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Doma Technologies, 2 other bizs merge to form health tech contractor

Doma Technologies, and have merged and rebranded as Commence, a health care based in .

, a private equity independent sponsor based in Puerto Rico, acquired Livanta and Advanta in September 2023 and Doma in June 2024 and merged them Thursday. The combined company has about 550 employees. In addition to its Virginia Beach headquarters, Commence has a support office in Las Vegas.

Pleasant Land Managing Partner Gavin Long said in a statement, “The name Commence signifies that we are embarking on a journey toward better health care outcomes — for the clients we work with and populations we serve. … By combining the expertise and resources of , Livanta and Advanta Government Services, Commence empowers health organizations to achieve their full potential.”

Founded in 2000, Doma Technologies was a cloud-based document management company that worked with federal government and private sector clients. Also based in Virginia Beach, Livanta was a health care IT company. Advanta Government Services was based in Annapolis Junction, Maryland, and served federal and state government entities.

Doma announced in November 2023 that it was investing $3.7 million in an expansion in Virginia Beach and planning to create about 307 jobs over the following three years.

Ian Checcio, chief growth officer of Commence, said in an emailed statement: “We anticipate continued growth and expansion with some slight delays to the original plan due to ongoing budgetary and policy changes in the federal government.”

Commence will provide health care solutions through a proprietary platform that uses AI to analyze and organize data. The newly formed company also has more than 500 licensed clinicians to provide medical reviews, ensure solutions meet compliance and help streamline health data processes.

“As the federal government seeks to boost the efficiency of its health care spending, Commence empowers health agencies such as Veterans Affairs and the Department of Health and Human Services to optimize programs of any size, scope or complexity,” Checcio said in a statement.

Commence serves 60% of the Medicare population across 27 states, an estimated 30 million to 40 million people. It has completed more than 1.3 million independent, physician-reviewed case evaluations, according to a news release, and its interventions have prevented more than 280,000 patients being prematurely discharged.

China blasts US chip export bans and student visa plans

SUMMARY:

TAIPEI, Taiwan (AP) — China criticized the U.S. on Monday over moves it allegedly harmed Chinese interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke .

“These practices seriously violate the consensus,” the Commerce Ministry said in a statement, referring to a China-U.S. joint statement in which the United States and China agreed to slash their massive recent tariffs, restarting stalled trade between the world’s two biggest economies.

But last month’s de-escalation in President Donald Trump’s trade wars did nothing to resolve underlying differences between Beijing and Washington and Monday’s statement showed how easily such agreements can lead to further turbulence.

The deal lasts 90 days, creating time for U.S. and Chinese negotiators to reach a more substantive agreement. But the pause also leaves tariffs higher than before Trump started ramping them up last month. And businesses and investors must contend with uncertainty about whether the truce will last.

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%.

The Commerce Ministry said China held up its end of the deal, canceling or suspending tariffs and non-tariff measures taken against the U.S. “reciprocal tariffs” following the agreement.

“The United States has unilaterally provoked new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,” while China has stood by its commitments, the statement said.

It also threatened unspecified retaliation, saying China will “continue to take resolute and forceful measures to safeguard its legitimate rights and interests.”

Trump stirred further controversy Friday, saying he will no longer be nice with China on trade, declaring in a social media post that the country had broken an agreement with the United States.

Hours later, Trump said in the Oval Office that he will speak with Chinese President Xi Jinping and “hopefully we’ll work that out,” while still insisting China had violated the agreement.

“The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” Trump posted. “So much for being Mr. NICE GUY!”

In response to recent comments by Trump, the Commerce Ministry said of the U.S.: “Instead of reflecting on itself, it has turned the tables and unreasonably accused China of violating the consensus, which is seriously contrary to the facts.”

U.S. Commerce Secretary Howard Lutnick said that the Chinese were “just slow rolling the deal” from Geneva.

