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2026 Virginia Black Business Leaders Awards: MONICA BACKMON

Backmon was named CEO of the Northern Virginia Transportation Authority in 2021, after having served as its executive director since 2014.

Managing over $500 million in annual revenue, Backmon is guided by a mission of reducing congestion and enhancing connectivity. NVTA is advancing 135 regional multimodal transportation projects totaling nearly $3.8 billion throughout the region. Additionally, Backmon oversees the annual distribution of more than

$140 million to the authority’s nine member jurisdictions for transportation purposes of their choice.
Backmon was one of 10 honorees in 2024 for the Conference of Minority Transportation Officials’ Women Who Move the Nation recognition.

Before joining NVTA, Backmon worked for nearly a decade as a regional transportation planner for Prince William County. She has a bachelor’s degree in psychology and a master’s in urban and regional planning from the University of Illinois at Urbana-Champaign.

FIRST JOB: Church’s Chicken. I started as a cashier and later became a fry cook. I’ll be honest: I didn’t love the work, but it was a valuable introduction to the world of customer service. It taught me the importance of patience, work ethic and treating every customer with respect — lessons that have stayed with me throughout my career.

WHY I CHOSE MY PROFESSION: I’ve always known I wanted a career centered on helping people. Growing up, I thought that path would lead me to medicine. I even entered college as a pre-med major. However, after a memorable day dissecting rats, I realized I needed a different way to serve. I switched to psychology and while looking for an elective course, I enrolled in “Housing, Transportation and the Elderly.” I was immediately hooked. That course opened my eyes to how profoundly transportation influences mobility, opportunity and overall quality of life.

HEARD AROUND VIRGINIA: February 2026

AxioSight, a spinout of Herndon government contractor BTI360, emerged from stealth in December 2025 with a technology that had already helped law firms win favorable rulings in court. The company is beginning to introduce its artificial intelligence platform to commercial customers after years of development for the U.S. intelligence community. In early trials with law firms, attorneys used the system to tailor legal filings and documents to the specific interests and tendencies of judges. AxioSight is raising a $2 million pre-seed round, withba larger Series A planned for this year. (Washington Business Journal)

McLean government tech contractor BigBear.ai announced Dec. 31, 2025, that it had completed its $250 million acquisition of Ask Sage, a Warren County-based company known for its generative artificial intelligence platform designed for defense and national security agencies, as well as other highly regulated sectors. BigBear.ai previously announced its intention to acquire Ask Sage in November. Ask Sage supports more than 100,000 users across 16,000 government teams and hundreds of commercial organizations, according to BigBear.ai. Nearly 30 Ask Sage employees, including founder and CEO Nicolas Chaillan, will join BigBear.ai, bringing the former’s headcount to around 650 employees. (VirginiaBusiness.com)

Signals intelligence company HawkEye 360 acquired Texas-based Innovative Signal Analysis, the Herndon-based company announced in mid-December 2025. The deal was backed by $150 million in equity and debt financing in a Series E round led by NightDragon and Center15 Capital, with additional debt financing from Silicon Valley Bank, Pinegrove Venture Partners and Hercules Capital. HawkEye’s technology is used to detect and locate radio frequency emissions throughout the world, and the company says the acquisition brings advanced algorithms, mission-ready systems and “deep engineering expertise.” (Potomac Tech Wire; news release)

Richmond-based startup Mobius Materials raised $3 million in a seed round, it announced mid-December 2025. Spero Ventures led the round, with participation from Outsiders Fund and RefashionD Ventures. Founded in 2021, Mobius Materials provides an online platform where companies can buy and sell electronic components like chips and semiconductors. Up to 5% of a company’s chip inventory goes to waste, according to founder Margaret Upshur, representing $15 billion a year, “which is an insane number,” she said, “going straight into the trash.” (Richmond Times-Dispatch)

Origin Therapy, a year-old Fairfax startup helping speech, occupational and physical therapists launch and operate private practices, secured $2.6 million in pre-seed financing in December 2025. Chicago firm Distributed Ventures led the round. Founded in August 2024, Origin Therapy is using the funding to add markets, therapists, patients and employees to its network. It currently operates in Northern Virginia and predominantly in speech therapy but is now eyeing other geographies and therapies, co-founder and CEO Gabe Hart said. Origin Therapy will look to raise its next funding round in 2027. (Washington Business Journal)

The Cannabist Co. has scrapped a previously announced $110 million deal to sell its Central Virginia medical marijuana business to a subsidiary of Connecticut-based marijuana products provider Curaleaf, opting instead for a $130 million sale to an entity affiliated with Boston-based hedge fund Millstreet Credit Fund. The company announced the transaction Dec. 18, 2025. It involves The Cannabist Co.’s Green Leaf Medical of Virginia subsidiary, which cultivates, manufactures and sells medical marijuana in the greater Richmond region. The Virginia assets to be sold include five locations, a retail location under development and about 82,000 square feet of cultivation and production capacity. (VirginiaBusiness.com)

Out and About: February 2026

1. Indya Scott, community manager for The Breeden Co., accepts the gold award for best operations at the Reflections of Virginia Beach property during the 19th annual Multi-Housing News Excellence , held Dec. 4, 2025, in New York City. (Photo courtesy The Breeden Co.)

