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Fed’s Fifth District economy grows slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is bas[...]
Lego donates $1M to six Richmond-area nonprofits
Lego Group has distributed $1 million in grants across six Richmond region nonprofits, the Danish toymaker announced Thursday. The company, which broke ground in April on its $1 billion manufacturing facility in Chesterfield County, awarded the funding to organizations serving children and families as part of its commitment to h[...]
Norfolk makes economic development head permanent
The City of Norfolk will keep Sean Washington as its director of economic development permanently after serving as interim director since August 2022, the city announced Tuesday. His appointment was effective Nov. 6. Before serving as interim director, Washington was assistant director from November 2020 through August 2022, but[...]
Pittsylvania site is top contender for $100M battery project
Updated 4:15 p.m. Nov. 28 The Southern Virginia Megasite at Berry Hill in Pittsylvania County is the top contender for a lithium-ion battery manufacturing project that could top $1 billion in investments and about 1,500 jobs, according to its CEO. Tennessee-based Microporous, whose legal entity is MP Assets, confirmed early Tues[...]
Va. could get $100M+ lithium-ion battery project
A $100 million-plus lithium-ion battery project could be coming to Virginia, the U.S. Department of Energy announced Monday, but a spokesperson for U.S. Sen. Mark Warner said North Carolina could also be in contention. MP Assets will build a facility to manufacture separators for lithium-ion batteries, bringing 282 permanent jobs and at least a $100 […]
HII division to boost intel sharing for Five Eyes alliance
Huntington Ingalls Industries’ McLean-based Mission Technologies division has received a three-year contract to provide information sharing capabilities between the Five Eyes intelligence alliance. Newport News-based HII announced the award Nov. 21; information about the award was not disclosed. The Pegasus contract is administrated by the Secretary of the Air Force’s Concept, Development and Management Mission […][...]
Va. joins collaborative to launch air taxi industry
Virginia has joined seven other states in forming a collaborative to support the growth of the advanced air mobility industry. The Advanced Air Mobility Multistate Collaborative represents all aviation modes, including small uncrewed aircraft systems (sUAS) and electric vertical takeoff and landing vehicles (eVTOL), which are both often referred to as air taxis, as well […]
Electra’s hybrid prototype aircraft takes first flight
This story was updated Dec. 1. A Manassas aircraft manufacturer that’s developing an electric short takeoff and landing (eSTOL) aircraft logged a significant milestone Nov. 19 when it completed its first hybrid-electric flight. Electra’s EL-2 Goldfinch took off from Manassas Regional Airport and flew 23 minutes, reac[...]
Bonaventure acquires Norfolk apartments for $42M
Alexandria-based real estate company Bonaventure has acquired Monticello Station, a Class A apartment building in downtown Norfolk, for $42 million, the company announced last week. The 121-unit building at 328 Freemason St. has one-, two- and three-bedroom apartments. S.L. Nusbaum previously owned the property, according to B[...]
Amazon HQ2 impact on housing market short-lived, report says
The June opening of Amazon.com’s $2.5 billion East Coast headquarters in Arlington County only had a short-lived impact on home prices, and it’s hard to pinpoint HQ2’s direct impact due to other factors affecting residential costs, according to a report released this month by Bright MLS Research. When Amazon announced [...]
‘Smokeless’ Snoop Dogg ad is Martin Agency creation
Known as much for his love of weed as for his music, celebrity rapper Snoop Dogg posted Thursday on X that he was “giving up smoke,” an announcement that raised eyebrows among some fans, while others figured it must be a marketing ploy. To be blunt, it was the latter, and Richmond’s The Martin Agency […]
Trader Interactive CEO Lori Stacy to retire
Trader Interactive CEO Lori Stacy will retire Dec. 14 and Chief Operating Officer David McMinn will succeed her in leading the Virginia Beach-based online marketplace for boats, recreational vehicles, motorcycles and other niche vehicles. Stacy, who has served as CEO since 2017, will take on the new position of chair of Trader I[...]
