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US home sales fall in June as prices soar to new heights

LOS ANGELES (AP) — Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as  remained elevated and national median sales prices hit unprecedented levels.

Existing fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said Wednesday.

Sales were flat compared with June last year. The latest home sales fell short of the 4.01 million pace economists were expecting, according to FactSet.

Home prices increased on an annual basis for the 24th consecutive month. The national median sales price rose 2% in June from a year earlier to $435,300, an all-time high.

The U.S. has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years.

So far this year, the average rate on a 30-year mortgage has remained relatively close to 7%, according to mortgage buyer Freddie Mac.

Homes purchased last month likely went under contract in May and June, when the average rate on a 30-year mortgage ranged from 6.76% to 6.89%.

High mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting their purchasing power. The trend is a key reason for why this year’s spring homebuying season has been a bust.

“The second half of the year really depends on what happens with mortgage rates,” said Lawrence Yun, ‘s chief economist.

The affordability constraints are limiting the activity of first-time buyers. They accounted for 30% of homes sales last month, unchanged from May. Historically, they made up 40% of home sales.

Home shoppers who can afford to buy at current mortgage rates or pay in cash are benefiting from more properties on the market.

There were 1.53 million unsold homes at the end of last month, down 0.6% from May, but up nearly 16% from June last year, NAR said. That’s still well below the roughly 2 million homes for sale that was typical before the pandemic, however.

June’s month-end inventory translates to a 4.7-month supply at the current sales pace, up from a 4.6-month pace at the end of May and 4 months in June last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.

Homes for sale are staying on the market longer as sales remain in the doldrums. Properties typically remained on the market for 27 days last month before selling, up from 22 days in June last year, NAR said.

SES Space & Defense announces new CEO

Reston-based satellite company and federal contractor , a subsidiary of Luxembourg-based , announced Tuesday that it has appointed as and .

The appointment, which took effect on July 17, coincides with SES last week completing its $3.1 billion acquisition of -based satellite services provider . SES has combined the government and defense divisions of both companies under SES Space & Defense.

Broadbent is succeeding David Fields, who had led SES Space & Defense for the past three years.

“I’m honored to lead this newly integrated organization at such a pivotal moment,” said Broadbent in a statement. “Our focus moving forward is to harness the combined strengths of our , capabilities and technology to deliver mission-driven outcomes for our government mission partners. As a unified team, we are uniquely positioned to provide a secure and resilient multi-orbit strategy that advance national security objectives, protect sovereignty, and ensure uninterrupted access to critical communication infrastructure.”

Broadbent joins the company from Intelsat, where he most recently served as president of government solutions and was responsible for the company’s global government business. Before joining Intelsat, Broadbent spent 21 years at Raytheon Technologies in various senior business leadership roles, including president of the company’s space systems business unit.

“David Broadbent brings the strategic vision and operational discipline essential to advance our government business,” said Billy Bingham, chairman of SES Space & Defense’s board of directors.

SES Space & Defense was formed in December 2022, following the merger of its previous iteration, SES Government Solutions, with DRS Global Enterprise Solutions, which SES acquired from Leonardo DRS for $450 million earlier that year.

A spokesperson stated that Fields left the company but was unable to provide further details. In a statement, Bingham said SES Space & Defense was formed under Fields’ leadership.

“Through his vision, integrity and commitment, Fields built a trusted brand and a mission-driven culture that continues to serve our customers,” Bingham said. “On behalf of the board and the entire organization, we extend our sincere gratitude to David for his lasting contributions to our team, our partners and the mission.”

SES Space & Defense specializes in providing satellite connectivity and services to the and the . It has access to SES’s multiorbit fleet of over 120 satellites and employs about 300 people. According to the company’s website, it has more than 20 locations worldwide and actively works on 5,200 government missions annually.

Wall Street Holds Near Records on Mixed Earnings

Story Highlights:

  • slipped 0.1% after Monday’s record close
  • rose 44 points; fell 0.4%
  • GM beat profit forecasts but warned tariffs could cost $4–$5B
  • Homebuilder stocks surged on strong earnings
  • Investors eye broader impact of ‘s trade policies

NEW YORK (AP) — is hanging near its records on Tuesday following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much  Donald Trump’s tariffs are hurting or helping them.

The S&P 500 was shaving 0.1% off its all-time high set the day before. The Dow Jones Industrial Average was up 44 points, or 0.1%, as of 12:10 p.m. Eastern time, and the Nasdaq composite was down 0.4% after setting its own record.

