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, Virginia – one of the best-run localities in the nation. Henrico’s commitment to its business community and residents is reflected in low taxes, exceptional public services, and strategic deployment of public assets. As a result, Henrico is home to seven 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 Industry

  • Seven 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, META, H.P., and Polykon – a joint venture of Seppic-Shulke

Skilled Workforce

  • 44% 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 Taxes/Low Operating Costs

  • 85¢ per $100 real estate tax, including six rate decreases since 1978
  • 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
  • 30¢ per $100 assessed value on manufacturing machinery & tools, with the lowest effective rate in Central Virginia – 24¢ for Year 1
  • More tax information can be found here

Business Incentives

News & Insights

Extraordinary Henrico Tomorrow Initiative To Elevate Today’s Office
2024-11-19
Henrico Launches Interactive CATALYST Business Academy
2024-11-12
DPR Construction Utilizes Henrico Technology Zone Incentives & Innovative Practices in Office Expansion
2024-10-16
Henrico Launches Global Business Gateway in Innsbrook for International Businesses
2024-09-10