Page 61 – Virginia Business

Biotech accelerator launches in Charlottesville

At the beginning of April, the Charlottesville area will enter a new phase in its journey to become a hub for biotech innovation with the launch of the Commonwealth Bio Accelerator. The program will help early-stage biotech companies from the University of Virginia and others in the surrounding region and beyond move from the research stage to market viability.

The CBA is a project of CvilleBioHub and U.Va., with support and collaboration from many others. Founded in 2016, CvilleBioHub has supported more than 100 early-stage startups to date with advice, resources and connections. Opening the CBA boosts this support to a more intensive level, adding office and lab space, shared equipment, mentorship and an in-house community of entrepreneurs. U.Va. is allocating space in the university’s North Fork discovery park with offices, labs and collaborative workspace.

“I believe passionately that this is a core function of a university,” says Michael Lenox, a professor at U.Va.’s Darden School of Business who is helping establish the program. “Our teaching mission is first and foremost, and our research mission is absolutely critical. But the question of how we get our discoveries out into the world is absolutely critical as well.”

The first six companies slated to participate include those working on a pulmonary fibrosis therapy, a solution for genetic epilepsy and non-opioid pain control, and a gene therapy for Type 1 diabetes, among others. Each cohort will participate for 12 to 18 months, and up to two years if some companies need more support.

CvilleBioHub and U.Va. are joined by Albemarle County, the City of Charlottesville, the Manning Family Foundation and other private donors in launching the accelerator. The state of Virginia is contributing a $4.3 million GO Virginia grant, which is partially matched by other partners for a total of $7.5 million.

The goal is to build a regional ecosystem of innovation while establishing a presence on a national scale for life sciences and biotech innovation.

“We want to build the next generation of those types of companies,” says Nikki Hastings, co-founder and executive director of the CvilleBioHub. “We are cultivating an end-to-end strategy for life sciences in Virginia. We are excited to take this community we’ve built to the next stage and continue to grow the great opportunities that these companies have ahead of them.”

Private schools’ graduation numbers remain stable

While concerns about the costs of education have led to some declines and ups and downs in enrollment among private colleges in the commonwealth, the number of degrees these Virginia institutions are awarding overall has remained relatively stable.

Many parents and students are wary of accumulating crushing college loan debt and paying skyrocketing tuition rates. These concerns pose a challenge for officials at private four-year colleges, which are perceived by some as redoubts for the rich.

That image is erroneous, says Locke Ogens, president of the Virginia Foundation for Independent Colleges. Financial aid makes Virginia private schools affordable for many students from families that don’t possess great financial means.

“They’re not just for the wealthy,” she says. “Proportionally, Virginia’s private colleges educate more underserved and underrepresented students than public schools do.”

Nearly 43% of the students in Virginia private colleges receive federal Pell Grants limited to people with exceptional financial need, a higher percentage than students in the commonwealth’s public universities receive, adds Christopher K. Peace, president of the Council of Independent Colleges in Virginia.

“Nearly 25% are the first in their families to attend college,” he says. “Our institutions are committed to access and affordability, awarding over $1 billion in scholarships and grants annually with an average financial aid award of nearly $25,000. We are breaking the myths with a new private college reality of ensuring students of all backgrounds can attain a degree and establish a pathway to life’s many opportunities.”

The amount that families are spending for college remains consistent, according to the 2024 How America Pays for College report by Sallie Mae. Families reported spending an average of $28,409 on college in the academic year 2023-24, a 1% increase over the previous year.

That stability extends to the number of degrees awarded.

Virginia’s private nonprofit universities and colleges, as well as the for-profit ECPI University, awarded 39,342 total degrees in 2023-24, an increase of 974 degrees over the previous year, according to the State Council of Higher Education for Virginia’s January report on degrees and certificates awarded.

“I think the big takeaway of the report is that despite the declines and unevenness of the last few years, by and large we’re staying pretty consistent with degree production,” says Tod Massa, SCHEV policy analytics director.

Liberty University awarded 26,550 degrees in 2024, many of which went to distance learning students. Photo courtesy Liberty University

However, recent declines in enrollment at the state’s independent universities suggest that the number of degrees awarded may fall as well.

The state’s 30 independent, nonprofit colleges and universities — including single-sex colleges, small and large religious institutions, HBCUs and regional liberal arts universities — lost nearly 10,000 students between fall 2023 and fall 2024, according to SCHEV’s data. Last fall, 155,091 students enrolled in Virginia’s private four-year schools, down from 165,897 in 2023-24. Meanwhile, public college enrollment grew over the past year in Virginia.

The country’s low unemployment rate in 2024 was a likely factor in why enrollment dipped at private four-year institutions, Massa says.

“Potential students see an opportunity to get a job without obtaining a degree.”

Focus on financial aid

Employment conditions aside, financial aid is a huge part of maintaining enrollment at private colleges — as well as making sure prospective students are aware of programs to make school affordable.

Many Hampton University students would be unable to attend the school without financial aid, says the historically Black university’s president, Darrell K. Williams.

“Without the benefit of our student fee program, a college education would be unreachable for many of our students,” Williams says. “Many are first-generation students; they don’t have parents or even aunts and uncles who went to college. Without the benefit of student aid, obtaining a college degree and improving their economic standing would simply not be possible. It lessens the out-of-pocket expenses for many students and their families and enables them to achieve their dream of a college education.”

Reducing costs for students and their families has helped Hampton rebound from the low number of degrees — 152 — the school awarded in the 2022 school year. Williams is in his third year as president at Hampton; during his tenure, enrollment has increased by 30%, from 3,200 students to about 4,200. In 2023-24, Hampton awarded 638 degrees.

The university is also doing well at retention; from fall 2024 to spring 2025, 94% of all students, including 96% of freshmen, remained at Hampton.

The amount of financial aid Hampton students need varies. Some students need relatively modest amounts to be able to obtain their degrees. “It’s that last $4,500, that last $1,000,” Williams says. “Some students need just $500 to $2,000 to complete their education.”

