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byline: Bernie Niemeier

Business is better

Over the past several months, there’s been a bit of a buzz about the direction of the global economy. In conversation, many business leaders will express deep concerns about inflation and the onset of recession. Yet, when asked about their financial performance, most all of them say, “Business is going great!”

Within these conversations lies an obvious disconnect between economic expectations and individual business results. Why is it that we think things are getting worse when they’re actually getting better? Perhaps it’s the long-overheated stock market, coupled with an instinctual bit of defensive self-preservation.

Much of what one reads about the economy or corporate earnings is grounded in comparisons with year-over-year results. However, in my experience, last year’s numbers say equally as much about last year as they do about this one. What kind of year was last year? Was it great? Or, at best, was it just a rebuilding year from an underperforming baseline of pandemic conditions?

For the most part, reports of price gouging and runaway corporate profits are overstated. To be certain, inflationary pressures are leading to higher prices, but simply comparing this year’s prices with the previous year’s vastly oversimplifies the conversation.

Bottom-line improvements are a combination of both price and volume variances. After coming through two-and-a-half years of a pandemic-induced recession with severe supply chain disruptions, most businesses are just getting back to normal or what’s often called “the new normal” of sales volume. It’s been a while since supply and demand were actually anywhere near equilibrium.

At the same time, most companies are continuing to benefit from pandemic-induced cost-reduction measures. It’s no wonder that inflationary price increases are falling quickly to the bottom line. Simply put, business is better.

A couple of quarters of economic contraction with no true recession, followed by a better quarter. A couple of months of rising prices, followed by slower increases. Near full employment, resulting in difficulty in recruiting and hiring. All the while, profits for many companies are higher. Compared with the outlook a couple years ago, we should definitely be grateful for the current economic conditions.

Meanwhile, along with the new normal is what one might call the “new networking.” Almost three years of Zooming has left many of us Zoomed out. Fortunately, in-person business events are starting to make a comeback — it’s just a bit different now. After a long hiatus from in-person networking, the biggest difference is that there are a lot of new faces in the crowd. Many of the people that used to attend nearly every business event seem to have retired, changed jobs or otherwise moved on during the pandemic.

New faces are a good thing. As we reset and restart in 2023, there’s a whole new generation coming up through the workforce. Think about the theory of “weak networking” — essentially this means the more people you meet who are less tightly connected to those you already know, the more likely they are to lead you to an entirely new set of business prospects. With that in mind, you can expand your network and prospects with our 100 People to Meet in 2023 feature, which contains some new and interesting people you should get to know better.

We’re also proud this month to feature Jim McGlothlin as our 2022 Virginia Business Person of the Year. (Read December 2022 cover story.) McGlothlin’s business acumen, accomplishments and philanthropy are legendary. They are the stuff that great stories are made of, making him exactly the kind of person you’d like to meet.

As 2022 draws to a close, I’d be remiss if I didn’t take a moment to thank all our readers and advertisers for the outsized role each of you plays in the economic success of the commonwealth. Because of you, business is better for all of us!  

Full speed ahead

No other region of Virginia moves the entire commonwealth forward like Hampton Roads. Sure, Dee Cee is about technology, government contracting and national politics. And Richmond is about politics that are generally more local.

Hampton Roads, on the other hand, is about the military and commerce. The ports, the railways, interstates, tunnels, trucks and air cargo move millions of shipping containers from across the globe to distribution centers all across Virginia and ultimately to many destinations across the nation.

The past year has been another period of growth for the region. Container volumes are up. Port profitability is up. Projects to widen and deepen shipping channels are nearing completion. Wind power is ramping up, and the $3.9 billion Hampton Roads Bridge-Tunnel expansion is striving to open in November 2025 as expected. These are all major projects and important investments in the economy of the commonwealth.

Meanwhile, tourism in Virginia Beach is on the upswing. Hotel projects that were launched pre-pandemic have been completed. Occupancy rates for leisure travel were strong this summer, and state and regional hospitality experts have high hopes for business travel rebounding this fall after difficulties during the pandemic’s height. New investments are being made in cultural venues to sustain a thriving arts and music scene across the entire region.

If you aren’t already doing business in Hampton Roads, maybe you should be. The talent pool being produced by local colleges and universities is outstanding. Virginia’s largest manufacturer, Newport News-based Huntington Ingalls Industries, offers extensive training to support a variety of highly skilled positions at its Newport News Shipbuilding subsidiary, the state’s largest industrial employer. There is an ongoing supply of well-trained individuals who are completing military service and looking forward to entering the civilian workforce. In these pages, the new commander of Navy Region Mid-Atlantic, Virginia Beach native Rear Adm. Christopher “Scotty” Gray, discusses how he plans to continue the Navy’s partnership with local developers.

