2019 VSCPAs’ Virginia Economic Expectations survey – Hampton Roads

Lori Overholt, CPA 
President/chief financial officer
VSA ResortsVirginia Beach

How long have you been living in your region? What are your favorite parts about living and working in the region?

I’ve lived in Coastal Virginia most of my life.  The thing I love most about Virginia Beach is the people.  Because of the military, people move here from all over the country, and it is very diverse.  Also, having an ocean outside my office window is amazing.

How is the economy faring in your part of the state?Virginia Beach seems to be thriving.  New businesses and development are popping up.  We have noticed it is harder to find workers. 

What local industry do you think has potential for growth?
I think the tourism industry in Virginia Beach still has room for growth.  The addition of the new Sports Center being built in Virginia Beach will help with the seasonality aspect of the tourism market. 

What’s the biggest challenge to doing business in your area?The biggest challenges are traffic, affordable housing and workforce development.  For our industry, the airport is a huge challenge in our area as there are few direct flights, and it is harder for people to get here. 

What impact do you think U.S. trade policy will have on business?
Like any government policy, some businesses will benefit from the policy, and some will be hurt by it.  Businesses will find a way to make it work.

Photo courtesy Mark Rhodes