Hampton Roads Business 2025: Executive Insights

Virginia Business asked six Hampton Roads leaders to discuss how their organizations are contributing to the region’s success and meeting challenges such as changing trade policy, regional cooperation and workforce training.

PAT DAVIS-HAGENS

Market president, Bon Secours Hampton Roads, Suffolk

How does Bon Secours assess where to open new facilities, like the hospital in Suffolk and primary care clinic in Portsmouth, within the region? Bon Secours chooses new facilities based on detailed community health needs assessments, population trends and input from community members and care providers. Expansion is driven by demand expressed by care providers and community members to meet an unmet health care need. So far in 2025, Bon Secours Hampton Roads has expanded or added sites in Suffolk, Portsmouth and Virginia Beach.

What challenges do health systems in Hampton Roads face that are unique within the state? Hampton Roads faces distinctive challenges where workforce constraints and socioeconomic inequities converge, perhaps in greater volumes than other regions across the commonwealth. Bon Secours is addressing these issues by working alongside our government partners, community organizations, care providers and other key stakeholders. Among the most pressing challenges are 1) Severe labor shortages across physicians, nurses and allied health professionals, particularly in underserved communities, impacting early diagnosis and timely care, and 2) High prevalence of mental health, oral health and cardiovascular issues, which drives increased demand for accessible primary and behavioral health services.

CAPT. JANET DAYS (U.S. NAVY, RET.)

Director of economic development, City of Suffolk, Suffolk

What lessons and skills from your time as commanding officer of Naval Station Norfolk have you taken into your new role? My time as commanding officer of Naval Station Norfolk — the largest naval installation in the world — taught me the importance of collaboration, resilience and decisiveness in dynamic environments. I led with a people-first mindset while managing large-scale logistics, crisis response, infrastructure projects and community engagement. These skills are directly transferable to economic development. Today, I use my leadership experience to build partnerships, improve communication between public and private stakeholders and make data-driven decisions that support long-term economic growth.

What industries is Suffolk targeting for business attraction and retention, and why? Suffolk is strategically focused on attracting and retaining businesses in advanced manufacturing, logistics and distribution, agribusiness and data infrastructure. Our location provides direct access to the Port of Virginia, key interstate corridors and expansive land options — all of which make us especially competitive in these sectors.

What strategies could Hampton Roads implement to attract more businesses? To attract more businesses, Hampton Roads must continue to approach economic development regionally, with shared priorities and coordinated infrastructure planning. Joint investment in utilities, particularly in power reliability and high-speed fiber, is crucial for modern industries such as biotech, the Department of Defense and advanced manufacturing. In addition, streamlining site readiness, enhancing workforce development pipelines and modernizing zoning and permitting processes will allow us to compete more effectively with other metropolitan regions. Ultimately, by leveraging our military presence and veteran talent, Hampton Roads has a distinct advantage in providing a highly skilled, mission-driven workforce.

TIMOTHY A. FAULKNER

President and CEO, The Breeden Co., Virginia Beach

How are tariffs affecting projects Breeden has under construction? While tariffs have introduced a layer of complexity to our procurement strategies, we’ve been able to mitigate much of the volatility through proactive planning and strategic foresight. … We’ve long prioritized early project buyouts, which allows us to lock in pricing and secure materials well in advance — minimizing exposure to sudden cost escalations or supply disruptions. In response to the current environment, we’ve also refined our construction contracts to include more definitive language around risk allocation, particularly concerning tariff fluctuations.

What trends are you seeing in industrial real estate in the region? The industrial sector, particularly warehouses, has seen a notable shift. Coming out of COVID, there was a surge in speculative warehouse development, especially in port-adjacent areas. That initial boom was driven by supply chain disruptions and the e-commerce explosion. However, as supply chains have normalized and consumer demand has moderated, we’re now seeing a pullback. Occupancies in some of those speculative builds have dropped, and the market is correcting. It’s as if we’ve returned to a new baseline — one that reflects more sustainable, long-term demand rather than the pandemic-driven spike.