We hope that you will enjoy reading the 2022 issue of Hampton Roads Business as much as we’ve enjoyed reporting on the stories in these pages. Our goal is to help everyone better understand the area’s economy and connect with the businesses that drive its success. Hampton Roads is a team player not only for all of Virginia, but also for points across the nation and the globe.

Full speed ahead!

— Bernie Niemeier,

President & Publisher

2022 Virginia 500: The power of leadership

Power is one of those things that can sound great until you have it. It’s a be-careful-what-you-ask-for kind of thing. Power without leadership often goes awry, leading to unfortunate outcomes. The kind of power that works well requires leadership, good stewardship and a genuine concern for the well-being of an entire team.

Many of us can remember working hard to rise through the ranks of large companies. There were leaders who helped — not just because they had they power to do so, but because of a true interest in the work, its potential and the collective ability to grow as an organization.

Conversely, particularly on rungs closer to the top of the corporate ladder, one might find some who are more self-interested. Maintaining or increasing personal power becomes their objective. That’s power without leadership. Unchecked, such toxic behaviors lead to cultural and organizational decline. Teams can be built, but they can also be lost. Sadly enough, it’s easy to know this when you see it. But internal politics are hard to undo, one common rationalization being that this is just how the world works. Then again, hindsight does tend to be 20/20.

Properly executed, power is a handmaiden to leadership. Real leaders set values and direction but empower those below them — not just to get the job done, but also to demonstrate shared organizational values, unlock creativity and generate new ideas from the people who are closest to customers and the tasks at hand.

True leaders maintain a focus on culture and values that lead the organization forward in good times and bad. That’s the sustainable power of good leadership in action.

The third annual edition of the Virginia 500 again features profiles of the top leaders from across the commonwealth. Thanks to the success of our first two issues, we’ve been able to improve the layout and design to make this an even more reader-friendly, must-have resource.

This is a list of the most powerful Virginians. And in almost every instance, you will find these are leaders who have done it right. We thank them for providing the vision and leadership that makes Virginia a great place to do business. Enjoy!

Higher gas prices are needed

The U.S. inflation rate, which reached 8.6% in May, is at its highest point in 40 years. In 1982, it was just over 6%. Since then, the U.S. inflation rate has hovered mostly in the 2% to 4% range.

The inflation rate is determined by changes in the cost of a fixed basket of 80,000 goods and services that Americans use in their everyday lives. These include food and housing, furniture, medical costs, gasoline and other energy expenses. All are combined into a single measure, weighted on the basis of how much of each item a typical family consumes. Items are added and subtracted over time based on changes in consumption patterns. If that sounds complex, it’s because it is. For simplification, the one item most often referred to is the price of gasoline at the pump.

In 1982, the average U.S. cost per gallon of gasoline was just $1.22. For reference, the U.S. prime rate at that time was a whopping 13%.

Consumer gas prices remained relatively stable over the next 20 years, until they began a steady climb in the early 2000s, peaking at $4.14 per gallon in 2008 during the Great Recession. There was a steep drop in late 2008 to $1.75, followed by a gradual rise back to $3.96 in 2012 and then a steady decline to $1.87 in 2016. At the beginning of this year, gas prices started around $3.40. They’ve since risen sharply to a national average of $5.01, as of June 15, according to the American Automobile Association (AAA).

While it is tempting to think that gas prices have something to do with inflation, interest rates or maybe even who’s occupying the White House, it’s really none of those things. Oil is a global commodity; supply disruptions due to war and production quotas negotiated between oil-producing countries have a much greater impact than anything happening in the U.S.

Five or more dollars a gallon sounds high, but it’s a bargain compared with the rest of the world. All countries have access to the same global petroleum market, but different taxes and subsidies lead to different costs at the pump.

In general, wealthy countries pay higher prices for gas, and poorer countries, along with those who export oil, pay less. With an advanced economy but relatively low gas prices, the United States is a notable exception to this rule. Current gas prices in most of Western Europe are as much as 103% higher than in the U.S., ranging from around $7.65 (Germany) to $10.22 (Norway) per gallon.

Within the U.S., prices differ state by state. In mid-June, Georgia had the lowest price per gallon at $4.50. California’s price was highest at $6.44. Virginia’s $4.87 price was below the $5.01 national average.

