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Virginia Business// October 28, 2021//
Richard E. Groover, CPA
Shareholder | Wall, Einhorn & Chernitzer PC Norfolk
What local industries/sectors do you think have potential for growth?
Continued growth around the Port of Virginia and green energy. … Entrepreneurs and local leaders have made substantial investments to tee up this area as part of a wind turbine corridor for future developments on the East Coast. If that vision comes to fruition, then the impact on our area could be once in a lifetime.
What’s the biggest challenge to doing business n your area?
Attracting and retaining young talent.
How is your area recovering economically from the pandemic?
Everything here is coming back strong. We lost quite a few local restaurants and bars, but the leisure sector as a whole is humming, and new development plans are back in the pipeline.
What are the top factors that have had the biggest impact on attracting business to your region?
Ease of transportation into and out of our market is a huge draw. We have one of the deepest and busiest ports on the East Coast and great connections by rail and highway to the rest of the U.S. We encounter a number of European and Asian companies opening offices in the area to service their U.S. customers. It is always exciting to watch them grow and develop. Additionally, the military presence here remains a huge draw for supporting organizations in the area, particularly in the government contracting sector.
What are the top obstacles to your region’s economic success?
Regional cooperation has been our Achilles’ heel for many years; fortunately, I believe a lot of business leaders are working to change that with the 757 initiative. Availability of employees is also a struggle; in our firm, we have adapted to some fully remote hires for various positions due to the staffing shortage in our local market.
George D. Forsythe, CPA
Managing Partner | WellsColeman | Richmond
What local industries/sectors do you think have potential for growth?
The health care industry continues to thrive and grow, given increasing demand placed by COVID. Optimistically, I believe the local hospitality and events sectors are poised for growth. Given the reduction in travel and in-person events, coupled with the shelter fatigue that many people are feeling, this sector is prepared to explode.
What’s the biggest challenge to doing business in your area?
The obvious challenge to doing business in our area is the pandemic. With numbers on the rise, and uncertainty in our future, it is very challenging to conduct business. Additionally, access to available and quality personnel has further impacted the region economically. There is an abundance of jobs available and a scarcity of individuals who can and will appropriately fill these roles.
How is your area recovering economically from the pandemic?
The Richmond region was recovering nicely, albeit [on] a long road, from the pandemic until the delta variant began its momentum. … In times of uncertainty, human nature is to conserve resources versus expend them. This pandemic uncertainty, including health requirements, available staffing and supply chains, will continue to impair our recovery.
What are the top factors that have had the biggest impact on attracting business to your region?
Our high-quality colleges and universities providing access to top-tier talent, as well as access to financial resources, including available investment capital and incentives offered by local government.
What are the top obstacles to your region’s economic success?
The biggest obstacle facing the Richmond region’s economic success is the unknown future of the coronavirus pandemic. … The second, and more rooted, obstacle facing our region is the suboptimal collaboration among our local government, business and community leaders.
Andrea Hupp Stepka
Partner | Foti, Flynn, Lowen & Co. | Roanoke
What do you love about living and working in your region?
I moved here in summer of 1995, right after graduation from Virginia Tech. I love the mountains and the greenways. I am an avid runner, so the outdoor life here in Roanoke is amazing.
How is the economy faring in your part of the state right now?
Small businesses are having trouble finding good help, suppliers are limited everywhere … [and] prices are higher everywhere as well.
What local industries/sectors do you think have potential for growth?
Technology/software and knowledge-based industries
What’s the biggest challenge to doing business in your area?
Right now, the answer has to be COVID, right? It’s a huge challenge for workers to be face to face, and thus we as a CPA firm have had to embrace the remote aspects of working with our clients.
How is your area recovering economically from the pandemic?
Overall, I think we are doing fine. … Our clients have weathered the storm, and for the most part seem to be coming out on the other side. We haven’t seen many businesses having to close, most likely due to the [Employee Retention Credits] and loans from the government.
What are the top factors that have had the biggest impact on attracting business to your region?
Roanoke is a beautiful place to live. The mountains and scenery are a big attraction. The cost of living is very competitive as well. We have a high quality of living here, with a good mix of industries ranging from the small mom-and-pop to large businesses.
What are the top obstacles to your region’s economic success?
There are some disparities in income levels in Roanoke and we have a growing population of people in poverty.
Thomas L. Milburn, CPA
Principal | Yount, Hyde and Barbour (YHB) | Winchester
How is the economy faring in your part of the state?
Spring and summer showed a strong recovery. Pent-up demand led to tourism, shopping and dining again. The valley offers outdoor activities along with farm markets, vineyards and breweries that capitalized on people traveling closer to home or getting out of cities. Our industrial sector is doing well, with I-81 contributing to our role as a distribution/manufacturing hub in a world of mail order.
What local industries/sectors do you think have potential for growth?
Based on the quality of life and comparatively low cost of living, the valley has been an attractive location for retirees but more recently has become a destination for people migrating from cities to work remotely. Housing and professional services for those groups have potential for growth, such as health care and assisted living, along with wealth management, accounting, legal and other services.
What’s the biggest challenge to doing business in your area?
One major challenge to doing business across industry sectors is obtaining and retaining talent. … Affordable housing is an issue for younger professionals and retail/hospitality workers.
How is your area recovering economically from the pandemic?
With COVID uncertainty creeping back, indications are the valley economy isn’t full speed ahead. While businesses spent stimulus on employees, cash reserves remain as employers decide on spending and investment. It’s worth noting the uneven impact of the pandemic. While businesses have cash, the appetite for further unemployment benefits for hourly and gig workers seems low if the pandemic lingers.
What are the top obstacles to your region’s economic success?
First, affordable housing remains a priority. Second, the lack of high-speed internet in large areas of the valley for work and education was exacerbated by the pandemic.
Christine B. Williamson, CPA, PMP
Government contracting industry audit & advisory lead partner | CohnReznick LLP | Tysons
How is the economy faring in your part of the state?
Over the decades, many have commented that NoVa is “in a bubble,” meaning it fares well during turbulent economic times. This phrase continues to ring true in the pandemic and as we get back to the new normal. With the federal government, Amazon, Micron and data storage facilities, these sectors fuel the bubble effect here in Northern Virginia.
What local industries/sectors do you think have potential for growth?
The industries are endless here in NoVa, but I think the technology and medical sectors have the greatest potential for growth.
What’s the biggest challenge to doing business in your area?
My expertise is servicing companies who work for the federal government via government contracts. There is a talent war for many business sectors, including CPA firms. I’d say talent is the biggest challenge, regardless of the business type. We all struggle to find enough people to do the work, causing companies to go outside the area to look for talent.
How is your area recovering economically from the pandemic?
The Northern Virginia area is no different than other regions, as the business world has pivoted out of the pandemic by modifying how to do business, be creative, think strategic and figure out new ways to sell the same services. I hear many businesses say we are revisiting our business culture and purpose, which helps them through the recovery process.
What are the top factors that have had the biggest impact on attracting business to your region?
Location, location and location! And our vibrant technology sector.
What are the top obstacles to your region’s economic success?
Cost of living and traffic.
Read more: Virginia Society of CPAs’ 2022 Virginia Economic Expectations Survey results and post-pandemic work models
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