2. Atlantic Union Bank executives rang the closing bell at the New York Stock Exchange on Dec. 9, 2025, to celebrate the Virginia regional bank’s merger last year with Sandy Spring Bank. The bank’s 2025 Investor Day was held the following day in New York City. L to R: Matt Linderman; Shawn O’Brien; David Ring; Jay O’Brien; President Maria Tedesco; CEO John Asbury; CFO Rob Gormon; Ronda McDowell; Clare Miller; Evan Martin; Tara Dziedzic, head of U.S. listings for the NYSE; and Atlantic Union’s Rachael Lape, Brad Haun and Duane Smith. (Photo courtesy Atlantic Union Bank)

3. L to R: Former Chesterfield County Board of Supervisors Chair Jim Ingle and ‘s Jake Littlepage, Christina Hanlon, Jonathan Warren and Emil Avram, plus Mwamburi Mkaya and Scott Calhoun from Power Up Connect, attended a December 2025 ribbon-cutting at Dominion Energy‘s Chesterfield training facility celebrating a first-of-its-kind mobile battery energy storage system. (Photo courtesy Dominion Energy)

4. L to R: Chesterfield County Board of Supervisors Chair Mark S. Miller; then-Gov. Glenn Youngkin; Leonard Gooz, global brand leader of Hilton Hotels & Resorts; and Shamin Hotels CEO Neil Amin gathered for a Dec. 10, 2025, groundbreaking for the Hilton Richmond The Mondelle, an 11-story, 270-room, $160 million hotel and conference center being developed by Shamin. (Photo courtesy Chesterfield County Constituent and Media Services)

5. L to R: Regional Commission Executive Director Mike Stewart and commission members Dale Guidry, Amanda Marko, Bill Gust, Gary Powers, Dr. Randy Clements, N.L. Bishop and Robert Fralin gathered Dec. 18, 2025, to announce American Airlines’ new nonstop service from Roanoke to Dallas Fort Worth International Airport. (Photo courtesy Roanoke Regional Airport Commission)

Top Five: February 2026

1 | Chesterfield Towne Center sells to New York, Swiss companies

The largest enclosed mall in the Richmond area was sold to JRE Partners and Anastacia AG. (Dec. 12)

2 | U.Va. names next president, defying Spanberger

The ‘s board named Darden School of Business Dean Scott Beardsley as the university’s 10th president, disregarding calls from then-Gov.-elect Abigail Spanberger to pause the process. (Dec. 19)

3 | Dominion wind farm among five projects paused by Trump

The suspended leases for five large-scale offshore wind projects, including ‘s Coastal Virginia Offshore Wind. (Dec. 22)

4 | AeroFarms to close Pittsylvania operations; 173 to lose jobs

After initially saying it would close its Ringgold facility, later said it had secured funding to keep the facility open into January. (Dec. 15)

5 | Avio USA picks Virginia for $500 million solid rocket motor factory

The Arlington County-based U.S. subsidiary of Italian rocket company Avio selected Virginia for a new factory. (Dec. 10)

2026 Virginia Black Business Leaders Awards: ROLSTON AUDAIN

As an executive and operating committee member at Berkshire Hathaway Homeservices RW Towne Realty, Audain expands tools, services and professional development opportunities for agents, and elevates the brokerage’s luxury market presence.

Created by the 2023 merger of Rose & Womble Realty and Berkshire Hathaway HomeServices Towne Realty, the firm now claims 15% of the greater Hampton Roads regional market covered by the Information Network MLS. It has the backing of TowneBank and is a Berkshire Hathaway luxury real estate licensee.Audain launched his real estate career back in high school when a teacher helped him get a part-time job working for a Realtor. Audain went on to work at Virginia Beach’s John Savino Group real estate firm as a team manager, where he stayed for more than 14 years. In 2013, RW Towne’s CEO, Barbara Wolcott, hired Audain as director of marketing and the firm’s luxury collection.

WHY I CHOSE MY PROFESSION: A natural, true enjoyment of the real estate business. I do enjoy it. I enjoy the houses, the people, the industry in general. There’s just so much to it. There’s never a repeat day.

HOW I GIVE BACK: I’ve been able to work with the Coastal Virginia Conservancy and their efforts to clean up the waterways and conserve land locally. And when you hear that and you hear real estate, you don’t think the two go together, but there should be some open natural space that’s not necessarily developed. I enjoy working with them as a volunteer and on their fundraising arm.

SOMETHING I’VE LEARNED: Every customer is different. Every customer has a different want, a different need, and you have to be malleable.

FOR THE RECORD: February 2026

CENTRAL VIRGINIA

Buc-ee’s has pushed the expected opening of its New Kent County travel center to December 2031, a spokesperson confirmed. The Texas-based chain previously expected to open the location, its second in Virginia, in 2027. News of the delay emerged after a December 2025 meeting of the county’s planning commission, where County Administrator Rodney Hathaway cited the Virginia Department of Transportation’s Exit 211 Interchange Improvement Project off Interstate 64 as a factor in the timing of Buc-ee’s opening. Hathaway said the interchange project is expected to be completed in 2029. (VirginiaBusiness.com)

‘s proposed Chesterfield County natural gas plant was placed on hold in December 2025 as the Virginia State Corporation Commission said it was reconsidering its final order approving the project. The SCC issued a brief ruling that it will consider a petition from opponents Appalachian Voices, the NAACP and Mothers Out Front, which are represented by the Southern Environmental Law Center. Also in December, the Virginia Department of Environmental Quality approved an air permit for the $1.47 billion plant. Dominion is required to respond to the petition by Jan. 23, according to the SCC. (VirginiaBusiness.com)

A $500 million mixed-use development is coming to Genworth Financial‘s former campus in , developer Greenberg Gibbons announced in December 2025. The project, known as Midtown64, rests on a 46-acre site at the intersection of West Broad Street and Interstate 64. It will include up to 130,000 square feet of retail, restaurant and entertainment space, anchored by a grocery store and a fitness business. There will also be up to 300,000 square feet of Class A office space, nearly 1,000 apartments, 194 townhouses and a 226-room hotel. Richmond hotel operator Shamin Hotels is a joint venture partner with Gibbons in the project. (VirginiaBusiness.com)

Henrico County-based Fortune 500 health care logistics and supply company Owens & Minor changed its name to Accendra Health on Dec. 31, 2025. The change impacts only the parent corporation, not its Apria and Byram subsidiaries. In October 2025, the company announced plans to sell its largest business segment, Products & Healthcare Services, for $375 million to Platinum Equity of California. Last June, Owens & Minor backed out of a $1.36 billion deal to buy Rotech Healthcare Holdings, a Florida home-based health care business. (VirginiaBusiness.com)