While politically popular, below-average gas prices do come with unintended consequences.

The U.S. lags behind the rest of the world in the development of alternative energy. Carbon emissions have led to climate change, increased storm activity, wildfires and sea-level rise.

The consensus in the scientific community is that climate change is moving past the tipping point and causing catastrophic damage that will be difficult or impossible to reverse. Some may choose to ignore science or promulgate different viewpoints, but they do so at their own peril, as well as to the detriment of others.

Low gasoline and oil prices are a subsidy that undermines the development of alternative energy production. Let’s face it: Virginia isn’t Texas; we’ll never be an oil-producing state. (The General Assembly banned coastal oil and gas drilling in 2020.) A revival of coal mining also will not happen. Even if it could, it wouldn’t create jobs. Mining technology has totally changed. Virginia’s energy mix is dominated by natural gas and nuclear. We need more of both, but the development of new capacity is hampered by low prices for power sources that produce higher carbon emissions.

On the other hand, there is offshore wind. In the U.S., Virginia is working to be at the forefront of this developing industry. Other nations with higher gas and oil prices are already decades ahead.

For over 100 years, a federal law known as the Jones Act has specified that cargo carried between U.S. ports must be on ships that are U.S.-owned, U.S.-built and U.S.-crewed. That is why Dominion Energy Inc. is spending $500 million to build its own vessel to install the 176 turbines for its $9.8 billion wind farm off the Virginia Beach coast.

Offshore wind development will not only create jobs, but it will also drive growth for Virginia’s ports and maritime industry.

Though politically popular, low gas and oil prices are stifling the growth of noncarbon alternatives. The U.S. needs to step up. Virginia has competitive advantages in this area. That’s good for the commonwealth. Given climate change, this should be viewed as both an opportunity and an obligation

Sound investments

Let’s simply call it a magazine publisher’s reality check.

When news reports of supply chain disruptions and record backups at West Coast ports began to appear last year, I immediately thought, “What’s going on at the Port of Virginia?” When I leave downtown Norfolk, it is almost always via the Midtown Tunnel. Emerging from the tunnel into Portsmouth, the first thing visible on the left is the Pinners Point Container Yard. Perhaps it’s wholly unscientific, but my simple reality check measure was to see whether the containers appeared to be stacked much higher than usual. They were not.

Virginia’s ongoing investments in its ports are paying off big time. As consumers increasingly shift to e-commerce and home delivery, demand for container and intermodal capacity has never been higher. West Coast port congestion and labor problems are well documented and ongoing. The “Virginia Model,” in which the Virginia Port Authority owns and operates terminals and manages a chassis fleet — as well as having shipping channels that are wider, deeper and therefore safer — is working. The commonwealth’s investment and support ensure that Virginia stays competitive, ranking among the top ports of entry and egress for East Coast imports and exports. In terms of trends, Virginia is arguably already at the top in terms of efficiency; more container volume will inevitably follow.

Such trends are the result of investment. Wider and deeper channels come at a significant cost; it is the oceangoing equivalent of taking a well-worn path and converting it to a superhighway. Scheduled for completion in 2024, the dredging project to give the Port of Virginia the East Coast’s deepest harbor will allow the largest modern container ships to make Virginia a fully loaded first port of call from across the Atlantic or the Pacific via the Panama Canal. What’s more, a wider channel will provide the berth needed for the biggest ships to move two ways simultaneously. That’s a huge competitive advantage for the commonwealth.

Virginia’s maritime industry is vibrant and innovative. Offshore wind turbines and the accompanying supply chain necessary to construct and supply them are also developing opportunities. That’s not to say that all these prospects don’t come with obstacles such as labor shortages, trucking shortages and global supply chain disruptions. These factors all present challenges that Virginia’s maritime, logistics, economic development and educational institutions all are working hard to overcome.

Our hope is that the 2022 Virginia Maritime Guide will provide you with a wealth of information on each of these investments, opportunities, challenges and more. To compile this guide, we worked closely with the Virginia Maritime Association and the Port of Virginia. We thank them for their assistance and look forward to the maritime industry’s ongoing success in the commonwealth.

Bernie Niemeier
President & Publisher, Virginia Business

Rethinking labor

Back in my big company days, large newspapers were heavily unionized. After railroads and before high tech, newspaper publishers were the media barons of the day. The business was capital intensive, requiring once-in-a-generation investments for big presses and printing facilities. It was also high on fixed costs, with payroll being the largest expense before newsprint and other departmental expenses. Still, profit margins were high. Newspapers were a great business for their owners.

