What local industries/sectors do you think have potential for growth?
Continued growth around the Port of Virginia and green energy. … Entrepreneurs and local leaders have made substantial investments to tee up this area as part of a wind turbine corridor for future developments on the East Coast. If that vision comes to fruition, then the impact on our area could be once in a lifetime.
What’s the biggest challenge to doing business n your area?
Attracting and retaining young talent.
How is your area recovering economically from the pandemic?
Everything here is coming back strong. We lost quite a few local restaurants and bars, but the leisure sector as a whole is humming, and new development plans are back in the pipeline.
What are the top factors that have had the biggest impact on attracting business to your region?
Ease of transportation into and out of our market is a huge draw. We have one of the deepest and busiest ports on the East Coast and great connections by rail and highway to the rest of the U.S. We encounter a number of European and Asian companies opening offices in the area to service their U.S. customers. It is always exciting to watch them grow and develop. Additionally, the military presence here remains a huge draw for supporting organizations in the area, particularly in the government contracting sector.
What are the top obstacles to your region’s economic success?
Regional cooperation has been our Achilles’ heel for many years; fortunately, I believe a lot of business leaders are working to change that with the 757 initiative. Availability of employees is also a struggle; in our firm, we have adapted to some fully remote hires for various positions due to the staffing shortage in our local market.
Forsythe photo by Rick DeBerry
CENTRAL VIRGINIA
George D. Forsythe, CPA
Managing Partner | WellsColeman | Richmond
What local industries/sectors do you think have potential for growth?
The health care industry continues to thrive and grow, given increasing demand placed by COVID. Optimistically, I believe the local hospitality and events sectors are poised for growth. Given the reduction in travel and in-person events, coupled with the shelter fatigue that many people are feeling, this sector is prepared to explode.
What’s the biggest challenge to doing business in your area?
The obvious challenge to doing business in our area is the pandemic. With numbers on the rise, and uncertainty in our future, it is very challenging to conduct business. Additionally, access to available and quality personnel has further impacted the region economically. There is an abundance of jobs available and a scarcity of individuals who can and will appropriately fill these roles.
How is your area recovering economically from the pandemic?
The Richmond region was recovering nicely, albeit [on] a long road, from the pandemic until the delta variant began its momentum. … In times of uncertainty, human nature is to conserve resources versus expend them. This pandemic uncertainty, including health requirements, available staffing and supply chains, will continue to impair our recovery.
What are the top factors that have had the biggest impact on attracting business to your region?
Our high-quality colleges and universities providing access to top-tier talent, as well as access to financial resources, including available investment capital and incentives offered by local government.
What are the top obstacles to your region’s economic success?
The biggest obstacle facing the Richmond region’s economic success is the unknown future of the coronavirus pandemic. … The second, and more rooted, obstacle facing our region is the suboptimal collaboration among our local government, business and community leaders.
Stepka photo by Don Petersen
SOUTHWEST VIRGINIA
Andrea Hupp Stepka
Partner | Foti, Flynn, Lowen & Co. | Roanoke
What do you love about living and working in your region?
I moved here in summer of 1995, right after graduation from Virginia Tech. I love the mountains and the greenways. I am an avid runner, so the outdoor life here in Roanoke is amazing.
How is the economy faring in your part of the state right now?
Small businesses are having trouble finding good help, suppliers are limited everywhere … [and] prices are higher everywhere as well.
What local industries/sectors do you think have potential for growth?
Technology/software and knowledge-based industries
What’s the biggest challenge to doing business in your area?
Right now, the answer has to be COVID, right? It’s a huge challenge for workers to be face to face, and thus we as a CPA firm have had to embrace the remote aspects of working with our clients.
How is your area recovering economically from the pandemic?
Overall, I think we are doing fine. … Our clients have weathered the storm, and for the most part seem to be coming out on the other side. We haven’t seen many businesses having to close, most likely due to the [Employee Retention Credits] and loans from the government.
What are the top factors that have had the biggest impact on attracting business to your region?
Roanoke is a beautiful place to live. The mountains and scenery are a big attraction. The cost of living is very competitive as well. We have a high quality of living here, with a good mix of industries ranging from the small mom-and-pop to large businesses.
What are the top obstacles to your region’s economic success?
There are some disparities in income levels in Roanoke and we have a growing population of people in poverty.
Milburn photo by Norm Shafer
SHENANDOAH VALLEY
Thomas L. Milburn, CPA
Principal | Yount, Hyde and Barbour (YHB) | Winchester
How is the economy faring in your part of the state?
Spring and summer showed a strong recovery. Pent-up demand led to tourism, shopping and dining again. The valley offers outdoor activities along with farm markets, vineyards and breweries that capitalized on people traveling closer to home or getting out of cities. Our industrial sector is doing well, with I-81 contributing to our role as a distribution/manufacturing hub in a world of mail order.
What local industries/sectors do you think have potential for growth?
Based on the quality of life and comparatively low cost of living, the valley has been an attractive location for retirees but more recently has become a destination for people migrating from cities to work remotely. Housing and professional services for those groups have potential for growth, such as health care and assisted living, along with wealth management, accounting, legal and other services.
What’s the biggest challenge to doing business in your area?
One major challenge to doing business across industry sectors is obtaining and retaining talent. … Affordable housing is an issue for younger professionals and retail/hospitality workers.
How is your area recovering economically from the pandemic?
With COVID uncertainty creeping back, indications are the valley economy isn’t full speed ahead. While businesses spent stimulus on employees, cash reserves remain as employers decide on spending and investment. It’s worth noting the uneven impact of the pandemic. While businesses have cash, the appetite for further unemployment benefits for hourly and gig workers seems low if the pandemic lingers.
What are the top obstacles to your region’s economic success?
First, affordable housing remains a priority. Second, the lack of high-speed internet in large areas of the valley for work and education was exacerbated by the pandemic.
Williamson photo by Stephen Gosling
NORTHERN VIRGINIA
Christine B. Williamson, CPA, PMP
Government contracting industry audit & advisory lead partner | CohnReznick LLP | Tysons
How is the economy faring in your part of the state?
Over the decades, many have commented that NoVa is “in a bubble,” meaning it fares well during turbulent economic times. This phrase continues to ring true in the pandemic and as we get back to the new normal. With the federal government, Amazon, Micron and data storage facilities, these sectors fuel the bubble effect here in Northern Virginia.
What local industries/sectors do you think have potential for growth?
The industries are endless here in NoVa, but I think the technology and medical sectors have the greatest potential for growth.
What’s the biggest challenge to doing business in your area?
My expertise is servicing companies who work for the federal government via government contracts. There is a talent war for many business sectors, including CPA firms. I’d say talent is the biggest challenge, regardless of the business type. We all struggle to find enough people to do the work, causing companies to go outside the area to look for talent.
How is your area recovering economically from the pandemic?
The Northern Virginia area is no different than other regions, as the business world has pivoted out of the pandemic by modifying how to do business, be creative, think strategic and figure out new ways to sell the same services. I hear many businesses say we are revisiting our business culture and purpose, which helps them through the recovery process.
What are the top factors that have had the biggest impact on attracting business to your region?
Location, location and location! And our vibrant technology sector.
What are the top obstacles to your region’s economic success?
Brought to you by Virginia Business and Bank of America, join us every other month for the Diversity Leadership Series — virtual fireside chats with a diverse group of Virginia business leaders sharing their insights and thoughts on leadership, their career paths and diversity and equity.
The second installment in our series took place Sept. 30 in Hampton Roads, with a discussion between Angela Reddix, founder, president and CEO of Norfolk-based health care management and IT consulting firm ARDX, and Jack L. Ezzell Jr., founder and CEO of Hampton-based government contracting firm Zel Technologies LLC, also known as ZelTech.
Both Ezzell and Reddix are inductees of Old Dominion University’s Strome Entrepreneurial Center Hall of Fame.
What follows is an excerpt from their conversation. To watch the entire program, visit VirginiaBusiness.com.