Private colleges offer different financial aid plans, depending on what their students need. Some, like Mary Baldwin Uiversity and Washington and Lee University, provide financial aid through “Promise Programs.” These initiatives offer a tuition-free education to low-income students who qualify.

In addition, the state can provide $5,000 Tuition Assistance Grants, which can go a long way toward making a private education affordable to families who aren’t wealthy. Statewide, private colleges provided $803 million in institution-funded aid to students, Massa says.

Hampton University has found creative ways to keep costs down for students, 93% of whom received financial aid this year.

“Two years ago, we at Hampton decided to go to all-electronic books. So, our students no longer go to a bookstore and pick up their books,” Williams explains. “They download their books automatically [to their personal devices]. The average student two years ago at Hampton was paying $500 to $700 per semester for books. Now that we’ve gone to this electronic means, it’s down to less than $300 per semester. That’s a significant savings.”

Hampton University President Darrell K. Williams has overseen a 30% rise in enrollment in his three-year tenure. Photo courtesy Hampton University

Going the distance

Another way colleges are growing enrollment is by increasing remote-learning programs. The poster children for online growth in Virginia is Liberty University, which started correspondence courses via VHS tapes in the pre-internet era and has exceeded 100,000 enrollment primarily through online learning.

Also, Danville’s Averett University has seen substantial growth since boosting its online enrollment following the COVID-19 pandemic. In 2019, Averett awarded 168 degrees, and in 2024, the number of degrees jumped to 383. Between fall 2023 and fall 2024, Averett’s online enrollment grew by more than 18%.

“We have employed a number of concentrated enrollment efforts and several strategies to attract more students to Averett — both on-campus and online students — with a focus on being intentional and proactive, and offering many opportunities for engagement with the university,” says Cassie W. Jones, associate vice president of marketing and communications at Averett.

That includes offering virtual workshops to students and their families, on an array of topics related to Averett and college admissions in general.

“We find many families are really interested in topics around financial aid, as well as spotlights on some of our most popular majors,” Jones says. “These virtual sessions are followed up by in-person visits for many families, and we find the campus visit is paramount for students deciding where to go to college.”

Averett also recently announced a new path for students to finish their undergraduate degrees in certain subjects in three years, which will save students and their families money while preparing them to enter the workforce sooner. Beginning this fall, new students in business, computer science, education, psychology, sociology and criminal justice can enter Averett’s “Degree in Three” program.

On the virtual side, Averett is increasing its marketing of online degrees to nontraditional students who are often busy with work and family duties.

The evangelical Christian Liberty University, which has a high profile due to its late founder, the Rev. Jerry Falwell Sr., and its longstanding affiliation with Republican Party leaders, saw a jump in degrees awarded between 2019, when it awarded 20,077 degrees, and in 2024, with 26,550 degrees.

Over 94% of all full-time undergraduates who are enrolled in Liberty’s residential program and nearly 88% of online students receive financial aid, says Michael Thomas Shenkle, administrative dean of online education at Liberty. This “allows Liberty to ensure affordability for students from all types of financial backgrounds,” he says.

Of course, remote learning is less expensive because students aren’t paying for room and board at school, but the result of financial aid packages tailored to all students’ needs means that very few students pay all the published rates for tuition and fees, Shenkle says. “For example, the sticker price of tuition for a residential undergraduate student is $23,800, but the average student has nearly 50% of that cost reduced by institutional aid.”

In addition, Liberty froze many of its tuition rates for multiple years — at a significant financial cost to the university — to ensure that rising costs weren’t passed along to students and families.

Finally, Liberty created the “Middle America Scholarship,” which helps students who don’t qualify for Pell Grants and can’t afford out-of-pocket costs, Shenkle says. “Liberty is proud to keep many of its tuition rates in the top third for affordability compared to other competitors.”

Out and About – April 2025

1. On March 10, U.S. Sen. Mark Warner rode the Metro with Washington Metropolitan Area Transit Authority CEO Randy Clarke to discuss the impact of government funding on the transit system and other topics. (Photo courtesy Sen. Warner’s office)

2. U.S. Sens. Mark Warner and Tim Kaine, Virginia Gov. Glenn Youngkin, Virginia Tech President Tim Sands and other officials attended a ribbon-cutting ceremony Feb. 28 to celebrate the opening of the 11-story Innovation Campus Academic Building One in Alexandria. (Photo by Christian Martinez, Office of Governor)

3. L to R: Alyssa Williams and Keegan Redd, members of the Martinsville-Henry County chapter of the National Society of Black Engineers’ middle school Ten80 team, which won first place at the Ten80 Racing Challenge in Chicago on March 6 (Photo courtesy New College Institute)

4. At a Feb. 28 reception, Norfolk State University President Dr. Javaune Adams-Gaston, NSU’s newly appointed head football coach, Michael Vick, and others celebrated a $400,000 gift from TowneBank for scholarship support for student-athletes. (Photo courtesy NSU)

5. Employees of Bob’s Discount Furniture held a Feb. 14 opening celebration for their new Winchester store. (Photo courtesy Bob’s Discount Furniture)

Lawmakers grapple with Virginia’s increasing energy demand

Virginia faces a dilemma. Data center developers are clamoring to build in Virginia with the sort of zeal typically reserved for hipsters attempting to win admittance into secret speakeasies.

Residents of some Virginia localities have fought mightily against data center growth, citing environmental concerns and increased demand for electricity, and county and state politicians have taken notice. Some are making moves to limit construction of data center campuses, especially near residential areas and historic landmarks.

In December 2024, the Joint Legislative Audit and Review Commission (JLARC) released a study warning that energy demand from data centers in Virginia could more than triple by 2040.

“This growth is creating unprecedented challenges for the state’s energy infrastructure,” Hal Greer, JLARC’s director, stressed at a presentation late last year.

Building the infrastructure to meet even half the energy demand of unconstrained data center growth in Virginia will be “difficult,” the report says.