CLIFF FLEET

President and CEO, The Colonial Williamsburg Foundation, Williamsburg

How are you preparing for the United States’ 250th birthday celebration in 2026? The Colonial Williamsburg Foundation has been preparing for the nation’s semiquincentennial since 2020, when we began work on many of our key 2026 initiatives. Several commemorative projects have already been completed, including three consecutive A Common Cause to All planning conferences that brought together semiquincentennial leaders from across the nation, the opening of the new American Indian encampment with expanded programming, the restoration of the Williamsburg Bray School, and the growth of our teacher institute and digital programs to extend our educational reach. Next year, Colonial Williamsburg will continue our 2026 commemorations with a centennial exhibition at our art museums celebrating the foundation’s 100th anniversary, the grand opening of a new archaeology center, programming around the 250th anniversary of the First Virginia Declaration of Rights, a statewide July 4 celebration, the opening of the reconstructed African Baptist Meeting House and Burial Grounds, and more.

How do you keep Colonial Williamsburg, a historic property, “fresh?” Historical research is the basis of The Colonial Williamsburg Foundation’s educational programming and exhibitions. Every day, Colonial Williamsburg’s archaeologists, preservationists and research historians uncover evidence of new historical facts. This ongoing discovery infuses our programming with new perspectives and new information.

TYRONE NOEL

Hampton Roads market president, Bank of America; Greater Virginia market executive, Merrill Lynch Wealth Management, Williamsburg

How are the bank’s clients in the region handling the current housing market conditions? Our clients are approaching today’s housing market in various ways, influenced by persistently high interest rates, inventory shortages and economic uncertainty. Some clients are opting to rent longer, adjusting expectations by looking for smaller homes, renovating existing homes versus buying new ones, and improving their overall personal financial picture so they’re prepared to buy when the time and market is right for them. At the same time, Bank of America is seeing an increase in purchase applications during what is now peak homebuying season. Prospective homebuyers in Hampton Roads are also turning to the bank for grants we make available for down payment and closing cost assistance.

What does BofA expect in terms of inflation and interest rate cuts? Evidence so far suggests that inflation worries may be overblown. While inflation reports may reflect some impact from tariffs in the months ahead, the Fed is watching closely for signs of higher prices and any slowdown in hiring and employment. In other words, the Fed is in a wait-and-see mode. BofA Global Research is expecting the Fed to stay on hold throughout 2025, and forecasts about 100 basis points of rate cuts in the second half of 2026, assuming year-over-year inflation falls below 3% by then.

COREY L. McCRAY

President, Paul D. Camp Community College, Franklin

What purpose will the Isle Maritime Trades Academy lab school that’s launching this fall serve? The Isle Maritime Trades Academy (IMTA) is a partnership between Paul D. Camp Community College, Isle of Wight County Public Schools and Newport News Shipbuilding. IMTA will provide high school students the opportunity to earn up to three maritime credentials, an associate degree and their high school diploma simultaneously. While doing so, students will gain valuable career skills, workplace training and exposure to leading employers in the shipbuilding and ship repair industries. This innovative program expands the career readiness pipeline, preparing students to enter the maritime workforce immediately upon graduation. In addition to supporting student success, IMTA will help build a sustainable talent pipeline for our industry partners.

Camp Community College opened its Nursing & Allied Health Professions building in Franklin in January. What need did you see for the expansion of these programs? One of the biggest challenges in health care education is access to high-quality training programs. While other institutions serve the Hampton Roads area, Paul D. Camp Community College is uniquely positioned to reach underrepresented and underserved communities in Suffolk and Western Tidewater. This state-of-the-art, 14,000-square-foot facility enables Camp Community College to enhance its existing programs such as RN, CNA, phlebotomy technician and other allied health pathways — and expand into new areas such as advanced EMT, paramedic and patient care technician training. These offerings represent a significant step forward in meeting the region’s health care workforce needs.