Jack Ezzell: I’ll tell you a story: One of the things that I encountered in the early ’60s when I first went into the military, [if] you were Black, going into certain neighborhoods, the assumption was that if a person of color was moving into this neighborhood, it’s going to deteriorate, the property values are going to go down. I said to myself, “I’m going to mow my lawn twice a week.” I’ve always done that. I say to everyone, if you do more, and that’s the standard, that is really what you have to do. That’s one of [my] guiding principles. … What about your story? Has race been a big issue in what you’ve done?
Angela Reddix: It’s so interesting hearing you speak about mowing your lawn twice. That is literally and figuratively what I believe many of us are raised to [do]. We have to be that much better.
One of our core values … is individuality. I pride myself on having a diverse population. Even as a Black employer, I feel that it is so important for me to have all perspectives at the table. I’m smarter, I’m better because of it. And with that, I recognize that I’m an African American woman and so I absolutely feel that I have to come there and then some, to overcompensate.
“My motivation is I want to inspire those who have not seen someone who looks like this do it,” Reddix said during the Sept. 30 event. “It’s less about proving myself … and more about inspiring someone to say, ‘OK, I can do it.’” Photo by Kristen Zeis
[But] I have to tell you, something happened in the last couple of years, Jack, where I don’t walk with that same thought any longer. I feel that my gifts — Scripture speaks to this — my gifts will make room for me. I have sown enough that I have decided … that my experience, what I have sown in the community, what I have sown in this world, the education, all of that, that’s going to have to speak now.
Now, my motivation is I want to inspire those who have not seen someone who looks like this do it. It’s less about proving myself to everyone else and more about inspiring someone to say, “OK, I can do it.” What inspiration comes from is showing your flaws.
Ezzell: That’s wonderful. I share those same views. I’m really the same way like that. I’m very, very proud of the organization we have, the company we have. It’s diverse [by] all means, but there’s something else, though, that I think is very important for us as business owners: That’s the whole issue of giving back.
I am so fortunate. I’ve been blessed and I just really want to give it back. I’m fortunate, again, that I have an organization where I’m allowed to do a lot of that. I’ve been able to spend almost half of my time being involved in things. I do a lot with individuals with disabilities, higher education, that kind of thing. I know you do the same. I say to business owners when they come in, the fundamental role of a business is to make a profit. What one chooses to do with that profit is a different story.
I challenge everyone — it’s not always about money; give of your time and your values. … That has been … the part of my company that’s made me so very complete.
Reddix: Corporate social responsibility. Absolutely. To whom much is given, much is required. That is something that I live and breathe. Jack, I see you in the community in that way. I also know that you can’t give what you don’t have. … I say the two most valuable assets we have … [are] your time and … relationships. Because with time, you can make money. With no time, you can’t make any money. With relationships, doors can open, or doors can be closed to you. Being able to nurture those, being able to really think about how you’re going to budget your time and budget your relationships and being strategic about that is something that’s important to me.
I say that to say, many people have a heart to give, but you really have to do the work to create stability for yourself so that you can give to others. … From the very first year, [ARDX has] been doing programs where we’re investing in the community and, yes, through time, those have scaled because we’ve had more access. With more access, we can give more time and more money.
That is absolutely the place I’m in right now. Maslow’s hierarchy of needs: You have to take care of your food, your safety, your shelter,before you can get to self-actualization. I am thankful because I will say I’m living the dream right now, where I can invest the majority of my time, the majority of my mind and my heart into building up others.
“The fundamental role of a business is to make a profit. What one chooses to do with that profit is a different story,” Ezzell said. Photo by Kristen Zeis
Ezzell: Yes. There’s another thing …my wife will … probably beat me up when I tell [this] story but my family has been important in my life. I’d like to tell the story aboutshortly after I became a CEO. I was going back [to] this small town in North Carolina with my wife, and we were going through, and we passed by a service station. My wife looks over at the service station [and] she says, “Oh, I know that guy. I think he might have been one of my boyfriends.” …. I said, “Hahaha, if you had married him instead of me, you would be the wife of a service station attendant.” She looked at me and said, “If I had married him instead of you, you would be pumping gas and he would be a CEO.”
You talked to me before about how proud you are of your kids and your family, I too … [am] blessed with [my] family but [also with] the family I have in my company. … Those are just the things that really matter.
Reddix: Yes, love is everything — Tina Turner, “What’s Love Got to Do with It?” When you’re talking about leadership … you’re not supposed to have relationships. [Human resources],you’re supposed to be stiff, and that doesn’t work today. People bring their whole selves to the office.
If you can’t have compassion and love and understand that that is someone’s child, that’s someone’s wife, husband, and their spirit matters, and how you build them up or you tear them down, it matters. It’s not just affecting the team in the office, but they take this stuff home and you’re impacting a household. In this world today, mental health is such an important thing for us to consider as leaders and most leaders aren’t trained to even understand mental state of mind.
Ezzell: What tips would you give to those … who are starting businesses and are concerned about what are the keys to success? What are some of the tips that you’d give to business owners?
Reddix: It’s the African proverb that says, “If you want to go fast, go alone. If you want to go far, go together.” I will say tip No. 1 is, you don’t have to do it alone. In order to not do it alone, you really need to understand where you’re trying to go. You have to be very clear with your vision because you attract those people in your life who can support that vision.
No. 1 is to ensure that you build relationships [so] you don’t have to do it alone. No. 2 is, it’s not about getting there fast. … You have to build it to last and doing that, that means one step at a time, but … build it with the end in mind. I think the third thing — which probably is the first thing — is really, you can’t give what you don’t have, so you have to take care of self: mind, body, spirit. You have to have a foundation of that.
There’s a lot of bling out there sparkling. Everyone seems to be moving so fast, social media, you can see everything or what you think you see, which may or may not be real, but you really have to almost have blinders to be clear with what you’re called to do. And when you’re walking according to your purpose, somehow things just align.
One of the largest rooftop solar energy projects in the Roanoke region is now operating at Goodwill Industries of the Valleys. In mid-October, the nonprofit installed solar panels at its Support Center/Jobs Campus building on Melrose Avenue. About 90% of the building’s electricity will be generated by renewable energy, reducing annual carbon dioxide emissions equal to that produced by burning 581,000 pounds of coal. The solar panels will have a maximum capacity of 548 kilowatts at any given time, and over a year will produce up to 742 megawatt-hours of electricity. (The Roanoke Times)
Two counties in the Roanoke and New River valleys are separately seeking state funding to help with major broadband internet access expansion projects. Montgomery County leaders put support behind a grant application that, if approved, would help pave the way for far greater availability of broadband in much of the county outside of Blacksburg and Christiansburg. Montgomery is seeking another grant through the Virginia Telecommunications Initiative. In the Roanoke Valley, Botetourt County applied for nearly $3.1 million through VATI toward a $7.9 million project to bring universal broadband coverage to the county by 2023. (The Roanoke Times)
Virginia Tech has launched a research institute focused on national security with presences in Blacksburg and the Washington, D.C., metro area, the university announced in September. The Virginia Tech National Security Institute aspires to become “the nation’s preeminent academic organization at the nexus of interdisciplinary research, technology, policy and talent development to advance national security.” Tech has long had ties to the Department of Defense, which contributed $50 million in federal funding to the university in fiscal year 2020.The institute will bring together researchers, programs and resources from across the university and industry leaders. (VirginiaBusiness.com)
Bailey
Virginia Tech leaders, key partners and government officials formally opened the $90 million, 139,000-square-foot Fralin Biomedical Research Institute at VTC in mid-October. Already equipped with research instrumentation and new laboratories for up to 25 research teams, the building has been operational for a year. The LEED Silver-certified building designed by AECOM has sustainability features, including a meadow garden roof that prevents flooding. Set in the heart of the Roanoke Innovation Corridor, the institute is a major economic driver in the region, currently employing more than 400 researchers, staff, and trainees.