Even so, the push is on for more energy sources to fulfill today’s and tomorrow’s demands. Virginia’s status as CNBC’s Top State for Business, awarded for a record sixth time in July 2024, depends on it, says Glenn Davis, director of the Virginia Department of Energy. “Economic development follows energy supply.”

A former tech business owner and Republican delegate from Virginia Beach, Davis’ opinion is not shared by all of the state’s leaders about how best to meet future energy demands. But most acknowledge diversification of energy sources is in the state’s future.

Imagine the electricity produced in Virginia is a pizza. In 2023, natural gas provided 55% of that pizza, according to the U.S. Energy Information Administration. Nuclear energy supplied another 32%, while renewables, like solar, hydroelectric and biomass, accounted for 12%. Only a tiny sliver of the pizza was coal: 2%.

Virginia Gov. Glenn Youngkin wants a deluxe pizza with all the toppings. Throughout his tenure in office, he’s sung the praises of “all-American, all-of-the-above” energy priorities. Youngkin is open to renewables, but he’s especially keen on expanding natural gas production and nuclear energy as part of the overall picture.

Youngkin would rather do without the Virginia Clean Economy Act, the 2020 state law that mandates that 100% of energy consumed in the commonwealth must be generated by renewable energy sources by mid-century. It was passed while Democrats held both the state Senate and the House under Democratic Gov. Ralph Northam, and Democratic lawmakers have refused to let Youngkin dismantle the law during his tenure.

“It is driving up rates, driving down reliability, and constricting our economic growth,” he lamented in his 2025 State of the Commonwealth address.

“We’re still in a situation where the VCEA is the law,” says Stephen Haner, senior fellow for energy and the environment at the Thomas Jefferson Institute for Public Policy, a right-leaning think tank.

Meanwhile, Fortune 500 utility Dominion Energy is moving forward with its Coastal Virginia Offshore Wind project under construction 27 miles off Virginia Beach’s shore, as well as nuclear, solar and battery storage projects. Both Dominion, which serves 2.7 million customers in Virginia, and Appalachian Power are also exploring the construction of small modular reactors, nuclear plants much smaller than traditional reactors.

Any speculation about the makeup of Virginia’s future energy pizza, of course, also has to take into account the Trump factor. The new resident of the White House takes a dim view of renewables and lives by the motto “drill, baby, drill.”

“Right now, the entire industry is holding its breath about whether he’s going to try to repeal the tax credits that currently are so important to the development of renewables,” says Jared Burden, a partner in the Harrisonburg office of GreeneHurlocker who frequently works with solar developers.

Another wild card that could impact how the state ultimately meets the energy demands of tomorrow: which party wins control of Virginia’s House of Delegates and the governorship in November.

“I’m hoping very much that some of this stuff becomes a big campaign issue in ’25,” Haner says. “If the Democrats want to continue with the path we’re on, they should talk about it. The Republicans, who think we’re on the wrong path, should talk about it. Because I’m afraid people don’t understand what’s going on, and they don’t understand the impact it’s going to have on them.”

Virginia Gov. Glenn Youngkin spoke in favor of energy diversification at an October 2024 event at Amazon HQ2 in Arlington. Amazon unveiled plans to develop a small nuclear reactor with Dominion Energy. Photo courtesy Virginia Office of the Governor

Power plays

Under the VCEA, Virginia must retire natural gas-fired facilities by 2050. That hasn’t stopped Davis from touting natural gas as a solution to the state’s future energy needs, though.

“There is no way we solve the demand requirements in the commonwealth of Virginia without growing natural gas,” he says.

Republicans don’t have the votes in the state legislature to repeal the VCEA, but Dominion is still hoping to build a new natural gas plant in Chesterfield County billed as a “peaker plant” to provide energy at the hottest and coldest times of year, when renewable energy methods may not be up to the job.

In its 2023 resource plan, Dominion noted that the VCEA allows utilities to petition the SCC “for relief” from the VCEA’s carbon-free requirements “on the basis that the unit retirements would threaten the reliability or security of electric service to customers.”

Also, JLARC’s report includes a section on how building seven or eight gas plants over the next 15 years could cover the state’s energy needs. Dominion did it at that pace between 2012 and 2018, the writers note.

Once a company builds a new natural gas facility, the expectation is that it will operational “for a very long time,” notes Carrie Hearne, executive director of the Commission on Electric Utility Regulation, a state body that studies the impact of legislation on electric utilities. “We want to make sure we’re not having stranded costs to the ratepayers if those projects will need to be decommissioned by a certain date.”

Other players are also looking into expanding natural gas in Virginia. Oklahoma-based Williams Cos. filed a federal application last fall to expand its 10,000-mile natural gas pipeline, which would add about 26 miles of pipeline and a compressor station in Pittsylvania County.

In the realm of nuclear energy — a significant part of the governor’s “all-of-the-above” energy ethos — Dominion and ApCo are taking steps toward building SMRs, which advocates say could be in operation in the mid-2030s, although so far, only two are operating worldwide so far.

In July 2024, Dominion announced it had issued a request for proposals to evaluate the feasibility for an SMR to be developed at its North Anna power plant, where it has two conventional, large nuclear reactors. That announcement was followed by an October 2024 event where leaders from the utility and Amazon.com announced an agreement to explore working together on the potential development of a SMR.

Appalachian Power, a subsidiary of American Electric Power that serves about 550,000 customers in parts of Central and Southwest Virginia, announced in November 2024 that it plans to bring a SMR project to Campbell County.

Virginia saw more nuclear news in December 2024 when Youngkin announced that Commonwealth Fusion Systems, a Massachusetts-based fusion energy company, plans to build the world’s first grid-scale commercial fusion power plant in Chesterfield County — a private investment projected to cost more than $2.5 billion.

The plant, which will be located at Chesterfield County’s James River Industrial Center, a site owned by Dominion, will produce about 400 megawatts of carbon-free electricity by the early 2030s, CFS officials predict.

