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NNS aims to grow workforce
Virginia’s largest industrial employer, Newport News Shipbuilding, hopes to grow its 26,000-person workforce by 3,000 this year to tackle its backlog of projects. NNS, a division of Huntington Ingalls Industries, is building modular components for 12 Columbia-class subs and then handing them off to partner General Dynamics’ [...]
Catch a wave
Updated July 26: Chuck Rigney resigned as economic development director after six months on the job. After three decades recruiting businesses to Norfolk, Portsmouth and Hampton, Charles E. “Chuck” Rigney is tackling a new challenge: leading Virginia Beach’s economic development. Rigney was named the Resort City’s perma[...]
A practical plan for U.S. 220
Picture an hourglass: Flip the timer over, and the sand at the top funnels through a small opening to pool in the wider receptacle at its bottom. Now imagine if that hole in the middle were wider; sand would flow more freely. That’s how business leaders in Martinsville see the U.S. Route 220 corridor between […]
Liebherr to expand Newport News-Hampton facility
Newport News-based Liebherr Mining Equipment will invest $72.3 million to expand a plant at the border of Newport News and Hampton, creating an estimated 175 jobs, Gov. Glenn Youngkin announced Tuesday. “We thank Liebherr, an international leader in mining equipment manufacturing, for its commitment to the commonwealth of Virg[...]
MicroStrategy buys $786M more bitcoin since late April
Tysons-based tech company MicroStrategy keeps growing its bitcoin holdings, most recently spending about $786 million to acquire almost 12,000 more of the cryptocurrency. From April 27 to June 19, the company, which is widely reported to be the world’s largest corporate bitcoin holder, acquired approximately 11,931 bitcoin[...]
Chesterfield County industrial properties sell for $9.85M
An industrial warehouse and about 11.6 adjoining acres in Chesterfield County were sold for $9.85 million, Cushman & Wakefield | Thalhimer announced earlier in June. According to county property records, 2001 Bellwood Road LLC purchased an 85,549-square-foot warehouse at 2001 and 1911 Bellwood Road and an additional 11.6 acr[...]
Arlington County office building to get $40M makeover
JBG Smith has started construction on a $40 million renovation project for an 11-floor commercial building in Arlington County, the Bethesda, Maryland-based developer announced Tuesday. The company plans to make the 444,916-square-foot building, built in 1985, at 2011 Crystal Drive into an office building and “amenity hub.” [...]
Barkin: Still a waiting game for interest rates’ effect on inflation
The U.S. economy has yet to feel the effects of current interest rates, but it eventually will, Federal Reserve Bank of Richmond President and CEO Tom Barkin predicted Thursday during an event held by the Risk Management Association’s Richmond chapter in the city’s East End. “I’m optimistic that we’ve gotten rates [...]
Honeywell to purchase Arlington-based CAES for $1.9B
Honeywell, a multinational conglomerate based in Charlotte, North Carolina, announced Thursday it plans to buy Arlington-based aerospace and defense technology company CAES for $1.9 billion in cash from private equity firm Advent International. Formerly known as Cobham Advanced Electronic Solutions, CAES was founded in 1934 and was acquired by Advent in 2020. According to Honeywell’s […][...]
Fredericksburg econ dev director leaving after 10 years
Bill Freehling, Fredericksburg’s director of economic development and tourism, will leave his position Friday, he wrote in a farewell blog post on the economic development department’s website this week. A former Free Lance-Star reporter and editor, Freehling served eight years as the city’s economic developmen[...]
ODU hires new engineering dean
Old Dominion University announced Tuesday it has hired Jeffrey Fergus to be the next dean of the Batten College of Engineering and Technology, starting Aug. 10. Fergus is currently the associate dean for undergraduate studies and program assessment in the Samuel Ginn College of Engineering at Auburn University in Alabama, where [...]
Condair invests $57.2M on new Chesterfield County plant
Switzerland-based Condair Group, a manufacturer of commercial and industrial humidification systems, will invest $57.2 million to establish a new production facility in Chesterfield County that is expected to create 180 jobs, Gov. Glenn Youngkin announced Tuesday. The company will convert a pre-existing warehouse facility on 1[...]