(Virginia Tech news release)
People
Pam Bailey will be the new Bedford County economic development director after serving as the interim director. Since February 2018, Bailey has served as the county economic development office’s marketing and business development coordinator, leading marketing, managing the departmental and EDA budgets and assisting with securing grants. She has worked with Lynchburg-based firm Blair Marketing, Swedish telecommunications company Ericsson and United Way of Central Virginia. She holds a bachelor’s degree in interior design with a minor in marketing from Meredith College. Bailey succeeds Traci Blido, who is now the director of the Central Virginia Workforce Development Board. (VirginiaBusiness.com)
Maxey
Michael C. Maxey, the 11th president of Roanoke College, announced in September that he will retire at the end of the academic year. Maxey has been with Roanoke College, located in Salem, since 1985 and has served as president since 2007. He has served the longest of any of the college’s presidents. “The decision has been most difficult, but it is right for Terri [Maxey] and me, and for Roanoke College,” Maxey said in a statement. “I will always treasure the opportunity to have served Roanoke College as president.” (VirginiaBusiness.com)
Shenandoah Valley
The American Shakespeare Center in Staunton has canceled its fall slate of in-person productions. In an email sent in September offering refund information, the troupe notified ticket holders that it was eliminating the season. Along with the runs of “Macbeth,” “Henry V” and “All’s Well That Ends Well,” and the world premiere of “Keene” by Anchuli Felicia King, it canceled the 2021 Blackfriars Conference, a three-day gathering of classical scholars originally scheduled for October. Company members say the cancellations were caused by internal strife over how the company is run, and its treatment of women and people of color. (The Washington Post)
Williamsport, Maryland-based developer Elevate Homes has proposed a high-end 74-home subdivision for active seniors in Winchester that would occupy a 28-acre parcel of land adjacent to the Museum of the Shenandoah Valley and the Emil and Grace Shihadeh Innovation Center. Each house would include a two-car garage and be priced at least $500,000. Taxes from the development, The Preserve at Meadow Branch, are projected to add approximately $425,580 to the city’s coffers each year. A public hearing on the development was set to be held on Oct. 19. (The Winchester Star)
The Shenandoah Community Capital Fund (SCCF) has received $1.5 million in federal grant funding to support innovation in the region, Director Debbie Irwin said on Oct. 7. The fund will use a three-pronged approach to spend the grant money: expanding the Startup Shenandoah Valley program to support entrepreneurs with scalable tech ideas in agriculture, cybersecurity and software from this October to September 2024; creating a digital platform connecting investors, business resource groups and higher education institutions; and centralizing and expanding the storytelling of the valley to draw new businesses. (Daily News-Record)
Italian cured meats manufacturer Veronesi Holding S.p.A., a Gruppo Veronesi company, will invest approximately $100 million to establish its first
U.S. production facility in Rockingham County, creating an estimated 150 jobs over the next four years, Gov. Ralph Northam announced Sept. 30. The facility will sit on 75.8 acres in the Innovation Village @ Rockingham and will be used to age, process and package the company’s products. A privately traded company, Veronesi Holding S.p.A. reported more than €3.1 billion in sales in 2020. The company is headquartered in Verona and has 9,000 employees. (VirginiaBusiness.com)
Plastic thermoforming and fabrication company Virginia Industrial Plastics Inc. will invest more than $6.5 million to expand its manufacturing facility in Rockingham County, Gov. Ralph Northam announced Sept. 23. The expansion is expected to add 92 jobs and allow the company to increase capacity for its product lines, Cabinet Savers and VIP Golf Cars. Virginia Industrial Plastics makes products designed to serve markets such as meat processing, leisure, medical, commercial, transportation, industrial, heavy equipment and agriculture. The company’s services include tooling and mold creation using wood, synthetics, composites, or aluminum, thermoforming and vacuum forming, CNC operations, value-add assembly, and just-in-time inventory. (VirginiaBusiness.com)
People
Charlie King, the senior vice president of administration and finance for James Madison University for the past 25 years, has announced that he will retire in December. King’s tenure included assisting with capital projects on campus, including building out the school’s East Campus and growing JMU’s athletic programs. In 2019, the university’s endowment grew to $111 million, a 42% increase over the past five years, and JMU’s $200 million fundraising campaign launched in 2018 reached its goal more than a year early. King will work on a temporary, part-time basis with JMU’s government relations staff through the next General Assembly session. (VirginiaBusiness.com)
Southwestern Virginia
Gov. Ralph Northam, first lady Pamela Northam, Maryland Gov. Larry Hogan and other government officials attended a three-day annual conference for Appalachian leaders beginning Oct. 6. The 2021 Appalachian Regional Commission conference was held in St. Paul, a town on the Wise-Russell county line, and received about 800 online and 100 in-person registrations. The commission’s representatives talked about the challenges facing their states’ Appalachian communities — high poverty rates, lagging infrastructure, lack of access to early childhood education and high-speed broadband struggles — and touted strides they’d made in those areas. Northam and Hogan visited sites in St. Paul and rode ATVs on trails. (Cardinal Press)
Ballad Health Chief Operating Officer Eric Deaton announced on Sept. 29 that the system would resume some elective surgeries that have been on hold since late August, as the number of new cases in Southwest Virginia and Northeast Tennessee dropped by about 40% over the two weeks preceding the announcement. The hospital system was treating 324 COVID-19 patients at the time, down from 413 a few weeks prior. The testing positivity rate in the region, however, has remained around 21%, and the vaccination rate is trailing the two statewide averages. (WVTF)
Connecticut-based Blue Star NBR LLC and Delaware-based American Glove Innovations Inc. will invest $714 million to build a manufacturing facility in Wythe County for producing nitrile medical gloves — a joint venture expected to create 2,500 jobs, Gov. Ralph Northam announced Oct. 4. The operation is expected to produce up to 60 billion medical gloves each year from nitrile butadiene rubber — an oil-resistant, synthetic rubber — at the manufacturing plant in Progress Park, the county’s industrial park. It is anticipated to occupy more than 200 acres and will have the potential to triple in size in future phases. (VirginiaBusiness.com)
Facebook Inc., Appalachian Power and GigaBeam Networks are partnering to bring faster internet to Grayson County residents, the social media giant announced Sept. 23. The trio of companies will bring fiber-to-the-home and wireless internet to about 6,000 households in the county. Facebook is building long-haul fiber routes, which will connect Virginia, Ohio and North Carolina data centers. Facebook’s network will connect with Appalachian Power’s middle-mile fiber network along its electric infrastructure grid, which GigaBeam Networks built on, extending broadband access to residences. (VirginiaBusiness.com)
Norton-based firm SolarBiotech and Mountain Empire Community College announced a partnership on Sept. 29 to help prepare residents for expected new jobs. The company, which is currently focused on using cellular agriculture to create food ingredients, relocated from North Carolina in March 2020 and employs 35 people. It expects to grow to more than 100 employees next year and to add a 200,000-square-foot facility to its operations by the end of 2023. The college will work with SolarBiotech to create a six-month bioprocessing operator certificate program for high school graduates. (The Coalfield Progress)
On Sept. 20, Salt Lake City-based Traeger Pellet Grill and Musser Biomass and Wood Products held a ribbon cutting at Musser Lumber Co. in the town of Rural Retreat to celebrate their partnership, which will create jobs in Wythe County while fueling barbecues across the country. Musser Biomass and Wood Products is a division of Musser Lumber Co. Inc. focused on the pellet and composite decking markets. The facility created approximately 25 jobs with its grand opening. The plant has a new form of wood dryer that can evaporate more than 2,000 gallons of water per hour from the green wood. (SWVAToday)
Southern Virginia
Demolition began in September to make way for the Caesars Virginia casino at the former Dan River Inc. Schoolfield site. It will take several months to completely demolish structures at the site. “Full demolition will take seven to nine months based on knowledge of current conditions,” said Mark Schlang, senior director of design and construction with Caesars Entertainment. As for the former finishing building, officials are still determining how to approach taking it down, Schlang said. “The finishing building will be later in the schedule,” he said. “The contractor and engineers are still evaluating the best methods for removal.” (Danville Register & Bee)
A groundbreaking ceremony took place in late September in Patrick County to widen a 7.4-mile stretch of U.S. Route 58 in Patrick County, the first phase of a project to create a continuous four-lane highway between Virginia Beach and Interstate 77. The project, part of the U.S. Route 58 Corridor Development Program enacted by state lawmakers in 1989, will cost approximately $300 million. The two-lane section of the highway over Lovers Leap Mountain is restricted to tractor-trailers, but that will change once improvements are completed under a November 2020 agreement between the Virginia Department of Transportation and Roanoke-based Branch Civil Inc. (VirginiaBusiness.com)
