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Local Initiatives Support Corp. names new Va. executive director
The Local Initiatives Support Corporation (LISC) has selected Jane Ferrara as executive director of LISC Virginia, a nonprofit organization that raises capital and creates programs to support community revitalization and economic development. Ferrara starts the new position Feb. 3. LISC has raised more than $32 million locally and has invested $639 million into Richmond-area housing, […]
CoStar plans doubling Richmond workforce as part of Navy Hill development
CoStar Group, the Washington, D.C.-based commercial real estate analysis company, announced Monday it plans to build a 400,000-square-foot building in downtown Richmond, doubling its local workforce, as part of the proposed $1.5 billion Navy Hill development. CoStar would double its number of employees to 2,000 in Richmond, wher[...]
Pamunkey tribe, city sign Norfolk casino agreements
The city of Norfolk and the Pamunkey Indian Tribe announced Monday that the tribe’s proposed $700 million casino along the Elizabeth River is moving closer to reality. According to a tribe press release Monday, the Pamunkey and the city have signed two agreements: an option to purchase 13.4 acres of undeveloped city property a[...]
Flower Foods invests $25 million to expand Lynchburg bakery
Thomasville, Georgia-based Flowers Foods will invest $25 million to expand its Lynchburg bakery into an organic facility that will create 15 jobs, Gov. Ralph Northam announced Thursday. Flowers Foods was founded in 1919 and opened its Lynchburg location 40 years ago. A publicly traded company with $4 billion in 2018 sales, Flowers Foods produces and […]
DuPont Spruance facility plans $75M expansion in Chesterfield
Technology-based materials producer DuPont de Nemours Inc. will invest $75 million to expand and modernize its Kevlar manufacturing plant in Chesterfield County over the next several years, Gov. Ralph Northam announced Tuesday. The DuPont Spruance factory employs 2,000 people and will add 60 more jobs as a result of the expansion. The plant, which opened […]
Projects vie for federal abandoned mine grant funds
Every year, Virginia receives $10 million from the federal government for projects to redevelop land that was home to abandoned coal mines. This fall, 18 different projects applied for funding — all seeking to become models for coalfield communities recovering from the industry’s slow collapse. The applications received by V[...]
States join forces to battle Beltway bridge bottleneck
When the governors of Virginia and Maryland announced plans in November to replace the aging American Legion Bridge, it may have sounded like a chorus of angels to woebegone commuters who make their way across the Potomac River each weekday. “A new bridge means commuters will get to work and back home faster,” said Gov. [&he[...]
Growth spurt
As the economy has been on the rise, so have hotels in many parts of Virginia. During the past 12 months, Virginia’s hotel industry has seen more than a billion dollars invested in hotel construction and renovation — everywhere from Richmond to Bristol. “The bulk of that is new construction,” says Eric Terry, president o[...]
Finding its vibe
Lynchburg is cool, and people are starting to notice. The Hill City still has its big, well-established players, such as Liberty University and BWX Technologies. Liberty, with its 7,000-acre campus and its online programs, has more than 2,500 faculty teaching more than 111,000 students. Its operations are estimated to generate m[...]
Follow up: Casino gaming could create 7,600+ jobs
Five proposed casinos, sports wagering and online casino gaming would directly create about 7,600 jobs, according to projections released in late November by the Joint Legislative Audit and Review Commission. However, the five casinos combined would generate $367 million in net annual state tax revenue — less than the Virgin[...]
Virginia renews 15 Enterprise Zones
Fifteen Virginia Enterprise Zones (VEZ) were renewed for another five years, continuing to make expanded economic development grants available for qualified employers and investors in the zones, Gov. Ralph Northam announced Monday. The Virginia Department of Housing and Community Development (DHCD) administers the program for the 15 zones that were initially designated in 2000, 2005 […]
Virginia’s unemployment rate stays at 2.6% in November
Virginia’s unemployment rate remained at 2.6% in November, keeping it almost one percentage point lower than the national rate, Gov. Ralph Northam announced Friday. The November unemployment rate was 0.2% lower than the rate from one year ago. In addition, the labor force expanded for the 17th month in a row by 13,326, or 0.3%, […]
