The number of Eastern Virginia homes that went under contract in June rose by more than 31% compared to June 2019, according to statistics released by Virginia Beach-based Real Estate Information Network Inc. (REIN), a regional real estate listing service.
“The market is robust despite the initial worries of COVID-19, and we will continue to see increases in both sales and listings in the upcoming months,” REIN President Barry Nachman said in a statement Thursday. REIN reports real estate information for Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Hampton and Newport News.
The number of settled or closed sales increased by 3.51%, with a median sales price of $262,599. This is a 2.9% increase from June 2019.
“Strong sales prove that buyers are in the market looking for a home, but with residential active inventory down 37.2% year-over-year in June 2020, the buyers’ biggest obstacle is the lack of available homes for sale,” according to REIN.
The number of foreclosures and short sales also decreased by more than 2%, as compared to last year.
“The forecast is for continued low interest rates in the foreseeable future, with more buyers than ever trying to take advantage of these rates,” Nachman said in a statement. “For sellers, this is a great time to put your home up for sale as prices are steadily increasing with many sellers receiving multiple offers on their homes.”
Founded in 1997, REIN maintains a database of property listing information in the Eastern Virginia region.
Statistics infographic courtesy of Real Estate Information Network Inc.
Since January, more than 1 million Virginians have filed initial jobless claims, according to the Virginia Employment Commission. More than 32,000 Virginians filed initial jobless claims last week, according to a VEC statement released Thursday.
In Virginia, 372,070 people remained unemployed last week — a decrease of 6,537 from the previous week. People receiving unemployment benefits through the VEC must file weekly unemployment claims in order to continue receiving benefits.
The regions of the state that have been most impacted continue to be Northern Virginia, Richmond and Hampton Roads.
Below are the top 10 localities, listed by number of initial unemployment claims, for the week ending July 11:
“We are starting to see more warning signs that the Virginia economy is starting to slow as COVID-19 cases continue to climb in the commonwealth, especially in the Hampton Roads region,” Robert McNab, director of Old Dominion University’s Dragas Center for Economic Analysis and Policy, said in a statement. “Not only is Virginia facing a public health crisis; the end of extended unemployment benefits under the CARES Act will reduce incomes, harm consumption, and increase foreclosures and evictions.
“We estimate that these benefits likely exceed $200 million a week in direct payments and add at least $300 million a week to economic activity in the commonwealth.”
More than 41,000 individuals who had exhausted regular unemployment insurance were contacted the week before last by the VEC regarding eligibility for the Pandemic Emergency Unemployment Compensation (PEUC), which provides up to an additional 13 weeks of regular or traditional unemployment insurance benefits to those who have exhausted their eligibility. More individuals are being contacted each week, VEC officials said Thursday.
The VEC on July 2 launched an application portal for Virginians to access the PEUC program, which is provided by the federal Coronavirus Aid, Relief, and Economic Security Act. Payments are retroactive dating back to the week ending April 4. To be eligible, applicants must have exhausted all benefits from their regular unemployment insurance benefits.
As of July 14, the VEC has since paid out $16 million in PEUC benefits to more than 18,000 people. The program is available through the week ending Dec. 26. Approximately 60,000 applications have been flagged with eligibility issues thus far. VEC officials remind applicants that not everyone is eligible to receive benefits, according to eligibility requirements. The VEC is targeting 10,000 decisions per week regarding applications.
PEUC benefits are taxable, as are regular unemployment insurance benefits and federal pandemic unemployment compensation, according to the VEC.
Nationwide, 1.3 million people filed initial claims for unemployment last week, bringing the total of unemployed Americans to more than 51.3 million in the wake of the pandemic-related economic crisis, according to U.S. Department of Labor (DOL) statistics released Thursday.
“This is the 17th straight week where initial claims were above 1 million, which is nearly double the level observed in the worst week during the Great Recession,” Dominique Johnson, research associate at the Dragas Center, said in a statement. “As the pandemic continues, the decline in initial claims in early June has stalled as initial claims have hovered around 2 million for the last seven weeks.”
States with the largest increases in initial claims for the week that ended July 4 were Texas, New Jersey, Maryland, Louisiana and New York, while the largest decreases were seen in Indiana, Florida, California, Georgia and Oklahoma.
U.S. claims were down by 10,000 from the week before. For the week ending June 27, 48 states reported that nearly 14.28 million people are claiming federal Pandemic Unemployment Assistance, which provides temporary benefits for people who are not eligible for regular or traditional unemployment insurance.
The seasonally adjusted insured unemployment rate was 11.9% for the week that ended July 4, a decrease of 0.3% from the previous week.
