We’re thrilled to report that Fiscal Year 2021-2022 was filled with multiple triumphs. And many were achieved because of our belief that strengthening a local economy and nurturing a vibrant community also means creating good-paying jobs for residents. Small businesses deserve big attention, and sometimes we need to take aggressive action to support the success of our business community. The fiscal year was so triumphant, in fact, that two of our communities were named some of the best places to live in the U.S., we attracted nearly half a billion dollars in major investments, and Henrico was recognized as a great place to visit, drawing in more than $1.3 billion in tourist spending – a new record.
In Henrico, economic development is about equitable development. When we cultivate an ecosystem that supports every one of our 25,000 businesses, from startups to our six Fortune 1000 headquarters, we create a thriving community and a robust economy for all.
Major Investments
When it comes to top investments, FY2021-2022 played out like a highlight reel of the who’s who of industry titans. Following a year in which Amazon announced it was building a 2.6 million square foot, state-of-the-art robotics e-commerce center, Thermo Fisher Scientific, the world leader in serving science, revealed it was investing $92.5 million in Henrico to build two new bioanalytical labs. EAB, the leading provider of education research, technology, and marketing and enrollment solutions, announced a $6 million expansion. Meanwhile, global snack giant Mondelēz continued to deliver on its 2021 commitment to invest $122.5 million with the grand opening of a new distribution center in eastern Henrico.
Perhaps most importantly, the business attraction and expansion wins meant more than 1,200 new jobs for our community.
| Company | Investment | Jobs |
|---|---|---|
| Coca-Cola | $23M | 40 |
| Red River Foods | $16.5M | 60 |
| SimpliSafe | $3M | 250 |
| SimpliSafe | $3M | 250 |
| Richmond National | $247K | 72 |
| American Paper | $17M | 69 |
| Mondelēz | $102.5M | 80 |
| Thermo Fisher/PPD | $92.3M | 400 |
| Hamilton | $415K | 70 |
| EAB | $6M | 160 |
| PSC | $3.4M | 70 |
| Total | $264.362M | 1271 |
In FY2022, smaller companies were no strangers to success. We’re proud to say that 18 Henrico businesses landed on the Inc. 5000 and are even prouder that they call Henrico home.
Laying the Foundation
A major reason why companies large and small choose to grow in Henrico is that we have earned a reputation for listening to the needs of our businesses and responding in ways that improve their bottom lines. For example, in FY 2021-2022, we slashed the R&D tax rate by 74%, now standing at $0.90 per $100 of assessed value and among the lowest in the state.
Innsbrook Technology Zone program, which offers building and permit fee waivers, as well as custom incentives to eligible businesses that move to our premier mixed-use community. This way, we can tailor financial solutions specific to a company’s needs. The new program has already enticed both the Hamilton Insurance Group and BHE GT&S, a subsidiary of Berkshire Hathaway Energy, to establish their headquarters in Innsbrook.
Play On
It was not all work in FY 2021-2022. There was lots of fun to be had in Henrico as the Varina High School Blue Devils took on the Henrico High School Warriors in the first game at our brand-new Dorey Park baseball stadium. The $3.1 million facility was renovated to offer a variety of amenities like 346 covered bleacher seats, an enclosed press box, sunken dugouts, LED lighting, a full-color digital scoreboard, and much more. The state-of-the-art stadium will go a long way to support our booming sports tourism industry, which featured 160 tournaments and other sporting events in 2021, generating $59.1 million in economic impact.
And in eastern Henrico, four NBA-quality asphalt courts were installed at Fairfield Middle School. Features include LED sports lighting, colored acrylic surfacing, plexiglass backboards, bleachers, and more. Outside of school hours, the courts are available for our entire community to enjoy.
Honoring Greatness
And though this event was outside the fiscal year, we’d be remiss if we did not mention closing out the calendar year by announcing our fiscal and economic accomplishments at the State of the County Address in November. There we took the time to give thanks and honor new Legacy Companies that helped us achieve our best. These 11 new inductees were recognized for reaching 25 years or more of operation in Henrico.
- 1. A Bertozzi Inc.
- 2. Bill Talley Ford
- 3. Brown Distributing Co. LLC
- 4. B.W. Wilson Paper Company, Inc.
- 5. Costen Floors
- 6. Denton’s Alternator & Starter Service
- 7. E.D. Lewis & Associates
- 8. Franco’s Fine Clothier
- 9. Gumenick Properties
- 10. Holiday Barn Pet Resorts
- 11. Taylor, Taylor & Taylor Inc.: Attorneys at Law
A Banner Year
We are thrilled that this was one of the ways we capped off the year and that we have so much good news to share about FY 2021-2022. With growing the economy for all top of mind, we look forward to carrying this momentum of success through 2023 and beyond.