A Martinsville-based company announced its plans to hire nearly 1,000 workers during the holiday season. Radial is accepting applications for entry-level warehouse positions in its fulfillment center. Duties include processing online orders, as well as picking, sorting, packing and shipping them. The goal is to combat the holiday demand surge and help workers make some extra cash. “We are one of the largest employers in the area. This is a good opportunity for people to get their foot in the door during peak season,” JMH Campus Site Leader Tammy Elder said. (WSLS)
Schock GmbH, a German quartz composite sink manufacturer, plans to build an $85 million manufacturing facility in Henry County, creating 355 jobs, Gov. Ralph Northam announced in late September. Virginia competed with Florida,
Georgia and North Carolina for the project, which will occupy a 95,500-square-foot shell building on 14.7 acres in Patriot Centre Industrial Park. The new facility will be completed in phases, with the first phase — establishing the capability to produce quartz composite kitchen sinks — finished in five years. Schock invented the material in 1979 and manufactures more than 200 sink models. (VirginiaBusiness.com)
Southern Virginia Vegetable Packing LLC has partnered with Brunswick County Industrial Development Authority, with plans to build a 45,000-square-foot, $4.2 million produce processing and packing facility that is expected to create 40 jobs over three years, Gov. Ralph Northam announced in late September. Old Dominion Organic Farms, a member of Southern Virginia Vegetable Packing, will operate the facility, which is expected to process nearly 24 million Virginia-grown vegetables. It will support more than 22 farmers across Amelia, Brunswick, Dinwiddie, Lunenburg, Mecklenburg, Prince George and Surry counties. (VirginiaBusiness.com)
The Virginia Supreme Court refused in early October to hear Virginia Uranium‘s latest legal bid to overturn the state’s ban on uranium mining. The case involved Virginia Uranium’s claim that the mining ban unconstitutionally deprives the company of use of its Coles Hill mining site in Pittsylvania County and therefore amounts to an unlawful taking of private property. After reviewing the case record and arguments by both sides, “the Court is of the opinion there is no reversible error in the judgment complained of. Accordingly, the Court refuses the petition for appeal,” its order read. (SoVaNow)
Central Virginia
Henrico County-based tobacco giant Altria Group Inc. was hit with a legal ruling that could crash the rollout of its IQOS device, an alternative to conventional cigarettes. The U.S. International Trade Commission ruled in late September that Altria and its former subsidiary, Philip Morris International, must halt imports and sales of the IQOS device because it infringes two patents held by their top competitor, Winston-Salem, North Carolina-based R.J. Reynolds Tobacco Co. The IQOS is a battery-powered device that heats tobacco instead of burning it, part of a larger strategy by Altria to expand its product portfolio and introduce alternatives to conventional cigarettes. (Richmond Times-Dispatch)
The director of Chesterfield County‘s economic development office says a “major midtown development” could result from the sale of nearly 250 acres of undeveloped property in the county and the city of Richmond. The two pieces of land went on the market for $30 million and $49 million in early October, according to S.L. Nusbaum Realty, which is handling the sale. The 82.5 acres in the city was the proposed location of a $650 million Bally’s Corp. casino rejected this spring by a city advisory panel, and the 166.44 acres in Bon Air in Chesterfield is zoned to accommodate more than 1 million feet of office, retail and hospitality space. (VirginiaBusiness.com)
Richmond-based Dominion Energy Inc. reached an agreement in October to sell its Questar Pipeline subsidiary to Las Vegas-based Southwest Gas Holdings Inc. for $1.975 billion. The all-cash deal includes the assumption of $430 million of debt and is expected to close in the fourth quarter. Questar Pipeline provides natural gas transportation and underground storage services in Utah, Wyoming and Colorado, and it owns and operates 1,867 miles of pipeline. Questar transports gas for delivery to markets in the West and Midwest. (VirginiaBusiness.com)
About a year after unions raised public concerns, a grand jury indicted two General Assembly Building construction subcontractors on felony counts alleging they improperly classified workers to avoid paying state income taxes on them. A multijurisdictional grand jury indicted GTO Drywall LLC and Richmond Drywall Installers Constructors Inc. in Richmond Circuit Court on 10 counts each of embezzlement in early October. The Virginia Attorney General’s Office and the Office of the State Inspector General worked on the investigation after allegations of illegalities were made. (Richmond Times-Dispatch)
Henrico County-based Fortune 500 insurer Genworth Financial Inc. completed the once-delayed initial public offering of its mortgage insurance subsidiary, Enact Holdings Inc., headquartered in Raleigh, North Carolina, in September. Between the IPO and a private sale of shares, Genworth received aggregate net proceeds of about $535 million after underwriters’ fees but before other expenses. Genworth Holdings Inc., a wholly owned subsidiary of Genworth Financial, sold 15.3 million shares of Enact common stock at a price of $19 per share. (VirginiaBusiness.com)
The University of Virginia announced in September that it has received a $50 million lead gift to build a performing arts center, a donation by Tessa Ader, a prominent Charlottesville-area philanthropist who serves on the Fralin Museum of Art advisory board at U.Va. Her late husband, Richard Ader, was an attorney who represented artists including Joseph Cornell, for whom he was estate executor. The new center will include a 1,100-seat concert hall, a 150-seat recital hall and practice space in the Emmet-Ivy corridor near other facilities being built, including the School of Data Science and the Karsh Institute of Democracy. (VirginiaBusiness.com)
Northern Virginia
Capital One Financial Corp. has pushed back the reopening of its corporate offices to 2022, citing “uncertainty about the direction of this pandemic and the timing of a sustained improvement in health conditions across the country.” The McLean-based financial giant opted not to reopen its office in a hybrid format as planned for Nov. 2, after two delays earlier this year. Hybrid remains the plan, but the company will no longer attempt to forecast a date as to when that might be implemented. (Washington Business Journal)
Fortune 500 IT services company DXC Technology is leaving Tysons for a smaller headquarters in Ashburn in November, the company announced in late September. The new corporate office, located at One Loudoun, will reflect the shift to a virtual-first mentality. Employees can work from anywhere and use the office as more of a place to come together, executives say. It’s almost entirely meeting and conference space, with offices for key executive officers. DXC has several hundred employees in the greater Washington, D.C., area. Some will work on-site and others will have access when needed. (VirginiaBusiness.com)
George Mason University has finished the master planning process for its three main campuses, moving forward with the final designs for a $1 billion capital and academic overhaul. The university’s design team in October outlined the final vision for its original, flagship campus in Fairfax, its science and technology campus in Manassas and its Virginia Square campus in a public engagement session. The final report will be released within a few months. GMU plans to break ground on the nearly $250 million expansion of its Arlington campus in January. The primary addition is the 360,500-square-foot home for the Institute for Digital Innovation and the coming School of Computing. (Washington Business Journal)
Fairfax-based Peterson Cos. is building a 1.9 million-square-foot development in a 270-acre industrial park in Stafford County, and JLL will oversee the leasing, the companies announced in September. Northern Virginia Gateway, Peterson’s first industrial project in the Washington, D.C., area, is off Interstate 95 and is expected to be built out within a year. Construction on the first 630,000-square-foot building is underway, and the entire site is being cleared and graded. (VirginiaBusiness.com)
Tysons-based broadcast and digital media corporation Tegna Inc. received acquisition bids of more than $8 billion from Apollo Global Management Inc. and media mogul Byron Allen, according to media reports. Allen, owner of The Weather Channel and chairman and CEO of Los Angeles-based Allen Media Group, teamed up with Ares Management Corp. to offer $23 per share for Tegna, Bloomberg reported. Apollo Global and New York hedge fund Standard General made an all-cash offer of $22 per share. Tegna owns 64 television stations and was created in 2015 as a publicly traded company after McLean-based Gannett Co. Inc. spun off its broadcast and digital media divisions. (VirginiaBusiness.com)
Tremaglio
PEOPLE
Tamika L. Tremaglio is leaving her post as Deloitte‘s Greater Washington managing principal to be the executive director of the National Basketball Players Association union at the end of this year. She has served as an adviser and consultant to the NBPA since 2012, and as principal of the Washington, D.C., area for Deloitte, she oversees 14,000 employees across 23 offices. (VirginiaBusiness.com)
Brought to you by Virginia Business and Bank of America, join us every other month for the DiversityLeadership Series — virtual fireside chats with a diverse group of Virginia business leaders sharing their insights and thoughts on leadership, their career paths, and diversity and equity. In our second event, held Sept. 30 in Norfolk at Gather, features Jack L. Ezzell Jr., CEO of Hampton-based Zel Technologies LLC, and Angela D. Reddix, founder, president and CEO of Norfolk-based ARDX. Ezzell’s company, which he started after retiring from the Air Force as a colonel, started as a small consulting firm and has grown into a large engineering, manufacturing and professional services corporation. He has been named to the Hampton Roads Business Hall of Fame, as well as Virginia’s Small Business Person of the Year, among many other accolades.