The states and U.S. territories with the highest insured unemployment rates for the week ending June 27 were Puerto Rico, Nevada, Hawaii, New York, Louisiana, California, Massachusetts, Connecticut, Georgia and Rhode Island.
The VEC is hosting a statewide virtual hiring event on July 28. Employers may contact Robert Walker, VEC veteran outreach coordinator, for details on registering for the event.
Herndon-based online education provider K12 Inc. announced Wednesday it plans to hire more than 1,300 educators for the 2020 through 2021 school year, in light of a massive push to move education online during the pandemic.
Across Virginia, schools have been making decisions regarding reopening in the fall, with some already opting for full online learning.
“As families look forward to the start of the new school year, and new students enter the virtual classroom for the first time, we are proud that they will be greeted by a growing core of highly-trained educators committed to their success,” Kevin Chavous, K12 president of academics, policy and schools, said in a statement.
According to K12, there are 51 million public school students and 3.7 million teachers in the United States — but nearly one-third of those teachers are more than 50 years old. K12 says that this puts them at increased risk during the pandemic. K12 currently employs 6,000 teachers who have specialized training in online education.
“K12-powered teachers have the unique opportunity to work from the comfort and safety of home while being supported by a team with two decades of experience in online instruction,” the company’s Wednesday announcement reads.
K12 sells online curriculum and schooling to more than 2,000 schools among all 50 U.S. states and more than 100 countries. The company reported more than $1 billion in 2019 revenue, and its stock has been up by more than 100% this year.
In late June, the company also announced it had become a strategic partner of the Virginia Ready Initiative (VA Ready), a private-public partnership to help unemployed Virginians get back to work during COVID-19.
The Fairfax County Board of Supervisors announced Wednesday it has directed an additional $20 million in funding to its Fairfax Relief Initiative to Support Employers (RISE) relief program — bringing its total funding to $46 million aimed at helping small businesses and nonprofits during the pandemic.
The funding comes from the federal Coronavirus Aid, Relief and Economic Security (CARES) Act. Forgivable loans of up to $20,000 are intended to help small businesses and nonprofits impacted by COVID-19.
More than 2,000 of the 6,100 applicants have already been offered grants. With the new funding, county officials say they expect to be able to offer grants to approximately 2,000 additional applicants. At least 30% of the program’s funding is allocated for minority-, veteran- and women-owned businesses. More than two-thirds of applicants fall within these categories.
Although additional funding has been allocated, no new applications will be accepted. Grants will be offered to small businesses and nonprofits that applied, but did not yet receive funding.
“There is significant need across the community for support and we saw a huge response to the Fairfax RISE program,” Fairfax County Board Chairman Jeffrey McKay said in a statement. “I’m proud we could expand this program and support even more of our small businesses.”
Eligible businesses must have at least one commercial location in Fairfax County (including its principal place of business), have fewer than 50 employees across all locations, have been in business for at least two years and have a valid Business, Professional and Occupational License.
Virginia is the first state to adopt statewide emergency workplace safety measures, Gov. Ralph Northam announced Wednesday.
“Workers should not have to sacrifice their health and safety to earn a living, especially during an ongoing global pandemic,” Northam said in a statement. “In the face of federal inaction, Virginia has stepped up to protect workers from COVID-19, creating the nation’s first enforceable workplace safety requirements.
“Keeping Virginians safe at work is not only a critical part of stopping the spread of this virus, it’s key to our economic recovery and it’s the right thing to do.”
The Virginia Department of Labor and Industry’s Safety and Health Codes Board voted today to approve an emergency temporary standard requiring the following:
Mandate social distancing and face coverings for employees in customer-facing positions when social distancing is not possible
Provide frequent access to hand washing or hand sanitizer
Clean high-contact surfaces regularly
Notify all employees within 24 hours if a coworker tests positive for the virus
Keep employees home for 10 days if they are known or suspected to be positive cannot return to work for 10 days, or until they receive two consecutive negative tests
“As a top state for workforce development, it should be no surprise that Virginia is also the first in the nation to establish such a robust set of emergency workplace safety regulations,” Megan Healy, chief workforce development adviser, said in a statement. “Our workers are our greatest asset, and I am confident that these temporary standards will provide Virginians with the peace of mind they need to return to work and fuel the commonwealth’s economic recovery.”
Safety rules are intended to protect Virginia workers by mandating appropriate personal protective equipment, sanitation, social distancing, infectious disease preparedness and response plans. Guidelines also include record keeping, training and hazard communications.
“Today, Virginia has taken a step forward in putting our working families and frontline workers first,” Virginia AFL-CIO President Doris Crouse-Mays said in a statement. “This passage of the Emergency Temporary Workplace Standards is an essential move towards boosting Virginia from the bottommost ranking of 51st for workers.”