Performance Food Group CEO George Holm transitioned to the role of executive chair of the Goochland County-based Fortune Global 500 food supplier’s board Jan. 1. Former president and chief operating officer Scott McPherson succeeded Holm as CEO. Holm has led PFG since 2008, when the Blackstone Group and Wellspring Capital Management purchased the company in a $1.4 billion deal, after which PFG went public in 2015. McPherson previously served in several executive roles at Core-Mark, one of PFG’s subsidiaries. (VirginiaBusiness.com)

The ‘s board named Darden School of Business Dean Scott Beardsley as the university’s 10th president in December 2025, disregarding calls from Gov. Abigail Spanberger and faculty groups to pause the presidential selection process until after her inauguration. Beardsley took office Jan. 1, succeeding interim President Paul Mahoney. State Sens. Louise Lucas and Aaron Rouse indicated there would be more controversy ahead for the university in the state legislature, and Lt. Gov. Ghazala Hashmi said the decision “raises serious concerns about process, institutional norms and respect for a democratic transition.” As governor, Spanberger has the power to remove and appoint board members. (VirginiaBusiness.com)

EASTERN VIRGINIA

More than 500 plaintiffs filed suit in December 2025 against Chesapeake Regional Medical Center and Chesapeake Regional Healthcare‘s current CEO and two former CEOs for $10 million each for negligence, alleging they enabled an OB-GYN to perform unnecessary medical procedures for nearly a decade. The suit, filed in Chesapeake Circuit Court, lists four counts against Chesapeake Hospital Authority related to former doctor Javaid Perwaiz. The lawsuit alleges Perwaiz performed medically unnecessary surgeries including hysterectomies. Perwaiz was convicted in federal court in Norfolk in 2020 on 52 counts of health care fraud and making false statements in health care matters. (VirginiaBusiness.com)

Dominion Energy in December 2025 sued the federal Bureau of Ocean Energy Management and the U.S. Department of the Interior, seeking to continue work on its $11.2 billion Coastal Virginia Offshore Wind project in Virginia Beach after the federal government issued stop-work orders on five wind farms under construction along the East Coast, including Dominion’s. Projected for delivery in late 2026, the Richmond-based Fortune 500 utility’s planned is a 2.6-gigawatt project expected to power 660,000 homes. The complaint filed in the U.S. District Court for the Eastern District of Virginia calls BOEM’s order “arbitrary and capricious,” as well as “procedurally deficient.” (VirginiaBusiness.com)

South Korean company LS Cable & System announced in December 2025 it will build a $689 million copper and advanced materials manufacturing campus in Chesapeake, expected to create 430 jobs. The company hopes to start construction by the middle of this year and be fully operational by late 2027. The project more than doubles the company’s capital investment in Chesapeake manufacturing facilities, bringing its expected job creation total in the area to 760. LS Cable is the parent company of LS GreenLink USA, which started construction in April 2025 on its $681 million-plus advanced cable manufacturing facility in Chesapeake. (VirginiaBusiness.com)

Newport News City Council in December 2025 approved a roughly $3 million grant to support the launch of a major music festival coming Memorial Day Weekend 2026, aimed at boosting tourism, igniting interest in downtown and supporting area businesses. The city says the event will feature internationally recognized musical artists and Hampton Roads community leaders. The festival will feature performances, conversations, large-scale art installations, interactive community workshops, hands-on tech experiences and cultural and business showcases. The city has partnered with the Port Warwick Foundation, a nonprofit with experience producing public events in Newport News, to facilitate efforts launching the festival. (VirginiaBusiness.com)

During a January speech at Newport News Shipbuilding, a division of Huntington Ingalls Industries, Secretary of Defense Pete Hegseth underscored changes in how the Pentagon will work with major defense contractors. He said the days of cost-plus contracts for programs years behind schedule “are finished” and that longer and larger contracts will be given to companies that deliver on time and on budget. To increase throughput and meet growing demand, HII said it launched a distributed shipbuilding initiative, partnering with 23 shipyards and fabricators beyond its traditional labor market to improve schedule adherence. (VirginiaBusiness.com)

Riverside Smithfield Hospital on Jan. 6 officially opened to patients, giving Smithfield and Isle of Wight County a 24/7 emergency department for the first time. Previously, residents had to travel outside of the community to access many essential services. The new 200,000-square-foot, 50-bed hospital is located at 19339 Benns Grant Blvd. Planning and community engagement for the hospital began in 2021, and groundbreaking occurred in July 2023. The hospital’s opening follows the September 2025 opening of the 27,000-square-foot Jamison–Longford Medical Office Building on the same campus. (VirginiaBusiness.com)

NORTHERN VIRGINIA

In December 2025, Alexandria city councilors approved special use permits for Maryland developer JBG Smith to develop 640 housing units in Potomac Yard. Plans call for a mix of affordable and market-rate apartments and townhouses, as well as 13,000 square feet of retail space near the proposed site for the failed Alexandria sports arena. JBG Smith will build 432 market-rate apartments, and Alexandria nonprofit Wesley Housing is set to deliver 88 affordable units, while Toll Brothers will build 120 townhouses. The timeline for construction had not been released as of mid-January. (VirginiaBusiness.com)

Alexandria’s Burke & Herbert Financial Services, parent company of the Burke & Herbert bank, entered an agreement in December 2025 to acquire Pennsylvania-based Linkbancorp, the holding company for Linkbank. The all-stock transaction is worth about $354.2 million, and it will expand Burke & Herbert’s reach into Pennsylvania. The company previously acquired Summit Financial Group for $371.5 million in 2024. The merged bank’s holding company is expected to have about $11 billion in total assets, and the deal is set to close in the second quarter of 2026. (VirginiaBusiness.com)

