Local Economy
As of April 2005, the total in-city civilian labor force was 4,685, of which 4,357 were employed and 328 were unemployed. The unemployment rate was estimated at 7.0%. The Williamsburg, James City County, and York County civilian labor force was 61,144, and the unemployment rate 3.1%. The City of Williamsburg's economy is largely supported by tourism, education, and health care. The majority of business establishments within the City either fall into the retail trade or accommodation / food services category.
In 2003, the Virginia Tourism Corporation reported that the Greater Williamsburg Area was home to five of the top ten attractions most-visited by Virginia travelers, including the number one attraction, the Colonial Williamsburg Foundation.
Due to Williamsburg's close proximity to major metropolitan areas within the Hampton Roads region, residents share a wide variety of occupational and career choices. Major employers located in the City include The Colonial Williamsburg Foundation, The College of William and Mary, and Sentara Williamsburg Community Hospital. Additional employment opportunities are available in surrounding James City County and York County, which are considered a part of the Greater Williamsburg Area.
The Greater Williamsburg Chamber and Tourism Alliance has 911 members.
Development Associations
The City of Williamsburg participates in a number of local and regional economic development associations. The Williamsburg Economic Development Authority (EDA) is a citizen board appointed by the City Council to issue municipal bonds and to advise on economic development issues in the City. Other groups include:
- The Crossroads Group, a broad-based coalition including the City, neighboring counties, the Colonial Williamsburg Foundation, a variety of community groups and businesses, and the College of William & Mary.
- The Virginia Economic Development Partnership.
- The Hampton Roads Economic Development Alliance.
- The Hampton Roads Planning District Commission.
- The Hampton Roads Partnership.
- The Peninsula Council for Workforce Development.
Williamsburg Area Banks
Taxes
In Virginia, sales tax is collected at both the state and local level. Localities in Virginia receive 1% of the 5% statewide sales tax rate. The remaining 4% of the sales tax is retained at the state level.
Manufacturers pay real estate, machinery and tools, truck and automobile, utility, and sales taxes. Non-manufacturers pay real estate, tangible personal property, truck and automobile, sales, and utility taxes. They also may pay either a merchant's capital tax or a license tax.
The City of Williamsburg charges various fees for occupational licenses in addition to real estate and personal property taxes.
Major Employers of the Greater Williamsburg Area
Occupations of the Hampton Roads Metropolitan Area