Appearing on Fox News on Sunday, Lutnick said the U.S. was “taking certain actions to show them what it feels like on the other side of that equation,” adding that Trump would “work it out” with Xi.

The Trump administration also stepped up the clash with China in other ways last week, announcing that it would start revoking visas for Chinese students studying in the U.S.

U.S. campuses host more than 275,000 students from China.

Both countries are in a race to develop advanced technologies such as , with Washington seeking to curb China’s access to the most advanced computer chips. China is also seeking to displace the U.S. as the leading power in the Asia-Pacific, including through gaining control over close U.S. partner and leading tech giant Taiwan.

EU plans countermeasures against US steel tariffs

BARCELONA, Spain (AP) — The European Union on Monday said it is preparing “” against the United States after the Trump administration’s surprise tariffs on steel rattled and complicated the ongoing, wider tariff negotiations between Brussels and Washington.

Last week, ahead of Friday’s surprise announcement, Commission President Ursula von der Leyen and U.S. President Donald Trump agreed to “accelerate talks” on a deal. “In the event that our negotiations do not lead to a balanced outcome, the EU is prepared to impose countermeasures, including in response to this latest tariff increase,” spokesperson Olof Gill told a press conference in Brussels.

He said the EU is finalizing an expanded list of countermeasures that would automatically take effect on July 14 or earlier. That’s the date when a 90-day pause, intended to ease negotiations, ends in tariffs announced by the two economic powerhouses on each other. About halfway through that grace period, Trump announced a 50% tariffs on steel imports.

Trump’s return to the White House has come with an unrivaled barrage of tariffs, with levies threatened, added and, often, taken away. Top officials at the EU’s executive commission says they’re pushing hard for a trade deal to avoid a 50% tariff on imported goods.

Negotiations will continue on Wednesday in Paris in a meeting between the EU’s top trade negotiator, Maroš Šefčovič, and his counterpart, U.S. Trade Representative Jamieson Greer.

The EU could buy more liquefied natural gas and defense items from the U.S., and lower duties on cars, but it isn’t likely to budge on calls to scrap the value added tax — which is akin to a sales tax — or open up the EU to American beef.

The EU has offered the U.S. a “zero for zero” outcome in which tariffs would be removed on both sides for industrial goods including autos. Trump has dismissed that, but EU officials have said it’s still on the table.

The announcement Friday of a staggering 50% levy on steel imports stoked fear that big-ticket purchases from cars to washing machines to houses could see major price increases. But those metals are also so ubiquitous in packaging that they’re likely to pack a punch across consumer products.

US stocks dip as tariffs and oil prices shake markets

SUMMARY:

  • US stocks dip amid steel tariff concerns
  • drops 218 points, S&P 500 down 0.1%
  • Automakers down, steel stocks up as oil prices jump
  • Treasury yields rise in bond market reaction

NEW YORK (AP) — U.S. stocks are drifting on Monday following some discouraging updates on U.S. manufacturing, the area of the economy that President Donald Trump is trying to revive through his trade war and tariffs.

The S&P 500 was 0.1% lower in afternoon trading. The Dow Jones Industrial Average was down 218 points, or 0.5%, as of 12:41 p.m. Eastern time, and the composite rose 0.2%.

Stocks dipped after a report from the Institute for Supply Management said U.S. manufacturing activity shrank by more last month than economists expected. Trump has been warning that U.S. businesses and households could feel some pain as he tries to use tariffs to bring more manufacturing jobs back to the country, but their on-and-off rollout has created lots of uncertainty.

“The impact of ever-changing trade policies of the current administration has wreaked havoc on suppliers’ ability to react and remain profitable,” one company in the transportation equipment industry said in the ISM’s survey.

Another in the computer and electronics products industry said, “Government spending cuts or delays, as well as tariffs, are raising hell with businesses. No one is willing to take on inventory risk.”