Viewed as a manufacturing process, it’s no surprise that labor was unionized in the pressrooms. Additionally, many newsrooms were organized by the Newspaper Guild. Truck drivers belonged to the Teamsters. In those pre-internet days, customers called by phone and actually spoke to a person. Subscription services and classified advertising were staffed by large banks of telephone operators, some organized by the Communications Workers of America. Not every newspaper had these unions, but they were an ongoing threat to profit across the industry.

Unions were expensive, with dues for members, and they stood between management and labor in workplace communications. They were afforded protections by the National Labor Relations Board that drove up legal costs. Union negotiators weren’t exactly what you’d call friendly types.

During a decade or more in the early 1990s, the company where I worked successfully decertified something like 12 of 16 organized labor units across various markets in the Southeast.

Decertifying a union was hard work, requiring years of hardball negotiations. Fair, reasonable and commonsense raises and benefits that went to nonorganized employees were withheld from union members. Reaching an impasse was considered a victory because it allowed the imposition of the last set of terms offered. Under NLRB standards, just getting signature cards from employees to call a vote on decertification was very difficult. Other corporate tactics included outsourcing and job elimination.

During the period when all this was happening, the U.S. economy was undergoing a massive transformation from an industrial economy to a service economy. Unions had their heyday across many sectors but were losing their influence. Instead of employees, it became popular for companies to call workers “associates.” The value of human capital began to be recognized as a true asset, equal to or even more important than financial capital.

For as long as I can remember, the legislative lobbying mantra of the business community has included three priorities: low taxes, fewer regulations and a low minimum wage. Perhaps it’s time to rethink the value of these propositions in a more contemporary context.

While promoted as a driver of job growth, low taxes have contributed significantly more to income disparity than to job creation. Inadequate regulation has accelerated climate change to the point of global crisis. Low wages are driving people out of the workforce and stifling consumer spending across large segments of our economy.

After the long decline and fall of the influence of labor unions, it is amazing to see wealthy companies like Amazon facing organization efforts. Even Starbucks, which promotes a progressive image, has seen two stores unionize and other locations attempting to organize in recent months. Perhaps the ultra-rich owners of these companies should think less about matters such as outer space and transcendental meditation and more about their employees here on Earth.

Closer to home, it amazes me to see small newspaper newsrooms here in Virginia beginning to reform labor unions. I understand their pain, but it’s a futile and uphill battle against the tallest of odds in what has become a much-beleaguered industry.

When you talk to smart business leaders and ask what accounts for their success, they will often say, “We have great people.” That has certainly been my own experience. People are the most important competitive asset. Yes, government needs to do its job, but so does business.

Let’s think differently about labor. A rising tide should indeed lift all boats. 

Media matters

It’s hard to have a conversation about anything in the headlines, especially anything to do with technology or politics, without some blame being assigned to “the media,” as if there were one enormous unified communications cloud shaping all our collective thoughts. That would be enormous for certain, but the media is perhaps more consolidated than one might think.

Thinking back, the early cable and pre-internet days seem like living in a land before time, when the economics of the media business were easy, and the industry was represented by voices aplenty.

In 1975, the Federal Communications Commission (FCC) adopted newspaper-broadcast cross-ownership rules to prevent companies from owning newspapers and television stations in the same market.

In 1999, the FCC subsequently adopted an “eight voices” test to ensure that common ownership of media outlets in a single local market would not reduce diversity of opinion or minority opportunities. The underlying thesis was that multiple voices would promote competition and better serve the public interest.

After decades of litigation by broadcast groups and newspaper owners, the FCC ultimately eliminated these rules. Changes in technology and the overall media landscape have made them unnecessary. On appeal, the U.S. 3rd Circuit Court of Appeals rejected the FCC’s relaxation but was subsequently overruled by the U.S. Supreme Court in April 2021.

Looking back, the emphasis on local markets seems misguided. Nothing was done to curtail the growth of media conglomerates across multiple markets. In addition, the FCC regulations never applied to cable or internet companies. These alternatives originally were called the “500-channel universe.”

Today, traditional cable industry giants such as Comcast Corp., Warner Media LLC, Cox Communications Inc., ViacomCBS Inc., Hearst Communications Inc., Fox Corp. and The Walt Disney Co. all have revenue in the billions. And they’re on track to be superseded by a host of on-demand, streaming competitors such as YouTube, Netflix, Amazon Prime Video and Apple TV+.

Meanwhile, local daily and weekly newspapers have become a vast wasteland.