General Motors dropped 5.8% despite reporting a stronger profit for the spring than analysts expected. The automaker said it’s still expecting a $4 billion to $5 billion hit to its results over 2025 because of tariffs and that it hopes to mitigate 30% of that. GM also said it will feel more pain because of tariffs in the current quarter than it did during the spring.

That helped to offset big gains for some after they reported stronger profits for the spring than Wall Street had forecast. D.R. Horton rallied 14.5%, and PulteGroup rose 9.2%. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher  and an uncertain .

So far, the U.S. economy seems to be powering through all the uncertainty created by Trump’s on-and-off tariffs. Many of Trump’s stiff proposed taxes on imports are currently on pause, and the next big deadline is Aug. 1. Talks are underway on possible trade deals with other countries that could lower the proposed tariffs before they kick in.

Companies are already feeling effects. Genuine Parts, the Atlanta-based company that sells auto and industrial replacement parts around the world, trimmed its profit forecast for the full year in order to incorporate “all U.S. tariffs currently in effect,” along with its updated expectations for business conditions in the second half of the year.

Its stock rose 5.5% after it reported a stronger profit for the latest quarter than analysts expected.

RTX fell 2.3% after cutting its forecast for profit in 2025 but also raising its forecast for revenue. It made the changes to incorporate what CEO Chris Calio called “our current assessment of the impact of tariffs,” along with other changes anticipated from Washington’s recent approval of big tax changes.

Coca-Cola fell 1% even though it delivered a stronger profit than forecast. Its revenue for the quarter only edged past analysts’ expectations, and it said that higher prices that it charged helped offset sales of fewer cases during the spring.

Opendoor Technologies, a company that’s caught interest among investors looking for the next “meme stock” that can rally regardless of how its profits are doing, rose another 3.1% to $3.31. It’s more than quadrupled from 78 cents just two Fridays ago.

In the bond market, Treasury yields sank as traders continue to expect the Federal Reserve to wait until September at the earliest to resume cutting interest rates.

Fed Chair Jerome Powell has been insisting he wants to see more data about how Trump’s tariffs are affecting and the economy before the Fed makes its next move. That’s despite often angry criticism from Trump, who has been lobbying for more cuts to rates to happen sooner.

The yield on the 10-year Treasury eased to 4.33% from 4.38% late Monday.

In overseas markets, Japan’s benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition’s loss of its upper house majority in Sunday’s election. The Nikkei 225 shed 0.1%.

Analysts said the market initially climbed on relief that Prime Minister Shigeru Ishiba vowed to stay in office despite a loss for his ruling coalition in an upper-house election Sunday. But the results have only added to political uncertainty and left his government without the heft needed to push through legislation.

A breakthrough in trade talks with the U.S. might win Ishiba a reprieve, but so far there’s been scant sign of progress in negotiating away the threat of higher tariffs on Japan’s exports to the U.S. beginning Aug. 1.

Indexes were mixed elsewhere in Asia and Europe.

___

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Coca-Cola to Launch Cane Sugar Cola in U.S.

Story Highlights:

Coca-Cola said Tuesday it will add a cane-sugar version of its trademark cola to its U.S. lineup this fall, confirming a recent announcement by .

Trump said in a social media post last week that Coca-Cola had agreed to use real cane sugar in its flagship product in the U.S., which has been sweetened with high fructose corn syrup since the 1980s. Coke didn’t immediately confirm the change, but promised new offerings soon.

On Tuesday, Coca-Cola Chairman and James Quincey said Coke will expand its product range “to reflect consumer interest in differentiated experiences.”

“We appreciate the ‘s enthusiasm for our Coca-Cola brand,” Quincey said in a conference call with investors Tuesday. “We are definitely looking to use the whole tool kit of available sweetening options.”

Quincey noted that Coke uses cane sugar in some other U.S. drinks, like its Simply brand lemonade and Honest Tea. Coke has also sold Mexican Coke, which is made with cane sugar, in the U.S. since 2005.

“We’re always looking for opportunities to innovate and see whether there’s an intersection of new ideas and where consumer preferences are evolving,” Quincey said. “It’s a good sign that the industry, including ourselves, are trying lots of different things.”

Rivals PepsiCo and Dr Pepper have been selling versions of their trademark colas sweetened with cane sugar in the U.S. since 2009.

