Economy / REgion

The City of Franklin and Southampton County encompass a geographic area of over 600 square miles within the Hampton Roads Region of southeastern Virginia. The location offers a rich economic heritage in the forestry and agricultural business sectors and is poised to embrace those traditional industry values with a progressive stance toward economic growth and a bright future with business and industry. FSEDI was created to optimize these community assets, increase their development capacity, and develop a business climate where new and existing companies, small businesses and entrepreneurs alike can effectively create quality jobs. Factors that attract many companies to this region include:

Pro-Business Climate

• Hampton Roads is located in Southeastern Virginia, which is the northernmost Right to Work state on the east coast.
• As an Employment at Will state, Virginia has one of the lowest average net costs in the U.S. for Workers' Compensation Insurance as well as one of the lowest Unemployment Insurance rates.
• With only one local taxing authority in each community, Hampton Roads has one of the lowest combined state and local tax rates in the nation: the 6 percent corporate income tax rate has not been raised since 1972.  There is no local income tax, unitary tax, property tax on state level, local license tax on headquarters and regional offices, intangible property tax or inventory tax.
• New and expanding companies can take advantage of specific incentive and service programs including financial assistance, infrastructure development, workforce training and tax credits.

Transportation & Shipping

Hampton Roads' strategic, mid-Atlantic location and superior transportation network provide swift access to world and domestic markets. 

• Over two-thirds of the nation's population and marketplace are within 750 miles (1,200 km ), or a two-day truck drive.
• As one of the most successful commercial shipping ports in the United States, The Port of Hampton Roads links Virginia and the mid-Atlantic to more than 250 ports in over 100 countries. With its four marine terminals, the Port of Hampton Roads is the second largest volume port on the East Coast in terms of general cargo (breakbulk and containerized cargo), and the leading U.S. port in total tonnage.
• Located well within a 30-45 minute commute of most business and residential areas in the region, Norfolk International and Newport News / Williamsburg Airports provide air service to over 4 million passengers annually. Nine major airlines and six regional commuter airlines provide over 260 flights per day to 25 airports of which 17 are major hubs and international gateways.
• Virginia's Hampton Roads is home to the corporate headquarters of Norfolk Southern, as well as its mid-Atlantic terminus. Its network of tracks offers rail service to approximately half of the United States.
• Virginia's Hampton Roads is linked to domestic markets by modern interstate and state highway system. 75% of the U.S. population and markets are 750 miles or 1,200 kms. from Hampton Roads - a two-day drive.

Abundant Labor Resources

• Hampton Roads' population is 1.6 million - the fifth largest metro area in the Southeast U.S., and the second largest between Washington DC and Atlanta.
• Labor force surpasses 800,000 and unemployment averages between 4 and 5 percent.
• Each year over 15,000 trained and disciplined personnel exit the military. Many of these persons elect to stay in the area and look for private sector employment. In addition, there are approximately 40,000 military spouses available to work.
• Over 86,000 university and community college students attend Hampton Roads' 8 universities and 4 community colleges. Most of them are permanent residents, available for part- or full- time employment.

• The region's tourism industry creates over 10,000 seasonal jobs during summer months. This group provides an additional source of workers to companies with personnel needs that peak at other times of the year.

Solid Infrastructure

• Over 95 percent of the world's shipping lines call on the Port of Hampton Roads linking Virginia and the U.S. to more than 250 ports in over 100 countries
• Superior telecom infrastructure includes 11 completely independent networks supported by over 650,000 miles (over 1 million km) of fiber optics
• Convenient commercial air service offers over 260 flights per day including direct non-stops to 25 airports of which 17 are major hubs and international gateways