These businesses really thrive here in the mid-Atlantic.
Although Hampton Roads is home to a broad network of thriving businesses, here you can see a number of industry segments in which we are particularly strong, along with a few representative companies in each, and a snapshot of a few of the local resources they benefit from.
Aerospace and Aviation
Seven of the top ten aerospace and defense related companies listed on the Fortune 500 have a presence in Hampton Roads. And our economy benefits from the presence of advanced technology corporations like Boeing, Lockheed Martin, Northrop Grumman as well as cutting edge research centers such as NASA Langley's Applied Research Center and the National Institute of Aerospace. The profile of this industry is further strengthened by our large population of military personnel both active and retired.
Corporate and Professional Operations
Virginia’s income tax rate of 6% has not changed since 1972 and is 0.9% below the national average. Companies like Northrop Grumman, STIHL, Inc., Amerigroup, Geico and Canon Virginia have all chosen Hampton Roads as a strategic base for their operations and enjoy the benefits of our low cost of doing business and our employment at will and right to work status. Hampton Roads is also home to four Fortune 500 companies - Dollar Tree, Amerigroup, Norfolk Southern and Smithfield Foods, Inc.
Maritime and Logistics
Hampton Roads is a major corporate distribution center for Cost Plus, Dollar Tree, Ferguson Enterprises, QVC, SYSCO Food Services, Target and Walmart. Our port is ice-free, has 50 foot channel depth and allows for unobstructed access year round. Once in port, goods travel efficiently via our major rail support of Norfolk Southern and CSX. Hampton Roads is also home to APM Terminals, the nation's first privately developed container terminal and the most technologically advanced and environmentally sensitive in the America's.
Modeling and Simulation
Hampton Roads has experienced significant growth in modeling and simulation and is now considered the premier national and international location for this multi-disciplinary industry. In fact, 7 of the 10 largest defense contractors in the world are located in Hampton Roads. And with the support of federal research and development centers such as the Thomas Jefferson National Accelerator Facility and NASA Langley Research Center further positions the region for continued growth.