A Profitable Location for Your Business
Newport News is home to a stable, strong and diverse economy. With a favorable labor climate and a highly productive work force, businesses will find that the so-called “hidden” costs of labor are low for companies located in Newport News. Workers’ compensation, unemployment insurance and fringe benefit costs are a pleasant surprise in Newport News—not an unwelcome nightmare.
When examining your firm’s labor costs, consider the whole picture and you will find that Newport News stands out as a place where business can be profitable.
Find the Perfect Location for Your Business in Our Diverse Economy
Newport News has a wide variety of office, industrial and retail space available for your business. Whether you are looking to expand or relocate your business, you will be sure to find the perfect place to lease, buy or build in Newport News. Our affordable rates along with a robust infrastructure make us an attractive location for companies of all sizes.
85.8 Construction Cost Index (US Average is 100)
$13.7 Retail Lease Rate
$6.23 Manufacturing Lease Rate
Benefit From Our Advantageous Tax Climate
Taxes in Newport News are relatively low, in keeping with the Virginia tradition of fiscal conservatism. Financially, the City is well managed. It has earned an Aa2 bond rating from Moody’s and an AA bond rating from Standard and Poor’s. Newport News has no local income tax and no inventory tax.
Put Our Skilled and Productive Workforce to Work for You
Through new labor force entrants and workers leaving the military, the availability of both entry level and skilled, experienced workers is high in Newport News. A growing and increasingly diversified economy provides a labor pool from which you can readily obtain qualified people at all skill levels. Because the cost of living here is reasonable, professional, technical and managerial salaries are lower than in most major metropolitan areas. And because Virginia is a Right To Work state, your firm will experience lower wage costs and higher productivity.
A Diverse, Thriving Population in the Heart of a Sound Metropolitan Area
Newport News, VA is the fourth largest city in the Norfolk-Virginia Beach-Newport News MSA—Hampton Roads. It is the sixth largest city in Virginia with a 2010 population estimated at 180,719. Demographically, Newport News is in many ways typical of metropolitan America.
Caucasian - 53.5%
African American - 39.1%
Hispanic Surname - 4.2%
Other and Mixed - 3.2%
6.1% Armed Forces
(as Percent of Labor Force)