Asked if Coke would also consider introducing a prebiotic version of its trademark cola — as PepsiCo did this week — Quincey said the company is currently selling a Coke with added fiber in Japan and is studying consumer response to it.

Quincey said consumer demand for its products improved in the second quarter in many markets, including China, Europe, Africa and North America.

“I would I would say overall that the global and the global consumer remains resilient,” Quincey said.

But early monsoons and conflict hurt demand in India, and Quincey said demand in Thailand and Indonesia was also weaker than expected. Quincey also said lower-income consumers in the U.S. and elsewhere have also pulled back on spending.

Global case volumes of Coca-Cola fell 1%. Juice, dairy and plant-based beverages fell 4%, Coke said. Sports drink case volumes were down 3%, as higher demand in North America was offset by declines in Latin America.

One bright spot was Coca-Cola Zero Sugar, which saw case volumes grow 14%. Traditional Coca-Cola still far outsells the zero-sugar variety, but consumer demand for zero-sugar versions is growing much more quickly.

In North America, case volumes fell 1%, but that was an improvement from the first quarter, when they were down 3%.

Quincey said Hispanic sales in the U.S. returned to normal levels by the end of June. They had plummeted starting in February, when a social media video began circulating that claimed Coke was reporting its own workers to U.S. Immigration and Customs Enforcement officers.

Quincey said the claim was false. The company has been trying to win back Hispanic consumers with targeted deals and ads touting the company’s local economic impact.

“It was still a headwind in the second quarter but the issue is now largely resolved,” Quincey said Tuesday.

Coca-Cola reported better-than-expected earnings in the second quarter as higher prices offset the weaker volumes. Coke said pricing rose 6% globally.

Revenue for the Atlanta company rose 1% to $12.5 billion. Adjusted for one-time items, quarterly revenue was $12.6 billion. That was in line with ‘s forecast, according to analysts polled by FactSet.

Net income jumped 58% to $3.8 billion. Coke’s adjusted net income was 87 cents, which was higher than the 83 cents Wall Street forecast.

Coke said it now expects full-year adjusted earnings to grow 8%. At the start of the year, Coke had expected earnings to grow 8% to 10%, but in April it lowered that range to 7% to 9%. Coke earned $2.88 per share in 2024.

Shares of Coca-Cola Co. were down 1% in early trading Tuesday.

Virginia State Bar applauds expansion of emeritus bar eligibility

In brief

  • Amendments loosen emeritus bar requirements
  • Rule change aims to close justice gap in legal desert regions
  •  approved amendment on May 16
  • Retired  now eligible to offer vital pro bono services

As the legal profession faces challenges due to emerging “legal deserts,” lower income Virginians are among the most impacted by a lack of affordable or available counsel.

“The need for pro bono services is enormous,” Chantilly attorney Scott Reid said. “Legal aid societies and private bar assistance are not enough to close the low-income justice gap, especially in Virginia’s ‘legal deserts’ where they may not even be one attorney for every thousand residents.”

It was with that potential shortfall in mind that the Access to Legal Services Committee, chaired by Reid, proposed amending the Rules of the Supreme Court of Virginia on emeritus class membership to the bar.

The amendments to Paragraph 3, Part Six, Section IV of the Rules of Court, which went into effect July 15, expand the eligibility criteria for emeritus membership to the VSB by eliminating the requirement for recent active practice and reducing the duration of required active practice to 10 years, down from 20.

John Whitfield, executive director of Blue Ridge Legal Services, said the changes to the emeritus class rule are a positive for pro bono and legal aid practitioners.

“I think the relaxations of the requirements were smart and will open the doors up to who would be fully qualified to do this kind of pro bono work, and were unnecessarily being left out,” Whitfield said.

University of Richmond School of Law Professor Tara Casey, who is a member of the VSB Access to Legal Services Committee, said she is “very heartened by the Supreme Court of Virginia’s adoption of the amendments to the emeritus rule.”

“We look forward to welcoming more attorneys to these opportunities as their engagement is so beneficial to our communities in need, as well as the overall health of the profession,” Casey said.

Petition process

The VSB petitioned the Supreme Court of Virginia for the rule change following a unanimous vote of the VSB Council on March 1. The proposal came before the council following a request from the VSB Access to Legal Services Committee.

“The Access to Legal Services Committee proposed expanding and incentivizing emeritus class membership to create more opportunity for pro bono service from a largely untapped talent pool,” Reid said.