Other options

To meet half of all unconstrained energy demand by 2045, Virginia would need “a sustained build-out of new renewable, carbon, nuclear and storage facilities,” according to JLARC.

According to the study’s authors, under this scenario Virginia would need to add solar facilities at a rate of 650 to 700 megawatts per year. The report’s authors note that Virginia added 1,000 megawatts of solar facilities in 2024, indicating that this would be a manageable goal.

Solar developers, however, are finding it difficult to get approval for projects at the local level. Particularly in rural areas, localities are getting an earful from constituents unhappy about solar for a number of reasons, including the potential of projects to detract from an area’s natural beauty.

“There’s a growing playbook opposing solar,” GreeneHurlocker’s Burden says. “Without regard to all this national and state policy, it’s still been very difficult to get solar projects approved at the local level.”

Also, legislation that would have created a state solar board and technical center to assist localities considering solar projects died in the 2025 General Assembly session after critics argued that the state was trying to override local decisions on land use. In the state Senate, the bill failed in a 19-20 vote.

Hearne, whose organization drafted the proposed legislation, thinks it’s likely the General Assembly will revive discussions on solar power in future sessions.

Davis stresses that energy storage also is needed to make solar projects work for Virginia, allowing utilities to capture and save electricity to use on rainy days.

Meanwhile, wind energy has an opponent in the White House now. As one of his first acts of office, Trump issued an executive order temporarily ceasing all federal wind leases.

However, the $10.7 billion CVOW project, which is set to produce 2.6 gigawatts of energy, enough to power 660,000 homes, is now half-finished, fully certified under the Biden administration, and is expected to be completed in 2026.

While a spokesperson from Dominion declined to be interviewed for this story, the utility issued a statement Jan. 21 stating it is “confident CVOW will be completed on time, and that Virginia’s clean energy transition will continue with bipartisan support for many years to come.”

Other offshore wind farm plans — including Dominion’s two undeveloped ocean leases off North Carolina and the Chesapeake Bay — will have to wait for a wind-friendlier administration. Dominion said in January that it doesn’t have an estimated timeline for development of its other leases.

Federal edicts have also failed to hamper Apex Clean Energy’s Rocky Forge Wind project, Virginia’s only onshore wind farm. Construction began on the Botetourt County project in February, according to Brian O’Shea, director of public engagement for the Charlottesville-based company. In December, Apex announced that it had reached a deal for Google to purchase the energy developed at the wind farm. The facility is expected to be operational by the end of 2026.

Finally, it doesn’t get as much PR as nuclear and renewable energy, but coal is still a small part of Virginia’s power generation picture, although mining has significantly declined in the state’s Southwest region. Dominion still produces electricity with coal units at three plants, including one in West Virginia.

However, with Trump in the White House, some are speculating that there might be a day when Virginia increases its use of coal to produce electricity.

“As demand growth outpaces the ability to bring new generation online, it’s reasonable to foresee greater utilization of the region’s existing coal fleet,” states Conor Bernstein, vice president of communications at the National Mining Association.

For The Record April 2025

Central Virginia

The $2.3 billion GreenCity development in Henrico County is dead, as the developers of the project failed to make more than $5 million in overdue payments by a March 13 deadline. The county, which sent two notices of default to developers Michael Hallmark of Los Angeles-based Future Cities and Susan Eastridge of Falls Church-based Concord Eastridge, said in a statement it will reacquire the property from the developers. (VirginiaBusiness.com)

Dr. Craig Kent resigned as CEO of UVA Health on Feb. 25, following a closed session meeting of the University of Virginia Board of Visitors earlier in the day. A letter to UVA Health faculty and staff says that Kent “offered, and President Ryan accepted, his resignation” after the meeting, when board members and President Jim Ryan “were briefed on the findings from the independent counsel’s investigation into UVA Health.” The independent investigation followed a September 2024 letter of no confidence signed by 128 physicians alleging that Kent and Dr. Melina Kibbe, dean of the U.Va. School of Medicine, created a “culture of fear and retaliation” that “compromised patient safety.” (VirginiaBusiness.com)

Petersburg‘s city council and planning commission unanimously granted final approval on Feb. 25 for the zoning permits for Live! Casino & Hotel Virginia — paving the way for site development work to start in preparation for construction of the multiphase project. The $1.4 billion casino resort, which will be built on an undeveloped 100-acre site at the intersection of Wagner Road and Interstate 95, is being co-developed by Baltimore-based Cordish Cos. and Virginia Beach developer Bruce Smith Enterprise and is scheduled to be completed in phases. (VirginiaBusiness.com)

The Richmond Economic Development Authority sold the first parcel of the Diamond District mixed-use development to be converted into homes, retail space and a hotel, the city announced March 4. The $11.4 million sale is the latest step toward building a 67-acre neighborhood around the planned new baseball stadium for the Richmond Flying Squirrels. Diamond District Partners, the development team building the neighborhood, bought the 18-acre parcel, which is mostly vacant and generally east of the under-construction CarMax Park. (Richmond Times-Dispatch)

The University of Virginia‘s governing board voted March 7 to dissolve its office of diversity, equity and inclusion, joining other efforts by President Donald Trump and Gov. Glenn Youngkin to remove DEI initiatives in the state and beyond. The Board of Visitors, with a majority of Youngkin appointees, voted unanimously in favor of a resolution dismantling the office. It said state law does not call for such stand-alone offices, but the resolution allows the university to transfer programs “permissible” by law to other homes. It was not immediately clear what would qualify as permissible or how many jobs or programs the resolution could affect. (The Washington Post)

PEOPLE

Wendy Perdue, dean of the University of Richmond’s School of Law, is stepping down as dean at the end of the 2025-26 academic year, the university announced March 5. Perdue has been the law school dean since 2011 and will remain on faculty as a professor of law following a sabbatical. During Perdue’s tenure, the law school built a first-year legal writing program, launched the professional identity program, established a postgraduate Bridge to Practice program to help graduates launch their careers and completed a renovation of the law school building. (VirginiaBusiness.com)

