Business + Shared Services


KEY INDUSTRIES


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LATEST TWEETS


Some great news for Hampton Roads commuters as the Hampton Roads Bridge Tunnel has been green-lit for it’s 10 mile expansion project. This project will add 2 extra lanes per side totaling in 8 lanes in and out of the tunnels. Learn more here: https://t.co/DkRyFgidcA

In ep. 14, Monique Adams, the Executive Director of 757 Angels, dives into the effects that COVID-19 has had on local entrepreneurs, and most importantly, the importance of making innovation a pillar of the 757’s economy. https://t.co/QEGO4MHodB

Taking Care of Business in Hampton Roads

Home to over 130,000 employees working in the business and shared services sector, Hampton Roads is an ideal expansion location for businesses seeking to capitalize on an available pool of talent. Pairing this skilled and diverse workforce with competitively priced operating costs creates a business environment attractive to well-known companies including the New York Times Shared Services, ADP, Canon Information Technology, GEICO Direct and Xerox HR Solutions.

In Hampton Roads, the business and shared services sector is estimated to grow at a rate of 6.3% by 2022. Fueling this growth is a strong labor pool replenished by the 100,000+ students enrolled in our 12 colleges & universities and 21 trade and technical schools. Each year, over 5,000 students graduate from one of the 70 business services related certification and degree programs offered at schools throughout the region.

An additional source of talent is the 40,000+ military spouses who reside in the region and our enviable quality of life is a magnet for millenials from across the nation. Just this year, Norfolk was ranked #5 in the US for cities with positive net millennial migration by SmartAsset.

Utility Costs

Hampton Roads’ Electric Utility Cost is 5.3¢

Workforce

5,000+ students graduating annually in Shared Services Programs

Companies

9,650+ Shared Service Companies in the Region

Operating Cost

The costs of doing business in Hampton Roads often fall below the national average.

Worker’s compensation costs are among the nation’s lowest

Wage rates are nearly 7% below the U.S. average

Office space at competitive rates

Cost of Living is 3% below the national average

Total Sales and Use Tax of 6% compared to a U.S. Average of 6.39%

Unemployment insurance taxes are 5th lowest in the nation

Average Wages and Salaries:

The average salary in the corporate, professional and financial services sector is 10% lower than the national average. Below are examples of the regional average wage for various occupations in this field.
Job Regional Average Wage National Average Wage
Accountants and Auditors $76,980 $78,820
Financial Analysts $83,460 $100,990
Personal Financial Advisors $126,320 $121,770
Insurance Underwriters $55,540 $76,880
Architects $82,910 $88,860
Sales representatives, Services, All Other $65,620 $71,490
Source: Bureau of Labor Statistics, May 2018 Wage & Occupation Data

Industry Spotlight: ADP

Automatic Data Processing, Inc. (ADP) is a leader in providing cloud-based human capital management solutions that include human resources, payroll, time, tax, talent and benefits administration to over 700,000 clients around the world. The Fortune 243 company joined the Hampton Roads business community in March 2016 when, with the help of the Alliance, they selected Norfolk, Virginia for a regional headquarters and customer service center — an announcement that represented 1,800 jobs and $32M in capital investment.

We chose to locate in Hampton Roads because of the thriving business climate and the opportunity to attract a diverse workforce that will make significant contributions to ADP and add value to the client experience

- Debbie Dyson Vice President, ADP, Inc.

Key Companies

Hampton Roads is home to nearly 10,000 companies operating in the business and shared services sector. Some of the most prominent include:

Advanced Data Processing, Inc

Anthem, Inc.

Atlantic Bay Mortgage Group

Bank of America

Capital One

Dollar Tree Management, Inc

Ferguson Enterprises

Geico

PRA Group, Inc.

New York Times Shared Services

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CONTACT US

Hampton Roads Alliance
500 E. Main St, Suite 1300
Norfolk, VA 23510
P: (757) 627-2315
F: (757) 623-3081

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COVID-19 INFORMATION AND RESOURCES
Get the guidance you need on our 757 COVID-19 Business Recovery Forum. Read advice from industry experts and ask questions at www.757recovery.com. For business resources related to Coronavirus, please visit the Hampton Roads Chamber’s COVID-19 Business Resource Guide.