In the petition to the court, the VSB noted that the rule “provides a structured and inclusive framework for emeritus membership that enhances access to legal services… and strengthens the pro bono community in Virginia in a fashion that supports and complements the rich regional network of existing service providers.

John WhitfieldIf we’re going to have a system that requires lawyers, then we need to make sure that people who can’t afford a lawyer still have access to a lawyer.

— John Whitfield, Blue Ridge Legal Services

“This initiative supports efforts to close the justice gap for low-income and underserved populations while maintaining high professional standards,” the VSB said in its petition.

The bar also highlighted in its petition that the amendments bring Virginia “in line with national trends.” Per the VSB, 46 states and territories have an emeritus pro bono practice rule, with the majority having less restrictive criteria than the Virginia rule before the July 15 amendment.

Notably, only five jurisdictions required recent active practice, which Virginia eliminated under the amended rule, and 34 jurisdictions did not have a practice duration requirement.

“It seemed like reducing [the active practice requirement] from 20 years to 10 was a good, reasonable thing to do,” Whitfield said. “If someone’s had 10 years of practice and they are going to be retiring and want to volunteer for legal aid work, 10 years of practice is plenty, so why keep them from doing that kind of pro bono work?”

The Supreme Court of Virginia approved the VSB’s petition to amend the Rules of Court on May 16.

“The committee thanks the VSB leadership and bar council for supporting the proposed amendment and the Supreme Court of Virginia for making this needed change,” Reid said.

Closing the justice gap

Whitfield, who has worked in legal aid for his entire career, said the need for pro bono work continues to persist.

“Legal aids are so overwhelmed by people who are desperate for legal assistance, and we just cannot meet the need,” Whitfield said. “It’s heartbreaking to tell somebody that you can’t help them, they may have a good case but they’re not going to be successful because they don’t have a lawyer.”

Tara CaseyThese attorneys not only possess tremendous skills and expertise, they also possess the ability to mentor and guide future generations of lawyers.

— Tara Casey, University of Richmond

Whitfield noted that having an attorney doubles a person’s chance of being successful, adding that in the court system, “if you can’t afford a lawyer, and you go into court without a lawyer, you’re really lost.”

“I think the legal profession, the legal system, owes it to people who can’t afford a lawyer to try to fix that justice gap that we’ve created,” Whitfield said. “If we’re going to have a system that requires lawyers, then we need to make sure that people who can’t afford a lawyer still have access to a lawyer.”

Casey, who is director of the Carrico Center for Pro Bono & Public Service, said emeritus class attorneys have also benefited her law students.

“These attorneys not only possess tremendous skills and expertise, they also possess the ability to mentor and guide future generations of lawyers as they chart their own paths in balancing service and practice,” Casey said. “Our law students in particular gain so much from these interactions – whether it is volunteering at a pro bono wills clinic or working together on an uncontested divorce.”

The emeritus class of lawyers was first created in 2010 and currently has 34 members, according to Reid. However, Reid said that under the expanded rules, more emeritus class attorneys can make a tangible impact.

“With incredible skillsets and at least a decade of active practice, emeritus lawyers can have a life-changing impact on people’s lives while taking on a new range of interesting legal issues and maintaining links with former colleagues,” Reid said.

Whitfield highlighted the efforts of emeritus class attorney Charlie Phillips, who works at the Roanoke office of Blue Ridge Legal Services. Phillips retired after a half-century practicing law and became an emeritus class attorney.

Now well into his 80’s, Whitfield said Phillips, who comes into the BRLS Roanoke office daily, is among the most productive members of the staff.

“He has opened the door to hundreds of people, opened the door to justice for hundreds of people in the Roanoke Valley,” Whitfield said. “So, it is wonderful to be able to tap people who have that kind of experience, that kind of burning desire for justice, who want to give back after they’ve retired.”

Whitfield added that one attorney had reached out prior to the rule change but didn’t qualify under the old rules for emeritus status.

“I’m not sure if he’s still interested, but I’m going to track him down and see if he wants to try it again now,” Whitfield said.

Commonwealth Commercial Partners Expands Nashville Office with Strategic Leadership Hire

Commonwealth Commercial Partners (CCP), a leading full-service commercial firm, has expanded its Nashville office with the addition of Rob Hennes as Managing Director. This move supports CCP’s ongoing growth across the Southeast and strengthens its ability to provide integrated real estate services in one of the region’s most dynamic markets.