A separate report from on manufacturing came in better than expected, but the overall figure “masks worrying developments under the hood of the U.S. manufacturing economy,” said Chris Williamson, chief business economist at S&P Global Market Intelligence. He said uncertainty caused by tariffs has worries high about supplier delays and rising prices.

Monday’s moves also came after more harsh rhetoric crossed between the world’s two largest economies, just a few weeks after the United States and had agreed to pause many of their tariffs that had threatened to drag the economy into a recession.

China blasted the United States on Monday for moves that it said hurt China’s interests, including issuing AI chip export control guidelines, stopping the sale of to China and planning to revoke .

“These practices seriously violate the consensus” reached during trade discussions in Geneva last month, the Commerce Ministry said in a statement. That followed President Donald Trump’s accusation at the end of last week, where he said China was not living up to its end of the agreement that paused their tariffs against each other.

Hopes for lower tariffs because of trade deals that Trump could reach with other countries were the main reasons for a big rally on Wall Street last month, which brought the S&P 500 back within 3.8% of its all-time high. The index had dropped roughly 20% below the mark in April.

But Trump on Friday told Pennsylvania steelworkers he’s doubling the tariff on steel imports to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods.

Later in a post on his Truth Social platform, Trump confirmed the steel tariff and said that aluminum tariffs would also be doubled to 50%. Both tariff hikes would go into effect Wednesday, Trump said.

That helped stocks of U.S. steelmakers climb. Nucor jumped 8.3%, and Steel Dynamics rallied 9.3%.

But automakers and other heavy users of metals weakened. General Motors reversed by 4.6%, and Ford fell 4.4%.

Lyra Therapeutics soared 409.3% after reporting positive late-stage trial results of an implant to treat chronic sinus inflammation in some patients.

Some of Monday’s strongest action was in the oil market, where the price of crude climbed roughly 4%. The countries in the OPEC+ alliance decided to increase their production again, a move that often pushes crude prices down because it puts more on the market, but analysts said investors were widely expecting it. The past weekend’s attacks by Ukraine in Russia also helped to raise uncertainty about the flow of oil and gas around the world.

A barrel of U.S. crude rose 3.9% to $63.19, while Brent crude, the international standard, gained 3.8% to $65.15.

In abroad, Hong Kong’s Hang Seng fell 0.6% following the harsh words tossed between the United States and China. A report over the weekend also said that China’s factory activity contracted in May, although the decline slowed from April.

Indexes also dipped across much of the rest of Asia and Europe. Japan’s Nikkei 225 was one of the biggest movers after falling 1.3%.

In the bond market, Treasury yields rose as worries continue about how much debt the U.S. government will pile on due to plans to cut taxes and increase the deficit.

The yield on the 10-year Treasury rose to 4.46% from 4.41% late Friday and from just 4.01% roughly two months ago. That’s a notable move for the bond market.

Besides making it more expensive for U.S. households and businesses to borrow money, such increases in Treasury yields can deter investors from paying high prices for stocks and other investments.

Kilgore elected Virginia House GOP leader, succeeding Gilbert

On Sunday, stepped down as Republican minority leader in the , and elected to succeed him. If the wins a majority of the House’s 100 seats this fall, Kilgore would become speaker.

Shenandoah County attorney Gilbert, who was formerly House speaker, is in the running to become the next U.S. attorney for the Western District of Virginia and had reportedly offered to step down as the party’s leader in the House if Republican delegates chose to hold a leadership election.

Kilgore, R-, has served in the House since 1994 and was previously House majority leader during Gilbert’s term as speaker in 2022-24. He unsuccessfully challenged Gilbert in 2021 for the speaker’s seat and serves on the Labor and Commerce, Courts of Justice and Rules committees.

“I’m honored by the trust my colleagues have placed in me,” Kilgore said in a statement. “We need disciplined leadership, a unified message and a clear strategy to take back the House. I’m ready to get to work. We have no time to waste. The 2025 are around the corner, and we need to operate like a team ready to win. That starts now.”

