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Economic Development

Jan 12, 2022

Fifth District economy has moderate growth, Fed says

The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth but was constrained by supply issues and labor shortages, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight [...]

Jan 12, 2022

IT firm set to bring 125 jobs to Richmond

A Fairfax County-based software consulting and managed services company, Intact Technology, is creating a second presence in the state with a location in Richmond, an expansion expected to create 125 jobs, Gov. Ralph Northam announced Wednesday. According to Intact Technology CEO Jesse White, the company is exploring options in Richmond’s Shockoe Bottom neighborhood. “Our application […][...]

Jan 11, 2022

Calif. aerospace company proposes Accomack County facility

Accomack County is a finalist for a proposed Rocket Lab USA Inc. facility, Gov. Ralph Northam announced Tuesday. If the county is selected, Long Beach, California-based aerospace company Rocket Lab would develop a facility to support part production, assembly, integration and test operations to support the launch of its Neutron launch vehicle from the NASA […]

Jan 3, 2022

Richmond seeks developers for Diamond District

The city of Richmond issued a request for interest on Dec. 28, 2021, seeking developers for the 66.7-acre Diamond baseball stadium property it has dubbed the Diamond District. The city plans to demolish the stadium and construct a new multipurpose one that the Richmond Flying Squirrels will share with Virginia Commonwealth Unive[...]

Jan 3, 2022

Looking back

In November 2021, Gov. Ralph Northam sat down for an interview with Virginia Business, looking back at his eventful four-year term. This is a transcript of the full interview, part of which was used in the January 2022 cover story, “A dramatic shift.” The interview has been edited for length and clarity. Virginia Business: W[...]

Dec 21, 2021

Virginia named top business climate in U.S. by Business Facilities

Business Facilities magazine, a trade publication that focuses on corporate site selection and economic development, has named Virginia first in the nation for its overall business climate, Gov. Ralph Northam announced Tuesday. The state joins fellow honorees Tennessee (recognized for best dealmaking) and Massachusetts, recognized for its workforce and educational system in Business Facilities’ annual […][...]

Dec 21, 2021

Plastics manufacturer to produce 300 jobs in Chesterfield

Starplast USA, a subsidiary of Israel-based plastic manufacturer Starplast, plans to invest $17.7 million in a new facility in Chesterfield County, creating 300 jobs over the next five years, Gov. Ralph Northam announced Tuesday. “Starplast chose Chesterfield County for its new manufacturing operation because the geographic lo[...]

Dec 21, 2021

Merrick named as state’s next commerce secretary

Caren Merrick, the CEO of Virginia Gov.-elect Glenn Youngkin’s nonprofit Virginia Ready Initiative, has been chosen to serve as Virginia’s next secretary of commerce and trade, Youngkin’s campaign announced Tuesday. Before leading VA Ready, a role in which she managed $10 million in public and private funding t[...]

Dec 17, 2021

CoStar Group to open $460M campus in Richmond

Washington, D.C.-based CoStar Group Inc., a commercial real estate data and analytics provider, will build a $460 million corporate campus in Richmond, creating 2,000 jobs, Gov. Ralph Northam announced Friday. The new campus will include a 26-story, 510-foot, LEED-platinum-certified skyscraper that will be the tallest building i[...]

Dec 16, 2021

Northam proposes $150M for site readiness

When Mazda Toyota was looking to build a plant that would have brought 4,000 jobs and 1.6 billion in investment, Virginia was ruled out. Why? Because Virginia didn’t have a competitive project-ready site available. Huntsville, Alabama, landed the deal instead.  Since 2016, Virginia has lost out on 42,000 direct jobs and [...]

Dec 13, 2021

Two Va. projects are finalists for $100M U.S. EDA grants

Two Virginia projects — one to make Central Virginia an advanced pharmaceutical manufacturing hub and one to support the transportation and logistics cluster in Southern and Southwest Virginia — are two of 60 finalists for the U.S. Economic Development Administration’s Build Back Better Regional Challenge, which will provide awardees with up to $100 million each. […]

The former Bristol Mall is being converted into a Hard Rock casino and resort hotel, slated for completion by late 2022. Rendering courtesy Friedmutter Group
Dec 9, 2021

Construction begins on Hard Rock casino in Bristol

Construction has started on the Hard Rock Hotel & Casino Bristol’s temporary casino, with opening scheduled in the second quarter of 2022, Hard Rock International Inc. announced Thursday. Before its permanent casino is built, Hard Rock will build a 30,000-square-foot casino at the former Bristol Mall. It will feature 9[...]

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