Huntington Ingalls Industries’ McLean-based Mission Technologies division won a $458 million federal defense contract to modernize information technology architecture.
Under the five-year task order, which HII announced Tuesday it had won, the division will use model-based systems engineering to develop, assess and implement technical solutions to improve cybersecurity, add capabilities and enable cloud migration on U.S. Defense Department communication and information technology networks.
“We are honored by the customer’s trust in HII and our approach,” Andy Green, HII executive vice president and Mission Technologies president, said in a statement. “As we advance their IT transformation goals, we are committed to delivering cutting-edge expertise and solutions that will have a direct, positive impact on our frontline warfighters.”
The U.S. Air Force’s 774th Enterprise Sourcing Squadron awarded the contract through the Defense Department’s Information Analysis Center Multiple Award Contract vehicle to develop the Defense Technical Information Center repository and support research and development.
Newport News-based Huntington Ingalls Industries is the nation’s largest military shipbuilder and the largest industrial employer in Virginia. The Fortune 500 company employs more than 44,000 workers. The Mission Technologies division has more than 7,000 employees and more than 100 facilities globally.
A former Kmart in Abingdon is now home to a workforce development and child care hub launched by EO, a nonprofit that spun off from the United Way of Southwest Virginia to oversee workforce development programs.
EO received the certificate of occupancy for the 87,000-square-foot Regional Workforce and Child Development Hub and began moving employees into the center at the end of August, a week earlier than anticipated, says Mary Anne Holbrook, EO’s vice president of development. By mid-September, all 44 EO employees had moved in. A grand opening celebration is set for the week of Oct. 21.
Construction on the hub began in July 2023.
“We’re overwhelmed with the support of the business community,” EO President and CEO Travis Staton says. “Raising $26.5 million in a year shows at a local level how a public-private partnership can be built,” he explains, emphasizing the wide-reaching support of local employers as well as advocates in state government.
The name EO, which doubles as the Latin word for “go” and an abbreviation for “Endless Opportunities,” represents the organization’s mission to serve as a “cradle-to-career” support system to prepare Southwest Virginians for career success while retaining the local workforce. Holbrook notes that operations in the hub are expected to create 100 jobs.
To help close the regional gap in access to early child care that bars some parents from working, EO’s hub includes a roughly 25,000-square-foot child care facility owned and managed by Ballad Health that opened in early September.
The hub also supports workforce development, with classrooms for early childhood education and the Career Commons, an approximately 20,000-square-foot area with learning labs where regional employers created activities for K-12 students.
“When you look into Career Commons, it is a miniature city of employers,” including a hospital, a grocery store and a bank, Holbrook says. “So, students of all ages will be able to do appropriate career exploration activities on their field trips, and those begin in mid-October with the middle school students from across Southwest Virginia.”
The hub includes a classroom for high school students who participate in Washington County’s early childhood education career and technical education program to attend lectures. The students can then complete practical hours working in Ballad’s early childhood development center. EO will also offer professional development opportunities for early childhood educators already in the field at the hub.
For cancer patients in Virginia, treatment options are growing. The state has two National Cancer Institute-designated comprehensive cancer centers, updated technology in clinics in Northern Virginia and the Shenandoah Valley, and soon, a larger treatment center in Roanoke.
The NCI reports that Virginians had a cancer incidence rate of 411 cases per 100,000 people from 2017 to 2021, below the national average of 444 cases, but digging into regional data shows geographical differences within the state. In Northern Virginia, incident rates were well below 400 per 100,000 people between 2016 to 2020, but in the Virginia Health Department’s Crater district, which includes Petersburg, Hopewell and Emporia, the incidence rate climbs to 515 cases. Mortality rates also are higher in Southern and Southwest Virginia compared with the rest of the state, according to the health department.
Although residents in larger population centers tend to have more options for medical care in general — including for cancer treatments — the expansion of cancer care facilities in Virginia means more people can access care, including ranges of specialties and treatment options.
Virginia’s multiple cancer centers are all part of larger health systems and offer advanced clinical care as well as supportive services for patients. Two centers conduct vast research as NCI comprehensive centers, while others focus more on consolidating care in one place for a patient to help minimize the burdens of finding and receiving varying treatments.
