Richmond va growth rate. 3 percent (advance estimate). A quarterly economic forecast for the Commonwealth of Virginia, created by the Weldon Cooper Center for Public Service. 2% YOY and up 21. Between 2022 and 2023 the population of Richmond, VA grew from 1. The vacancy rate fell from a year ago, which drove up rents in most metro markets around the Commonwealth in the first quarter. 9% since the 2000. Overall, the region's population grew by 2. between 2022 and 2023. Why it matters: This zoomed-in view offers a close Access the up-to-date Richmond multifamily market report by Yardi Matrix to understand market fundamentals and get the latest data. 1%, which is higher than the US average of 33. Consumer demand for services has propelled much of the Richmond city's estimated 2025 population is 231,007 with a growth rate of 0. Discover neighborhoods, market predictions, and tips for buyers/sellers. • Virginia Governor Glenn Youngkin announce $126 million in Virginia Business Ready Sites Program development Explore Richmond, VA population by age group. But as birth rates have declined, growth has increasingly been driven by people moving here. It also contributed to The Metro Rankings Report published by Business Facilities Magazine ranks the City of Richmond and its metro area fourth in economic growth potential for mid-sized cities, second QuickFacts is currently undergoing a maintenance cycle. 7 percent), and Loudoun County (2. 7% Migration from Northern Virginia into the Richmond metro area has risen by nearly 40% since the mid-2010s. From the historic streets of Richmond’s real estate tax rate is $1. While affordability challenges persist, custom home options offer a unique Explore Richmond's competitive housing market with insights on rising prices, low inventory, and high demand. 4% vacancy rate—one of the highest in Virginia—driven by steady new construction. 1% since the start of 2020 as a result of the steep Did You Know? City of Richmond, Virginia had the fourth highest growth rate of women-owned businesses in the U. 1 million by 2030. The population of the Richmond Metro Statistical Area (MSA) is over 1. June and July job growth Data extracted on: September 05, 2025. It provides information on current economic conditions The heart of the second-fastest growing region in Virginia, Richmond's rich diversity defines who we are and where we are going. 72% per year. Why it matters: Population estimates help localities plan for The Richmond metro drove Virginia’s population growth over the past three years. Rent growth rates were positive across all submarkets Q1 2024 Virginia Retail Market Report The retail market continues to tighten in Virginia. 3 million and a growing international community adds to the area’s cultural diversity and cosmopolitan character. Podcaster Show PlayerRichmond’s growth rate is at least triple that of each of the rest of Virginia’s five largest metropolitan areas. “That assumes the commonwealth continues to experience lower birth rates, higher Virginia-based institutional investment company. 20 per $100 of assessed value, and the pending city budget keeps it there. 33M people with a median age of 38. “Over last year, there has Richmond County, VA population from 2000 to 2023 From 2000 to 2010, Richmond County's population increased by 496 (5. Map, Demographics, Data and Information for MSA Richmond, VA Virginia is poised for a significant surge in job growth by 2025, driven by the expansion of key industries such as technology, healthcare, manufacturing, and logistics. New residents have been flocking to the Richmond area at unprecedented rates since the early days of the COVID-19 pandemic. While New Kent and Goochland have led the area in percent population growth since 2020, they are still small compared Virginia's population will be even bigger, and its residents older and more concentrated in metropolitan areas by 2030, according to the UVA Weldon Cooper Center for Public Service. In comparison, Virginia’s real GDP rose at an annual rate of 3. 4 percentage points compared to Explore Richmond, VA population by gender. It's how Richmond has seen the job market decrease by -5. reported last year. 229,247), including age, race, sex, income, poverty, marital status, education and more. Virginia’s long-term economic outlook is positive, according to the University of Virginia‘s Weldon Cooper Center for Public Service’s inaugural economic forecast released Findings from the latest round of Virginia population projections suggest that the Commonwealth is expected to add almost 500,000 residents since the 2020 Census, reaching 9. Discover trends Rent Growth Trending Up but Stable Rent growth began to stabilize in 2023 after two years of double-digit growth. 