Reddix, named one of Virginia Business’ inaugural Women in Leadership Awards winners, started her health care management and technology consulting firm in 2006. ARDX has landed more $178 million in government contract work, and Reddix has founded mentorship programs for girls and women in the Hampton Roads area. She is a member of Old Dominion University’s Entrepreneurial Hall of Fame and a published author, and received her Ph.D. in business administration from Oklahoma State University.
Our series kicked off on July 20 with Brian Robertson, CEO of Mechanicsville-based Marion Marketing Global LLC, and Ron Carey, founder and CEO of Tilt Creative + Production, a Richmond-based agency that produces advertising and promotional content for clients such as Capital One, Walmart and Audi of America.
Newport News-based defense contractor Aery Aviation LLC will add 211 jobs with the $15.3 million expansion of its headquarters, Gov. Ralph Northam announced Sept. 14. The aviation company will build a 60,000 square-foot hangar with access to the Newport News/Williamsburg International Airport runway and an engineering technology center to provide maintenance and modification services. Virginia competed with Maryland, Ohio, South Carolina and West Virginia for the project. (VirginiaBusiness.com)
Amazon.com Inc. established a career center and two new delivery stations in Hampton Roads, the e-tailer announced in early September. The career center at 1989 S. Military Highway in Chesapeake will serve as a hiring and orientation hub for Amazon facilities in Chesapeake, Suffolk, Norfolk, Hampton and Virginia Beach. One delivery station opened in mid-June in Norfolk. Another opened in mid-August in Hampton. (VirginiaBusiness.com)
Dominion Energy Inc. and the Port of Virginia reached an agreement in late August allowing Dominion to lease 72 acres of the 287-acre Portsmouth Marine Terminal as a staging and pre-assembly area for the foundations and 800-foot wind turbines that will be installed for Dominion’s $7.8 billion planned offshore wind farm. Portsmouth Marine Terminal is one of the Port of Virginia’s two multiuse terminals in the Norfolk Harbor. The lease term is 10 years, valued at nearly $4.4 million annually, and has an option for two five-year renewals. (VirginiaBusiness.com)
Five Hampton Roads shipyards — Fincantieri Marine Systems North America of Chesapeake; Colonna’s Shipyard Inc. in Norfolk; East Coast Repair & Fabrication in Portsmouth; Epsilon Systems Solutions Inc., in Portsmouth; and Tecnico Corp. in Chesapeake — are on the short list for what could be billions of dollars in maintenance and repair work on the Navy’s eight littoral combat ships based out of Mayport, Florida. The award of contracts for a combined total of up to $2.255 billion means the yards, along with four others from out of state, will be able to bid for whatever dry-docking, emergency maintenance, preventive or planned maintenance, corrosion control or assessments the ships need over the next years. (Daily Press)
The presidents of Old Dominion University, Norfolk State University and Eastern Virginia Medical School signed a memorandum of understanding in August to establish Virginia’s first school of public health. The MOU solidifies the plan announced in January to develop a regional school of public health and address health inequities. The next step: applying for accreditation from the Council on Education for Public Health. Under the MOU, ODU will serve as the lead institution and house the school. An institutional operations committee and a curriculum committee will have representatives from each institution. (VirginiaBusiness.com)
PEOPLE
Francisco “Frank” Castellanos has been named the Hampton Roads region president for Bank of America. Castellanos will take over for Charlie Henderson, who is retiring from Bank of America in early 2022 after 42 years. Castellanos comes to Bank of America from Merill Lynch Wealth Management, where he was the market executive for greater Virginia and a market integration executive. (VirginiaBusiness.com)
Jean Yokum, the longtime president and CEO of Langley Federal Credit Union, died in August at age 90. Yokum served as the credit union’s president and CEO for 33 years, first joining as a teller in 1953 and working her way up. She served in the top spot from 1979 until her 2012 retirement. Under Yokum’s leadership, Langley’s assets grew to $1.6 billion. (VirginiaBusiness.com)
ROANOKE/NEW RIVER VALLEY
Cardinal Press, a new nonprofit digital news service covering Southwest and Southern Virginia, was expected to begin publishing stories in late September, with Dwayne Yancey, former editorial page editor for The Roanoke Times, as its founding editor. Nonprofit organization Cardinal Productions, incorporated in June, created Cardinal Press, which will publish original stories five days a week at cardinal.press. Cardinal was established by journalist Luanne Rife, president of Cardinal Productions; former Roanoke Times Publisher Debbie Meade; and Chris Turnbull, senior director for corporate communications for Carilion Clinic. (VirginiaBusiness.com)
Carilion Clinic plans to begin treating patients this fall at its new hub for children’s services at Tanglewood Mall. Carilion Children’s Tanglewood Center, which occupies 150,000 square feet in a former J.C. Penney, is expected to be fully operational by Oct. 4. The new Tanglewood facility creates a centralized space for Carilion Children’s that allows for more collaboration, establishes a sense of identity and offers high visibility, given its location just off U.S. 220. More than a dozen pediatric specialties will
be housed at the new center. (The Roanoke Times)
Manifold Mining, a small company that sells cryptocurrency mining machines, plans to invest in a Craig County facility. The Craig County Economic Development Authority announced in August that Manifold would invest approximately $420,000 to establish a center of operations in New Castle at the Crown Building, formerly home to a furniture manufacturing plant. Manifold Mining is expected to create at least 15 jobs within five years. The company was founded in 2019 with a focus on software development but shifted into the mining equipment sales business during the last year. (The Roanoke Times)
In late August, the Roanoke Regional Partnership released its five-year strategic plan, Thrive 2027. The plan outlines strategies to support the region’s economic growth. Four priority areas were identified: economic growth and innovation; talent attraction and workforce development; commercial real estate and infrastructure; and place making and livability. While some of the tactics outlined in the plan, such as marketing efforts aimed at attracting young, skilled talent or promoting the outdoor recreation available, are familiar, others stem from new objectives or areas of attention. (The Roanoke Times)
In August, Virginia Tech announced it was naming its real estate program for the Blackwood family. Willis Blackwood, founder and president of Richmond-based Blackwood Development Co.Inc., his wife, Mary Nolen Blackwood, and their children, Morgan Blackwood Patel and Nolen Blackwood — all Tech alums — have committed $10 million in donations to the program since 2018. (VirginiaBusiness.com)
PEOPLE
Doerzaph
Zachary Doerzaph was named executive director of the Virginia Tech Transportation Institute, the university’s largest research institute. The institute conducts more than 300 research projects in partnership with more than 100 public and private organizations. VTTI accounts for 12% to 15% of sponsored research at Virginia Tech and exceeded $50 million in externally sponsored awards for 2020. Doerzaph will also take on the role of president of VTT LLC, a nonprofit corporation of the Virginia Tech Foundation that operates the Global Center for Automotive Performance Simulation in Halifax County. (VirginiaBusiness.com)
Robert T. Sumichrast, the Richard E. Sorensen chair and dean of Virginia Tech’sPamplin College of Business since 2013, announced in August that he will retire at the end of this academic year. Virginia Tech is conducting an international search for his successor. Sumichrast, who joined the university in 1984, launched the nation’s first executive Ph.D. program and created the school’s online MBA program. (VirginiaBusiness.com)
SHENANDOAH VALLEY
The Augusta County Board of Supervisors approved a 15-cent-per-pack cigarette tax on Sept. 8. The original motion of a 40-cent pack failed, and the board instead passed the reduced tax, noting that the amount could be changed in the future. Augusta County will join the Blue Ridge Cigarette Tax Board, a regional authority that combines the taxing efforts of different localities, to execute the tax. Augusta County had previously instated a meals and lodging tax, which the county increased from 4% to 6% on July 1. (News Leader)