Reston Fortune 500 government contractor CACI International announced in late December 2025 it had entered an agreement to acquire aerospace and defense contractor Arka Group for $2.6 billion. The all-cash transaction would result in about 1,000 Arka employees, including about 315 software engineers, joining CACI. The transaction is expected to close in the first quarter of 2026, and CACI expects to receive a $225 million tax benefit from the transaction. The company anticipates Arka will contribute about $650 million in revenue over the next year. (VirginiaBusiness.com)

A lobbying firm filed an early planning application in December 2025 tied to a massive data center proposal in western Prince William County, a project dubbed Dulles South Innovation Center. The application filed by Warrenton-based firm LSI 360 asks the county for a cultural resource assessment, an early step in a rezoning effort. According to the filing, the firm hopes the county will designate 1,930 acres in the Gainesville district for industrial use. County officials said they expect to complete the assessment by mid-January. LSI previously advised residents who sold their land for the Prince William Digital Gateway project, which remains in legal limbo. (VirginiaBusiness.com)

Reston-based higher education tech company Ellucian announced in January it had completed its acquisition of Anthology’s Student Information Systems and Enterprise Resource Planning business through a Chapter 11 bankruptcy process. Based in Florida, Anthology merged with Blackboard in 2021, a deal that valued the combined company at $3 billion. However, Anthology filed for bankruptcy in September 2025. In November 2025, Ellucian announced its successful bid for the segments, including a platform managing student data and academic processes. Ellucian expects to gain more than 260 customers through the deal. Financial terms were not disclosed. (VirginiaBusiness.com)

Prince William County supervisors in December 2025 approved $400,000 in additional funding for legal costs in the two major court cases connected to the controversial Prince William Digital Gateway project. The board voted 5-3 to greenlight the transfer of the funds from the county’s assessment reserve to the county attorney’s office. One case was dismissed by a circuit court judge, and in the other, a judge declared the county’s rezoning vote “void,” halting all progress on the massive data center project. In February, both cases are scheduled to be heard in the Virginia Court of Appeals. (Inside NoVa)

/ LYNCHBURG/ NEW RIVER VALLEY

Five lawsuits filed in Roanoke’s federal court allege that Delta Dental of Virginia failed to prevent a data breach that compromised the personal information of at least 145,000 of its policyholders. An unknown party accessed the insurer’s network between March and April 2025 and took personal, financial and medical information. The lawsuits allege the cyberattack was not reported to potential victims until November and that the company’s inadequate security measures and an incompetent response to the breach leave the policyholders at ongoing risk. The lawsuits seek class action status, identity theft protection, credit monitoring and regular audits of Delta’s computer system. (The Roanoke Times)

Mountain Valley Pipeline‘s plans to expand its natural gas capacity by 30% through a project called MVP Boost is now under state and federal review. The project calls for building a new compressor station in Montgomery County and upgrading three existing stations in West Virginia. The station requires a state air permit, and a public hearing on the matter is expected in the spring. The project’s developers say the proposal would meet growing demand for natural gas. They hope that the Federal Energy Regulatory Commission approves the project by November and that it will be operational by mid-2028. (Cardinal News)

Roanoke is paying lobbying firm Two Capitols Consulting $6,000 a month to pursue a casino license for the city. The firm’s contract with the city began Sept. 22, 2025, roughly three weeks before city officials unveiled a plan to transform the Berglund Center into a casino and entertainment district. The firm is tasked with securing 2026 General Assembly casino legislation and supporting its passage. If the legislation passes, Roanoke voters would need to approve the project. State legislators in the region have voiced opposition to a casino, meaning a legislator from outside the area would need to submit the bill. (The Roanoke Rambler)

The Roanoke-Blacksburg Regional Airport‘s proposed expansion hinges on whether it can acquire city-owned land west of Interstate 581, the site of the former Countryside Golf Course, so that it can extend a runway. Negotiations have been ongoing for more than two years, with the Roanoke city attorney describing the matter as a complex issue. The city bought the land in 2005, but redevelopment plans failed. The airport offered $2.4 million for a large chunk of the property in August 2023. The city hopes the General Assembly will fund a $7 million feasibility study to assess costs, environmental issues and economic benefits. (The Roanoke Rambler)

The foundations have been laid on Virginia’s first onshore wind farm, the Rocky Forge Wind project, in . Work on the 13 foundations, which will support turbines nearly 650 feet tall along North Mountain, was completed in December 2025. The project will generate up to 78 megawatts of renewable electricity for Google’s Virginia data centers. After years of delays from permitting and legal challenges, the project advanced following a 2024 power purchase agreement between Apex Clean Energy and Google. The turbines are expected to begin operations by the end of the year. (The Roanoke Times)

Virginia Tech‘s athletics program announced in December 2025 that it received a $20 million anonymous donation, the largest gift to athletics in the school’s history. The Blacksburg-based university calls the $20 million “a major step” in its fundraising efforts for its “Invest to Win” strategy, which aims to make Virginia Tech Athletics competitive in NCAA’s current Division I and Football Bowl Subdivision. Some of Invest to Win’s objectives include fully funding nearly $20 million annually in student-athlete scholarships, investing in coaching staff, recruiting top players and soliciting potential donors to invest in scholarships, facility improvements and resources. (VirginiaBusiness.com)

SHENANDOAH VALLEY

Government tech contractor BigBear.ai announced on Dec. 31, 2025, that it completed its $250 million acquisition of Ask Sage, a Warren County-based contractor known for its generative artificial intelligence platform designed for defense and national security agencies, as well as other highly regulated sectors. Ask Sage supports more than 100,000 users across 16,000 government teams and hundreds of commercial organizations. Nearly 30 AskSage employees are joining BigBear.ai, including CEO Nicolas Chaillan, who was appointed chief technology officer. The acquisition raised BigBear.ai’s headcount to around 650 employees. (VirginiaBusiness.com)