Hennes brings over 20 years of experience in commercial real estate, with expertise in healthcare, office, industrial, multifamily, and retail sectors. He will lead the development of CCP’s investment sales platform in Nashville and throughout the Southeast, building a high-performing brokerage team to complement the firm’s existing asset and property management capabilities in the region.

“Adding Rob to our brokerage team is a big win—he’s an accomplished professional with a proven track record in sales and acquisitions,” said Scott Keeton, Managing Director of Sales & Leasing.

Prior to joining CCP, Hennes held senior roles at Flagship Healthcare Properties and Harrod Healthcare Real Estate, where he focused on acquisitions and development.

“This is an exciting opportunity to grow a practice that complements CCP’s strong foundation in Asset and Property Management,” said Hennes.

Founded in 1996, CCP is headquartered in Richmond, VA, with offices nationwide. Learn more at www.commonwealthcommercial.com.

 

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GMU now faces fourth federal probe

Summary

  • As of July 21, is the subject of four federal investigations
  • Second Justice probe is investigating whether GMU is violating Title VI of Civil Rights Act
  • Critics call investigations politically motivated

The U.S. announced Monday that it has opened a second into George Mason University, marking the fourth federal probe of the university opened in the past month.

The DOJ’s civil rights division is leading a “compliance review investigation” into whether the public university is violating Title VI of the Civil Rights Act of 1964, according to a letter sent to the university’s rector Monday. The university is ordered to produce “a series of certifications, responses, and productions of information, data, and materials” by Aug. 1, the letter says.

Harmeet K. Dhillon, assistant attorney general and head of the department’s civil rights division, wrote the letter to George Mason Rector Charles “Cully” Stimson and attorney Mike Fragoso, whom George Mason’s board of visitors hired to represent them. The DOJ released the letter with a news release Monday.

The latest investigation marks the fourth time since July 1 that GMU has come under scrutiny from the administration. The U.S. Department of Education’s Office of Civil Rights has opened a probe into whether the university has favored employees of underrepresented races in hiring and promotions, and a separate investigation into allegations that the school failed to protect Jewish students and faculty from antisemitism.

The first DOJ investigation into GMU, announced July 17, is examining allegations that President Gregory Washington has emphasized diversity in hiring and “openly advocated for race- and sex-based hiring processes at GMU” that are biased against white and male faculty candidates and employees.

George Mason University’s board issued a statement regarding the federal investigations Monday night: “George Mason University is an institution of excellence that plays a special role in educating Virginians and students from across the country and around the world. The Board of Visitors has a fiduciary obligation both to George Mason University as an institution and to the Commonwealth of Virginia to ensure that the University continues to thrive as the largest public university in Virginia.

“This includes making sure that GMU fully complies with federal anti-discrimination laws as it excels in its mission. The University and the Board will respond fully and promptly to the requests from the U.S. Government and intends to keep the public informed along the way.”

Critics of the probes say that the is working to drive out university presidents with whom they disagree, pointing to the resignation of University of Virginia President Jim Ryan last month. Ryan has said his resignation was due to pressure from the and the likelihood that the university would lose federal funding for student financial assistance and research.

On July 18, GMU’s Faculty Senate Executive Committee sent a letter to the university’s board of visitors urging members “to uphold your responsibilities to the commonwealth of Virginia and to the students, faculty and entire George Mason University community.”

The eight faculty members call the DOE and DOJ allegations “deeply troubling — both because they are inaccurate and appear to be purely politically motivated — and strike at the very core of academic autonomy, inclusive excellence, and the principles of shared governance.”

The faculty senate members also note that the board has “already done in-depth investigations and received reports at several board meetings” over 2024 and 2025.

Like many universities since Trump’s inauguration, George Mason has dissolved its DEI office and other initiatives after a board vote this year, although Ryan was accused by the DOJ of slow-walking such changes at U.Va. and simply renaming DEI functions and job titles.

Dhillon was in frequent contact with U.Va. this spring, as was Deputy Assistant Attorney General Gregory Brown, who is also listed as a contact on the most recent letter to George Mason. Brown, who previously sued U.Va. on behalf of a Jewish student who alleged he was the victim of antisemitic attacks on university grounds, reportedly told several at U.Va. that Ryan must leave or the university would lose significant federal funding.

Although Dhillon’s letter to GMU is not as direct, its first paragraph states, “As you know, GMU currently receives federal financial assistance from the Department of Justice and other federal government sources and accordingly must abide by Title VI’s anti-discrimination requirements.”