Augusta Health is requiring its employees to be vaccinated against COVID-19 by Nov. 1. Announced Aug. 20, the policy applies to providers and credentialed medical staff, as well as volunteers, students, contract staff, consultants and vendors. A panel will review religious and medical exemptions. About 80% of the system’s staff was already vaccinated at the time of the announcement. (News Leader)
Washington, D.C.-based fast-casual Mediterranean restaurant chain CAVA will spend more than $30 million to establish a new processing and packaging facility in Augusta County, Gov. Ralph Northam announced Sept. 9. The project is expected to create 52 jobs. CAVA will build the 57,000-square-foot facility in Mill Place Commerce Park in Verona. Cava Group Inc., which owns CAVA and Zoës Kitchen, has more than 900 employees in Virginia. (VirginiaBusiness.com)
Going against the city planning commission’s recommendation, Harrisonburg City Council voted Sept. 14 to approve developer Skylar & Talli LLC‘s request to change the first floor of the Apartments at Peach Grove, a planned six-story, 400-bed apartment block near James Madison University’s Sentara Park, from commercial use to residential space, which will add roughly 60 beds to the development off Port Republic Road. In May 2019, the council had approved the rezoning and three special-use permits for the development, but in August, the developer’s representative told the planning commission that buyers had backed out and that the development lacked interested businesses because of pandemic-related commercial vacancies. (Daily News-Record)
The Rockingham County Planning Commission voted on Sept. 7 to recommend denial of a request to rezone agricultural land for the proposed 155-home Peak Mountain development in McGaheysville. The Rockingham County Board of Supervisors will decide the project’s fate in October. The subdivision would sit on nearly 42 acres located off Power Dam Road, about 300 feet from McGaheysville Road.
(Daily News-Record)
Shenandoah Telecommunications Co. (Shentel) announced in late August that it’s expanding its Glo Fiber high-speed, fiber-optic broadband network into Frederick County. Shentel launched Glo Fiber in 2019. Winchester, Harrisonburg, Staunton, Front Royal, Salem, Roanoke and Lynchburg currently have Glo Fiber. The Frederick County network is under construction, and the first phase has an expected completion date in 2022. The announced expansion will provide service to about 14,000 more homes and businesses in the areas surrounding Winchester and the town of Stephens City. (The Northern Virginia Daily)
PEOPLE
Doug Parsons, executive director of the Front Royal-Warren County Economic Development Authority, will become Fauquier County‘s economic development director on Oct. 4. Parsons, who formerly worked for the Virginia Economic Development Partnership, joined the Front Royal-Warren EDA in May 2019, following the resignation of his predecessor, Jennifer McDonald, in late 2018 amid an embezzlement scandal. On Aug. 31, a grand jury indicted McDonald on 34 federal counts. Her trial is scheduled for Nov. 3. (The Northern Virginia Daily, The Winchester Star)
Amazon.com Inc.‘s 72,000-square-foot delivery station in Bristol opened for its first official day of operation on Sept. 8. The delivery station is expected to create from 100 to 150 full- and part-time associate jobs “in addition to hundreds of driver opportunities,” with wages of at least $15 per hour, according to the global e-tailer. Delivery stations are the last step in Amazon’s ordering process. Nearby Amazon fulfillment and sortation centers send packages to the stations, where parcels are loaded into vehicles to be delivered to customers. (VirginiaBusiness.com)
Italian manufacturer Ceccato S.p.A. will open a $1.75 million U.S. headquarters in Russell County, creating 50 jobs over the next three to five years, the Virginia Coalfield Economic Development Authority announced Sept. 8. Ceccato manufactures systems to wash vehicles, from cars to trains. The Lebanon facility will be used to assemble and sell car wash units, manufacture truck wash units, and source items needed to manufacture the units for American companies. Ceccato is projected to make its initial capital investment by early 2022, and parts for the facility are expected to arrive by late October or early November. (VirginiaBusiness.com)
Atlanta-based internet service provider EarthLink is spending $5.4 million to build a customer support center in Norton, a project expected to create 285 jobs, InvestSWVA and Gov. Ralph Northam announced Sept. 14. As part of moving its customer service operations from overseas, EarthLink will build a 30,000-square-foot facility on a site in the 200-acre Project Intersection development, owned by Lonesome Pine Regional Industrial Facilities Authority. (VirginiaBusiness.com)
Eupepsia, a 250-acre Ayurveda wellness retreat in Bland County, was named the top wellness hotel in the nation in September by USA Today readers, who chose the resort from 20 nominees selected by editors of USA Today’s 10Best rankings section. Eupepsia offers vegetarian cuisine; health and fitness-focused programs; a spa with flotation therapy; a salt chalet; and hydrotherapy services. The facility opened in 2018 and has 26 guest rooms. (VirginiaBusiness.com)
Woodgrain Inc. will invest $9 million to expand its operations in Smyth County and will invest $8 million more to purchase and expand the former Independence Lumber sawmill in Grayson County, producing 100 jobs, Gov. Ralph Northam announced Aug. 20. The two projects will retain 80 local jobs. An Idaho-based family-owned business, Woodgrain is one of the largest millwork companies in the world, with more than 3,500 workers. It manufactures wood molding and trim. Independence Lumber is Grayson County’s largest private employer, and when the sawmill upgrades are complete, it will become the primary supplier for Woodgrain’s Smyth County operation. It will also allow Woodgrain to source 90% of its new forest product needs from Virginia. (VirginiaBusiness.com)
Tina McDaniel
PEOPLE
Tina McDaniel was hired as the first diversity, equity and inclusion coordinator for Bristol’s Promise, the nonprofit organization announced on Sept. 7. Bristol’s Promise works to help children and families in the Twin City be healthy, feel safe, develop marketable skills, have relationships with caring adults and give back to the community. McDaniel earned a master’s degree in organization leadership and a certificate of diversity and inclusion from Cornell University. She is a board member for the Diversity, Equity and Inclusion Alliance of Northeast Tennessee and Southwest Virginia. (Bristol Herald Courier)
CENTRAL VIRGINIA
Richmond-based Dominion Energy Inc. overcharged its Virginia customers $1.2 billion since 2015, according to testimony filed in early September by a utility expert in an ongoing review of the energy monopoly’s finances. Testimony from Heather Bailey, an Austin, Texas-based consultant and former utility executive and regulator, was filed at the State Corporation Commission by the environmental group Appalachian Voices. The commission can’t order any refund of excess profits Dominion earned in 2015 or 2016 because of a Dominion-backed 2018 law called the Grid Transformation and Security Act, said Will Cleveland, senior attorney with the Southern Environmental Law Center, which represents Appalachian Voices. (Richmond Times-Dispatch)
On Sept. 13, Henrico County-based Fortune 500 insurer Genworth Financial Inc. launched an initial public offering for its private mortgage insurance subsidiary, Raleigh, North Carolina-based Enact Holdings Inc. Enact is expected to trade on the Nasdaq Global Select Market under the ticker symbol “ACT.” (VirginiaBusiness.com)
In Richmond, workers removed Virginia’s biggest statue of Confederate Gen. Robert E. Lee from its towering stone base and cut it into two pieces in September, ending the monument’s 131-year reign embodying this city’s mythology as the former capital of the Confederacy. Lee’s surrender came so fast — after less than an hour of work — that hundreds of onlookers were caught by surprise. Gov. Ralph Northam and other state officials stood looking on. Northam announced on June 4, 2020, that he was ordering Lee removed from the state-owned property. A handful of local residents challenged the action in court and a judge temporarily blocked it. Though the residents lost their case, they appealed to the Supreme Court of Virginia, which unanimously ruled in Northam’s favor. The state plans to keep the statue in an undisclosed storage location until deciding what to do with it. (The Washington Post)
Prince George County-based aluminum extrusions manufacturer Service Center Metals will spend $101.7 million to build two more facilities in the county, projects expected to create 94 jobs,