In 2022, the University of Virginia Cancer Center became the first institution in the state to be designated a comprehensive cancer center by the NCI. This means that U.Va.’s center receives funding from the NCI to provide advanced care to patients and conduct research. The Charlottesville facility employs 225 faculty researchers and 140 physicians.
In fiscal 2024, which ended in June, U.Va. Cancer Center saw 33,154 patients, up 10% from fiscal 2023. The center primarily serves residents from 87 counties, with about a third of patients living in rural areas.
“The bottom line is there’s really no reason for anyone that is diagnosed with cancer in the commonwealth of Virginia to go out of state,” says the center’s director, Dr. Thomas Loughran. “What distinguishes us from our community or colleagues is … the depth and breadth of faculty that are super-specialized in all these major particular types of cancers.”
One example of this specialization is the center’s high-risk pancreatic screening clinic, which monitors people with a family history of pancreatic cancer or who have pancreatic cysts.
One of the deadliest cancers, “pancreatic cancer is a really bad diagnosis, one of the worst, and [researchers] haven’t really made much progress in the last 20 years,” Loughran says. “The reason for that is it’s often detected at a time when it’s already grown quite a lot, because it doesn’t cause that many symptoms because of where it’s located.”
Patients in the high-risk clinic are carefully monitored, he says, and have better clinical outcomes. From 2013 to 2020, the five-year survival rate after surgery for clinic patients was 76%, compared with a 13% five-year survival rate for U.Va. patients who were diagnosed with pancreatic cancer but were not enrolled at the clinic.
Clinical advancements
U.Va. is also performing more treatments in an outpatient setting. The health system began offering chimeric antigen receptor (CAR) T-cell treatments at the Emily Couric Clinical Cancer Center in Charlottesville this year and is on track to have performed 52 by the end of the year. The treatment involves energizing T cells, which boost the body’s immune response, in a lab before infusing them back into a patient.
Virginia Commonwealth University’s Massey Comprehensive Cancer Center also offers CAR T-cell and bone marrow transplant therapies. In June 2023, Massey became the second center in the state to receive an NCI comprehensive cancer center designation. With about 500 doctors, the center treats patients who mostly hail from 66 localities across Central and Eastern Virginia, and saw almost 19,000 people last year, including 7,000 new patients.
Another highlight of VCU’s cancer treatments is its cardio-oncology team, a collaboration with the VCU Health Pauley Heart Center, which has specialists providing heart care to patients before, during and after cancer treatment. In 2023, the International Cardio-Oncology Society named VCU a center of excellence with gold status, its highest recognition.
VCU patients benefit from a multidisciplinary team approach between surgeons, medical oncologists and radiation oncologists, says Dr. Paula Fracasso, deputy director and senior adviser to the cancer service line at Massey. Additionally, the team works with other specialists, like cardio-oncologists, to address side effects.
“We do have a very good team of others who aren’t actually trained as medical oncologists or radiation oncologists to help us with side effects of treatment,” she says.
Directors of these and other cancer centers in the state say their technology or upcoming upgrades set them apart.
In Roanoke, Carilion Clinic’s cancer facility opened in 1980, but a big expansion is on the horizon. In July, the health system announced it received a $25 million donation from former Advance Auto Parts CEO Nicholas Taubman and his wife, Jenny, to help build the new Carilion Taubman Cancer Center, which will be the hub of the health system’s oncology program. With approximately $70 million raised, Carilion expects to break ground on the estimated $100 million center this fall and open it in 2027.
“The Carilion Taubman Cancer Center will fill a major need to bring convenient, coordinated, collaborative and, above all, patient-centered cancer care to Southwest Virginia,” Lindsay Collins, vice president for Carilion’s department of medicine, said in a statement.
Technology for treatment
Meanwhile, U.Va. offers newer tech at its Focused Ultrasound Cancer Immunotherapy Center, which opened in 2022 as a partnership with the Charlottesville-based Focused Ultrasound Foundation. A noninvasive therapy, focused ultrasound uses ultrasound waves to target cancer locally and create a broader immune response in the patient’s body to a particular cancer.