Washington issued a response to the July 17 DOJ letter last week in an email to the campus, saying, “We will as always work in good faith to cooperate fully with the investigation, and are gathering requested information as required. We remain confident that facts and evidence show that George Mason does not engage in ‘illegal DEI,’ as the general accusation has been labeled.”

His statement also noted that because the BOV “opted to outsource the university’s engagement with federal agencies to the Torridon Law firm, university staff is not able to make direct contact with the DOJ in order to learn more about the complaint.” Fragoso, who is included on both letters from the DOJ along with Stimson, is a partner at Torridon, a firm started by former Trump attorney general Bill Barr.

It’s unclear why the board hired the outside firm instead of relying on the university’s legal counsel, but the decision highlights differences between Washington and the board of visitors, all of whom were appointed by and have occasionally publicly criticized Washington over DEI matters.

Stimson and other board members come from powerful conservative institutions such as the Heritage Foundation, and Washington started at George Mason in July 2020 as its first Black , hired by an entirely different board made up mainly of appointees by former Gov. Ralph Northam, a Democrat.

AstraZeneca plans multibillion-dollar pharma factory in Virginia


SUMMARY:

  • plans to build a multibillion dollar center in Virginia by 2030 focused on treatments
  • The Virginia facility will be the company’s largest global manufacturing investment
  • The company plans to invest $50 billion in the U.S. by 2030

Global manufacturer and biotech company AstraZeneca plans to construct a multibillion dollar manufacturing center focused on chronic diseases in Virginia within the next five years, it announced Monday. The facility will be part of $50 billion in investments AztraZeneca expects to make in the United States by 2030 for manufacturing and research and development.

The cornerstone of that investment initiative will be the Virginia manufacturing facility, which will be AstraZeneca’s largest single manufacturing investment globally. It will produce pharmaceutical substances for AstraZeneca’s weight management and metabolic portfolio, including oral GLP-1, baxdrostat, oral PCSK9 and combination small molecule products.

The exact location and size of the Virginia facility is yet to be determined, the company said, but the plant, which will employ “hundreds” of workers, is expected to be operational by 2030. No other specifics have been released.

The facility will produce small molecules, peptides and oligonucleotides, leveraging , automation and data analytics to optimize production.

“I want to thank AstraZeneca for choosing Virginia as the cornerstone for this transformational investment in the United States,” said in a statement. “This project will set the standard for the latest technological advancements in pharmaceutical manufacturing, creating hundreds of highly skilled and helping further strengthen the nation’s domestic supply chain. Advanced manufacturing is at the heart of Virginia’s dynamic , so I am thrilled that AstraZeneca, one of the world’s leading pharmaceutical companies, plans to make their largest global manufacturing investment here in the commonwealth.”

AstraZeneca’s planned $50 billion U.S. investment package also includes and expansion of its R&D facility in Gaithersburg, Maryland; a R&D center in Kendall Square, Cambridge, Massachusetts; manufacturing facilities for cell therapy in Rockville, Maryland, and Tarzana, California; continuous manufacturing expansion in Mount Vernon, Indiana; specialty manufacturing expansion in Coppell, Texas; new sites to supply clinical trials; and a research and development investment in novel medicines.

The company believes these investments will help it reach its goal of reaching $80 billion in total revenue by 2030, of which 50% would be generated within the U.S.

“Today’s announcement underpins our belief in America’s innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally,”  AstraZeneca Pascal Soriot said in a statement.

Soriot says he looks forward to partnering with Youngkin on the Virginia site, which he said will strengthen the nation’s domestic supply chain for medicines.

Headquartered in Cambridge, England, AstraZeneca focuses on the discovery, development and commercialization of prescription medicines in oncology, rare diseases and biopharmaceuticals, including cardiovascular, renal, metabolism, respiratory and immunology.

Its largest market is the U.S., with the country being home to 19 R&D, manufacturing and commercial sites. The company employs about 90,000 workers worldwide, including more than 18,000 in the United States. It reported 2024 revenue of $54.073 billion.

BLS: Virginia only state with notable June jobless rate increase

SUMMARY:

  • The said Virginia was the only state with a statistically significant rise in unemployment rates from May to June, increasing from 3.4% to 3.5%
  • Federal job cuts under blamed by state officials and critics
  • June marks sixth consecutive monthly increase in unemployment for state

Virginia was the only state last month to see a statistically significant unemployment rate increase, according to survey data released last week by the Bureau of Statistics.