Gov. Ralph Northam announced Sept. 14. Service Center Metals will build an aluminum extrusion plant and a compact remelt plant in Crosspoint Centre. Founded in 2002, Service Center Metals began operating in Prince George County in 2003. It has two plants on its 30-acre campus in SouthPoint Business Park. (VirginiaBusiness.com)
After close to 39 years, the Richmond-based alternative weekly newspaper Style Weekly shut down Sept. 8, three years after Norfolk-based Landmark Communications Inc. sold its Virginia newspapers — The Virginian-Pilot, Inside Business and Style Weekly — and their associated businesses for $34 million to Tribune Publishing Co. This May, Tribune Publishing was purchased by hedge fund Alden Global Capital in a $633 million deal that has led to the elimination of more than 250 full-time editorial positions through buyouts offered after the finalization of the deal, including at the Pilot and the Daily Press.(VirginiaBusiness.com)
PEOPLE
Michael Roussos will be the next president of Richmond’s VCU Medical Center, starting in December, VCU Health System announced on Sept. 8. Roussos was previously the lead administrator for University Hospital in San Antonio, where he led the hospital’s COVID-19 response. Roussos also aided in the hospital’s transition to Epic, an electronic medical records system that VCU Health System plans to implement later this year. Before joining University Hospital, Roussos worked at HCA Healthcare for 13 years, most recently serving as CEO of Mainland Medical Center in Texas. (VirginiaBusiness.com)
SOUTHERN VIRGINIA
The Sept. 9-12 Blue Ridge Rock Festival brought nearly 35,000 people to Pittsylvania County, making it the largest event in Pittsylvania’s history. Festivalgoers booked up hotel rooms throughout the region. The sold-out festival, with 180 bands slated to perform, brought traffic chaos and concerns about a surge in COVID cases. Nearly 4,000 fans aired their frustrations about the festival in a Facebook group. Thousands of attendees vowed not to return after issues with camping and parking. Festival organizers promised to improve the experience. (Danville Register & Bee, WSLS)
In early September, Bassett-based Carter Bank & Trust and West Virginia Gov. Jim Justice, a former billionaire coal magnate, settled their dispute out of court and will have their dueling suits dismissed. CB&T in May had filed suit in Martinsville Circuit Court regarding $58 million in loans that the bank maintained were personally guaranteed by Justice and his wife, Cathy. Justice responded with a lawsuit against the bank, seeking $421 million related to outstanding loans. The suit included court documents that described a longtime “gentleman’s agreement” between Justice and Worth Carter, the founder of CB&T. (Danville Register & Bee)
The Southside Planning District Commission has chosen EMPOWER Broadband Inc. to build a fiber optic network providing high-speed internet to homes and businesses in Halifax, Mecklenburg and Brunswick counties. The SSPDC issued a request-for-proposal for a regional fiber network that it estimates will cost some $150 million to build out in the three counties, which together comprise the SSPDC’s service area. EMPOWER is a subsidiary of Mecklenburg Electric Cooperative. To fund construction of the three-county network, the SSPDC will seek grant money from the Virginia Telecommunication Initiative (VATI), which has received an influx of cash through federal pandemic relief funding. (SoVaNow)
Kegerreis Digital Marketing will move its headquarters from Pennsylvania to downtown Danville, investing $1.7 million in the relocation and creating 62 jobs, Gov. Ralph Northam announced in September. The company, which will renovate a 7,000-square-foot former tobacco warehouse at 402 Cabell St., provides integrated marketing services, such as brand development, billboards, online efforts and analytics. It is a subsidiary of Chambersburg, Pennsylvania-based Kegerreis Outdoor Advertising, the 10th-largest billboard company in the country, with 2,500 billboards in seven states along the East Coast. Virginia competed with Pennsylvania and North Carolina for the project. (VirginiaBusiness.com)
Tyson Foods Inc. will open a 325,000-square-foot, $300 million manufacturing facility in the Cane Creek Centre industrial park, creating 376 jobs, Gov. Ralph Northam announced in late August. The new facility will primarily be used for the production of cooked foods such as Any’Tizer Snacks and chicken nuggets made by Tyson Foods. The poultry company will purchase 60 million pounds of Virginia-grown chicken for the facility over the next three years. Virginia competed with North Carolina for the project. Cane Creek Centre is jointly owned by the city of Danville and Pittsylvania County. (VirginiaBusiness.com)
PEOPLE
Alexis Ehrhardt, president and CEO of the Danville Pittsylvania County Chamber of Commerce, left in September for a job at the University ofVirginia as the executive director for state government relations and special assistant to the president. Ehrhardt had been at the helm of the chamber since 2018 after leaving her previous position as executive director of the Center of Community Engagement and Career Competitiveness at Averett University. The chamber’s board immediately launched a search for Ehrhardt’s successor. (VirginiaBusiness.com)
NORTHERN VIRGINIA
Amazon.com Inc. has hired more than 3,000 employees for its multibillion-dollar HQ2 East Coast headquarters in Arlington, the e-tailer announced in September. In 2019, the Virginia General Assembly passed an incentive package that would pay Amazon up to $550 million in grants for hitting annual goals toward hiring 25,000 workers at specified average annual wages by 2030. The state will pay Amazon an additional $200 million if the company hires 12,850 more workers between 2030 and 2034. (VirginiaBusiness.com)
First lady Jill Biden resumed teaching in person in September at Northern Virginia Community College, where she has worked since 2009. She is the first first lady to leave the White House to log hours at a full-time job. After Joe Biden became vice president in 2009, she joined the faculty at NOVA and continued to teach English there after he left office and throughout his 2020 campaign, including teaching virtually after the pandemic hit. (Associated Press)
The Federal Trade Commission fined McLean-based Capital One Financial Corp. CEO Richard Fairbank a $637,950 civil penalty in September for violating antitrust laws in finalizing stock acquisitions. The settlement must be approved by the U.S. District Court for the District of Columbia. The FTC alleged that Fairbank violated federal law by purchasing Capital One stock. In 2018, Fairbank’s compensation package included more than 100,000 Capital One shares, which increased his holdings to $168 million. The complaint alleged that Fairbank failed to report the award to federal antitrust authorities and illegally finalized it before agencies could investigate. (VirginiaBusiness.com)
Arlington-based Politico, the national political news site, is expected to have a new owner by the end of the year. The German publishing giant Axel Springer agreed to buy Politico in a deal announced in late August. Springer will take control of Politico and its sister site, Politico Europe, as well as Politico’s tech news site, Protocol, a relatively new venture, the companies said. They did not publicly disclose financial terms, but the deal is valued at more than $1 billion, two people with knowledge of the matter said. The New York Times reported earlier that Politico’s owner, Robert Allbritton, was seeking $1 billion for the deal.
(The New York Times)
Chicago-based consumer credit reporting agency TransUnion has signed a definitive agreement to acquire Reston-based identity management tech company Neustar Inc.‘s marketing, fraud and communications businesses for $3.1 billion in cash. The transaction is expected to close in the fourth quarter. The acquisition will help TransUnion diversify from credit solutions by adding complementary digital marketing and fraud mitigation capabilities. (VirginiaBusiness.com)
New Washington Football Team co-CEO Tanya Snyder, the wife of CEO Dan Snyder, gave her first interview since being named to the position, released in September on a podcast with ESPN’s Adam Schefter. The Snyder family owns 100% of the team after a buyout and retained control after a year-long investigation into allegations of sexual harassment at the team facility in Ashburn. Tanya Snyder, who stepped in as the team’s corporate leader in July after her husband temporarily removed himself from day-to-day operations, said on the podcast that the team’s C-suite has narrowed down the team’s new name to three options. (Richmond Times-Dispatch; NBC Sports)
Buffy Barefoot President – Virginia Beach, TowneBank, Virginia Beach
What is the most pressing issue facing the Hampton Roads region in terms of its economic health?