The twin brother of former Virginia Attorney General Jerry Kilgore, Terry Kilgore represents the counties of Lee, Scott and Wise, part of Dickenson County, and the City of Norton in . A long-time commissioner and former chair for the Virginia Tobacco Region Revitalization Commission, he helped launch InvestSWVA, a marketing campaign to attract business to Southwest Virginia, and has been a prominent voice for building small modular nuclear reactors in Virginia and repurposing abandoned coal mines in the economically struggling Southwest region.

In November, all 100 seats of the Virginia House of Delegates are up for election, in addition to the state’s next governor, lieutenant governor and attorney general.

The power balance between the parties has seesawed in recent years, with Democrats controlling both the House and Virginia State Senate, as well as the governorship, from 2020 to 2021. But in the November 2021 elections, Republicans won back the House and the governorship.

30-year mortgage rates climb to 6.89%, highest since Feb

SUMMARY: 

  • rates hit 6.89% this week
  • Highest average rate since February
  • Home loan costs rise as Treasury yields climb

The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since early February, further pushing up for .

The rate increased to 6.89% from 6.86% last week, mortgage buyer said Thursday. A year ago, the rate averaged 7.03%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose. The average rate ticked up to 6.03% from 6.01% last week. It’s still down from 6.36% a year ago, Freddie Mac said.

are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. The key barometer is the 10-year , which lenders use as a guide to pricing home loans.

Bond yields have been trending higher, reflecting bond market investors’ uncertainty over the Trump administration’s ever-changing tariffs policy and worry over exploding federal government debt.

The 10-year Treasury yield was 4.43% in midday trading Thursday, down from 4.47% late Wednesday.

The average rate on a 30-year mortgage has remained relatively close to its high so far this year of just above 7%, set in mid-January. The average rate’s low point so far was six weeks ago, when it briefly dropped to 6.62%. After rising for three straight weeks, the average rate is now at its highest level since Feb. 6, when it averaged 6.89%.

High mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have reduced purchasing power for many prospective homebuyers this year. That’s helped keep the U.S. in a sales slump that dates back to 2022, when mortgage rates began to climb from the rock-bottom lows they reached during the pandemic.

Last year, sales of previously occupied U.S. homes sank to their lowest level in nearly 30 years. Sales fell last month to the slowest pace for the month of April going back to 2009.

Rising mortgage rates have helped dampen sales during what’s traditionally the peak period of the year for . Mortgage applications fell 1.2% last week from a week earlier as home loan borrowing costs rose, according to the Mortgage Bankers Association. Applications for a loan to buy a home were up 18% from a year earlier.

New data suggest sales could slow further in coming months. An index of pending U.S. home sales fell 6.3% last month from March and declined 2.5% from April last year, the National Association of Realtors said Thursday.

There’s usually a month or two lag between a contract signing and when the sale is finalized, which makes pending home sales a bellwether for future completed home sales.

“At this critical stage of the housing market, it is all about mortgage rates,” said Lawrence Yun, NAR’s chief economist. “Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring home buyers back into the housing market.”

Economists expect mortgage rates to remain volatile in coming months, with forecasts calling for the average rate on a 30-year mortgage to range between 6% and 7% this year.

States offer big incentives for data centers’ growth

SUMMARY:

  • States compete to attract with big incentives
  • Financial incentives and worth millions
  • Pushback from communities over data center expansions

HARRISBURG, Pa. (AP) — The explosive growth of the data centers needed to power America’s fast-rising demand for and platforms has spurred states to dangle incentives in hopes of landing an economic bonanza, but it’s also eliciting pushback from lawmakers and communities.

Activity in state legislatures — and competition for data centers — has been brisk in recent months, amid an intensifying buildout of the energy-hungry data centers and a search for new sites that was ignited by the late 2022 debut of OpenAI’s ChatGPT.

