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Richmond's
economy
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Historic development as a commercial center
Richmond's strategic location on the James
River, built on undulating hills at the rocky fall line separating
the piedmont and tidewater regions of Virginia provided a natural
site for the development of commerce. For centuries, the native
peoples of the powerful Powhatan tribe recognized the value
of this site, rich in natural beauty. They knew it as a place
to hunt, fish, play, and trade, and they called it "Shocquohocan,",
or Shockoe. The first European explorers came in 1607, from
the Virginia Company of London. They discovered a fragrant weed
grown by the natives, and tobacco became a lucrative commodity
in the area. The trading post developed into a village, and
by 1733 a town was laid out by William Byrd II and William Mayo.
Its early buildings were clustered around the Farmers' Market,
existing today at 17th Street.Early trade grew rapidly, primarily
in the agriculture sector, but also in the slave trade. Slaves
were imported to Richmond's Manchester docks from Africa, and
were bought and sold at the same market.To facilitate the transfer
of cargo from the flat-bottomed bateaux above the fall line
to the ocean-faring ships below, George Washington helped design
the James River and Kanawha Canal in the 1700s to bypass Richmond's
rapids. The canal was later superseded by rail in the 1800s,
and the railroads were laid on the original canal towpaths.
In the 1900s highways were constructed in the air over the same
area.Throughout these three centuries and three modes of transportation,
downtown has always been a hub, with the Great Turning Basin
for boats, the world's only triple crossing of rail lines, and
the intersection of two major interstates.See also: Transportation
in Richmond, Virginia.
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Recent
economic developments
In recent years, Richmond has been attempting to revive its
downtown. Recent downtown initiatives include the Canal Walk,
a new Greater Richmond Convention Center, and expansion on both
VCU campuses. A new performing arts center, Richmond CenterStage,
is planned to open in 2009.The complex will include a renovation
of the Carpenter Center and construction of a new multipurpose
hall, community playhouse, and arts education center in parts
of the old Thalhimers department store.The city has entertained
multiple proposals for a new baseball stadium for the AAA Class
Richmond Braves in recent years, but none has yet advanced beyond
initial planning.
In
February, 2006, MeadWestvaco announced that they would move
from Stamford, Connecticut to Richmond in 2008.The company plans
an 8-10 story office building downtown, near the Federal Reserve
building.
In
2005, Forbes ranked the Richmond area as the Best Place for
Business and Careers, primarily due to its highly educated labor
force and relatively low business costs. Other areas of the
economy that have developed recently in the city include pharmaceuticals,
insurance, advertising, biotechnology, education, tourism health
services, or semi-conductors. In 2006, Forbes also named Richmond
as the sixth best city in which to find employment among the
100 largest metropolitan areas in the nation.
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