing place for businesses and residents alike. Meanwhile, the City Center Innovation District aims to provide a hub for high-tech companies, research institutions, and startups, further establishing Richmond as a forward-thinking business environment.
Despite these exciting prospects, some projects, such as the City Center initiative—which includes plans to demolish the Coliseum—have faced delays and remain on hold. Nevertheless, when completed, these developments are expected to create a wealth of business opportunities and help position Richmond as a top business destination.
Corporate Investments Driving Business Activity
Several key corporate investments have played a crucial role in enhancing Richmond’s standing as a business-friendly city. CoStar, a leading provider of commercial real estate data and analytics, is building a new research center in the area. Lego has also committed to constructing a billion-dollar manufacturing plant in Richmond, which will create numerous jobs and attract additional business activity to the city.
In addition to these projects, Richmond is seeing investment in sectors such as data storage and energy. Henrico’s Iron Mountain data center and Chesterfield’s cutting-edge nuclear fusion plant represent important steps in Richmond’s diversification into emerging industries. These developments are strengthening the city’s appeal as a place where both established and innovative businesses can thrive.
Increasing Business Interest in Richmond
The Amex Trendex report reveals a significant rise in interest from business leaders considering Richmond as a viable location for expansion. From 2021 to 2025, the percentage of C-suite executives evaluating Richmond as a business destination has surged from 2% to 57%. Likewise, the percentage of site location consultants—experts who help companies choose locations for new facilities—has jumped from 20% to 90%.
This shift reflects a broader trend in which Richmond is increasingly recognized as an ideal location for business operations. This growing interest highlights the city’s ongoing transformation into a leading economic center.
Looking Ahead
Richmond’s ascension as a prime destination for business travel reflects the city’s increasing importance on both a regional and national scale. With continued investments in infrastructure, major development projects, and corporate expansions, the city is poised for long-term economic growth. As these initiatives continue to unfold, Richmond is expected to attract more businesses, talent, and visitors, further solidifying its position as a rising business hub.
Richmond has been named among the top U.S. cities for explosive business travel growth, driven by corporate investments, major development projects, and an increasing number of Fortune 500 companies choosing the city as a key business hub.