Eastern Virginia

Anheuser-Busch, which makes Budweiser and Bud Light beer, is investing $4.2 million into its Williamsburg brewery to support manufacturing equipment upgrades. The investment follows $2 billion in capital investments into its breweries nationwide over the past five years, the company said in a statement. Last year, the brewer invested $6.5 million into the Williamsburg location near the Busch Gardens theme park. The brewery has been in operation since 1972 and is one of five Anheuser-Busch locations in Virginia. (Virginia Gazette)

After more than four years, construction started in February on the $750 million Norfolk Casino near Harbor Park. Development partners Boyd Gaming and the Pamunkey Indian Tribe expect the permanent casino to open in late 2027, and a temporary casino is set to open by the end of the year. Virginia Beach’s S.B. Ballard Construction and Mississippi-based Yates Construction, the companies that built Rivers Casino Portsmouth, will lead the Norfolk project. Also, in March, Ron Bailey was hired as the casino’s vice president and general manager. He most recently was vice president and general manager of Pennsylvania’s Valley Forge Casino Resort, a Boyd property. (VirginiaBusiness.com)

Researchers at Old Dominion University urge more people in the Hampton Roads region to buy flood insurance to protect against a storm on par with Hurricane Florence. Analysts wrote in a new report that a direct hit from a Category 3 hurricane would cause at least $15.6 billion in physical damages in Southeastern Virginia, roughly 10% of the region’s total gross domestic product in 2022. That’s on top of a short-term loss of more than 76,000 local jobs. (WHRO)

The U.S. District Court for the Western District of Virginia unsealed a whistleblower complaint in February against Sentara Health that accused the Hampton Roads health care system of improperly inflating local insurance rates in 2018 and 2019. The plaintiffs, a trio of Charlottesville residents, are trying to recover more than $200 million in damages and civil penalties on behalf of the U.S. government. The Justice Department issued a notice in December 2024 that it intends to intervene on the allegations. (VirginiaBusiness.com)

Vidarr, which makes night vision goggles and other defense optical equipment, will invest $2.69 million over the next three years to open a manufacturing facility in Virginia Beach, a project estimated to create 40 jobs, Gov. Glenn Youngkin announced in March. The New Hampshire company’s plant will be housed in a 16,410-square-foot building at 2656 Lishelle Place, near Naval Air Station Oceana. Vidarr manufactures thermal optics and autonomous systems, in addition to its goggles. (VirginiaBusiness.com)

PEOPLE

Former Tyson Foods executive Stewart Glendinning became Chesapeake-based Fortune 500 discount retailer Dollar Tree‘s chief financial officer March 30. He joined the company earlier this year in a senior role focused on transformation initiatives and is succeeding Jeff Davis, who earlier announced plans to step down. Glendinning was previously CEO of Express and global CFO for Tyson and Molson Coors. (VirginiaBusiness.com)

Langley Federal Credit Union President and CEO Tom Ryan will retire at the end of the year, following 13 years of leading the Newport News financial institution, it announced in late February. The credit union is the fourth largest based in Virginia, and under Ryan, its assets grew from $1.7 billion to more than $5.4 billion. Langley has engaged D. Hilton Associates to conduct a nationwide search for Ryan’s successor. (VirginiaBusiness.com)

Northern Virginia

Amazon.com is seeking federal and state permits to build an 11-building data center campus in Caroline and Spotsylvania counties. Amazon Data Services, a subsidiary, sent a joint permit application in February to the U.S. Army Corps of Engineers. Amazon plans to build the campus, known as Mattameade Data Center, within a 13-parcel area totaling approximately 1,143 acres. The project would include 11 two-story data center buildings, as well as entrances and access roads, that would develop roughly 770 megawatts of data center capacity by 2027, according to a letter by an environmental analyst with Kimley-Horn. (VirginiaBusiness.com)

Capital One Financial‘s proposed $35.3 billion acquisition of Discover Financial Services was approved Feb. 19 by each company’s shareholders, the credit card giants announced. McLean-based Capital One expected to close the deal in early 2025. However, President Donald Trump’s company sued Capital One in March, accusing it of illegally “de-banking” him for political reasons by abruptly canceling hundreds of accounts for his sprawling real estate business after his first term ended in 2021, and the bank has extended the closing of the merger to May 19. (VirginiaBusiness.com; Yahoo! Finance)

The Consumer Financial Protection Bureau reversed course Feb. 27 and dropped a federal lawsuit against McLean-headquartered Capital One and its parent company, Capital One Financial, which alleged the companies cheated millions of consumers out of more than $2 billion in interest payments. The federal government’s watchdog filed a dismissal with prejudice, meaning the case cannot be brought back to court if accepted by a federal judge in Virginia. The CFPB sued Capital One in the final days of the Biden administration, but President Donald Trump’s administration has moved to shut down the agency. (VirginiaBusiness.com)

A bill that would have given Fairfax County the right to hold a casino referendum died in the 2025 General Assembly session, after passing an earlier vote in the Virginia State Senate. The Senate legislation was not passed along for a later vote in a House of Delegates committee, stopping its progress. Local homeowners’ groups and other Fairfax County organizations spoke against a casino in Tysons, including Sen. Jennifer Boysko, who spoke on behalf of her “200,000-plus” constituents, who she said were “very clear” about their opposition. Boysko later was removed as chair of the Senate’s transportation committee. (VirginiaBusiness.com; Cardinal News)

Irregular air-traffic control staffing at Ronald Reagan Washington National Airport is under scrutiny after the Jan. 29 deadly crash when an Army helicopter collided with an American Airlines regional jet, killing 67 people. That night, a single air-traffic controller at Reagan was overseeing both helicopters and arrivals and departures of planes. U.S. aviation officials have tightened staffing rules for air-traffic controllers at Reagan, and FAA officials now want a stand-alone controller overseeing helicopter traffic more consistently at the airport. (The Wall Street Journal)

