VA · MSA 40060
Richmond construction cost per square foot
By Severance Calculator Editorial · Updated
Regional baseline
The Richmond MSA sits in the South Atlantic Census division (NAHB 2024 median custom $/sqft = $155). ACS 5-year (2023) reports a $325,800 median home value across the MSA. Henrico (West End) and Short Pump run above the regional baseline.
Why the Richmond metro modifier matters
BLS QCEW NAICS-23 construction wages for the Richmond MSA averaged $72,155 in 2024 (computed from the NAICS-238 specialty trades subsector aggregate), a modifier of 0.890 vs the US baseline of $81,054 — modestly below the national mean.
Local labor market
Virginia is a right-to-work state with low union density. Richmond's growth has been steady rather than explosive; older (pre-1940) housing stock in the Fan and Museum District drives lead and asbestos abatement scope on rebuilds.
Post-disaster reconstruction premium
Inland tropical remnants (Hurricane Isabel 2003, Hurricane Gaston 2004 produced flooding), tornadoes, ice storms, and severe convective storms drive most claim activity. The James River and tributary flooding in low-lying ZIPs requires separate NFIP coverage — not Coverage A.
FAQ — Richmond construction cost
- What does it cost per square foot to rebuild a home in Richmond?
- The Richmond MSA sits in the South Atlantic Census division (NAHB 2024 median custom $/sqft = $155). ACS 5-year (2023) reports a $325,800 median home value across the MSA. Henrico (West End) and Short Pump run above the regional baseline.
- Why is Richmond more or less expensive than the regional median?
- BLS QCEW NAICS-23 construction wages for the Richmond MSA averaged $72,155 in 2024 (computed from the NAICS-238 specialty trades subsector aggregate), a modifier of 0.890 vs the US baseline of $81,054 — modestly below the national mean.
- What does the Richmond labor market look like for residential construction?
- Virginia is a right-to-work state with low union density. Richmond's growth has been steady rather than explosive; older (pre-1940) housing stock in the Fan and Museum District drives lead and asbestos abatement scope on rebuilds.
- How do post-disaster events change rebuild cost in Richmond?
- Inland tropical remnants (Hurricane Isabel 2003, Hurricane Gaston 2004 produced flooding), tornadoes, ice storms, and severe convective storms drive most claim activity. The James River and tributary flooding in low-lying ZIPs requires separate NFIP coverage — not Coverage A.