According to the Friday BLS report, Virginia’s unemployment rate in June increased to 3.5%, a slight rise from May’s rate of 3.4%. This bump is the sixth consecutive increase in Virginia’s unemployment rate. However, the state’s unemployment rate is still below the national rate, which remains at 4.1% (the same as in June 2024).

Meanwhile, according to BLS data, two states saw statistically significant decreases in unemployment, with Illinois dropping 0.2% and Maine dropping 0.1%. The BLS report stated that the remaining 47 states and Washington, D.C., had jobless rates that were not notably different from those in May.

Household survey data collected in June show that the Virginia’s labor force decreased by 10,116 to 4,558,145 and that the number of unemployed residents increased by 4,025 to 160,116. The Virginia labor force participation rate — the proportion of the civilian population ages 16 and older employed or actively looking for work — decreased by 0.2% to 65% in June.

According to the data, nonfarm employment decreased by 8,400 over the month.

on Friday indicated that much of Virginia’s decline in jobs in June was due to the and contract cancellations that have occurred under Donald Trump. However, Youngkin emphasized that nonfarm employment has increased by 35,600 since June 2024 and by 263,700 since January 2022.

“As I have said previously, we expect there will be federal job reductions and that the growth in non-federal jobs over the course of the year, nearly 200,000 open and unfilled positions and 80,000 jobs being created by the $120 billion in business investment Virginia has attracted, will provide opportunities for those who have experienced job dislocation,” Youngkin said in a statement. “Over the next few months, we do expect to see the push and pull on the jobs market as some areas of the reduce employment and others grow, like the defense sector and the broader private sector. Virginia’s financial and economic strength continue to provide the fuel for new opportunities and growth.”

Last week, Youngkin announced that the state was partnering with Google to launch an online platform that will provide job seekers free and low-cost certification courses.

“Here in the commonwealth, we are laser-focused on engaging workers and removing barriers to employment and career advancement,” Secretary of Labor Bryan Slater said. “We’re expanding access to training, apprenticeships, and supportive services to help more Virginians reenter and remain in the workforce.”

Slater previously stated Virginia has experienced a surge in AI-related job postings, with approximately 31,000 listings.

, a Democrat who represents parts of Northern Virginia, sent out a news release that was critical of the Trump administration. He noted that CNBC recently downgraded Virginia in its annual Top State for Business rankings to the lowest point in nearly a decade, specifically citing federal job cuts.

“With six monthly unemployment increases in a row and the only June increase in America, this can no longer be waived away: Virginia’s unemployment rate is clearly rising in a sustained way, and it is a certainty that this increase is being driven by the Trump administration’s policies,” Beyer said in a statement. “Trump’s mass firings and cuts are draining Virginia’s , while also hurting the services Virginians depend on, and many of those cuts are not even showing up in the data yet. I fear it will only get worse as the number of workers purged rises and the economic damage spreads further to other sectors of our economy.”

Northern Va. Chamber unveils road map to reinvent economy

SUMMARY:

  • The Chamber of Commerce released a road map to reimagine the region’s economy and address economic challenges from and contract losses
  • The road map calls for workforce reskilling, tech hubs, energy infrastructure improvements and innovation investment
  • To attract and retain talent, the region must expand and child care

Investing in artificial intelligence and quantum computing and providing more affordable housing options are among the numerous ideas the Northern Virginia Chamber of Commerce has to reinvent the region’s economy amid challenges from recent federal layoffs and spending cuts that are hitting the region hard.

In collaboration with global professional services company Accenture, the chamber on Monday released NOVA Roadmap: A Call to Action for Northern Virginia’s Economic Growth, a plan for the area’s future economic success.

Amid the federal job cuts, shifting markets and increased global competition, the chamber sees a need to transform.

“Northern Virginia has long been a powerhouse, but we’re at a defining moment,” said and CEO Julie Coons in a statement. “The old playbook won’t secure our future. We must lead with intention, invest in our strengths, and build a more diversified economy that is not only prepared for change, but drives it.”

‘Crisis without precedent’

For decades, Northern Virginia has benefited from its proximity to the , a strong business ecosystem and a highly educated workforce, contributing to 42% of the state’s economy, the chamber notes. However, federal job cuts and the cancellation of federal contracts under President Donald Trump have the region facing what the chamber deems “a crisis without precedent.”

Federal jobs account for approximately 15% of the region’s job market, according to the chamber, and last year alone saw $109 billion worth of federal contracts awarded within the region, with over 441,000 jobs directly dependent on government contracts.