The emergency temporary standards, infectious disease preparedness and response plan templates and training guidance can be found on the Virginia Department of Labor’s website. Workers who feel unsafe at their workplaces can also file formal complaints with the federal Occupational Safety and Health Administration.
“It is our belief that such strong, practical standards that require state employers to improve workplace safety and conditions … will aid in mitigating further outbreaks within our commonwealth,” Crouse-Mays said in a statement. “This is a great victory for working people in Virginia to help protect our communities and families from this virus and reopen the economy safely.”
Hotel revenue declines have worsened during the past week, despite the state operating under Phase Three of Gov. Ralph Northam’s “Forward Virginia” plan, which has loosened some gathering and hospitality restrictions.
Hotel revenues and rooms sold declined in every major market in Virginia, compared with the same time frame last year, according to new data from STR Inc., a division of CoStar Group providing market data on the hospitality industry. Compared to the same week in 2019, revenues fell 70% in Northern Virginia, 65% in Charlottesville and 34% in Hampton Roads.
However, during the week of June 28 through July 4, revenues fell 55% in the Northern Virginia market, 47% in Charlottesville and 27% in Hampton Roads.
“Despite a slight setback from the previous week, we continue to see improvement in room revenues, as well as in rooms sold this week over the last few weeks,” Professor Vinod Agarwal of Old Dominion University’s Dragas Center for Economic Analysis and Policy, said in a statement. “We should brace ourselves for a continued slow rebound as the nation and the commonwealth largely reopens from COVID-19, however. It will take time for business and leisure travelers to fill rooms again.”
During the week of July 5 through July 11, hotel revenues in Virginia decreased by 50% and rooms sold declined by 38% when compared to the same week last year. The average daily rate (ADR) paid for hotel rooms dropped 19% to $94.48, and revenue per available room (RevPAR), a key lodging industry metric, fell to $43.92, a 49% decline.
Virginia Beach-based Acoustical Sheetmetal Co. (ASC) will invest $15.8 million to expand its operations, adding a 100,000- square-foot facility and creating 200 jobs, Gov. Ralph Northam announced Wednesday.
ASC manufactures sound-reducing and weather-protective enclosures for onsite power generation equipment, such as control rooms, house generators, pumps, compressors, switchgear and HVAC equipment.
“Advanced manufacturing continues to soar in the commonwealth, thanks to industry leaders like Acoustical Sheetmetal Company,” Northam said in a statement. “ASC’s new investment in Virginia Beach and the creation of 200 high-quality jobs come at a critical time and will generate a positive ripple effect across the Hampton Roads region, further aiding our economic recovery. We look forward to building on our strong partnership with ASC in its next phase of growth.”
The company, which currently employs more than 145 people, operates three facilities in Virginia Beach, including 100,000 square feet of manufacturing space, an 11,000-square-foot clean storage facility and 2,000 square feet of administrative space. ASC also has an acre of staging space.
Virginia competed with North Carolina and South Carolina for the project. The Virginia Economic Development Partnership (VEDP) worked with the city of Virginia Beach and the Hampton Roads Alliance to secure the project for Virginia.
“ASC chose Virginia for its highly skilled and plentiful workforce, in addition to its proximity to key customer job sites,” said Margaret Shaia, CEO of Acoustical Sheetmetal Company.
Northam also approved a $750,000 Commonwealth Opportunity Fund grant to help Virginia Beach with the project. ASC is eligible for a Major Business Facility Job Tax Credit (administered through VEDP) for full-time jobs created. The Virginia Jobs Investment Program will provide training services.
“Acoustical Sheetmetal Company continues to expand its footprint in Virginia Beach, demonstrating the success manufacturers can experience due to the commonwealth’s pro-business climate and quality workforce,” Secretary of Commerce and Trade Brian Ball said in a statement. “ASC’s major investment … will greatly benefit the local and regional economies. We thank the company for its important contribution during these challenging times.”
Minotaur IV. Photo courtesy NASA. Photo by NASA/Chris Perry
The Minotaur IV rocket, carrying a classified payload for the National Reconnaissance Office (NRO), launched its first U.S. Space Force (USSF) mission from the Virginia Commercial Space Flight Authority‘s (Virginia Space) Mid-Atlantic Regional Spaceport at NASA’s Wallops Flight Facility in Eastern Virginia, Gov. Ralph Northam announced Wednesday.
“The Mid-Atlantic Regional Spaceport continues to serve the aerospace industry as a competitive, state-of-the-art facility,” Northam said in a statement. “Today’s successful launch is a reflection of the commonwealth’s ongoing commitment to ensuring Virginia remains a premier leader in space exploration, research, and commerce.”