In Northern Virginia, Inova Health System’s Schar Cancer Institute provides inpatient and outpatient cancer care at its primary campus across the street from the Inova Fairfax Hospital, as well as at locations near its hospitals in Loudoun County and Alexandria and near another Fairfax hospital. Inova is also building a new Alexandria hospital on the former Landmark Mall site; it will include a new cancer center, says Dr. John Deeken, president of the Inova Schar Cancer Institute.
Inova’s cancer institute sees about 48,000 patients a year, of whom about 7,200 are new patients.
The institute also features a proton therapy machine, a type of particle accelerator that is about three stories tall. Proton radiation can better target cancer tumors and reduce damage to surrounding tissue.
“When we installed it five years ago, it was over $100 million for a machine, but it’s an important modality to offer to specific patients — pediatric patients, brain tumor patients, head and neck patients, some others — to better treat them compared to using the older technology,” Deeken says.
In Hampton Roads, the Hampton University Proton Cancer Institute, open for more than a decade, was the eighth proton therapy center in the nation. It focuses on providing care for prostate, breast, brain and spine cancers, as well as other cancers.
Also providing care in the region, Hampton Roads-based health system Sentara Health has three primary cancer centers in the state — the Sentara Brock Cancer Center in Norfolk; the Sentara RMH Hahn Cancer Center in Harrisonburg; and the Sentara Martha Jefferson Cancer Center in Charlottesville. Sentara handles direct patient care at the latter two locations, while Virginia Oncology Associates, Sentara Medical Group and Eastern Virginia Medical School, now part of the Macon & Joan Brock Virginia Health Sciences at Old Dominion University, partner to provide clinical care at the Brock cancer center. Both the Martha Jefferson and RMH centers see about 750 to 800 new cancer cases a year.
The Sentara RMH and Martha Jefferson centers each have two linear accelerators, a type of particle accelerator providing focused radiation treatments. The Harrisonburg facility is currently replacing one of its linear accelerators with a newer one, a roughly $4 million project.
Under the microscope
Cancer centers in Virginia also conduct research of varying breadth.
As NCI-designated comprehensive cancer centers, the U.Va. Cancer Center and VCU’s Massey center perform research in three areas: basic lab research focused on understanding cancer biology; clinical trials for new treatments; and population-based research studying the patterns and causes of cancer in population groups they serve.
U.Va. recently participated in a clinical trial for a new drug, tarlatamab, a targeted treatment for small-cell lung cancer. The drug latches onto tumor cells and T cells, which helps the T cell recognize and destroy the cancer cell. The Food and Drug Administration granted accelerated approval to the drug, developed by Amgen and branded as Imdelltra, in May.
“We were one of the first in the country to start treating patients on the FDA-approved medication, and as far as we know right now, we’re still the only institution in the mid-Atlantic region that is offering this to patients,” says Blake Herring, administrator for UVA Health’s cancer service line.
In late August, U.Va. had treated 17 patients with the approved drug.
“It’s really turning some of these cancers into more chronic disease in a way, and managing it as, ‘You’re going to live with cancer,’ but keeping the cancer at bay,” Herring says. “To me, it’s remarkable just to be in oncology for over 18 years now and see how far we’ve come.”
At VCU’s Massey cancer center, doctors and scientists take a community-centered approach, aiming to communicate information about their research from studies in labs out into the community (and vice versa) and to patients’ bedsides, says Fracasso.
One example of this approach in action is work led by researchers Victoria Findlay, co-leader of the Cancer Prevention and Control Program at Massey, and David Turner, Findlay’s husband, looking at advanced glycation end products — certain proteins in food that are associated with chronic diseases and that are found in higher amounts in processed foods and foods cooked at higher temperatures, such as broiled or fried foods.
“They go to communities talking about nutrition and diet. Their laboratory benchwork is looking at prevention and more details about proving that they’re associated with cancer,” Fracasso says.