In an appearance at Capital One’s headquarters, Gov. Glenn Youngkin announced in late February that Virginia has 250,000 jobs open across various industries and unveiled an initiative to help connect job seekers to these positions. Tens of thousands of federal workers have been fired under President Donald Trump‘s administration, and while Youngkin voiced support for the president’s stated goals of ending fraud and inefficiency, the governor said he had “extraordinary empathy” for Virginians who were part of the federal workforce who “are experiencing real concerns.” Youngkin announced a new website, VirginiaHasJobs.com, to assist people in finding new jobs. Virginia Senate Democrats criticized Youngkin, saying his comments were “nothing more than empty rhetoric.” (VirginiaBusiness.com)

Roanoke/ Lynchburg/ New River Valley

Air Filter Systems, a distributor of multiple lines of filtration products, will invest more than $1.5 million to build a facility in Bedford County and add up to 30 new jobs over the next three years. The company has purchased an 8.57-acre tract in the Montvale Center for Commerce and will construct a single-story 20,000-square-foot building that will be used as a corporate office, warehouse and distribution center. The company’s existing corporate office in Roanoke will close to expand and consolidate operations in Bedford County. (The News & Advance)

The U.S. Naval Nuclear Propulsion Program has awarded BWX Technologies contracts totaling about $2.1 billion, according to a Feb. 19 announcement by the Lynchburg-based nuclear components manufacturer and fuel supplier. The contract involves nuclear reactor component manufacturing and material procurement for Columbia- and Virginia-class submarines and Ford-class aircraft carriers. The work will be performed at the BWXT Nuclear Operations Group location in Lynchburg, as well as in Barberton and Euclid, Ohio, and Mount Vernon, Indiana. The work will be completed over a seven-year period that began in 2023, according to BWXT. (VirginiaBusiness.com)

The owner of Caverns Market in Roanoke County is looking to build a four-story hotel just behind the store, which is located near Dixie Caverns. Cavern LLC, the entity that owns the gas station and convenience store, filed an application Feb. 14 to rezone three parcels to high-intensity commercial. The three parcels, located at 5709, 5755 and 5751 Fallbrooke Drive, are zoned low-density residential and are currently undeveloped. The hotel would include 87 rooms and possibly a swimming facility, according to the concept plan. The project is scheduled to go before the Roanoke County Board of Supervisors April 22. (The Roanoke Times)

Six months after the record flooding from the remnants of Hurricane Helene, the Radford Army Ammunition Plant is still searching for four totes carrying toxic chemicals that were released into the New River. Floodwaters ripped open the doors of a warehouse at the plant and swept
13 containers filled with dibutyl phthalate into the river. At least three of the containers are known to have been damaged and released their contents — one of which is believed to have been emptied intentionally by a resident who found it. Dibutyl phthalate has been connected to decreased fertility, as well as liver and kidney toxicity. (Cardinal News)

Plans for a 36-unit apartment complex involve demolishing four century-old residences in the 2200 block of Richelieu Ave., across from the Crystal Spring commercial area. A stone’s throw from Carilion’s campus, the development may be the largest residential project proposed since Roanoke zoning reforms made building multifamily housing easier. Under the city’s old zoning laws, the property could only host 14 residential units or would have to face a rezoning hearing. Now, the property can accommodate up to 36 units. Developers for the project are Court Rosen, Alexander Boone and Ab Boxley. (Roanoke Rambler)

Timmons Group has opened an office on Norfolk Avenue in Roanoke, according to a March announcement from the engineering, design and technology services firm, which has its headquarters in Chesterfield County. Timmons has 20 offices located across Virginia, North Carolina, Maryland, South Carolina, Texas and Washington, D.C. Located at 109 Norfolk Ave SW, the Roanoke office is the company’s only Virginia office west of Charlottesville. A spokesperson for Timmons Group said that over the next three years, the firm hopes to have a dozen employees in the Star City. (VirginiaBusiness.com)

Shenandoah Valley

Wisconsin-based Clasen Quality Chocolate, which manufacturers chocolate and confectionery coatings for larger grocery chains and food companies, revealed in late February that it will invest $230 million to build a new production facility in Frederick County and create 250 jobs. The company operates four manufacturing facilities: three in Wisconsin and one in Nevada. The Frederick County facility is expected to help the company meet rising demand and will be located at Valley Innovation Park, a 145-acre industrial park. (VirginiaBusiness.com)

In early March, Jon Henry — owner of Jon Henry General Store in New Market — revealed he would have to cancel planned produce giveaways designed to help people in need and underserved or socially disadvantaged farmers in March and April. The cancelation was due to the Trump administration placing many federal grants and loans on hold to ensure they align with the administration’s priorities. Henry had received a $85,000 federal grant through the U.S. Department of Agriculture that allowed him to purchase produce, meat and dairy from farmers within 400 miles of its delivery destination. (The Northern Virginia Daily)

Construction of a 1 million-square-foot industrial tech facility along Millwood Pike (U.S 50) east of Winchester near Interstate 81 is complete. The building is the centerpiece of the first phase of One Logistics Park, a 2.8 million-square-foot industrial hub being developed by The Meridian Group and Wickshire Industrial. Located at 1251 Coverstone Drive in Frederick County, the recently completed facility is billed as “the largest speculative industrial building” opening this year in the Northern Virginia/I-81 corridor. It received its certificate of occupancy in February. A tenant is being sought for the building. (The Winchester Star)

Serioplast, an Italian plastic packaging manufacturer, will open an industrial plant in Shenandoah County, investing $25.7 million and creating an expected 45 jobs. The company, which was founded in 1974 and has 33 production facilities in 16 countries with more than 2,000 employees, provides rigid plastic packaging for Procter & Gamble, Unilever and other companies. Serioplast will move into a 140,000-square-foot industrial building, according to the governor’s office. The company’s U.S. headquarters is in St. Louis, and it has a facility in North Carolina. (VirginiaBusiness.com)