According to a 2020 report by the University of North Carolina Hussman School of Journalism and Media, over 15 years the U.S. lost 2,100 daily and weekly newspapers — more than 25% — leaving 1,800 communities with no local news in print or online. From 2018 to 2020, 300 newspapers closed, 6,000 journalism jobs disappeared and local newspaper circulation declined by 5 million.

Anecdotally, we hear the loss of local business news has been even greater, as large media companies consolidate ownership of daily papers and cut coverage.

Alden Global Capital,* Lee Enterprises Inc. and McLean-based Gannett Co. Inc. collectively own more than one in six local newspapers in the U.S., with the lion’s share owned by Gannett.

This consolidation trend of media voices and ownership isn’t just happening in newspapers, though.

Nexstar Media Group Inc. and Sinclair Broadcast Group Inc. each operate about 20% of the nation’s roughly 1,000 local television stations. Nexstar operates 199 stations in 116 U.S. markets, while Sinclair operates 185 television stations in 86 markets.

And none of these statistics include today’s largest purveyors of information, the so-called “technology companies” Meta Platforms Inc. (Facebook/Instagram), Twitter Inc. and Alphabet Inc. (Google/YouTube). Meta alone has nearly 4 billion users per month via Facebook and Instagram and brought in almost $86 billion in 2020 revenue.

In the U.S., these companies have remained virtually unfettered by regulation.

Section 230 of the 1996 Communications Decency Act grants these companies immunity for any third-party content published on their platforms, no matter how egregious.

Meanwhile, social media’s impact on civil discourse and democracy remains increasingly questionable.

Perhaps it’s by dumb luck, but at Virginia Business we’ve managed to remain fiscally and editorially healthy, both in print and online, despite — or perhaps because of — our lack of group ownership.

In any event, we are delighted to be here to serve your business information needs and grow with you in 2022.

Welcome to the new year and thank you for your support. 

It’s time to thrive

Here we are in December, approaching the end of 2021. Most business leaders would say with some certainty that this year was better than 2020 — and thankfully so. Yet, as much as we’d like to say that COVID times are behind us, the return of cold weather and the indoor season keeps things uncertain. Business is definitely better, but the changes of the past two years will not be forgotten.

Unless you are in an industry that cannot be delivered remotely, like manufacturing, food prep, construction, airlines or hotels, your work environment has probably changed irrevocably. This is a secular shift and not a cyclical change. As tiring as virtual meetings can be, we’re still doing a lot more Zooming in than zooming out.

The ghost vacancy rate in office space, meaning the square footage that is under lease but not fully utilized, is probably at its highest ever. Airplanes may seem fuller, but there are still fewer flights and airports seem about half empty. The same goes for foot traffic in the business districts of most cities. Legions of workers have yet to return to the office.

For business leaders, these are difficult times. What does it mean when you have company values emblazoned on the wall in large letters, but no one comes in to see them? Companies have proven their ability to survive remotely, but isn’t the opportunity to thrive and not just survive what business growth is really all about?

Long before there was something called “The Great Resignation,” businesses were deeply concerned about an aging workforce. With baby boomers approaching retirement and new age cohorts replacing them, what was going to happen to hands-on experience and institutional knowledge? Today’s scramble for talent has been predicted for decades.

At the same time, wage stagnation and unprecedented income inequality have left many feeling that the rewards of work are more myth than fact. Especially for working women, jobs became less valuable amid the pandemic in the face of keeping homes running and meeting new demands like supervising remote learning for children.

This has forced a reevaluation of the financial costs of work — day care, dry cleaning, commuting costs such as gasoline and tolls — versus the after-tax value of wages earned. Even after supplemental unemployment assistance came to an end in September, many of these workers have yet to return to workforce. As for baby boomers, many have accelerated their plans for retirement, pulling the rip cord now instead of waiting.

These are not things that can be simply blamed on politics. The reality is more complex.

So, what’s a good leader to do? Companies have tried calling workers back to the office, but “my way or the highway” tactics are ill-advised, especially when talent is in short supply. Some have tried phased-in approaches, alternating office days with telework days.

Working remotely does have benefits, but a “choose your own approach” leaves many questions unanswered. Not everyone gets the need for coming back; some workers prefer screen time to face time. Hybrid arrangements leave staffers wondering what’s really expected, adding technology costs to office space costs while creating a divide between who’s physically in the room versus those who are working remotely.