The Massey team also is proud of being a minority/underserved community site in the NCI’s Community Oncology Research Program, which requires a research site’s patient population consist of at least 30% racial and ethnic minorities or rural residents. About 40% of the patients in clinical trials led by Massey are minority patients, according to Fracasso, and Massey partners with 10 health systems and oncology medical practices for its trials.
“It’s to lead statewide clinical trials to foster research — clinical trials in minority and medically underserved patients. We have been awarded this for more than 30 years, and there’s only 14 MU-NCORPs in the country,” Fracasso explains.
Additional support
Although not a comprehensive cancer center, Inova’s cancer institute also participates in clinical trials research. Last year, the health system enrolled 983 patients in roughly 180 clinical studies, including 50 studies that were new that year.
“We’re really focused on how to better treat patients, so that’s why clinical research, as opposed to basic research, is where we focus on … and that’s what we really see as our sweet spot in terms of patient-directed research that really might benefit that patient, or at least patients in the near future,” Deeken says.
In the Richmond area, as of early September, Bon Secours was conducting 62 clinical trials across treatment trials, cancer symptom control studies, and research on how cancer care is delivered to the community.
In Hampton Roads, the Sentara Brock Cancer Center and other Sentara entities conduct research in partnership with Eastern Virginia Medical School and Virginia Oncology Associates. Dubbed the Luke Hillier Cancer Research Alliance, the collaboration was launched in November 2022 following a $3 million donation earlier that year from the Hillier Ignite Foundation. The alliance conducts clinical oncology research with a focus on health equities and outcomes.
These Virginia cancer centers also offer patient support services outside of clinical care, providing wraparound services. Most have dietitians, genetic counselors, social workers and financial counselors available, as well as psychosocial counseling and exercise classes. They also have nurse navigators, who guide patients from referral into treatment, answering questions and helping patients schedule initial appointments with physician teams.
Several Virginia cancer centers also offer additional therapeutic treatments, like acupuncture, massage and reiki. Sentara’s Brock center’s Carrillo Kern Center for Integrative Therapies houses these and other treatments, as well as a “healing garden” that includes art pieces.
“That was one of the things that we heard from a lot of our cancer survivors is that they kind of had to go out on their own to learn about complementary medicine,” says Meredith Strand, director of the Brock center. “It wasn’t something that was as strongly integrated as they’d like to see, and so we worked really closely with our providers and some small businesses in the community so we could offer truly integrated, whole-person care.”
In Harrisonburg, the Sentara RMH cancer center received a $1 million pledge, announced in August, from the Showalter family to expand its support services in the center, creating the Twila Showalter Supportive Care Clinic. Programmatic planning for the expansion is underway.
Much of Inova’s supportive services fall under its Life with Cancer program, which is being renamed the Peterson Life with Cancer program in recognition of a $15 million donation from the family behind Fairfax real estate developer Peterson Cos. More than 32,000 patients participated in the program last year.
Virginia’s cancer centers provide a wealth of options for patients, including relatively new treatments or clinical trials, while reducing the burden of scheduling appointments and otherwise managing care.
“It’s sad to see patients getting cancer,” Herring says, “but I think with the treatments and everything we’re doing, it makes me happy that we’re able to care for them, and [for] a lot of these patients that, before, there wasn’t a lot of hope. Now we’re providing more hope to them that they’re going to live.
Virginia Realtors forecasts a 9.8% year-over-year increase in home sales in 2025, according to its 2025 Economic & Housing Market Forecast, released Thursday.
So far this year, housing sales in the state are outpacing sales last year (although the pace of sales is below the annual average) and are on track to be up 2.9% annually by the end of the year, according to Virginia Realtors’ forecast.
“We have a lot of pent-up demand in our housing market here in Virginia,” Virginia Realtors Chief Economist Ryan Price said in a statement. “The supply gains we’ve seen so far in 2024 are likely to continue into 2025, bringing more active listings out in the market. …
“This will provide that pent-up demand with more options to choose from,” he added. “Couple this with lower mortgage rates, and we’re likely to see Virginia’s sales activity pick up in 2025.”
Home prices will likely rise at a slower pace next year than they have in 2024, according to Virginia Realtors, because the association expects the growth of home prices to moderate and for new housing to ease supply constraints.