Many states are offering financial incentives worth tens of millions of dollars. In some cases, those incentives are winning approval, but only after a fight or efforts to require data centers to pay for their own electricity or meet standards.

Some state lawmakers have contested the incentives in places where a heavy influx of massive data centers has caused friction with neighboring communities. In large part, the fights revolve around the things that tech companies and data center developers seem to most want: large tracts of land, tax breaks and huge volumes of electricity and water.

And their needs are exploding in size: from dozens of megawatts to hundreds of megawatts and from dozens of acres up to hundreds of acres for large-scale data centers sometimes called a hyperscaler.

While critics say data centers employ relatively few people and pack little long-term job-creation punch, their advocates say they require a huge number of construction jobs to build, spend enormous sums on goods and local vendors and generate strong tax revenues for local governments.

In Pennsylvania, lawmakers are writing to fast-track permitting for data centers. The state is viewed as an up-and-coming data center destination, but there is also a sense that Pennsylvania is missing out on billions of dollars in investment that’s landing in other states.

“Pennsylvania has companies that are interested, we have a labor force that is capable and we have a lot of water and natural gas,” said state Rep. Eric Nelson. “That’s the winning combination. We just have a bureaucratic process that won’t open its doors.”

It’s been a big year for data centers

Kansas approved a new sales tax exemption on goods to build and equip data centers, while Kentucky and Arkansas expanded pre-existing exemptions so that more projects will qualify.

Michigan approved one that carries some protections, including requirements to use municipal utility water and clean energy, meet energy-efficiency measures and ensure that it pays for its own electricity.

Such tax exemptions are now so widespread — about three dozen states have some version of it — that it is viewed as a must-have for a state to compete.

“It’s often a nonstarter if you don’t have them, for at least the hyperscalers,” said Andy Cvengros, who helps lead the data center practice at commercial giant JLL. “It’s just such a massive impact on the overall spend of the data center.”

Zoning, energy fights often frustrate developers

In West Virginia, lawmakers approved a bill to create “microgrid” districts free from local zoning and electric rate regulations where data centers can procure power from standalone power plants.

Gov. Patrick Morrisey, a Republican, called the bill his “landmark policy proposal” for 2025 to put West Virginia “in a class of its own to attract new data centers and information technology companies.”

Utah and Oklahoma passed laws to make it easier for data center developers to procure their own power supply without going through the grid while Mississippi rolled out tens of millions of dollars in incentives last year to land a pair of Amazon data centers.

In South Carolina, Gov. Henry McMaster signed legislation earlier this month that eased regulations to speed up power plant construction to meet demand from data centers, including a massive Facebook facility.

The final bill was fought by some lawmakers who say they worried about data centers using disproportionate amounts of water, taking up large tracts of land and forcing regular ratepayers to finance the cost of new power plants.

“I do not like that we’re making customers pay for two power plants when they only need one,” Senate Majority Leader Shane Massey told colleagues during floor debate.

Still, state Sen. Russell Ott suggested that data centers should be viewed like any other electricity customer because they reflect a society that is “addicted” to electricity and are “filling that need and that desire of what we all want. And we’re all guilty of it. We’re all responsible for it.”

Some lawmakers are hesitant

In data center hotspots, some lawmakers are pushing back.

Lawmakers in Oregon are advancing legislation to order utility regulators to ensure data centers pay the cost of power plants and power lines necessary to serve them.

Georgia lawmakers are debating a similar bill.

In Virginia, the most heavily developed data center zone in the U.S., Gov. Glenn Youngkin vetoed a bill that would have forced more disclosures from data center developers about their site’s noise pollution and water use.

In December 2024, the Joint Legislative Audit and Review Commission (JLARC) released a study projecting that energy demand from data centers in Virginia could more than triple by 2040, and residents in Northern Virginia — the epicenter of the state’s data center industry — have fought against data center growth, and opposition is growing in other regions as well.