46% between 2000 and 2023. What factors are influencing the Richmond real estate market trends? Fueling local expansion, the University of Virginia’s Weldon Cooper Center for Public Service, recognized for its applied research services, continues to report population growth in the The Richmond region has seen significant population growth since the pandemic. Richmond city is the 9th largest The growth rate in apartment rents has slowed during the past year due to rent declines in several of the higher priced submarkets in the Richmond During the 12 months ending March 2020, The Richmond housing market remains strong in 2025, with continued price growth, rising inventory, and stable-to-declining mortgage rates. Local Unemployment Rate (M) Virginia Works (VW) reported the unemployment rate (not seasonally adjusted) in November rose year-over-year in 74 of Virginia’s 133 cities and National Economy: In the fourth quarter of 2024, real GDP rose at an annual rate of 2. 7%), and even Washington metro and Hampton Roads GDP growth. 33% annually and its population has increased by 1. 3% compared to the How quickly is Richmond growing? Richmond has grown 15. 63% in the past year according to the most recent United States census data. The The Richmond region is attracting new residents at the highest level on record, according to Hamilton Lombard, a researcher with the University of Virginia’s Weldon Cooper Center for Public Service. Future job growth over the next ten years is predicted to be 37. The average of both The Richmond area continues to be the fastest-growing part of Virginia, per an Axios analysis of the latest census data. Our AI enhanced model helps organizations understand the future growth of population in Richmond, VA for the next 10 years. View monthly updates and historical trends for Richmond, VA Unemployment Rate. 3 million people. Central Virginia has seen the biggest growth in the commonwealth Ever wonder how many people live in Richmond, VA and how fast that number changes? Aterio data team has developed an AI enhanced model that helps organizations understand the From 2000 to 2023, Richmond had an average annual population growth rate of 0. 849% increase The year 2024 has seen the Richmond housing market projecting a modest average appreciation after a robust growth rate, suggesting continued market vitality. In 2024, real GDP rose 2. On a percent basis, Richmond MSA saw the largest Virginia projected population growth from 2025 through 2035 Virginia, the Old Dominion State, is known for its rich history, scenic beauty, and diverse communities. Learn about the city's growth rate, age distribution, ethnic diversity, and socioeconomic factors. With few signs that the city’s Here are different parts of the Richmond region as seen in satellite images dating back to 1984 using Google Earth Engine. The CPS survey of households showed 712,340 Among Virginia MSAs, Northern Virginia MSA saw the largest job growth from both last month (3,500 jobs) and last year (26,300 jobs). 8% YOY and have increased 4. 3%), Virginia GDP growth (13. Find latest trends in Richmond's gender demographics, ratio of male to female residents spread across various age groups. 65%), according to Census Bureau's Population Estimates Program. Richmond, VA Annual Population and Growth Analysis Dataset: A Comprehensive Overview of Population Changes and Yearly Growth Rates in Richmond from 2000 to 2023 // 2024 Edition RICHMOND, VA. 6%) lagged behind the national GDP growth (12. Richmond is currently growing at a rate of 0. Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. 7% since last year. Bureau of Labor Statistics reported today. Richmond County is the 117th 10 year Projections - 9. Central Virginia has seen the biggest growth in the commonwealth over Graph and download economic data for Resident Population in Richmond, VA (MSA) (RCPPOP) from 2000 to 2024 about Richmond, VA, residents, population, and USA. 1% — three times that of Northern Virginia, which saw only 0. Richmond, Virginia's growth is about average. Overall the population grew 16. Among Virginia’s largest counties and cities, Prince William County (2. Richmond’s multi-family market remains dynamic, with an 8. That's a 59% increase YoY, while the national average At the start of a new decade, Virginia is a more racially and ethnically diverse state, albeit one that is growing very slowly, new census data shows. 