By the end of this year, Virginia Realtors predicts the annual median home price will have risen by 5.1%. The trade association projects the commonwealth’s annual median home price in 2025 will rise 3.4% over 2024.
“The supply-demand imbalance remains a factor, putting upward pressure on home prices,” Sejal Naik, deputy chief economist for Virginia Realtors, said in a statement.
New housing starts — new residential units that construction work has begun on — will increase 2.6% year-over-year in 2025, according to the forecast. Single-family and townhome starts will likely drive the growth in new housing starts, as multifamily projects wane. By the end of 2024, new housing starts will have declined 9.1% year-over-year, according to the forecast.
Thirty-year mortgage rates will end 2024 in the low 6% range, around 6.10%, and drift down to 5.75% by the end of 2024, according to Virginia Realtors projections. That decrease could make homes more affordable for buyers and also help remove the “lock-in effect” for homeowners who have delayed their next home purchases because of high mortgage rates.
Virginia Realtors’ forecast also includes labor market predictions. In 2025, the number of jobs in Virginia will increase 1.2% over 2024 — an addition of 51,000 jobs. By the end of 2024, Virginia will have added 79,000 jobs, a 1.9% year-over-year increase, according to the forecast.
By the end of 2025, the association predicts the state’s fourth-quarter average unemployment rate will increase from 2.8% (the August 2024 rate according to the U.S. Bureau of Labor Statistics and Virginia Realtors’ projected fourth-quarter average) to 3.2% “due to weaker economic conditions across the country.”
Based in Glen Allen, Virginia Realtors represents more than 35,000 Realtors and is the state’s largest trade association.
Suffolk-based TowneBank has signed a definitive agreement to acquire Midlothian’s Village Bank and its parent company, Village Bank and Trust Financial, a deal worth approximately $120 million, the banks announced Tuesday.
“Our TowneBank family is humbled and excited to partner with Village Bank and its team members,” TowneBank Executive Chairman G. Robert Aston Jr. said in a statement. “We believe our partnership can bring additional products and expanded services to the clients of Village Bank while meaningfully enhancing our Richmond presence, which is core to our franchise and future growth.”
The merged companies will have total assets of $17.8 billion, $14.9 billion in deposits and $12.1 billion in loans, based on financial information reported as of June 30.
Shareholders of the Village Bank parent will receive $80.25 in cash per share for each share of its outstanding common stock. Based on Village Bank and Trust Financial’s common stock currently outstanding, the total transaction value would be about $120 million.
“We’re excited to partner with TowneBank,” Jay Hendricks, president and CEO of Village Bank, said in a statement. “This merger is not just a business decision but a strategic move to enhance the value we deliver to our customers.”
The boards of directors of TowneBank and the Village parent have approved the definitive agreement. The transaction is expected to close in the first half of 2025, pending regulatory approval and Village shareholders’ approval.
Founded in 1999, TowneBank has more than 50 locations across Central and Eastern Virginia and North Carolina. As of June 30, it had $17.1 billion in total assets.
Village Bank was also founded in 1999. It has nine branch offices serving the greater Richmond area and Williamsburg. As of June 30, parent company Village Bank and Trust Financial had total assets of $747.7 million.
Chain Bridge Bancorp, the McLean holding company for Chain Bridge Bank, National Association, is planning to go public.
On Friday, the company filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of Class A common stock. The number of shares and price range for the IPO have not yet been set.
The proposed offering would start “as soon as practicable after the registration statement is declared effective,” according to the company’s SEC filing. Chain Bridge shares would trade on the New York Stock Exchange under the ticker CBNA.
As of June 30, Chain Bridge had $1.4 billion in assets and $1.3 billion in total deposits. Chain Bridge had deposit clients in 48 states, Washington, D.C., the U.S. Virgin Islands and Puerto Rico. About 38% of its total deposits came from Washington, D.C., and about 32% came from Virginia.
Chain Bridge Bancorp first announced it was evaluating an IPO in May. According to Friday’s SEC filing, the company would use the net proceeds from the proposed IPO to repay an outstanding balance of $10 million on an unsecured line of credit with another bank that is scheduled to mature on Dec. 5 and “for general corporate purposes,” which could include “funding potential strategic expansion.”