In , city councilors are set to vote this month on a 350,000-square-foot data center zoning request that the planning commission recommended denying, and in County, a developer withdrew its rezoning application for an $8.85 billion data center campus and natural gas power plant in April. Meanwhile, , known as “Data Center Alley,” has placed new restrictions on regulation of data center construction.

In Texas, which endured a deadly winter blackout in 2021, lawmakers are wrestling with how to protect the state’s electric grid from fast-growing data center demand.

Lawmakers still want to attract data centers, but a bill that would speed up direct hookups between data centers and power plants has provisions that are drawing protests from business groups.

Those provisions would give utility regulators new authority to approve those agreements and order big electric users such as data centers to switch to backup generators in a power emergency.

Walt Baum, the CEO of Powering Texans, which represents competitive power plant owners, warned lawmakers that those provisions might be making data center developers hesitant to do business in Texas.

“You’ve seen a lot of new announcements in other states and over the last several months and not as much here in Texas,” Baum told House members during a May 7 committee hearing. “I think everybody right now is in a waiting pattern and I worry that we could be losing to other states while that waiting pattern is happening.”

Virginia Business Deputy Editor Kate Andrews contributed to this story.

More sellers than buyers in housing market slowdown

SUMMARY:

  • April sees 34% more home sellers than buyers
  • Fewest buyers in since 2013
  • Little relief for those priced out of the market

Homeowners eager to sell may have to wait a while before a buyer comes along.

As of April, the U.S. housing market had nearly 34% more sellers than buyers shopping for a home, according to an analysis by Redfin.

Aside from April 2020, when the pandemic brought the economy and activity to a standstill, there haven’t been this few buyers in the market for a home before, based on records that date back to 2013.

The trend is good news for home shoppers — if they can afford to buy at current and prices, which are still rising nationally, albeit more slowly.

Fewer buyers means less competition for home listings and more pressure on sellers to dial back their asking price and make other concessions to help get a deal done. That’s a stark reversal from just a few years ago, when it wasn’t uncommon for homeowners to receive offers well above their asking price from multiple home shoppers.

“The balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall,” said Asad Khan, a senior economist at Redfin.

The lopsided balance between buyers and sellers is reflected in home sales, which remain in a slump going back to 2022, when mortgage rates began to climb from the rock-bottom lows they reached during the pandemic. Last year, sales of previously occupied U.S. homes sank to their lowest level in nearly 30 years. Sales fell last month to the slowest pace for the month of April going back to 2009.

Sellers began outnumbering buyers in November 2023, when the average rate on a climbed to a 23-year high of nearly 8%, according to mortgage buyer . The average rate reached 6.89% this week, its highest level since early February.

All told, there were 1.9 million sellers and 1.5 million prospective in April, or 490,041 fewer people in the market for a home relative to sellers. A year ago, there were 6.5% more sellers than buyers. Two years ago, buyers outnumbered sellers by 5.3%.

Redfin based its estimate of the number of sellers in April on active listings, or the number of homes for sale at any point during the month. It estimated the pool of people in the market for a home by creating a model that takes several other data into account, including the typical time it takes for a someone to buy after taking a tour of a home.

Faced with a market with fewer potential buyers, some sellers have opted to lower prices or offer sales incentives, such as agreeing to pay for a buyer’s closing costs or other expenses. Nearly 1 in 5 home listings had their price reduced last month, according to Realtor.com.

The growing imbalance between buyers and sellers should pull U.S. home prices 1% lower by the end of this year, according to Redfin.

Prices have already begun to decline in select metro areas. In the four weeks ended April 20, home prices fell in 11 of the top 50 most populous U.S. metro areas, including Dallas, Oakland, California, and Jacksonville, Florida, according to Redfin.

The market with the biggest gap between buyers and sellers is Miami, where sellers outnumber buyers by about 3 to 1, according to Redfin. The strongest seller’s market is Newark, New Jersey, with 47.1% fewer sellers than buyers.

