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Barkin: Raising interest rates is correct course
As inflation remains high and the fallout from recent bank failures seems contained, the Federal Reserve Bank has good reason to continue raising interest rates, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday in a speech to the Virginia Council of CEOs at the University of Richmond. “It is worth remembering that not […]
COVID challenges continue for Va. restaurants
Liz Kincaid faced a major problem in August after the walk-in refrigerator in one of her Richmond restaurants — Max’s on Broad — broke. Her usual supplier told her the wait for the replacement part would take two months. “I have raw oysters and produce and fish and chicken,” recalled Kincaid. “I’m like, ‘What am […]
April Va. hotel revenues down slightly from pre-pandemic
Virginia hotel revenues in April were down 3.5% compared with pre-pandemic April 2019 revenues, largely due to the lagging Northern Virginia market, according to data released Wednesday by STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry. Hotel rooms sold decreased by 4.7% last month, compared with […]
Capital One to reopen offices in September
McLean-based Capital One Financial Corp. will return to U.S. offices in a hybrid model on Sept. 6, CEO Richard Fairbank announced Wednesday. Capital One has delayed planned hybrid reopenings twice, from September 2021 to November 2021, and then indefinitely when the company announced its decision to postpone again in October 2021. “As we get closer […]
Bioscience firm to create 70 jobs in Prince William
Manassas-based Virongy Biosciences Inc. will invest $471,000 to expand in Prince William County, creating 70 jobs, Gov. Glenn Youngkin announced Tuesday. The company relocated within Prince William County in February, moving from a roughly 600-square-foot space to about 2,000 square feet in the Northern Virginia Bioscience Center. It plans to develop diagnostic technologies to monitor […]
Va. hotels expect 28% drop in 2022 biz travel revenue
Virginia hotel revenue from business travel this year is projected to be down 28.3% from pre-pandemic levels, or about $674 million less than the $2.39 billion the lodging industry took in during 2019, according to a report released Tuesday by the American Hotel & Lodging Association and Kalibri Labs. Nationally, the associations forecasts a 23% […]
Feb. statewide hotel revenues were 6.1% lower than 2019
February hotel revenues in Virginia were 6.1% lower than those recorded in February 2019, according to data released Monday by STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry. Hotel rooms sold decreased by 5% last month, compared with 2019 levels. The average daily rate (ADR) paid […]
Code red
Although many business sectors focused on moving on from the COVID-19 pandemic once vaccines became broadly available in 2021, Virginia’s health care industry has remained heavily burdened by continuing caseload surges and extreme staffing shortages. In September 2021, Gov. Ralph Northam voiced frustration at a news conference, saying, “It’s getting to the point where we […]
Kicking the can
In April 2020, Savan Group LLC, a federal contractor specializing in digital transformation, information technology and management consulting, gave up its 10,500-square-foot office space in Tysons. Like many other companies, Savan Group shifted to remote work due to the COVID-19 pandemic, but by summer 2021, company President and CEO Veeral Majmudar was ready to look […]
Va. hotel revenues down 6.5% from Jan. 2019
Virginia hotel revenues in January were 6.5% below January 2019 levels, according to data released Monday by STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. During the same period, hotel rooms sold decreased by 4% compared with 2019 levels. The average daily rate (ADR) paid for hotel rooms […]
Va. CEOs expect sales to increase despite omicron effects
About 84% of CEOs reported an impact on their businesses from the omicron variant of COVID-19, but almost 60% expect sales to increase over the next six months, according to the fourth quarter CEO Economic Outlook survey conducted by the University of Richmond‘s Robins School of Business and the Virginia Council of CEOs (VACEOs). Of […]
Va. job openings, number of hires rebound from October 2021
Virginia had 301,000 job openings in November, a small rebound from October 2021, according to U.S. Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) data released Jan. 21. In October 2021, job openings in Virginia declined by about 28,000, which was the largest drop among states. The Virginia job openings rate […]
