Norfolk’s business climate supports companies in the business, corporate, and management services industry, which is illustrated by the fact that Norfolk is already home to numerous company headquarters, shared services offices, and consulting firms. This industry includes accounting services, management consulting, marketing consulting, corporate/subsidiary/regional managing offices, collection agencies, shared services, etc.
Competitive Advantages:
Economic Characteristics:
- Stable and competitive taxes and legislation protect “at will” employers
- Average salaries in this industry are 10% below the national average, resulting in lower labor costs
- A lower Cost of Living makes Norfolk attractive to employers
- Average office space costs are lower than the national average
- Virginia’s income tax rate of 6% has not changed since 1972
- Virginia’s income tax rate is 0.9% below the national average
Location:
- Norfolk is only three hours from Washington, D.C.
- Daily Amtrak services to Washington, D.C.
- Norfolk International Airport provides daily flights to major locations around the U.S.
Labor Force:
- Strong, growing labor force of skilled professional workers
- Transitioning military personnel
- Military spouses