Despite tipping more in favor of buyers, the housing market is likely to remain unaffordable for many Americans. The median U.S. home sales price has jumped 53% over the past six years, far outpacing wage growth.

And while the inventory of previously occupied U.S. homes climbed last month to the highest level since September 2020, it’s still well below pre-pandemic era levels and short on properties that most Americans can afford.

Before the pandemic, households earning $75,000 a year could afford to buy nearly half of all homes on the market nationally. As of March, only 21.2% of home listings were affordable, according to a recent analysis by the National Association of Realtors. A home is considered affordable if monthly payments don’t exceed 30% of household monthly income.

“Without a significant boost in housing inventory at price points below $260,000, the path to homeownership will remain blocked for millions of Americans who are otherwise financially ready to buy,” according to the NAR report.

CACI wins $638M in intelligence contracts

Reston-based announced last week that it was awarded nearly $638 million in contracts to support .

“As a leader in managing complex, specialized requirements for classified customers, we possess unparalleled mission knowledge valuable to the intelligence community,” CACI President and CEO John Mengucci said in a statement. “These new contract awards expand upon our decades of experience and understanding of their unique objectives, which accelerates effective outcomes, drives positive results and allows personnel to stay focused on achieving ongoing success in an ever-evolving threat landscape.”

CACI, which closed its $1.27 billion acquisition of Fairfax-based Azure Summit Technology in October 2024, returned to the Fortune 500 list this year, rising 41 slots from No. 525 in 2024 to No. 484.

Founded in 1962, CACI serves intelligence and defense agencies, utilizing its technology and expertise to boost national security. It has more than 25,000 employees and reported $7.66 billion in fiscal 2024 revenue.

41 Virginia companies made the 2025 Fortune 1000

SUMMARY:

  • Virginia has 25 companies listed on the annual Fortune magazine list and a total 41 businesses on the Fortune 1000
  • is Virginia’s top-ranked business, as it has been for multiple years, and and traded places in the state’s rankings, with RTX in second place and Boeing in third
  • Newport News-based Enterprises debuted on the Fortune 500 list this year

There were some ups and downs for Virginia companies on this year’s Fortune 500, but overall, the state’s representation held steady with slight improvement.

Forty-one companies headquartered in Virginia made the grade in Fortune magazine’s 71st annual Fortune 1000 list, and 25 Virginia companies are on this year’s elite Fortune 500. Last year, 39 Virginia companies made the Fortune 1000 list, with 24 on the Fortune 500.

As it has for several years, Freddie Mac, the federally sponsored mortgage business, continues to be the top-ranked Virginia-based company at No. 38, down two spots from last year. It posted $122 billion in revenue in 2024, up $14 million from 2023, but has had a leadership shakeup recently. In March, Freddie Mac CEO Diana Reid was fired by Federal Housing Finance Agency Director Bill Pulte, and former Freddie Mac President Michael Hutchins was appointed interim CEO. Reid became CEO in September 2024.

Boeing slid from No. 52 in the 2024 ranking to No. 63, a reflection of the aerospace and defense contracting giant’s decline in sales after the January 2024 midair blowout of a 4-foot wall panel in a Boeing 737 Max 9 jet cabin. Last year, Arlington County-based Boeing lost $11.8 billion in profits, a 14.5% decrease from 2023, to $66.5 billion. It also saw former President and CEO Dave Calhoun step down in September 2024 to make way for Kelly Ortberg, who is based in Seattle to keep a closer eye on airplane manufacturing in the state of Washington. Things appear to be looking up for Boeing in 2025, as it has made sales in recent months and reached a settlement with the Justice Department to avoid criminal trial.

By virtue of Boeing’s slide, RTX is now Virginia’s second highest ranked company on the 2025 Fortune 500, at No. 54, up one spot from last year. The Arlington-based aerospace and defense contractor formerly known as Raytheon Technologies, has seen its fortunes fluctuate this year, winning a $1.5 billion Air Force contract in February but also undergoing a three-week strike by machinists at subsidiary Pratt & Whitney this month.

