RICHMOND, VA NASHVILLE, TN COMPARISON

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1 RICHMOND, VA NASHVILLE, TN COMPARISON BOUNDARIES 1: The Richmond MSA The Richmond MSA consists of 13 counties and 17 jurisdictions with a land area of 4,667 square miles. It includes the four cities of Richmond, Petersburg, Hopewell, and Colonial Heights. The Richmond MSA has a population of 1,245,764 as of May, Map 1 Source: Lovewhatyoufind.com.

2 2: The Nashville-Davidson--Murfreesboro--Franklin, Tennessee MSA The Nashville-Davidson-Murfreesboro-Franklin, TN MSA is comprised of 13 counties and has a land area of 7,484 square miles. It includes the cities of Nashville, Murfreesboro and Franklin. The Nashville MSA has a population of 1,595,454 as of May, Map 2 Source: Nashville Area Chamber of Commerce, Economic Development

3 OVERVIEW The Richmond MSA, located in Central Virginia, is the Commonwealth s capital city and home to 10 Fortune 1000 companies; 6 of which are in the top 500. The Fortune 500 companies include Altria Group, Dominion Resources, Genworth Financial, Owens and Minor, CarMax and MeadWestvaco. Virginia ranked 1st on the Forbes.com 2013 list of Best States to do Business, while Tennessee ranked 15th. Richmond was recently named the nation s Happiest City by a U.S. National Bureau of Economic Research study (2014). The region finished as the 10th best city for overall small business friendliness in the country, earning an A by Thumbtack.com in June Richmond was also named one of the top 20 Fittest Cities by CNN Money in January 2014, and the Best River Town in America by Outside Magazine in As of 2013, Richmond s three largest employment sectors were health care and social assistance, retail trade, and educational services. The Richmond MSA includes Virginia Commonwealth University, whose hospital was ranked number 1 by US News in both 2012 and 2013 for Best Hospital in Virginia. VCU's Medical College of Virginia (MCV) Hospitals is the most comprehensive teaching medical center in Virginia and is regularly ranked among the top hospitals in America. Recently the Washington Redskins set up their training camp in the area, which aided in the region s tourism. Richmond is also home to the Flying Squirrels, a minor league affiliate to the San Francisco Giants. Nashville is located in the upper middle area of Tennessee. The MSA is home to 6 Fortune1000 companies with 3 in the Fortune 500. The companies in the top 500 include HCA Holdings, Inc., Community Health Systems, Inc., and Vanguard Health Systems, Inc. Nashville ranked 10th in the nation in the Forbes.com 2014 annual Best Places for Business and Careers. It was among the top cities for manufacturing growth on Garner Economics' list of cities adding the most manufacturing jobs between April 2010 and April Forbes.com also rated the MSA as America s third most creative cities by Forbes.com in July 2014 (Richmond was ranked 18th). The MSA s three largest employment sectors include healthcare and social assistance, retail trade, and accommodation and food services. Nashville hosts headquarters of more than 250 healthcare companies, sixteen of which are publicly traded. The health care industry is Nashville s leading sector employing nearly 210,000. Retail trade and accommodation and food services can attribute high numbers of employment to Nashville s thriving Music and Entertainment Industry. Nashville isn t just about the music, however. The city is home to the NFL Tennessee Titans, NHL Nashville Predators and AAA Nashville Sounds. Nashville boasts 113 parks and playgrounds, 69 miles of greenways, 56 golf courses and several fine arts and scientific museums.

