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Making bank
Suffolk-based TowneBank continued to lead Hampton Roads with the largest market share in fiscal 2022, 25.67%, according to the Federal Deposit Insurance Corp.’s June 30, 2022, report. However, that figure declined from fiscal 2021, when the bank held a 27.49% market share. Meanwhile, Charlotte, North Carolina-based Truist Bank is threatening to close in on that […]
Propelling forward
A massive building is rising on the northernmost point of Newport News Shipbuilding on the James River, physical evidence of the shipyard’s ambitious plan to build the Navy’s next generation of Virginia-class submarines as well as components for a dozen Columbia-class boats. Not as visible, but just as important as the new M[...]
Under construction
Atlantic Park Virginia Beach Proposed in 2017 by music icon Pharrell Williams and Venture Realty Group, Atlantic Park finally got underway in March with a groundbreaking on the first phase of the $350 million surf park project. Phase one will involve 10.95 acres, including 309 multifamily units, 10,000 square feet of office spac[...]
Wallops Island lifts off with Rocket Lab addition
Rocket Lab USA is boosting the visibility of one of the United States’ lesser-known spaceports on Virginia’s Eastern Shore. Since January, the California-based aerospace company has launched three successful missions from its Launch Complex 2 at Virginia’s Mid-Atlantic Regional Spaceport. Rocket Lab selected the spaceport,[...]
Residential roller coaster
Last year began on a high note for the Hampton Roads residential real estate market, with home prices and apartment rents soaring. According to the Real Estate Information Network, monthly median rent costs rose 20.4% compared with 2021, with median rents of $1,800. But by the fourth quarter of 2022, rent growth slowed and sales[...]
Answering local needs
Since it began offering inpatient psychiatric care at its $224 million Children’s Pavilion last October, Children’s Hospital of The King’s Daughters has admitted 500 patients, according to Dr. Carl Petersen, chief of mental health services at CHKD. One in five children are estimated to have a mental health condition, accor[...]
Teamwork makes dreams work
Talk with researchers a few minutes, and they’ll explain how many stages it takes for an idea to become a medical treatment, and for the treatment method to be tested, approved and brought to market. In many cases, it can take several years. Founded in June 2020, the Hampton Roads Biomedical Research Consortium is a […]
Workforce development
The Apprentice School at Newport News Shipbuilding Founded in 1919, The Apprentice School in Newport News has graduated more than 11,000 apprentices over its long history. Part of Huntington Ingalls Industries’ Newport News Shipbuilding division, it offers apprenticeship programs and Associate of Applied Science degrees in 19 shipbuilding disciplines and seven optional advanced programs of […][...]
Startup resources
Entrepreneurship continues to grow across Hampton Roads, with many organizations dedicated to helping startups and small businesses expand and thrive. Here is a sample of the many resources available: 504 Capital 504capital.com 757 Accelerate 757accelerate.org 757 Angels 757angels.org 757 Startup Studios 757startupstudios.org 75[...]
Inc. 5000 2023 rankings
In July, the following Hampton Roads companies were named among the nation’s fastest growing companies based on verified annual revenues from the past three years, according to Inc. magazine. Read more about local Inc. 5000 winners.
Always right
Eric Tan opened his business, VA Wholesale Mortgage, a month before the COVID-19 pandemic sent the housing market into three years of unprecedented fluctuation. During those three years, Tan has managed to not only survive but reach an average revenue growth rate of 2,230%, landing the firm at No. 252 on the 2023 Inc. 5000 [&hel[...]
Long-range forecast
In this 2023 issue of Hampton Roads Business, several experts give us their takes on what the region will look like in 20 years. A lot of what we think about Hampton Roads surrounds its strategic significance to the U.S. military as home to the world’s largest naval base and the nation’s largest military shipbuilding [&helli[...]