The Front Royal–Warren County Authority voted in December 2025 to sell 113 acres of the former Avtex Fibers site on Kendrick Lake in Front Royal to Provident Realty Advisors for $6.45 million, about $57,000 per acre. Headquartered in Dallas, Provident Realty Advisors has a division, Provide Data Centers, that develops data centers. Chairman Robert MacDougall called the decision to sell a major step toward revitalizing a long-dormant property. Board members expected a contract in January, followed by a nine-month inspection period before closing. The site is zoned for mixed-use campus development. (The Northern Virginia Daily)

Broadband service provider Shenandoah Telecommunications Co., also known as Shentel, announced in December 2025 that it completed its Virginia Telecommunications Initiative (VATI) project to expand gigabit broadband internet service to more than 7,000 previously unserved homes in Shenandoah County. The provider says much of the $50 million construction project was funded by the VATI program, administered by the Virginia Department of Housing and Community Development, while other funding came from its own capital investment and a contribution from the county. Shenandoah Director of Tourism and Economic Development Jenna French said having readily available broadband is increasingly expected by prospective businesses. (News release)

The Commonwealth Transportation Board voted in January to transfer the Shenandoah Valley rail corridor project and $35 million in trail funding from the Virginia Department of Transportation to the Virginia Passenger Rail Authority. The money is tied to a plan involving a 48.5-mile, inactive Norfolk Southern rail line between Front Royal in Warren County and Broadway in Rockingham County. Under the proposal, VPRA would facilitate the purchase of the corridor and partner with the Shenandoah Valley Battlefields Foundation, which would build a public trail alongside the tracks and maintain the corridor with rail intact, thereby preserving future rail possibilities. (The Northern Virginia Daily)

The Winchester Economic Development Authority provided $100,000 in scholarships to help the city’s residents enrolled in Laurel Ridge Community College Workforce Solutions’ FastForward credential classes. The Middletown college announced in December 2025 that up to 25 students from Winchester will be able to receive financial assistance to be trained in high-demand fields, which the college and EDA say will help area employers meet crucial workforce needs. The FastForward courses help students obtain credentials to work in fields such as plumbing, welding, commercial truck driving, electrical contracting and HVAC. (The Winchester Star)

PEOPLE

The Greater Augusta Regional Chamber of Commerce in January announced its 2026 board of directors, welcoming Jason Boron of Leading Strong as a returning board member and Dan Joyce from iHeart Media as a new board member. The board’s executive committee includes immediate past chair Kristina Arbogast, at-large member Chris Auville, Secretary Bruce Blair, Treasurer Suzie Dull, Chair-elect Jacqueline Kurtz and Chair Paula Moore-McClure. The chamber is a 501(c)(6) membership organization that serves Augusta County, Staunton and Waynesboro and aims to strengthen and enhance the local business environment and foster balanced growth in the region. (News release)

SOUTHERN VIRGINIA

Blue Ridge Regional Airport in Martinsville celebrated a milestone in December 2025, with the completion of its long-planned runway extension. The airport’s primary runway was expanded from 5,000 feet to 6,000 feet — a change officials say enhances safety, allows larger aircraft to land and positions the airport as an increasingly valuable asset for business travel, corporate investment and emergency services. Airport officials said the project was at least a decade in the making and depended on partnerships among local governments, the Federal Administration and the Virginia Department of Aviation. (Martinsville Bulletin)

On Dec. 18, 2025, the Federal Energy Regulatory Commission approved an amended project allowing a pipeline that will start in Chatham and go into North Carolina to be built. Dubbed Southgate, the line is planned to tie into the 303-mile Mountain Valley Pipeline, which starts in West Virginia and ends near Chatham, transporting natural gas to delivery points in neighboring Rockingham, North Carolina. Southgate would serve Duke Energy and the Public Service Company of North Carolina. An official said in December that construction would begin in 2026 but did not provide a timeline. (Danville Register & Bee)

Martinsville-based Hooker Furnishings entered into a cooperation agreement Jan. 1 with Wisconsin-based Global Value Investment Corp., (GVIC) under which the two will identify a mutually agreeable independent director with industry expertise within 45 days. Once the director is identified and vetted, the Hooker Furnishings board would increase its size from eight to nine members and immediately appoint the new independent director to the board with a term expiring at the 2026 annual meeting of shareholders. Separately, board Chair W. Christopher Beeler Jr.  announced plans to retire at the annual meeting. (Furniture Today; U.S. Security and Exchange Commission document)

In December 2025, the OpenAI Foundation announced recipients of its $50 million People-First AI Fund, designed to help nonprofits strengthen their communities and expand artificial intelligence opportunities. Among the 208 grant winners is the South Boston-based SOVA Innovation Hub, which will receive $60,000, equal to 10% of its $600,000 annual operating budget. The hub houses meeting spaces, coworking spaces and the Microsoft Experience Center, which showcases technology. Organizers will use the OpenAI grant to found SOVA AI Connect, which will help individuals build practical AI skills through events like workshops and job skills training. (Cardinal News)

Plans to rezone land to grow an industrial park in the northern part of Pittsylvania County drew backlash from residents at a Jan. 6 meeting. Despite their pleas, the Pittsylvania County Planning Commission unanimously recommended rezoning nearly 225 acres in Hurt. The Staunton River Regional Industrial Facility Authority is working to develop the industrial site. Currently, the parcels are zoned for agricultural or residential uses. However, moving it to heavy industry would create more than 1,000 acres that could be used for advanced manufacturing. The matter will go before the county board of supervisors Jan. 20, an accelerated schedule. (Danville Register & Bee)

A historic hotel in South Boston that shut down in the 1990s is being brought back to life as The Rook Hotel. The former John Randolph Hotel on Main Street has been vacant for more than two decades, but hospitality Julian and Karie Brittano are about to change that. A December 2025 groundbreaking ceremony was postponed due to snow, but the project is moving forward. The $13 million investment will include 30 luxury rooms, a rooftop lounge bar, a restaurant and more. The Brittanos expect the hotel to open in early 2027. (WDBJ7 News)

