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recovery

A multistory hotel near the Chesapeake Bay in Virginia Beach
Feb 21, 2023

January Va. hotel revenues surpass 2019

Virginia hotel revenues in January were 14.9% higher than pre-pandemic levels, largely due to higher hotel room rates, according to data released Tuesday by STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry. Hotel rooms sold increased by 5% last month compared with January 2019. The average […]

Oct 6, 2021

NoVa biz leaders optimistic about recovery

Northern Virginia businesses are optimistic about economic recovery but are feeling the effects of labor shortages, according to the 2021 Northern Virginia Workforce Index released Wednesday by Northern Virginia Community College and the Northern Virginia Chamber of Commerce. Fifty-one percent of employers said that they felt “somewhat optimistic” and 24% felt “very optimistic” abo[...]

Jul 8, 2021

Va. unemployment claims down slightly last week

Virginia saw a small decrease in initial claims for the filing week ending July 3, with 6,825 people making new jobless claims, the Virginia Employment Commission reported Thursday. Continued claims also went down, totaling 37,790 last week, down by 2,435 from the previous week. Initial claims declined by 1,371 last week compared to the previous […]

Mar 11, 2021

757 economic recovery plan focuses on cooperation

At a Thursday news conference, Hampton Roads regional leaders unveiled a new economic recovery plan for the next two years that focuses on cooperation and resiliency. Hampton Roads Alliance President and CEO Doug Smith presented a report detailing multiple goals for the region to help it recover financially after the COVID-19 pandemic and resulting job […]

Christine Chmura
Feb 26, 2021

V-shaped? K-shaped? Va. experts predict economic recovery

What will the economic recovery from the pandemic look like and when will it take place? Ask Virginia’s economic experts and they’ll tell you it depends on a number of factors, including the continued rollout of vaccines, the next round of stimulus and which sector of the economy we’re talking about. Often, economists brand the […]

Richmond Fed President and CEO Tom Barkin (bottom) discusses economic recovery with Thomas Kennedy, global head of macro and fixed income strategy, J.P. Morgan Private Bank.
Feb 19, 2021

What stays and what goes

With renewed hopes stemming from vaccine distribution, economists and business leaders are looking ahead toward recovery, including pandemic-induced changes that will stay and ways we’ll return to “normalcy.” While it’s evident that the technology sector’s upward trend will continue, Federal Reserve Bank of Richmond President and CEO Tom Barkin isn’t sure that telew[...]

Feb 11, 2021

Chesapeake Economic Development offers extra $1M for small businesses

Through the Chesapeake Economic Development department’s latest $1 million round of COVID-19 grants, small businesses can receive up to $10,000 for reimbursable business expenses related to the pandemic, such as rent, payroll and operating costs. This marks the department’s third round of Small Business COVID-19 Recovery Grant program funding. So far, the department has disbursed [&hel[...]

Jan 26, 2021

Freedom Bank, NVTC to seed $50K revolving loan fund for minority entrepreneurs

The Northern Virginia Technology Council (NVTC) and Fairfax-based Freedom Bank of Virginia announced Tuesday a $50,000 revolving loan fund for Northern Virginia entrepreneurs of color who have been affected by the pandemic.  NVTC and Freedom Bank of Virginia will seed the NOVA Technology Loan Fund, a gap financing program to be administered by the Springfield-based […]

Employment rate, age 18-64 between January 2020 and January 2021. Graphic courtesy Real-Time Population Survey
Jan 26, 2021

Unemployment shows minimal improvement in Va., U.S.

Virginia’s seasonally adjusted unemployment rate rose by less than 1% between November 2020 and December 2020, according to the Virginia Employment Commission, and the commonwealth’s 4.9% December unemployment rate for December was 2.2% higher than in December 2019. Early predictions from Virginia Commonwealth University and Arizona State University economists show that U.S. employment[...]

Gov. Ralph Northam has committed an additional $20 million to an economic recovery fund.
Dec 29, 2020

Northam commits additional $20M to economic recovery fund

Gov. Ralph Northam has allocated an additional $20 million in federal CARES Act funding to assist more than 300 small businesses and nonprofits through the Rebuild VA economic recovery fund. The new funding will meet demand for the Rebuild VA program and fulfill pending grant applications for small businesses and nonprofits that applied before the […]

Dec 14, 2020

Richmond extends deadline for second small business grant fund

The city of Richmond announced Monday it has extended the deadline for its Richmond Recovers II Grant Program through Dec. 18. The program will provide applicants with grants of $15,000 for COVID-19 pandemic relief and will be funded with $2 million from the city’s CARES Act appropriation. Small businesses other than restaurants, retail and beverage […]

Dec 9, 2020

State’s Rebuild VA program allocated $100M to Va. small businesses

The state has awarded $100 million in grants to 2,500 Virginia businesses and nonprofits through its Rebuild VA economic recovery fund, Gov. Ralph Northam announced Wednesday. All available funds have now been fully committed, the governor said in a news release. Approximately $50 million went to women, minority and veteran-owned businesses, and 997 small businesses […]

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