Chain Bridge Bancorp was incorporated in May 2006, and the bank opened in August 2007. Its CEO, John Brough, joined the company in July 2006 and became founding CEO of the bank in August 2007.
Piper Sandler & Co., Raymond James & Associates and Hovde Group are the book-running managers for the IPO.
In June 2020, California medical supply company Blue Flame Medical sued Chain Bridge, alleging the bank was responsible for destroying the company’s reputation and making it lose a $600 million state contract for personal protective equipment. In March 2023, a panel of the U.S. 4th Circuit Court of Appeals affirmed the U.S. District Court for the Eastern District of Virginia’s ruling in favor of Chain Bridge.
Virginia Realtors CEO Terrie L. Suit is retiring after 11 years heading the state’s largest trade association, according to a Sept. 14 announcement.
Glen Allen-based Virginia Realtors, which represents 36,000 Realtors, has appointed Martin K. Johnson as interim CEO. He has held varying roles with the association, including senior vice president of advocacy, chief lobbyist and, most recently, chief external affairs officer.
A former state delegate and state secretary of veterans affairs and homeland security, Suit became CEO of Virginia Realtors on Sept. 13, 2013. She entered the real estate industry as a Realtor in 1985 before transitioning into mortgage lending, an industry she worked in for 20 years.
“Throughout Terrie’s tenure with our association, we have achieved significant progress on behalf of the real estate industry — both in Virginia and beyond,” Virginia Realtors 2024 President Tom Campbell said in a statement. “Under her leadership and vision, we have been able to advocate for homeowners across Virginia and pass meaningful legislation to help protect our industry. Virginia Realtors thanks Terrie Suit for her steadfast dedication and wishes her the very best in her retirement.”
In 1996, then-Gov. George Allen appointed Suit to the Virginia Real Estate Board. A Republican, she also served in the Virginia House of Delegates, representing parts of Virginia Beach and Chesapeake, from 2000 to 2008, chairing the House of Delegates’ General Laws committee and the Virginia Housing Commission.
In April 2011, then-Gov. Bob McDonnell appointed Suit as Virginia’s first secretary of veterans affairs and homeland security.
Reared in a military family and born in Orléans, France, Suit graduated from Tidewater Community College and Old Dominion University with a bachelor’s degree in political science. She completed her MBA at the University of Mary Washington. In 2022, Gov. Glenn Youngkin appointed Suit to Mary Washington’s board of visitors; her first term ends next year.
“I want to thank the many talented leaders I’ve been fortunate to work alongside during my time as Virginia Realtors CEO,” Suit said in a statement. “I believe in the power of this organization and the importance of its mission. I believe in the power of owning property, and I know that this organization’s tireless efforts will continue helping more and more Virginians to realize that dream.”
Home sales in Northern Virginia and Hampton Roads dropped year-over-year and month-over-month in August, although inventory and selling prices in both regions increased from the same time last year.
Northern Virginia
August home sales in Northern Virginia dropped 8.1% from August 2023, according to data released Sept. 12 by the Northern Virginia Association of Realtors.
Home sales in the region last month totaled 1,411 units, down almost 14% from the 1,639 sales recorded in July. Pending sales stood at 1,280 units, down from 1,304 units last year.
There were 1,814 active listings in August, up almost 22% from 1,492 listings last year. New listings numbered 1,349 units, down from 1,410 in August 2023.
Housing inventory and prices in the region grew year-over-year and month-over-month in August. The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — stood at 1.4 months, up from 1.08 months in August 2023 and up from the MSI of 1.3 in July. That inventory level is higher than the five-year average of a 1.2 MSI.
As inventory rose, homes stayed on the market longer — an average of 18 days, up 5.9% from August 2023 and up from July’s 16-day average.
The median sold price for a Northern Virginia home last month was $738,000, up 5.4% compared with August 2023 and up from the July median of $735,000.
