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Roaring ’20s repeat possible, Richmond Fed president says
Federal Reserve Bank of Richmond President and CEO Thomas Barkin said he could visualize another round of the “roaring ’20s,” he said Thursday during the Virginia Bankers Association/Virginia Chamber 2022 Financial Forecast event. Driven by investment and real estate appreciation, the nation has seen a 28% boost in household net worth over the past two […]
Fifth District economy has moderate growth, Fed says
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth but was constrained by supply issues and labor shortages, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information gathered [&hellip[...]
Chesapeake-based Yupo names new CEO
Chesapeake-based synthetic paper manufacturer Yupo Corp. America has named Byron E. Bassett as its new president and CEO. Bassett joins Yupo from North Carolina-based Precision Fabrics Group Inc., where he served as corporate vice president. Bassett replaces Andre Fischbach, who had been in the top spot since 2016. “Byron is a recognized business leader with […]
Daikin dojos offer workforce training
In the U.S., the Japanese word “dojo” generally refers to a martial arts training space, but in recent years, the term’s also been adopted in business for workforce development. In October 2021, Daikin Applied, a Minneapolis-based commercial HVAC equipment manufacturer, expanded the training dojo program at its Verona production facility, doubling the number of welding […]
Danville center launches companies faster
British aerospace and defense components manufacturer MEP Ltd. isn’t moving into its U.S. facility for another few years, but that isn’t stopping the company from getting its operation off the ground in Danville sooner. In August 2021, MEP (which will operate in the U.S. as Making Everything Possible LLC) moved into a space at the […]
Plastics manufacturer to produce 300 jobs in Chesterfield
Starplast USA, a subsidiary of Israel-based plastic manufacturer Starplast, plans to invest $17.7 million in a new facility in Chesterfield County, creating 300 jobs over the next five years, Gov. Ralph Northam announced Tuesday. “Starplast chose Chesterfield County for its new manufacturing operation because the geographic location is very attractive, especially given its proximity to […[...]
Southwest Va. project will help manufacturers enter wind energy supply chain
Public-private campaign InvestSWVA announced Tuesday the launch of an economic development initiative designed to help Southwest Virginia manufacturers find entry points in the supply chain for wind energy equipment components. The initiative, called Project Veer, will connect Southwest Virginia manufacturers with industry experts, public sector partners, the Hampton Roads Alliance, Dominion Energ[...]
Two Va. projects are finalists for $100M U.S. EDA grants
Two Virginia projects — one to make Central Virginia an advanced pharmaceutical manufacturing hub and one to support the transportation and logistics cluster in Southern and Southwest Virginia — are two of 60 finalists for the U.S. Economic Development Administration’s Build Back Better Regional Challenge, which will provide awardees with up to $100 million each. […]
Patrick County flooring company announces $9.3M expansion
Ten Oaks LLC, a manufacturer of residential hardwood floors, will invest $9.3 million in a sorting and stacking facility in Patrick County, creating 11 jobs, Gov. Ralph Northam announced Wednesday. The company was established in 2004 in the town of Stuart and was acquired in 2019 by Canadian company Boa-Franc. The new facility is located […]
Mich. company acquires Roanoke steel distributor
Jackson, Michigan-based Alro Steel Corp. announced Monday it had acquired Roanoke-based Ace Steel Inc. Financial terms of the transaction were not disclosed. Founded in 1992, Ace Steel is a steel distributor serving the Roanoke Valley. The transaction will help Alro provide improved service for cut-to-size metals and plastics, while Ace Steel’s customers will benefit from […]
Metal fabricator to add 22 jobs in Buchanan
Buchanan County-based metal fabrication company Skyline Fabricating Inc. will spend more than $675,000 to build a 25,000-square-foot production facility in the county’s Southern Gap area, creating 22 jobs, Gov. Ralph Northam announced Tuesday. The facility will help Skyline Fabricating meet increased demand for steel and aluminum fabricated products and its expanded customer base outside Vir[...]
VF Corp. to create 82 jobs in Henry County
Denver-based apparel and footwear company VF Corp. will create 82 jobs with a $10.2 million expansion within Henry County, Gov. Ralph Northam announced Thursday. The company will make upgrades within its 500,000-square-foot facility in Martinsville to increase distribution capacity and speed. “VF Corp. has thrived in Henry County for nearly 20 years, and we are […]