SOUTHWEST VIRGINIA

Bristol business leaders say the city is emerging as a new nightlife destination. Bristol Hard Rock Casino and Hotel generated more than $38 million in gaming tax revenue last year, significantly increasing foot traffic to the area. And after Johnson City, Tennessee, moved its alcohol sales cutoff to 1 a.m. and the Sapphire Social Club opened on New Year’s Eve on State Street, the nightlife scene has surged in Bristol. However, businesses in the city say the 10% food and beverage tax is too high, which can hurt their profits. (News5 WCYB)

Data Center manufacturer Tate, a subsidiary of Irish company Kingspan Group, is expanding its U.S. manufacturing operations by acquiring a 131,000-square-foot facility in Lebanon. The Virginia Coalfield Economic Development Authority reported in December 2025 that Tate will occupy the former Alcoa manufacturing building, which was acquired and upgraded through a collaboration with the Russell County Industrial Development Authority and VCEDA. The site, located near Tate’s existing St. Paul operation, will strengthen Tate’s production footprint and is expected to create up to 35 full-time jobs within three years. The building was originally built in the late 1990s and lies on an approximately 11-acre site. (News release)

The Scott County Board of Supervisors voted in January to oppose a request by Bristol to increase its share of gambling tax revenue from the Bristol Hard Rock Casino. Bristol seeks to raise its portion from 27% to 50%, as it faces budget pressures. Under the current state-approved formula, Bristol receives five of 18 shares, while Scott County and 12 other Southwest Virginia localities each receive one share apiece. The Southwest Virginia Regional Improvement Commission is gathering locality member input before sending a letter to the General Assembly opposing the proposal. If the formula is unchanged, future revenues could increase significantly for all localities. (TimesNews)

The Virginia Clean Energy Innovation Bank has awarded $275,000 to the University of Virginia’s College at Wise for a nuclear control room simulator, according to a December 2025 announcement from Gov. Glenn Youngkin. The simulator will provide workforce and professional training in Southwest Virginia and support additional K–12 STEM programming and community open houses to help the public better understand advanced nuclear technology and clean energy. According to the governor’s office, the project is designed to prepare a skilled regional workforce in Southwest Virginia for future nuclear deployment and energy-intensive industries like data centers. (News release)

In January, Gov. Glenn Youngkin announced that the first assistance payments to farmers and forest landowners affected by Hurricane Helene had been disbursed through the Virginia Farm Recovery Block Grant. Funded by the U.S. Department of Agriculture, the grant has $60.9 million to assist farmers and timber landowners in 27 eligible localities, most of which are in Southwest Virginia. The first payments were for operations that suffered income loss because of market loss. Following the first payment round, the governor said there would be payments for producers and landowners who suffered other types of losses to infrastructure, timber and plasticulture. (News release)

Gov. Glenn Youngkin’s final two-year state budget proposal, released in December 2025, included $35 million in fiscal year 2027 to advance an inland port in Washington County. The facility would move shipping containers via rail between Southwest Virginia and the Port of Virginia, potentially creating hundreds of jobs if manufacturers and other businesses develop around it. State lawmakers have already invested $12.5 million in planning, though the total project cost has not been disclosed by the Virginia Port Authority. A 2023 study showed such a project could potentially generate $1.75 billion in economic benefits over 20 years. (Cardinal News)

Heavy earnings week, jobs data to test US stocks after Microsoft swoon

Summary

  • Microsoft report disappoints stock market
  • , corporate earning reports scheduled next week
  • U.S. jobs report is due Feb. 6
  • pauses interest rate cuts

NEW YORK, Jan 30 (Reuters) – Another huge batch of corporate earnings including from megacaps Alphabet and Amazon will test the U.S. stock market in the coming week after a disappointing report from heavyweight Microsoft weighed on equity indexes.

also will focus on the monthly U.S. jobs report due Feb. 6. This week, the Federal Reserve pointed to signs of stabilization in the labor market as the U.S. central bank paused its interest rate-cutting cycle.

With the stock market entering the fourth year of a bull market, investors have been wary of rising valuations, particularly for high-flying names benefiting from optimism over artificial-intelligence-driven profits.

Microsoft, which has spent massively on infrastructure to support AI applications, saw its shares battered on Thursday after its cloud business failed to impress, while software shares were broadly punished amid further disappointment elsewhere in the industry.

“For those companies where expectations have become very, very lofty, the onus is going to be on them to deliver,” said Jim Baird, chief investment officer with Plante Moran Financial Advisors. “Even if they show growth, if it is growth that is not up to the expectations of the market, there is a risk there that their stock price could be punished.”

Despite declining at the end of the week, the benchmark S&P 500 remained up over 1% for the year and not far from record-high levels. The index earlier in the week broke above the 7,000 level for the first time, before pulling back.

Investors in the coming days will continue to digest a series of developments on Friday, including President Donald Trump’s nomination of former Fed Governor Kevin Warsh to be the central bank’s next chair. Stunning declines in prices of gold and silver on Friday, following huge climbs for the precious metals, also kept markets on edge.

Big earnings week on tap

About one quarter of the S&P 500 is set to report quarterly results in the coming week, with strong expected U.S. profit growth a key source of optimism underpinning bullish outlooks for equities in 2026.

Of 166 S&P 500 companies that reported results as of Friday, 76.5% posted earnings above analysts’ expectations, nearly in line with the 78% rate over the prior four quarters, according to LSEG IBES. Fourth-quarter earnings are expected to have climbed 10.9% from a year earlier.

In contrast to Microsoft, Meta Platforms — another megacap company and major AI spender — posted strong sales in its quarterly report that boosted its shares on Thursday.

Investors will now focus on results and capital spending plans from Google parent Alphabet and Amazon, two other AI-focused “hyperscalers.”