Setting clear expectations while granting fresh ideas and emerging technologies an equal voice to experience and mentorship is a tall order for leadership. Arguably, the newest employees are the most at-risk. They tend to be the most technologically adept, but also stand to benefit the most from peer support, collaboration and mentorship. These intangibles do not happen by appointment; they develop through more casual interactions.

Is this really all about the revenge of the introverts? I hope not. Business thrives on being out and about. The few business events I’ve attended in recent months have been filled with people overjoyed to be around others again. This is critical to regaining, accelerating and sustaining the momentum of our economy.

My best advice is to be authentic. Nice people really don’t finish last. It’s not just all about business; it’s about life — that’s why these ideas work. We’ve proven that we can survive. Now it’s time to thrive.  

Higher values

About 30 years ago, I was a volunteer for a local group of marketing professionals that was launching its Marketer of the Year awards. Publicity was needed. Working in marketing at the local paper, the task fell to me to pitch the event to the newsroom.

In those days, the news business was fairly balkanized; this was one of my first trips to meet an editor. My errand was completely unsuccessful, being curtly told that the newspaper wouldn’t cover the event because they didn’t write that kind of chicken-dinner news.

In those days, owning a newspaper press was almost like printing cash. My, how that’s changed.

A few years later, moving up to a corporate role at the newspaper’s publicly traded parent company, I organized data on its largest customers across all markets. It was revealing to me that the company’s corporate executives had no information on their biggest revenue relationships, nor did they really seem to care. Not surprisingly, that company no longer exists.

Customers matter. Values matter. Organizations generally invest in — and therefore get more of — the things they value. One of the best ways to know what a company values is simple: Instead of just listening to what executives say, look at their financial statements to see where they spend money. If they claim to believe in people but don’t back that up with market-leading compensation, do they really believe in people? If they say they believe in brands but don’t invest in advertising, do they believe in brands? If they claim to believe in customers but don’t know them, just what are their values?

Take a moment to think about values — not just profit, but higher values. Profit is definitely a matter of staying in the game. It may excite shareholders, but it rarely excites employees or customers. Their own bottom lines are more important to them than yours.

Just what are higher values? What about public health? What about democracy? What about truth and facts? What about transparency, diversity and inclusion? Higher values are more than just personal pocketbook issues.

When it comes to building enterprise net worth, higher values can make more difference than anything else. Profit is the price to stay in the game, but it is not a goal that drives growth or sustainability. Profit and higher values aren’t either/or propositions. You can have both. You can have it all. Arguably, you can’t have one without the other. Higher values will attract more customers and will help keep better customers.

Much like perfection, complexity is an enemy of progress. At Virginia Business, we try to keep things simple. Three things are important: First, regardless of your job, you must be interested in business as a topic. Secondly, the magazine keeps its focus on where we have an opportunity to be world class: business journalism. Third, we have one simple measure of success: revenue growth.

With the right people on board, we can do all three of these things, manage our expenses and put money back into things we care about. That’s a simple formula for success. We like keeping things simple.

Our higher values? Leadership, integrity, balance, respect and success. Those things are pretty much what Virginia Business strives to do every day. When that works, profit takes care of itself.

Every company is different. If certain values don’t resonate with your organization, which ones do? It‘s far better to be known by what you are for than it is to be defined by what you are against.

That’s what leadership is all about.

Letter from the publisher: Big impact

It’s nearly impossible to overstate the positive role that Hampton Roads plays in Virginia’s economic health. The region doesn’t fit neatly into a single name, location or brand. Is it coastal, is it the beach or is it the Port of Virginia? Is its economy mostly maritime, mostly military, mostly manufacturing, mostly international trade, or mostly higher education and high tech? All these descriptions fit, and that’s why the region has such a big impact.

No other region of Virginia reaches across the commonwealth or even the globe like Hampton Roads. Ships, trucks, trains and even planes send millions of cargo containers to storage and distribution centers worldwide. Transportation and logistics are big business.

2021 has been a comeback year for virtually all these sectors, and the region shows promising signs for growth. Wind energy is getting closer than just something on the horizon. The Port of Virginia has new leadership. Shipbuilding and repair are on the rise. And tourism was back to pre-pandemic levels in Virginia Beach this summer. Of course, at the same time the region still faces ongoing challenges such as sea-level rise, workforce training and the perennial problem of traffic jams.

Welcome to the 2021 issue of Hampton Roads Business. We hope that you will find it interesting and informative. Our goal is to help you understand the area’s economy and connect you to the businesses that drive this vibrant, exciting and important region.

— Bernie Niemeier, President & Publisher