The 78-foot tall rocket was built and operated by Falls Church-based Fortune 100 federal contractor Northrop Grumman Corp. The launch marks the seventh mission for Minotaur IV in 10 years, with the most recent launches in September 2013 for NASA and November 2013 for the U.S. Department of Defense (DoD). The Wednesday launch was the first from the upgraded launch pad.
The Wednesday launch was also the first time that Virginia Space’s new Payload Processing Facility (PPF) was used for space vehicle processing and payload integration. The PPF opened in July 2019 and can be used for national security and classified missions, and includes cargo bays allowing government and commercial businesses to process multiple payloads in one facility.
“With its ability to attract diverse customers and support many types of missions, Virginia Space is well-positioned to play an important part in boosting our economic recovery and sustaining future growth,” Northam said in a statement.
The USSF Missile Systems Center’s Launch Enterprise Program provided services for Wednesday’s launch. This was also NRO’s first launch from Wallops Island. The NRO is a defense agency responsible for developing, acquiring, launching and operating intelligence satellites for national security needs.
“We consider it an honor to support this vital national security mission with our unparalleled facilities and elite workforce,” Virginia Space CEO and Executive Director Dale Nash said in a statement. “Virginia Space is also proud to be delivering tangible results on the significant investment that the commonwealth has made in the Mid-Atlantic Regional Spaceport.”
The city of Portsmouth announced Wednesday that its preferred casinogaming partner, Chicago-based Rush Street Gaming, has been pre-certified by the Virginia Lottery Board to operate a Virginia casino.
The pre-certification is necessary to move forward with a local gaming referendum in November.
“We are grateful for the Lottery Board’s diligence on this matter and for Virginia’s openness to a long-term partnership with our organization,” Jacob Oberman, Rush Street Gaming senior vice president of development, said in a statement. “Moving forward with the referendum is a positive step for Portsmouth and for the commonwealth. We’re excited to bring new jobs, opportunities for local businesses and increased tax revenue to benefit the entire community.”
Legislation passed by the General Assembly allowing five economically challenged cities to host one commercial casino each became legal on July 1. Hard Rock and Caesars Entertainment are planning resorts in Bristol and Danville, and the Pamunkey Indian Tribe has received city approval for its casino in Norfolk and is bidding in Richmond. Investors must put in at least $300 million, which Rush Street Gaming expects to do. The casinos are anticipated to bring in more than $1 billion in total revenue to the state.
The Rush Street Project alone is anticipated to generate $16.3 million in annual tax revenue for Portsmouth and $260 million in annual regional GDP. The Portsmouth Economic Development anticipates that the casino will create 1,400 construction jobs, 2,000 permanent jobs — and $62 million annually in wages, salaries and tips.
The Portsmouth City Council will vote on the casino gaming referendum during its virtual July 16 meeting. The casino would be located along Interstate 264 in what will be deemed as the Entertainment District in Portsmouth. The entire project is expected to include a casino, an entertainment venue, restaurants and a sportsbook.
“Pre-certification by the Virginia Lottery Board is a vote of confidence by the commonwealth’s experts on our choice of preferred partner, and we could not be more excited for the Rush Street team to begin their work getting to know Portsmouth voters,” Portsmouth Economic Development Director Robert D. Moore said in a statement. “It is important for the citizens of Portsmouth to be involved in the process as we head towards November, and that they understand the full scope of the Entertainment District.
Chantilly-based federal contractorPerspecta Inc. announced Tuesday that its research arm, Perspecta Labs, has landed a $37 million contract to develop network hardware to speed up complex computing applications for the Defense Advanced Research Projects Agency (DARPA)
Perspecta will work on DARPA’s Fast Network Interface Cards program with a goal to accelerate — by 100 times the speed — applications such as the distributed training of machine learning classifiers, which are implemented through algorithms. The company will complete research and design and develop network interface hardware that operates at a faster speed.
“Perspecta Labs will leverage its expertise in networking, systems and distributed computing to provide an innovative, secure solution to the FastNICs challenge,” Perspecta Labs CEO Petros Mouchtaris said in a statement. “We are looking forward to working closely with our DARPA customer to deliver hundredfold improvements for demanding mission critical applications.”
The company will also design and implement new software including resource managers, application programming interfaces and programming tools to allow applications to operate at the improved speed.
Perspecta employs more than 14,000 workers and won several big federal contracts last year, including an $824 million, five-year deal with the National Geospatial Intelligence Agency and a $657 million extension on its Next Generation Enterprise Services (NGEN) contract to continue IT services for the U.S. Department of the Navy. In April, Perspecta Labs won a $14.5 million U.S. Army contract to use machine learning to develop a suite of capabilities for the Army to protect against cyberattacks.
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