The Shenandoah County Economic Development Authority on Feb. 19 approved an extension for Howell Metal Co. to meet the requirements of a $400,000 Commonwealth Opportunity Fund grant. Awarded in 2019, the grant was aimed at supporting Howell Metal’s expansion of its New Market manufacturing facility. The original agreement required the company to invest more than $8 million and create 102 new jobs by July 31, 2024. Howell Metal did not meet the performance benchmarks by the deadline. However, the EDA voted to extend the company’s timeline, giving Howell Metal until Dec. 31, 2025, to meet its investment obligations. (The Northern Virginia Daily)

Chantilly-based sheet metal products manufacturer ZM Sheet Metal plans to relocate its Frederick County operations next year into a new 160,000-square-foot industrial building in Stonewall Industrial Park. The company, which specializes in services for HVAC manufacturers and ductwork, currently operates a 100,000-square-foot manufacturing plant at 260 Lenoir Drive in Frederick. ZM’s new plant in Stonewall Industrial Park will be located at 554 McGhee Road and has the capacity for the 100-person company to accommodate 300 workers on-site. The new production facility will be ZM Sheet Metal’s main manufacturing facility, distributing to nine states. (VirginiaBusiness.com)

Southern Virginia

Amid ongoing financial troubles, Averett University eliminated about 15 positions on March 7. The jobs include both full- and part-time staff and administrative faculty; however, details of which positions were eliminated were not immediately clear. In the first quarter of 2024, Averett’s then-president, Tiffany Franks, announced what she termed a “misrepresentation in what was being reported” regarding the school’s financial health. That was followed by employee furloughs, a hiring freeze, the elimination of six majors and other cost-saving measures. Franks retired on Jan. 6 and was succeeded by David Joyce. (Danville Register & Bee)

On March 4, Danville City Council members approved a special-use permit for a 120-room hotel planned for River Street. The vote allows developers to build a four-story Hyatt Studio at the former Dan River Inc. Long Mill property, which contains frontage on the Dan River. The $30 million-plus project is a joint endeavor by Lansing Melbourne Group, based in Concord, North Carolina, and Durham-based 1st & Main Development. The developers plan to begin site work in April and expect construction to be completed in July 2026. (Danville Register & Bee)

Two families in Henry and Pittsylvania counties’ Axton community have filed suit against an Axton solar company for $3.3 million. The lawsuit filed on behalf of Barry and Brenda Moxley and Roger and Kathy Chriscoe against Energix, an Arlington County-based renewable energy company, and a subsidiary was filed in Henry County Circuit Court at the end of 2024. The lawsuit alleges that construction of an industrial-scale solar facility next to their properties has brought noise, flooding, smoke, dust, and debris and rendered the value of their homes and land nearly worthless. The suit seeks $2.25 million in damages for the Moxleys and $1.05 million in damages for the Chriscoes. (Martinsville Bulletin)

In late February, members of the Mecklenburg County Planning Commission held a public hearing on a proposed solar ordinance that would eliminate from permitted uses all references to large or utility-scale projects, effectively ending the opportunity for large-scale or utility-scale solar developers to build such facilities anywhere in in the county. At the suggestion of county Zoning Administrator Robert Hendrick, members of the commission deferred a recommendation on the proposed ordinance until late March to allow planners to fully consider the zoning amendment as well as any public comments. (The Mecklenburg Sun)

PEOPLE

Del. Danny Marshall, R-Danville, announced in February that he will not seek reelection this fall for his seat in the House of Delegates. Marshall, whose term will run through the end of the calendar year, has served for almost 25 years and had a hand in some of the region’s biggest economic development deals and revitalization projects. He said he’s proud to see Microporous move into the Megasite at Berry Hill, which he says will bring good-paying jobs with benefits and an increase in tax revenue to support area schools and public safety. (Cardinal News)

Charlette Woolridge succeeded Betty Adams as executive director of the Southern Virginia Higher Education Center (SVHEC), effective March 25. Previously, Woolridge served as county administrator for Greensville County and Brunswick County. She currently serves as vice chair of the Southside Virginia Community College Local Board and previously served two terms on SVHEC’s board of trustees. Woolridge earned a doctorate in public policy and administration from Virginia Commonwealth University. Adams announced in 2024 that she planned to retire after leading SVHEC for nearly 16 years. (News releases)

Southwest Virginia

Addiction Recovery Care in mid-February applied for a license from the Virginia Department of Behavioral Health and Developmental Services to provide residential substance abuse care at Wildwood Recovery Center, the drug treatment center for men recently built in Dickenson County. Headquartered in Kentucky, ARC plans to also operate the Primrose Recovery Center for women, which will be built at a former school in Nora. Dickenson has one of the highest overdose death rates in the state, which has negatively impacted the county’s economic development efforts. (Cardinal News)

Through three foundations, American Electric Power contributed $150,000 to relief efforts in eastern Kentucky, Southwest Virginia and southern West Virginia following historic flooding in mid-February. The AEP Foundation donated $50,000 to the American National Red Cross. The Appalachian Power Foundation donated $25,000 each to the United Methodist Foundation of West Virginia and the United Way of Southwest Virginia. The Kentucky Power Foundation donated $25,000 to the Appalachian Service Project in Kentucky and $25,000 to the Foundation for Appalachian Kentucky. (The Coalfield Progress)

U.K.-based business development firm Oasthouse Ventures, which specializes in low-carbon greenhouses, is investing $104.8 million to construct its first U.S.-based controlled environment agriculture operation in Carroll County, where it plans to produce tomatoes. Gov. Glenn Youngkin announced Feb. 28 that the project will initially create 118 jobs, with a total of 265 full-time and part-time positions. Over the next three years, Oasthouse will produce and package over 45 million pounds of tomatoes for distribution to major retailers throughout the northeast, southeast and midwestern United States, and source more than 31,000 tons annually of Virginia-grown hardwood residuals from local sawmills to heat its greenhouses. (VirginiaBusiness.com)