4 HIGHER EDUCATION ASSETS Richmond MSA The Richmond metro area is home to 15 four-year and 11 two-year and specialty institutions of higher education. These institutions capture a total enrollment of nearly 80,000 and more than 14,000 degrees conferred annually. A full range of associate, undergraduate, graduate and professional degrees are available including medicine, business, law, and engineering. 33% of Richmond s population holds a bachelor s degree of higher and 12% hold a graduate or professional degree. Virginia Commonwealth University (VCU) is a major research university with 32,400 students and 10,500 full-time and part-time employees located on two campuses. VCU has 15 schools and one college, including five health sciences schools specializing in Medicine, Pharmacy, Dentistry, Nursing, and Allied Health Professions. VCU s Brandcenter has been ranked the #1 Advertising school in the country by multiple magazines (O Toole, Creativity Magazine, etc.). The VCU Health System (hospitals and physicians) has 8,491 employees (FTEs) and was one of the area s largest private employers in The University of Richmond is a private, highly selective liberal arts university. UR currently has 2,983 undergraduates from 46 states, Washington, D.C., Puerto Rico, Virgin Islands, and 74 countries enrolled. Overall it is ranked number 73 in the country. U of R s Robins School of Business part-time MBA Program is ranked 18th nationally. Most recently, U of R picked up number 25 on US News College Compass National Liberal Arts Colleges. Within 100 miles of Richmond there are 15 four-year public universities, 67 four-year private universities, 26 two-year private schools and 19 two-year public schools. These schools have a combined enrollment of 607,000 students. Nashville MSA The Nashville metro area is home to 21 four-year colleges and universities, and 17 community colleges and technical centers. 32.6% of Nashville s population holds a bachelor s degree or higher and 10.7% holds a graduate or professional degree. Vanderbilt University is ranked number 17 in the nation by US News College Compass. Vanderbilt is a private, coed college and boasts a low 14% acceptance rate and an 8:1 student to teacher ratio. The university is comprised of 10 schools and colleges. Among its graduate programs are the highly ranked Vanderbilt Medical Center and Peabody College of Education and Human Development. Belmont University earned the number seven spot on US News College Compass in their list of top Regional Universities (South). Belmont is also a private institution and identifies as a Christian University. Located just two miles outside of Nashville, the university s largest enrollment is focused in the music and entertainment industries. Within 100 miles of Nashville there are 9 four-year public universities, 28 four-year private universities, 15 two-year public schools, and 8 two-year private schools. These schools have a combined enrollment of 199,200 students.

5 COMPARISON The Richmond metro area has population that is 78% the size of Nashville s, and the land area is 62% the size. In both metro areas 69% of the population is 25 years or older. In 2013, the total workforce in Nashville was 777,200 compared to 591,000 in Richmond. The two regions have similar sized workforces in wholesale trade, construction, FIRE and education. Richmond has noticeably more employees in headquarters, while Nashville has more employees in manufacturing, business services, public administration and health care. 120,000 Employment by Industry, ,000 80,000 60,000 40,000 Richmond Nashville 20,000 0 The per capita personal income is similar between the two metro areas, with Richmond averaging $45,194 and Nashville averaging $45,213 annually. The median household income in Richmond is significantly higher than in Nashville with $58,577 and $52,779, respectively. In Richmond, 28% of all households earn less than $35,000, compared to 32% in Nashville. Educational attainment is the same between Richmond and Nashville with 32.6% of each population having obtained a bachelor s degree or higher. The population proportion holding a graduate or professional degree differs slightly, however, with Richmond at 12% and Nashville at 11%. The median age is two years older in Richmond compared to Nashville; 38 and 36 respectively.

6 The cost of living is higher in Richmond according ACCRA data. Richmond s overall cost is 1% above the national average and Nashville s is 11% below. 120 Cost of Living 2014:Q1 US Average = Nashville Richmond OVERALL Grocery Housing Utiltites Transportation Health Care Misc Goods Svcs KEY POINTS TO CONSIDER Nashville s investment in the healthcare industry is important to its regional economy. The industry creates $13 billion in personal revenue annually and health care workers represent 1 in every 8 jobs in Nashville. Just as the healthcare industry is booming in Nashville, the health and life sciences industry in Richmond is rapidly developing as well. The Richmond MSA has experienced 18% growth since 2007, adding 13,442 jobs in the industry with 32% growth in total wages. SPECIAL THANKS TO THE GREATER RICHMOND PARTNERSHIP FOR PREPARING THE DEMOGRAPHIC AND COMPARISON DATA

7 SOURCES (n.d.). Retrieved July 2014, from Greater Richmond Partnership: (n.d.). Retrieved July 2014, from Virginia Commonwealth University : Accolades. (n.d.). Retrieved July 2014, from Love What You Find: accolades/ American FactFinder. (n.d.). Retrieved July 2014, from US Census Bureau: Bureau of Labor Statistics. (n.d.). Retrieved July 2014, from College Navigator. (n.d.). Retrieved July 2014, from IES National Center for Education Statistics: nces.ed.gov/collegenavigator Compare MSAs. (n.d.). Retrieved July 2014, from Yes Virginia: Forbes Lists. (n.d.). Retrieved July 2014, from Forbes: Fortune 500 List. (n.d.). Retrieved July 2014, from Fortune: martstores inc 1/ Garner, J. (2014, July). Manufacturing. Retrieved July 2014, from Garner Economics, LLC.: MapInfo. (2014). Richmond, VA, United States of American. Nashville Area Chamber of Commerce. (n.d.). Retrieved July 2014, from Economic Development: nashville US Census. (n.d.). Retrieved July 2014, from US News College Compass. (n.d.). Retrieved July 2014, from US News: colleges