“Although investor reaction to earnings announcements from a couple of the hyperscalers was mixed, it did confirm that capex spending on building out AI infrastructure will not see any letup,” said Sid Vaidya, chief investment strategist at TD Wealth.

Other companies set to report next week include weight-loss drugmaker Eli Lilly, chipmaker Advanced Micro Devices and media giant Walt Disney. S&P 500 companies overall are expected to increase earnings by 15% in 2026, putting their financial outlooks under the microscope.

“The stock market is largely reflecting the positive fundamentals that are driving that, and earnings growth is the biggest component of that,” Vaidya said.

Stable jobs market?

The coming week’s jobs report will also give Wall Street a critical look at the economy’s health. The nonfarm payrolls report for January is expected to show growth of 64,000, according to a Reuters poll.

Data flow is normalizing following the lag effects from the 43-day government shutdown late last year that delayed key economic reports. The monthly consumer price index, closely watched for inflation trends, is due the following week.

“We haven’t really gotten a lot of clean looks at the state of the labor market and inflation because of that government shutdown last year, so we think those are going to probably be more important than usual,” said Michael Reynolds, vice president of investment strategy at Glenmede.

Following Wednesday’s Fed meeting, markets are now pricing in the central bank to hold off on further rate cuts until its June meeting, although any surprise weakening in the labor market could sway those expectations.

“The broad sense is that the economy is on a decent growth trajectory here going forward, and I would expect that that alone should help to provide a little bit of a floor under payrolls,” Baird said.

(Reporting by Lewis Krauskopf; Editing by David Gregorio)

Henrico using $1M grant to prep site for development

SUMMARY:

  • A $1 million state grant will be used to prep around 220 acres near Richmond International for industrial development
  • The airport hopes to target aerospace business, including manufacturing or drone assembly

A $1 million state grant will soon be used to prepare roughly 220 acres near for development, as the Capital Regional Airport Commission and Authority move to position the site for future airport-related industrial uses.

Next month, the eastern Henrico airport’s officials plan to finalize an agreement with the county EDA to prepare properties southeast of the airport for development. In August 2025, the Henrico EDA received a $1 million grant from the Virginia Economic Development Partnership through its Virginia Ready Sites Program, which partners with localities and state agencies to fund infrastructure improvements and make property ready for industrial construction.

The airport commission owns three plots of land that make up the 220 acres: a 165.4-acre parcel at 6201 Beulah Road zoned for general industrial use, a 2.9-acre agriculturally zoned parcel at 6101 Beulah Road, and 53.9 acres at 5900 La France Road, which is zoned for light industrial use.

Although a future user has not yet been chosen, airport spokesman Troy Bell said the airport hopes the site can attract a user in the aerospace field. Potential uses include manufacturing, assembly of unmanned aerial vehicles or other advanced aviation activities. The airport plans to retain ownership of the land and lease it to a developer, Bell said.

He described the site as “an outstanding location,” given its size, proximity to the airport and proximity to Interstates 64 and 95. “We’re really thinking about someone that might put together devices at this airport — actually doing the assembly work,” Bell said.

The grant-funded work will move the roughly 220-acre site from Tier 2 to Tier 3 under the state’s site-readiness classification system, which ranks sites up to Tier 5, the most development-ready level.

“Not only does this allow us to advance it in the tier system, but we’re knocking off a year plus for any future construction activities to occur, and time is money for any type of development,” said EDA Executive Director Cari Tretina. “And so what we’re doing is we’re adding back an expedited construction process for the future user of the site, which is invaluable to most, to most economic development site selectors.”

Jason Smith, a business manager with the EDA, said the Beulah site will undergo two phases of preparation through the grant. The initial phase, which will likely last around six months, includes about $320,000 in due diligence work, such as topographical and cultural reviews, wetlands delineation, traffic and geotechnical studies, preliminary utility studies and master planning. The additional $680,000 in phase two funding could be used for site clearing, limited grading and other remediating work depending on the findings of the first phase. He said the effort eliminates risks from the site to the end user.

“There’s no risk to the site selector, they can confidently say, because we have permits and everything in hand, ‘Hey, this is a ready-to-go site you could be moved in by the time the county approves your permitting,’” he said.

Tretina said the county and VEDP have already been working to market the property to potential buyers, and having the $1 million grant will further increase the site’s visibility.

“This grant is going to help us increase our competitiveness throughout the commonwealth of Virginia,” she said. “I mean, it’s going to be on par with, if not more so, to Dulles of what we’re able to attract right here in Central Virginia from an economic development perspective. So we’re really excited that the state saw the same value and opportunity that we and the airport commission saw as well.”

The commission was initially scheduled to vote this week to enter into the agreement with the EDA, but its monthly meeting was canceled due to winter weather and roadway conditions. The commission is now expected to take up the matter at its Feb. 24 meeting.

As for when construction could actually begin on the site, Bell says it all hinges on what the eventual developer proposes.

“We would love to see some interest in this,” he said. “We’d love to see that property go under contract. And if that happens, you know, within the next couple of years, I think we’d all feel pretty good about it.”

As Costco rumors swirl, Botetourt OKs agreement

SUMMARY: 

  • Botetourt approves agreement tied to national destination retailer
  • Site is located in at Gateway Crossing
  • Officials declined to name retailer, rumored to be

Roanokers have long yearned for a Costco with the kind of monomaniacal obsession Captain Ahab harbors for a singular white whale.

For now, the closest Costco Wholesale in Virginia to is Harrisonburg, more than 100 miles away.

On June 16, 2025, a post in a Roanoke Facebook group speculated that Costco planned to build a store in the Star City.

“I just let out a scream!!!!” one commenter wrote.

“OMG. That’s what I was hoping for for a long time ago. I am so excited,” wrote another.

The post also attracted skeptics who labeled it fake news. “I’ll believe it when I see it!” another commenter wrote.

The rumors are getting easier to swallow these days.