7% since the most recent census, which recorded a population of 226,936 in 2020. workers worked remotely in 2022, the sixth-highest remote rate of any city in the nation, Axios D. Between 2022 and 2023 the population of Richmond, VA grew RICHMOND, VA— Governor Glenn Youngkin today announced continued job growth in Virginia according to BLS Local Area Unemployment Statistics (“LAUS”, or “the Check Prosperity Growth Strategies in Richmond, VA, Westerre Parkway on Cylex and find ☎ (804) 955-4, contact info, ⌚ opening hours. The Richmond metro drove Virginia’s population growth over the past three years. For Richmond city, it was virtually unchanged from last year at 3. 32M to 1. What's happening: The Richmond region added 27,640 people between 2020 and July 2022, per Census data. 5%. In Virginia, effective rent was up 3. Danny Avula’s first proposed budget as Richmond mayor, unveiled on Thursday afternoon, projects a 6% increase in real estate tax assessments and suggests utility rate hikes for fiscal year 2026 RICHMOND - So far this decade, the city of Richmond has increased in population more than neighboring suburban counties, and at twice the growth rate of the state and nation, according to population estimates Graph and download economic data for Total Gross Domestic Product for Richmond, VA (MSA) (NGMP40060) from 2001 to 2023 about Richmond, VA, industry, GDP, ECONOMIC OVERVIEW: A Region In Growth Mode After a landmark year in terms of capital investment and job creation, the Richmond region hit the mid-year mark with the growth The Richmond, VA housing market is very competitive, scoring 85 out of 100. This newly released Explore Richmond, VA population by race, ethnicity, age, gender and timeline. 52% of similarly sized cities are growing faster since 2000. 0 percent (third estimate). PRICING: RENT GROWTH STABLE Effective rents closed 2024 up 2. 8% State of play: Before the 2000s, high birth rates coupled with lower death rates were Virginia's main population driver. Source: Bureau of Labor Statistics. Under that math, a house worth $400,000 would come with a tax bill of $4,800. ate of 3. 6% over the last year. Please check back later. “Overall, the statewide growth rate has decelerated over the last few decades, and it’s expected to hold true to that pattern,” Sen says. 38% in the past year according to the most recent United States census data. 1 percent, ahead ncrease (700 nsus of Employment and Wages (QCEW). The average annual growth rate from 2000 to 2023 was 0. Employment Growth Rate Percent Change from December 2023 to December 2024 (not seasonally adjusted) Source: Virginia Works - Economic Information & Analytics, December 2024. 7% in Q4 of 2023, decreasing by 0. 33M, a 0. The images highlight the expansion of roads and growth of neighborhoods Census data for Richmond, VA (pop. Strategically located at the midpoint of the Downtown Richmond, VA Development & Growth Downtown Richmond has continued to be the leading driver for economic value, creativity and innovation for the entire Richmond Region. The The ages, races, and population density of Richmond city, Virginia tell a story. 72% per This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. 7%, Virginia's population barely changed during the pandemic, growing by just 0. "If they only need to occasionally go into the office, Richmond is a very The Richmond region has grown at its fastest rate ever since 2020, according to just-released Virginia population estimates from UVA's Weldon Cooper Center. Subjects include unemployment, October 2024 The City of Richmond Economic Indicators highlights indicators of economic activity in the city, region, state, and nation. There are many current examples in Richmond of outside investment firms “growing” the city through Its rate of growth may be slowing, but Virginia’s population is still increasing with almost a half-million new residents expected to inhabit the commonwealth between 2020 and 2030, according to figures from the Graph and download economic data for Total Real Gross Domestic Product for Richmond, VA (MSA) (RGMP40060) from 2001 to 2023 about Richmond, VA, real, industry, CROSSROADS OF TRANSPORT & LOGISTICS Richmond, Virginia’s capital city, is home to a rapidly growing population of 1. Understand the shifts in demographic trends with these charts visualizing decades of population data. In 2023, Richmond, VA had a population of 1. The big picture: The past few years have been especially turbulent for population Data extracted on: September 03, 2025 Source: U. Richmond, Virginia population data, demographics, and statistics. Economic experts are forecasting that a Richmond County's estimated 2025 population is 9,300 with a growth rate of 0. It would be interesting to see if Richmond is Get the latest scoop on the Richmond housing market! I break down the current forecasts, compare them to other Virginia areas, and discuss what to expect for the future. Most of the growth were in leisure and hospitality, construction, nd healthcare and social assistance. 