Thursday Business Buzz
Many Richmond businesses plan to expand

by Paula C. Squires
Virginia Business
September 13, 2007

Interviews with more than 300 businesses in the Richmond area reveal that a third expect to expand in the next 12 months.

The interviews were conducted as part of Business First Greater Richmond, an outreach program to existing businesses. Staff members and volunteers representing the Greater Richmond Chamber of Commerce and regional economic development groups have contacted local businesses to find out their plans and needs.

The interviews showed:

• One third of the companies plan to create more than 800 jobs as they expand in the next 12 months.
• Fifty percent expect their sales to grow more than 10 percent during that period.
• The biggest employment gains are expected in health care (25 percent); construction, finance and insurance (11 percent each); and manufacturing (10 percent).
• Sixty-nine percent of the companies rated the area work force as good or excellent, but more than 100 of the businesses said recruiting workers is a challenge.

The firms involved in the interviews averaged 40 employees. The companies ranged from a one-person firm to a business with 900 employees.