The Board of Supervisors Tuesday unanimously approved a performance-based agreement to “support a potential national destination retailer” at the Gateway Crossing site, which sits near Daleville and ‘s Exit 150.

The agreement was a walk-on item, not originally on the board’s meeting agenda. However, Botetourt County Administrator Gary Larrowe said Tuesday that the agreement had “been worked on for some time.”

“The county has sought to redevelop the Gateway Crossing area for at least 15 years, and this project would potentially provide a catalyst toward that redevelopment effort,” Larrowe said.

Tuesday’s agreement allows the county and its Economic Development Authority to enable an entity known as Gateway Circle Properties, which formed in 2023, according to the Virginia State Corporation Commission, to pursue development “that would create jobs, increase the tax base and provide desirable amenities to the county’s citizens,” a news release the county distributed Wednesday stated.

The retailer’s name was not disclosed at the developer’s request.

“It is anticipated that this would transform the Interstate 81 interchange at [Exit] 150 into a regional economic hub that would likely attract additional business and investment for decades into the future,” Larrowe said.

Botetourt County defines a destination retailer as a business sourcing 80% or more of its sales from outside of the county and one that has no other locations within 90 miles. Destination retailers also bring in $100 million or more in annual sales, according to the news release.

“I wish to make you keenly aware that if you choose to approve the performance agreement today, this does not mean that anything will happen with the project,” Larrowe said. “The approval today is limited to the point to allow the developer to seek appropriate financing for the project.”

The Gateway Crossing site, according to the county, requires extensive site preparation and infrastructure improvements, including grading, road access, stormwater management and utility upgrades.

“This agreement is the tool required to potentially land a major national destination retailer that would otherwise not locate in our community due to the high cost of the preparation, overcoming site challenges,” Larrowe said.

The agreement approved Tuesday allows for synthetic tax increment financing where tax revenue, such as sales, meals and personal property taxes, generated by a development is used to reimburse eligible project costs. That method allows the county to avoid borrowing money, according to Botetourt County Attorney Mike Lockaby. The reimbursement cap will be $69 million.

Once eligible costs are repaid, or after 20 years, the county would keep all tax revenue generated by the project.

However, Neal Keesee, a Roanoke attorney who represents Gateway Circle Properties, said Tuesday that number may need to go higher.

“We are unsure if $69 million is appropriate? We don’t think it is,” he said. “So we would ask the Board to consider $80 million.”

The board stuck with the original cap on Tuesday. However, Brent Watts, a spokesperson for the county, explained in an email Friday that “once the developer has secured financing, the board will consider any additional costs.”

David Sane, a resident of the Amsterdam district, pushed back Tuesday on the idea that a performance agreement should be a walk-on item at a board of supervisors meeting.

“This is major issue for the county, and I think more notification should have been given to the broader community,” he said. “Now there’s a rumor that this is a Costco, and a lot of people will be likely in favor of this. Nevertheless, this is going to look to the general population like Google 2.0 — that that that they were left out of the loop.”

County officials announced June 24, 2025, that Google had purchased land to build a data center at the Botetourt Center at Greenfield. Because the land is already zoned for industrial use and data centers, Google will not have to go through a county zoning process.

On Friday, a spokesperson for Costco declined to comment about whether a $1.50 hot dog combo will one day be able to be purchased in Botetourt County, stating it is “company policy to not comment regarding future Costco warehouses or construction until we are ready to share details about the new location.”

In 2020, North Carolina-based Pavilion Development pulled the plug on plans to build a Costco and a Top Golf on a site in Evans Spring in Roanoke after facing resistance from city officials.

Editor’s note: This story has been updated. 

Developer says sale of Ashland facility to ICE has been canceled

SUMMARY:

  • Jim Pattison Developments, the owner of a County intended as an facility, says it won’t sell
  • supervisors expressed disapproval of plan, but their power was limited
  • Hundreds of people protested Hanover facility earlier this week

The Canadian owner of the 43-acre site in Hanover County that was set to be purchased by U.S. Immigration and Customs Enforcement for a detainee processing facility says the sale is no longer happening.

Last week, the U.S. notified the Hanover County Board of Supervisors of its plan to purchase and repurpose a 552,576-square-foot warehouse on nearly 44 acres on Lakeridge Parkway in Ashland. The site, expected to have an assessed value of $50.48 million this year, is owned by Vancouver-based Jim Pattison Developments.

Hanover County supervisors issued a statement this week opposing the plan for ICE to open a detainee processing facility at the location, but they noted that their powers were limited. Jim Pattison’s decision not to sell the building to the federal government puts an end to the matter.

According to an earlier report in The Canadian Press, the company said it was unaware the warehouse would be used as an ICE holding facility when it agreed to sell the property. The company said it publicly listed the site and accepted an offer from a U.S. government contractor and later learned of the building’s ultimate owner and intended use. According to the report, the sale was subject to approvals and closing conditions, and the company said it will comply with “all applicable laws.”

However, on Friday, Jim Pattison Developments issued the following statement on its website: “The transaction to sell our industrial building in Ashland, Virginia will not be proceeding.”

The company, along with ICE and DHS, did not immediately return requests for comment Friday, but on Thursday, an ICE spokesperson said it had no new detention centers to announce at this time, in response to questions about plans in Hanover and a potential Stafford County facility, which has not yet come before county officials as of this week.

Earlier this week, hundreds of people gathered outside the Hanover County administration building before the board of supervisors’ meeting to protest the proposed use. In the past month, ICE agents’ actions in Minneapolis, including the killings of two U.S. citizens, ignited outrage and calls from U.S. elected officials for blocking the agency’s congressional funding.

On Wednesday, the county’s supervisors issued a statement of opposition to the proposed location, saying it was inconsistent with the established land use for the project. The board urged DHS to consider alternative locations, believing the processing facility will change the character of the area, impose unplanned demands on county services and revenues of at least $1 million annually.

The warehouse, built in 2024, had previously been marketed as a potential distribution center.