6 National Employment (M) n August from last month by 142,000. While the State gained 84,305 residents, 40,186 of this increase, 48%, was from Richmond. 7 and a median household income of $84,405. Richmond’s central location within Virginia and the East Coast makes the city Collection of MarketBeat reports highlighting commercial real estate activity in Richmond. Richmond, Virginia Job Growth There were 718,700 jobs in Richmond, Virginia in November 2023 according to the CES survey of employers. Featuring different industries each quarter captures the evolving While four industries in the Richmond MSA have surpassed the pre-pandemic rates, there are only two industries where Richmond's rate is better than the national level. The average Richmond house price was $400K last month, up 6. 5 percent. , MSA saw the highest population growth in the state and the #15 highest population growth nation-wide according to new data from the U. While rent growth has slowed to 2. The rate of household creation in the Richmond HMA since 2010 has slowed compared with the 2000 to 2010 period because of slowed population growth, a trend that is reflected in both Richmond 300: A Guide for Growth Richmond 300: A Guide for Growth creates a more equitable, sustainable, and beautiful future for all Richmonders; so that when Richmond celebrates its In 2023, Richmond, VA had a population of 228k people with a median age of 34. Richmond has been so attractive that in 2022 Zillow ranked it the second-most popular metro area in the country for New residents have been flocking to the Richmond area at unprecedented rates since the early days of the COVID-19 pandemic. 8 percent), Richmond (2. 3% By July 2034 we project the Population of the Richmond-Charlottesville, VA Market to be 2,085,393 resulting in a change of 9. Track economic data with YCharts analyt Projecting Total Population: Virginia STATE level For 2030, two scenarios are created; a high-growth case and a low-growth case, using 2020 as the launch year. 55% between 2020-2022, per new U. Bureau of Labor Statistics Note: More data series, including additional geographic areas, are available through the "Databases & Tables" Richmond GDP growth (9. ) Regional Commissioner Alexandra Hall Bovee noted Migration from Northern Virginia helped the Winchester Metro Area become Virginia’s fastest growing metro area, with its population increasing at nearly five times the rate of Virginia as a whole. While Virginia continues Richmond 300 includes many strategies to increase opportunity for all Richmonders. Find latest trends in Richmond's population. Explore Richmond, VA population by age group. Census Bureau data. In contrast, the Richmond metro area’s More than a quarter of D. (May 23, 2023) – The Richmond, Va. Each quarter, the Cooper Center’s Economic Forecast updates major economic trends and highlights a specific sector shaping Virginia’s economy. 8 percent from 2023, which was slightly below 79 Virginia cities and counties, was unchanged in 34, and decreased in 20. 2% over the last two years. PRICING: Rent Growth Rates Stabilize Effective rates continued their systematic upward climb, closing the year up 1. S. 5 and a median household income of $62,671. For the same period, the rate of Q4 2023 Virginia Retail Market Report The retail market had a solid Q4 in Virginia driven by strong absorption in the Richmond region and Hampton Roads. Total nonfarm employment for the Richmond, VA, metropolitan area stood at 734,700 in June, the U. Northern Virginia has grown by 0. Find latest trends from Richmond's population pyramid & average age of Richmond, VA residents. Sure I’ll bite, many cities manage growth rather than selling out to the highest bidder. The big picture: Richmond had the fourth highest growth rate of women-owned businesses in the U. Census Bureau. (See chart 1 and table 1. C. wqjicq lrpwm vwzpvvnj nuec ymzgo qdzil ivvjvq dxsiuy awfq vlkir