“Fewer homes sold this August compared to last year even though consumers had more choices as supply loosened,” NVAR board member Tatiana Bush with eXp Realty said in a statement. “The increase in inventory did not dampen prices, which continued to climb. The good news is that mortgage rates are slowly declining, giving consumers more buying power.”
NVAR reports home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.
Hampton Roads
Home sales in Hampton Roads last month totaled 2,282, down about 8% from the 2,478 recorded in August 2023 and down 2.7% from July’s 2,346 sales, according to Real Estate Information Network (REIN) data released Aug. 10.
Pending sales in the region totaled 2,123, down from the 2,289 recorded in August 2023 and from the 2,315 reported in July.
The number of Hampton Roads homes for sale last month was the highest it’s been since October 2020, when the region had 4,887 active listings. Active residential listings totaled 4,811, up from 3,680 active listings last year and from July’s 4,461 listings. The month’s supply of inventory was 2.38, up from 1.68 in August 2023 and from 2.28 in July.
“Traditionally, when inventory increases, prices will fall, but I think recent data shows that despite increases in inventory, it’s still somewhat of a seller’s market here in Hampton Roads,” Gary Lundholm with The Real Estate Group, president of REIN’s board of directors, said in a statement. “Just five years ago during the same month, there were over 8,000 homes on the market. So, despite the increase in listings over the last few years, inventory is still well below what we might consider normal and that has impacted selling prices.”
In August 2019, active listings in the region totaled 8,824, which dropped to 5,105 listings in August 2020, then 4,467 in August 2021, and down again to 4,117 listings in August 2022.
The median sales price (MSP) for the region rose year-over-year and has risen about 37.5% from August 2019’s MSP of $255,000. Last month, the MSP stood at $350,620, up from the MSP of $341,100 recorded in August 2023 but down from July’s MSP of $355,500.
Hampton Roads homes spent a median of 21 days on the market, up from the median of 14 in August 2023 and from the 18-day median recorded in July.
Founded in 1969, REIN is a regional multiple listing service that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.
Deli meat company Boar’s Head Provisions Co. is indefinitely shutting down its meat production facility in Jarratt, the source of a listeria outbreak that killed at least nine people and hospitalized 57 others.
The plant has not been operating since late July. The Centers for Disease Control and Prevention opened an investigation on July 19.
On July 31, the United States Department of Agriculture’s Food Safety and Inspection Service notified Boar’s Head it was withholding its federal marks of inspection and suspending the operations of ready-to-eat products at the Jarratt facility. The suspension “will remain in effect until you provide the Raleigh District Office with adequate written corrective and preventive measures to assure FSIS that you can demonstrated a program that meets the regulatory requirements,” according to the USDA notice.
In the past year, government inspectors logged 69 instances of “noncompliance” with federal rules at the deli meat plant, according to documents obtained through Associated Press public information requests. The reported instances included mold, insects, liquid dripping from ceilings, and meat and fat residue on walls, floors and equipment.
Of the nine deaths tied to the outbreak, one each was reported in Virginia, Illinois, New Jersey, Florida, Tennessee, New Mexico and New York, and two were reported in South Carolina. All nine people who died were older than age 70. The 57 hospitalizations occurred across 18 states, and those hospitalized ranged from ages 32 to 95, although it is likely that more people were ill but recovered without being tested for listeria, according to the CDC.
The USDA notice followed Boar’s Head’s July 25 recall of its Strassburger Brand Liverwurst from the affected facility. On July 29, the food manufacturer expanded its voluntary recall to every item produced at the Eastern Virginia facility, after testing confirmed listeria infections in the products were connected to the outbreak. The expanded recall included about 7 million pounds of 71 ready-to-eat products produced under the Boar’s Head and Old Country brands.
In an update Friday, Boar’s Head said it was permanently discontinuing its liverwurst product and indefinitely closing the Jarratt plant. The company conducted an investigation of how the liverwurst product became contaminated, according to the announcement, which “identified the root cause of the contamination as a specific production process that only existed at the Jarratt facility and was used only for liverwurst.”