Notably this year, Ferguson Enterprises, the Newport News-based plumbing and heating products distributor, debuted on the Fortune 500, ranking No. 146. Following a corporate reorganization last year, Ferguson’s British holding company merged with its U.S. subsidiary based in Newport News. The company, which has about 35,000 employees, reported $29.6 billion in revenue for 2024.

Also notable among Virginia companies this year, moved back on to the Fortune 500, ranked No. 484, and Henrico County insurer dropped off the Fortune 500, slipping to No. 507.

CACI, which closed its $1.27 billion acquisition of Fairfax-based Azure Summit Technology in October 2024, rose 41 places from No. 525 in 2024 to No. 484.

Other companies saw significant rises and falls on the list, with Richmond-based utility Dominion Energy falling 34 spots to No. 264 this year, following a 10% dip in revenue to $16 billion in 2024, and Henrico County convenience store chain Arko’s decline of 35 places to No. 488, with its revenue dropping 8.1% to $7.57 billion. Global electric utility AES, based in Arlington, dropped 24 places to No. 343, and IT company DXC Technology fell 21 spaces to No. 315.

On the positive side of the ledger, Booz Allen Hamilton rose 24 places to No. 398, marking a 15.2% rise in revenue in 2024, and Leidos rose 16 places to No. 250.

Released Monday, the Fortune 1000 list ranks the 1,000 largest United States corporations by total revenue, including public companies and private companies for which revenue information is available.

This year’s Fortune 500 list also features a record number of companies run by women — 55 companies, or 11% of the top 500. In Virginia, three companies — General Dynamics, Northrop Grumman and Science Applications International Corp. — have female CEOs, making up 7.3% of Virginia’s Fortune 500 leadership.

This year, 11 Virginia Fortune 500 companies are based in Fairfax County, retaining its status as the Virginia locality with the most Fortune 500 companies. The metro Richmond area, including Hanover, Henrico and Goochland counties, has the second most companies on the Fortune 500, with seven companies. Arlington County and the Hampton Roads region each have three companies on the Fortune 500.

These are the Virginia-based companies that made the 2024 Fortune 1000 list, in order of ranking:

38) Federal Home Loan Mortgage (“Freddie Mac”), McLean

54) RTX, Arlington County

63) Boeing, Arlington County

80) Performance Food Group, Goochland County

82) Capital One Financial, McLean

96) General Dynamics, Reston

110) Northrop Grumman, Falls Church

139) Dollar Tree,

146) Ferguson Enterprises, Newport News

151) CarMax, Goochland County

209) Altria Group, Henrico County

250) Leidos, Reston

251) Markel Group, Glen Allen

264) Dominion Energy, Richmond

315) DXC Technology, Ashburn

343) AES, Arlington County

368) Huntington Ingalls Industries, Newport News

380) Hilton, McLean

395) Owens & Minor, Mechanicsville

396) NVR, Reston

398) Booz Allen Hamilton, McLean

421) QXO Building Products (formerly Beacon Roofing Supply), Herndon

484) CACI International, Reston

488) Arko, Henrico County

496) Science Applications International Corp. (SAIC), Reston

507) Genworth Financial, Henrico County

531) Parsons, Centreville

645) Maximus, Reston

662) Brink’s, Henrico County

670) Venture Global, Arlington County

689) Graham Holdings, Arlington County

723) Navient, Herndon

737) V2X, McLean

766) ASGN, Glen Allen

900) Tegna, Tysons

933) AvalonBay Communities, Arlington County

963) NewMarket, Richmond

972) Universal Corp., Richmond

979) CoStar Group, Arlington County

986) BWX Technologies, Lynchburg

992) Fluence Energy, Arlington County

This is a breaking news story and will be updated.