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Va. initial jobless claims jumped nearly 25% last week
The number of initial jobless claims in Virginia rose by 24.75% last week, the Virginia Employment Commission reported Thursday. For the week ending Oct. 17, 11,365 Virginians filed initial claims for unemployment, an increase of 2,255 from the previous week, according to the VEC. And the number of initial claims filed during the week ending […]
Hampton Roads residential median sales prices rose 10%+ last month
Hampton Roads saw residential median sales prices rise 10.04% during September, Real Estate Information Network Inc. (REIN) reported Monday. This is the largest annual increase in more than six years. September 2020’s median sales price was $275,000, compared to $249,000 during the same period last year. “Housing has been one of the strongest economic performance […]
Va. to expand networking program to new regions
During the next two years Virginia will invest $1.7 million to expand the Network2Work workforce development initiative, Gov. Ralph Northam announced Tuesday. The commonwealth will partner with the Virginia Community College System to pilot the Network2Work model in the Shenandoah Valley, Hampton Roads and greater Richmond regions. Network2Work was established by Piedmont Virginia Community Colleg[...]
Hampton Roads State of the Region report offers sobering look at COVID-19 impacts
Old Dominion University’s Dragas Center for Economic Analysis & Policy’s 2020 State of the Region report for Hampton Roads offers a sobering look at how the pandemic has harmed the regional economy and left tens of thousands of Hampton Roads residents jobless. Employment in Hampton Roads fell dramatically, hotel occupancy continues to be outpaced by […]
Va. offshore wind industry could create 5.2K jobs, study finds
The offshore wind industry could create up to 5,200 jobs in Virginia (with a majority in Hampton Roads) and an estimated $740 million in total economic activity during the next several years, according to an economic impact analysis conducted by Henrico County-based Mangum Economics and released Tuesday by the Hampton Roads Alliance. Richmond-based Dominion Energy […]
Huntington Ingalls to establish unmanned systems center in Hampton
Gov. Ralph Northam announced Tuesday that Newport News-based Huntington Ingalls Industries (HII), the nation’s largest military shipbuilding company, will establish an unmanned systems center in Hampton, which will create more than 250 jobs. “Huntington Ingalls Industries is a national leader in advanced manufacturing, and this investment is a powerful testament to Virginia’s workers and bus[...]
Hampton Roads to deploy first electric buses in Va.
Gov. Ralph Northam on Friday signed legislation that will bring zero-emission electric buses to Virginia as part of an initiative to change public transportation in Hampton Roads. Legislation sponsored by state Sen. Louise Lucas and Del. Alex Askew creates the first-ever dedicated Hampton Roads Regional Transit Program and Fund, which will be managed by the […]
Hampton Roads sees record drop in available homes for sale
Hampton Roads housing inventory was down by nearly 47% in August, compared to August 2019, Real Estate Information Network Inc. (REIN) reported Tuesday. The region’s supply of inventory stood at just 1.97 months in August, which is the lowest recording since REIN began tracking this metric in September 2008. “Simply stated, if no new listings […]
Northam eases COVID-19 restrictions in Hampton Roads
After more than six weeks, Gov. Ralph Northam eased COVID-19 restrictions in Hampton Roads localities Thursday, citing “significantly improved” health metrics. The region will join the rest of the state in Phase Three of the “Forward Virginia” plan, effective immediately. On July 31, the governor placed a ban on gatherings of more than 50 people, […]
Va. hotel revenues continued to improve last week
Virginia hotel revenues continued to improve last week, according to data released Wednesday by STR Inc., a CoStar Group division that provides weekly market data on the U.S. hospitality industry. For the week of Aug. 23 through Aug. 29, hotel revenues decreased by 38% and rooms sold declined by 27% compared to the same week […]
Eastern Va. restrictions to remain through Labor Day weekend
Gov. Ralph Northam said Tuesday during a news conference that he would not roll back COVID-19-related restrictions in Eastern Virginia prior to Labor Day. On Friday, Virginia Beach Mayor Bobby Dyer sent a letter to Northam asking the governor to allow alcohol sales until 11 p.m. and requesting that the state eliminate the 50% occupancy […]
Dominion Energy, Altria commit grant funding for small businesses
Updated 2:30 p.m. Aug. 27 Two Virginia corporate giants announced details Thursday on funding for small businesses in Richmond and Hampton Roads affected by protest-related damage and ongoing coronavirus hardships. Altria Group Inc., based in Henrico County, and Richmond-based Dominion Energy Inc. pledged $5 million each for small businesses and social justice organizations in June, […]