Regarding employees at the facility, Boar’s Head said in its update: “It pains us to impact the livelihoods of hundreds of hard-working employees. We do not take lightly our responsibility as one of the area’s largest employers. But, under these circumstances, we feel that a plant closure is the most prudent course. We will work to assist each of our employees in the transition process.”
About 500 union workers were employed at the plant, Jonathan Williams, the United Food and Commercial Workers Local 400 union spokesperson, told The New York Times. Boar’s Head is providing severance packages and relocation to the employees, according to Williams. Employees were given the option to work at the company’s plant in Petersburg or to transfer to facilities in other states.
Boar’s Head also announced several new food safety and quality measures. The company will appoint a new chief food safety and quality assurance officer, who will report directly to its president. Boar’s Head is recruiting for the new role now and plans to have the executive “begin as soon as possible.”
Second, Boar’s Head said, it is establishing a food safety council composed of independent food safety experts to help with the implementation of new quality assurance programs and advise the new food safety executive and the company.
The founding council members are:
David Acheson, president and CEO of The Acheson Group
Mindy Brashears, director of the International Center for Food Industry Excellence at Texas Tech University
Martin Wiedmann, Cornell University’s Gellert Family Professor in Food Safety and co-director of the New York Integrated Food Safety Center of Excellence
Frank Yiannas, the former deputy commissioner for food policy and response at the U.S. Food and Drug Administration.
Third, the company will create “an enhanced companywide food safety and QA program” that will be led by the new C-suite executive.
Virginia Chamber of Commerce President and CEO Barry DuVal plans to retire in early 2025, the chamber announced Thursday.
DuVal became head of the chamber in April 2010. During his 14-year tenure, the business advocacy organization has grown from around 1,000 members to more than 32,000.
“During his tenure with the Virginia Chamber of Commerce, Barry DuVal has transformed the state chamber into the most influential business advocacy organization in the state,” Virginia Chamber 2024 Chairman Robert Duvall said in a statement. “I want to express the appreciation of the board of directors for DuVal’s outstanding leadership. … He has raised the profile of the chamber, and its programs have greatly enhanced the business climate of Virginia.”
Before joining the Virginia Chamber, DuVal spent eight years at Kaufman & Canoles Consulting. From 1998 to 2002, he served as state secretary of commerce and trade. Prior to that, the Newport News native was mayor of that city for six years.
DuVal led the development of Blueprint Virginia, a long-term economic development plan for the state, in 2013, 2017 and 2021. The process included more than 100 business organizations and more than 7,000 business leaders collaborating to present policy recommendations to each new governor, with the goal of strengthening Virginia’s reputation as one of the top states for business, particularly in CNBC’s Top State for Business ranking, which Virginia topped for a record sixth time this year.
The chamber presented Blueprint Virginia 2030 in December 2021. Its objectives include improving broadband access, encouraging investment in transportation infrastructure and bolstering the number of health care professionals.
Virginia Economic Development Partnership President and CEO Jason El Koubi said in a statement: “As the leader of the Virginia Chamber and architect of Blueprint Virginia, Barry DuVal has been an essential partner to me and so many others in strengthening Virginia’s economic development and business climate. I am tremendously grateful for his guidance, collaboration and impact — and believe the foundation he helped establish will support even greater progress across every region of the commonwealth for many years to come.”
DuVal also oversaw the launch in January of the WiseChoice Healthcare Alliance, creating a consortium for small business owners to purchase affordable health insurance for their employees. Virginia Chamber partnered with Anthem Blue Cross and Blue Shield for the alliance.
The chamber will immediately begin its search for DuVal’s successor and is working with the McCammon Group for the search. The chairman of the executive search committee is former PBMares CEO Alan Witt, also a past chair of the chamber and currently dean of Christopher Newport University’s Luter School of Business.
“It has been an honor to lead the Virginia Chamber of Commerce, and I am proud of the accomplishments of the chamber during my tenure,” DuVal said in a statement. “It has all been made possible by the support of the board of directors, chamber investors and members of the Chamber of Commerce that represent the very best of the business community in the commonwealth. The state chamber staff and team members are dedicated professionals who have executed the mission that has allowed the chamber to succeed, and I wish to thank them for their dedication.”
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