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Making bank
Suffolk-based TowneBank maintains its dominance among Hampton Roads financial institutions, holding nearly a quarter of the market share. In late June, TowneBank and Children’s Hospital of the King’s Daughters jointly purchased the 22-story Norfolk Southern tower in downtown Norfolk for $30 million. TowneBank’s market share increased slightly from last year, when it had 22.29% of […]
Checking in
The impact of COVID-19 on hospitality was felt almost immediately in Virginia. According to the U.S. Travel Association, in the first week of March, travel spending was at $521 million across the state, but by the last week of the month, it had fallen to less than $120 million. Most conventions statewide have moved online [&hell[...]
An overview of Hampton Roads
Hampton Roads is Virginia’s second most populated region, with nearly 1.8 million residents in 17 localities, including Virginia Beach — the state’s largest city by population with about 450,000 residents. More than 120,000 active-duty and reserve members of the military, as well as civilian personnel, work at nine installations representing five branches. The Port of […]
By land, sea and air
Faced with challenges associated with the COVID-19 pandemic, many Hampton Roads businesses and universities are looking to drones for help. Unmanned flight systems also are likely to drive economic development in the future. In May, when the fear of dwindling personal protective equipment was still fresh, the Herndon-based Cente[...]
Privacy matters
That unintended consequences come with innovation should be no surprise. Today, technology and social media are global cultural obsessions with a tremendous impact on business. Not that long ago, who would have thought a wallet-sized object like a smart phone would replace nearly every piece of office equipment — telephones, t[...]
The big dig
With construction beginning this fall to expand the Hampton Roads Bridge-Tunnel (HRBT), relief is on the way for travelers weary of sitting in traffic jams along one of south-eastern Virginia’s most congested corridors. The $3.8 billion expansion is the largest project in the history of the Virginia Department of Transportatio[...]
Driverless shuttle starts tests in Fairfax County
Fairfax County and Dominion Energy Inc. began testing a 13-foot autonomous, electric shuttle this summer, a first step toward driverless public transit between Metro stations. The EZ10 shuttle nicknamed “Relay,” built by French manufacturer EasyMile and owned by Dominion, is expected to hit the road this fall between the Dun[...]
Executive Insights
David C. White Executive vice president, Virginia Maritime Association What do you consider the most pressing issue facing the Hampton Roads region? The maritime industry is in the best position to drive the economic growth and job creation for the region. Capacity at the container terminals has been increased to move an additional 1 million […]
Home prices still increasing
Hampton Roads home values continued trending upward from July 2019 through July 2020. According to the latest available data from the Real Estate Information Network Inc., the Multiple Listing Service for the region, the median price of buying a home in Hampton Roads this July was $275,000 — a 7.84% increase from July 2019. Wh[...]
Canceled oyster fest hits Urbanna’s wallet
Here’s a pandemic casualty unlikely to appear on Dr. Fauci’s radar: The annual Urbanna Oyster Festival, traditionally set for the first weekend in November, has been shucked off. Citing risks from COVID-19, the Urbanna Oyster Festival Foundation, the event’s sponsor, called off the festival for the first time in 63 years, [...]
Slowdowns ahead
When the COVID-19 outbreak began in March, projects at Howard Shockey & Sons, a Winchester-based commercial construction company, kept moving forward. After all, construction is considered an essential business, and unlike some other states, Virginia did not restrict construction activity at the start of the pandemic. But wh[...]
Mack medium duty trucks on the road again
Founded by two brothers 120 years ago, Mack Trucks Inc. is an iconic American brand and image — snub-nosed trucks adorned with bulldogs because of a nickname earned in World War I. And since Sept. 1, all of Mack’s medium duty trucks are being built in Roanoke County’s Valley TechPark. The company, part of Sweden’s [&hell[...]