The ability to attract companies offering shiny employment opportunities for young professionals graduating from college. Having one child who just graduated from college and another one in college, it appears the millennials’ line of sight for employment is in the bigger cities where companies like Facebook, Amazon, Apple, Netflix, Google and Tesla have meaningful presences. [Gen Z and millennials] are looking for culture and cutting-edge technologies when considering who they want to work for.
What new development would you most like to see in Hampton Roads in the next 10 years?
The establishment of a professional sports team. I recently visited Denver. It has four professional teams that play in or very near downtown. The financial impact is significant. Athletics create camaraderie, and our community would benefit from that.
How has the pandemic and its economic impact affected your customers’ focus?
Since we are in a resort community, undoubtedly the common focus most recently has been on employees. I’ve seen restaurant owners cooking, bartending and [doing] whatever else it takes to survive this year. We’ve seen restaurants completely shut down for lunch or dinner or additional days of the week due to lack of staff. Similarly, I’ve heard stories of hotel operators bringing in spouses and other family members to assist with housekeeping services. The inability to have J-1 [visa] workers, coupled with unemployment benefits, has stressed the industries. Additionally, our builders have been impacted by the supply chain. Costs of projects have escalated, and delivery of completion [on projects has been] delayed.
What development would you most like to see happen in the Hampton Roads area in the next 10 years?
We have heard for many years that Hampton Roads, by population, is one of few metropolitan areas without a major professional sports franchise. Despite many failed attempts over the past couple of decades, we have yet to get things figured out as a region to make it work. Over the next 10 years, it would bode well for this area for the seven cities and surrounding counties to figure out how we can make this happen.
What industry is changing the most in the region?
The brick and mortar retail stores, along with the restaurant industry, have undoubtedly been among the worst affected during the pandemic. This industry has seen the most changes over the past couple of years with online shopping, touchless pickup service, outdoor eating and takeout options, etc. to meet consumer needs and generate revenue. Those that have survived will need to continue providing innovative ways to attract new customers.
Bland. Photo by Mark Rhodes
Gilbert Bland President and CEO, Urban League of Hampton Roads, Norfolk
What do you consider the industries with the most growth potential for entrepreneurs in the Hampton Roads region?
I believe there will be many new entrepreneurial opportunities with the commencement of the offshore wind initiative. Secondly, the Port of Virginia’s continued growth. And, in my opinion, health care and medical research will develop and bring many new businesses to our region.
What is the most pressing issue facing the region in terms of its economic health?
Broadly, the concept of brain drain — i.e., our students exiting the area for employment and social opportunities — could be a major future impact on our efforts to sustain a strong workforce.
Personally, I believe Hampton Roads is quite simply a great place to live and work and raise a family. Our location along the waterfront is a wonderful and fun asset. Additionally, I also believe we have a national class health care system, which is an imperative asset for employees, particularly since life expectancies continue to grow.
What new development would you most like to see in Hampton Roads in the next 10 years?
I would love to see our region began to rival other areas in bio-medical research and the continued growth of our port.
Estes
Todd Estes Executive director, Community College Workforce Cooperative, Newport News
What is the most pressing issue facing the Hampton Roads region in terms of its economic health?
Workforce development is now at the center of nearly every economic discussion. Access to a pipeline of skilled workers and the ability to respond to evolving workforce needs must be a regional priority. There are great programs already underway in Hampton Roads, but the biggest challenge is working to align and coordinate these efforts so we can achieve the comprehensive and sustainable workforce systems we need. Working independently, we can make Hampton Roads a better place for businesses. Working together, we can make Hampton the best place to do business in the nation. A true regional approach to workforce development is needed, and the region is indeed coming together. The CCWC demonstrates our colleges’ commitment to alignment and coordination, and we are working with our other strategic partners to ensure our region achieves the results we seek.
What industry has the best future in Hampton Roads?
Hampton Roads is a vibrant economic region with well-established industries that remain critical to the region and emerging industries that will certainly help diversify our economy. The Hampton Roads shipbuilding and ship repair industry is a national asset that also offers great career opportunities for those entering their gates. The emerging offshore wind industry is expected to create thousands of skilled jobs in our region over the next several years. A robust supply chain will be needed to support this new industry. Coupled with our existing advanced manufacturing base, we anticipate significant job opportunities in this area. An emphasis on the technology sector is increasing to include unmanned systems and cybersecurity. Of course, the need to support our front-line health care workers has never been more apparent or more important.
Hunter
Toi Hunter Vice president of business retention and expansion, Hampton Roads Alliance, Norfolk
What new development would you most like to see in Hampton Roads in the next 10 years?
The development of more industrial sites in our region would position Hampton Roads for major projects, specifically in the advanced manufacturing sector. In order to attract those types of projects, it is imperative that there are available sites with the appropriate infrastructure improvements to fit the needs of a major manufacturing project. Manufacturers bring machinery, tools and equipment [that increase] local tax revenue and create well-paying jobs — both direct and indirect. The first step for our region is ensuring that available sites meeting manufacturers’ criteria are shovel-ready and on the radar of corporate site selection consultants.
How has the pandemic and its economic impact affected the work of the Alliance?
The Alliance, like other economic development organizations, is focused on marketing the region for external investment. Regular travel, domestic and international, is an integral part of the economic development practice. Traveling to meet consultants and meet with companies considering investment is one of our core functions, so the pandemic dramatically changed the way that most economic development organizations conducted business. Business development has not stopped, but figuring out new and creative ways to engage potential prospects has changed. The Alliance has developed virtual site tours, online industry forums and innovative marketing efforts to stay engaged and to continue to keep the Hampton Roads region as a part of the conversation for corporate decision makers.
Krause
Kurt Krause President and CEO, VisitNorfolk, Norfolk
What is the most pressing issue facing the Hampton Roads region in terms of its economic health?
The lack of a full workforce is the most pressing challenge that the Hampton Roads region is facing. We all need a comprehensive understanding and strategy on how to attract a diverse workforce to the region. This includes those with experience, leaving the military, graduating from school or seeking higher education. Our businesses need to value a workforce that is seeking a career or job hoping to fulfill their own succession plan.
What projects under development in Hampton Roads are most important for the area’s future?
The two developments happening in Hampton Roads that will be important to the future are the two casinos [in Norfolk and Portsmouth] and the proposed arena [redevelopment project at] Military Circle [Mall in] Norfolk. When casinos are developed, it will provide another attraction to the area’s long list of things to enjoy. The proposed arena will be a magnet for more entertainment, larger sporting events and general excitement and energy for the region. However, nothing can take away from the spectacular waterfront views that we are lucky to have from the Atlantic Ocean, Chesapeake Bay and the rivers.
Hampton Roads is the state’s second-most populated region, with approximately 1.75 million residents in 17 localities, including Virginia Beach, the state’s largest city by population with about 459,000 residents, according to the 2020 population count.
More than 120,000 active-duty and reserve members of the military, as well as civilian personnel, work at nine installations representing five of the six military branches. The Port of Virginia is the third-largest container port on the East Coast, with 13.7% of its market share. The region also has more than a dozen colleges and universities, as well as a major tourism industry in recovery from the coronavirus pandemic.
Due to pandemic-driven delays in U.S. Census reporting, the numbers here reflect the most recent demographic data available — often, they are estimates from 2019 based on the 2010 Census.
Although TowneBank remains at the top of the Hampton Roads‘ region banking market, with just over a quarter of local market share, there is a newcomer in the second position: North Carolina-based Truist Bank, created from the SunTrust-BB&T megamerger in 2019. Truist holds nearly 24% of the market and has 72 locations, taking Wells Fargo’s place at No. 2. Meanwhile, Langley Federal Credit Union retains its hold on the top of the regional credit union list, nearing $4 billion in assets this year.
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