• Industry Overview

    • Thriving and Diverse BPS Ecosystem

    Virginia’s vibrant business ecosystem supports a fast-growing BPS industry of over 2,700 companies in a range of BPS segments – including back-office and business support services, call centers, and consulting. Industry leaders in Virginia include ADP, Navy Federal Credit Union, GEICO, T-Mobile, and EY. The BPS industry varies widely across regions of Virginia: Northern Virginia, for example, is known for major IT and consulting companies and federal contractors, while the scenic Southwest Virginia region is a cost-competitive location for back-office and call center operations.

    BPS Logo Map 2023 (new wide)

    America’s Top State for Talent

    Ranked No.1 in the U.S. for Education by CNBC, Virginia is home to almost 270,000 people employed by BPS companies and nearly a half million people working in key occupations relevant to the industry, both in the BPS sector and beyond. The state’s higher education system is ranked No. 2 in the U.S. (SmartAsset, 2022). 

    Graphic of the CNBC #1 Ranking for Education
    Wallethub #1 Best Public Schools in the South ranking graphic
    SmartAsset_#2 Higher Ed_2022
    ADP, Inc., Norfolk

    ADP, Inc., Norfolk

    ADP Accesses Talent in Virginia

    In March 2016, ADP announced plans to invest $32.25 million to establish a regional customer service center in the City of Norfolk, creating more than 1,800 new jobs. Today, ADP employs more than 2,200 at its Norfolk facility — well over the estimated job creation — and is a marquee company on Norfolk’s corporate roster and an active member of the community. 

    Read the Full Case Study

    Paymerang, Richmond

    Paymerang, Richmond

    Flourishing Financial Services Hub

    Virginia has a thriving financial services industry with the presence of global leaders like Capital One, Wells Fargo, Truist, Visa, and Bank of America. The Commonwealth offers a stable business operating environment with lower average costs than competitors. These advantages ensure that financial services companies quickly attract and onboard diverse, skilled talent, graduating from the Commonwealth’s top-rated higher education institutions. Forbes ranks Virginia No.1 for quality of life, offering affordable, attractive living environments from vibrant urban settings to picturesque small towns for professionals to live and thrive.

    Seamless Global and Local Connectivity

    Corporate travelers have access to world-class international flight service from Northern Virginia’s airports, as well as frequent direct flights from airports across Virginia to all key markets. Virginia, which ranks No. 1 among Southeastern states for public transit usage, offers BPS employees access to environmentally friendly transportation via rail, metro, and bus systems. With the third-fastest average internet speed in the U.S., the state’s long-term infrastructure investments in fiber optic connectivity have created a top environment for BPS companies to flourish. A recent investment of $700 million underway will expand broadband coverage to nearly all of Virginia by 2024. 

    16 COMMERCIAL AIRPORTS

    Sixteen commercial airports serving Virginia with direct flights to 100+ domestic and 50+ international destinations

    $36.6B FOR TRANSPORTATION PROJECTS

    $36.6 billion committed for transportation projects over the next six years

    #3 FASTEST INTERNET SPEED

    No. 3 fastest internet speed in the country according to WalletHub

    Main Street Station, Richmond

    Main Street Station, Richmond

    Strategic Mid-Atlantic Location

    Virginia’s strategic location on the East Coast offers important advantages for BPS companies through proximity to key economic hubs, including critical customer markets in the Mid-Atlantic, the Northeast Corridor, and fast-growing metropolitan areas across the Southeast. Virginia’s proximity to Washington, D.C. is a major advantage for BPS companies with federal contracts. By virtue of its position in the Eastern Time Zone, Virginia offers an easily accessible base of operations for companies expanding into the North American and European markets. 

    Since opening our first customer support center here in 2019, the Richmond region has proven to be the ideal place to launch SimpliSafe into its next phase of growth...and this market is rich with exceptional talent.

    Christian Cerda CEO, SimpliSafe
    CoStar, Richmond

    CoStar, Richmond

    An Attractive, Stable, and Predictable Operating Environment

    In 2023, Site Selection magazine identified Virginia as America’s Top State for Business Climate. Ranked one of America’s top states for business, Virginia is frequently recognized for its favorable regulatory climate and consistently rated one of the best-run states in the country. Virginia’s total state and local taxes are lower than the nationwide average, and costs of leasing, construction, and utilities are competitive with other major BPS hubs in the United States. 

    Booz Allen Hamilton, Fairfax County

    Booz Allen Hamilton, Fairfax County

    Robust Real Estate Portfolio

    With 70 million square feet of office space on the market, Virginia is continuously expanding its portfolio of commercial real estate options. BPS companies have abundant access to new-build Class A office space, economical Class B and Class C office space options, and alternate, cost-competitive options such as flex space and converted retail space. 

     

    An Exceptional Quality of Life

    With a competitive cost of living, a mild four-season climate, and a diverse range of natural and cultural attractions, Virginia offers an exceptional quality of life. Vibrant urban centers and picturesque small towns are alive with arts, culture, history, and stunning landscapes. Outdoor enthusiasts are within easy driving distance to the scenic shorelines of Virginia’s beaches and rivers as well as hiking trails and mountain vistas. For these reasons and many others, Forbes ranked Virginia No. 1 in the U.S. for Quality of Life. 

    Virginia residents enjoy a cost of living below or in line with the national average in 70% of Virginia cities and counties. Overall, Virginia averages just 3.3% above the nationwide average compared to states like California (+35.9%), Massachusetts (+30.5%), and Maryland (+26.8%). 

    james-river-kayaking

    James River, Richmond

    Hampton Coliseum

    Hampton Coliseum

    Stone Tower Winery, Loudoun County

    Stone Tower Winery, Loudoun County

    America’s Mid-Atlantic Hub for Business Services

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