“As and contractor losses increase, Virginia’s unemployment rate is expected to rise to its highest level since 2021,” the chamber road map reads. “A 10 percent reduction in the federal workforce could create $6 billion in total state GDP loss and nearly $250 million in total state tax revenue loss.”

Last week, the chamber and Pinkston, a Falls Church-based communications firm, released a 2025 third-quarter survey of 135 business leaders with operations in Northern Virginia. Conducted from July 7 to July 14, the survey found that nearly 1 in 3 businesses were harmed by Department of Government Efficiency (DOGE) cuts, with 23% of businesses downsizing operations and 7% laying off employees. Some 80% of business leaders reported concern over DOGE’s ongoing activities.

Meanwhile, roughly four out of 10 business leaders surveyed anticipated that Trump’s tariff policies and negotiations may cause their business to decline. However, half (48%) expected no impact on their business at all, while 11% believed the trade war would result in growth for their businesses. Business leaders listed (47%), federal downsizing (47%) and tariffs (41%) as the top external issues impacting their business growth.

Reinventing the region

Due to the recent increase in federal layoffs, NVC says it is “essential” for the economy to help people shift from federal to private sector roles. It emphasized the need to train and reskill employees in areas such as data center operations, secure infrastructure and automation platforms. It further suggested launching boot camps, modular courses and industry-recognized certifications to aid workers transitioning into new roles. The chamber recommended creating a regional talent transition alliance to align efforts among employers, educators, workforce boards and agencies.

One of the chamber’s solutions to revitalize the economy is to focus on emerging technologies, including and quantum computing, as well as space, semiconductors, biotech and robotics. AI is projected to contribute at least $3.8 trillion to the U.S. economy by 2038, according to the regional plan, and if Virginia captures just 2% of this, it could generate $90 to $150 billion in economic value. The chamber recommended co-financing innovative technologies with government and corporate partners.

It also advocates for forming “tech hubs” in strategic locations where firms, universities and talent can converge. The chamber says Northern Virginia is well-positioned to emerge as an AI corridor, as the region is home to federal research agencies, military installations, universities and the world’s highest density of hyperscale data centers.

“Building a more competitive innovation economy requires providing growth-stage startups with access to scale-up infrastructure, venture capital and commercialization incentives,” the road map says.

Citing a Reuters report, NVC also recognized that with the rise of cloud computing and AI-powered industries, the demand for energy from Virginia’s data centers is projected to quadruple over the next 15 years. So, “to sustain its leadership position in the AI economic boom, Northern Virginia must strengthen the power grid, scale renewables and battery storage, and adopt on-site small modular reactors (SMRs),” the road map says. “All are fundamental to modernizing the digital infrastructure. Failure to do so will constrain the region’s ability to create and leverage the economy of the future.”

Other goals

To attract and retain talent, NVC says, Northern Virginia needs to be an affordable place to live, work and raise a family. Business leaders who responded to the chamber’s Q3 survey reported that affordable housing and lowering taxes should be the top two priorities for the region’s localities

The chamber emphasized the need to create more affordable housing options and expand access to affordable, high-quality child care. Solutions to affordable housing include zoning reforms that support multifamily units, streamlining the building permitting process and reducing regulations to speed the time it takes to increase housing inventory.

Another solution is to launch incentive programs, such as down payment assistance, first-time buyer incentives, access to low-interest financing, transit subsidies and other policies that support affordable homeownership.

NVC also suggested simplifying tax administration, digitizing and streamlining regulatory systems and modernizing procurement tools. The chamber believes these reforms will reduce barriers for startups and scale-ups, creating a more business-friendly environment.

Lastly, the chamber called for rebranding Northern Virginia as a destination of choice “for future-focused businesses and talent.” It says that Northern Virginia is underinvesting in marketing related to economic development by $2 million to $4 million compared with similar large metro regions and that it’s “time to level the playing field.”

For example, Fairfax County Economic Development Authority’s marketing budget is less than $1 million. In contrast, Greater Richmond dedicates around $2.7 million annually to business attraction and Austin, Texas’s Economic Development Department spends $2.6 million to $4 million on marketing each year.

“Northern Virginia stands at a critical crossroads,” said David Metnick, Accenture Public Service Lead for Virginia, in a statement. “Through this road map, we’re helping chart a bold path forward — one that leverages the region’s strengths in innovation, including artificial intelligence, while addressing its vulnerabilities.”