Theatre Bristol in Bristol, Tennessee, announced in mid-February it had acquired the 100-year-old Cameo Theater in Bristol, Virginia. The Cameo underwent rehabilitation and reopened in 2022 before closing in spring 2023. It went back on the market in mid-2023 with a $2.9 million asking price. Theatre Bristol officials also announced a $1 million capital fundraising campaign for the Cameo and to redevelop the multiuse Artspace Theatre. Theatre Bristol plans to keep its current Artspace on State Street and continue performing at the Paramount Center for the Arts, both in Bristol, Tennessee. (Bristol Herald Courier)

The University of Virginia’s College at Wise is one of 20 institutions that will receive a capacity-building grant through the Virginia Talent + Opportunity Partnership, the college announced Feb. 25. The State Council of Higher Education for Virginia administers the grant program, which awards up to $150,000 to each institution. U.Va. Wise will use the funding to enhance its infrastructure for work-based learning, hiring two program assistants to support students and employers in internships and other work-based learning opportunities. The college’s faculty voted in 2023 to make experiential learning a graduation requirement for undergraduate students. (News release)

The Virginia Coalfield Economic Development Authority‘s board approved two loans and three grants totaling a cumulative $4.58 million in its Feb. 20 meeting. West River Conveyors and Machinery will use an up to $4 million loan to construct a building at the Southern Gap Industrial Park in Buchanan County. The board also approved an up to $350,000 loan to the Russell County Industrial Development Authority, an up to $9,142 grant to Appalachian Family Care, an up to $200,000 grant to the University of Virginia’s College at Wise Foundation and an up to $27,358 grant to the Breaks Interstate Park Commission. (News release)

Virginia Best Places to Work 2025 Presenting Sponsor: Spurrier Group

Spurrier Group is a female-founded performance media marketing partner that is dedicated to developing campaigns that are anchored by measurable ROI. They have created and launched customized marketing campaigns that capture audiences and achieve exceptional results for a wide variety of global, national, and regional clients, including a long history in federal and state government communications.

Agency founder Donna Spurrier grew up in the advertising industry as the daughter of Jess Duboy from the Duboy Agency, which revolutionized auto advertising with the invention of the Sell-a-thon and the Toyota-thon. While the creative side of the business was evolving, the overall ad world wasn’t very flexible in the late 20th century. There was creative, there was media, and they didn’t coordinate much. This divide is what prompted Donna to start a media agency that would be designed to connect media and creative.

As the agency progressed in research and strategy development, they were able to perfect their particular form of media which is completely performance-based. Spurrier Group has a robust full-funnel approach to paid media that is based on ROI and RoAS. In today’s world, knowing that your advertising dollars are precisely working as they are supposed to is reassuring to clients and true to the original reason that Spurrier Group was founded over
25 years ago. They’ve never abandoned their core beliefs and have continued to perfect this form of media. In short, it’s consumer-centric, performance-based and always collaborative.

Today, Spurrier Group is leading the way into the ever-changing media landscape with a team of whip-smart women. At the heart of the operation is the Media Intelligence Team (MIT), a high-performance collaborative model that transcends traditional agency structures with an agile, cross-trained team specifically designed to excel at complex, high-volume media operations. This team is filled with senior media strategists, traditional media buyers, digital media specialists, and analytics professionals. Most recently, Spurrier Group is enhancing their capabilities by establishing a Chicago office staffed with traditional media professionals who support during peak campaign periods and maintain service excellence.

All the hard work has surely paid off as Spurrier Group has been awarded as one of the Best Places to Work by Virginia Business Magazine for the past three years and also rank on the Inc. 5000 list of fastest growing private companies in America, both in 2022 and 2024. Corporate philanthropy remains an important pillar of the company, as they give their time and talents to notable organizations such as Children’s Hospital of Richmond, St. Jude Children’s Research Hospital, American Humane Society, and the National Center for Missing & Exploited Children.

Top Five April 2025

1 | Booz Allen fires subcontractor who wrote document about DOGE access to Treasury
McLean-based Fortune 500 management consulting contractor Booz Allen Hamilton fired a subcontractor who warned the U.S. Treasury Department about the Department of Government Efficiency having access to the Treasury’s payment system. (Feb. 11)

2 | U.Va. board votes to continue gender-affirming care for existing patients under 19
During a Feb. 21 special meeting, the University of Virginia‘s board of visitors voted for UVA Health to continue providing gender-affirming treatment to people under 19, but only to current patients. (Feb. 21)

3 | $230 million chocolate factory coming to Frederick
Gov. Glenn Youngkin announced Feb. 28 that Wisconsin chocolate manufacturer Clasen Quality Chocolate plans to create 250 jobs at its upcoming production facility in Frederick County. (Feb. 28)

4 | Reports of NoVa housing market’s demise are greatly exaggerated, experts say
A February Facebook post inaccurately suggested federal workforce reductions had caused a flurry of Northern Virginia home sales. (Feb. 17)

5 | UVA Health CEO resigns
Dr. Craig Kent resigned as CEO of UVA Health on Feb. 25, following a closed session meeting of the University of Virginia’s board of visitors. (Feb. 26)

NASA’s newly returned astronauts say they would fly on Boeing’s Starliner capsule again

CAPE CANAVERAL, Fla. (AP) — NASA’s celebrity astronauts Butch Wilmore and Suni Williams said Monday that they hold themselves partly responsible for what went wrong on their space sprint-turned-marathon and would fly on Boeing’s Starliner again.

SpaceX recently ferried the duo home after more than nine months at the International Space Station, filling in for Boeing that returned to Earth without them last year.

In their first news conference since coming home, the pair said they were taken aback by all the interest and insisted they were only doing their job and putting the mission ahead of themselves and even their families.

Wilmore didn’t shy from accepting some of the blame for Boeing’s bungled test flight.

“I’ll start and point the finger and I’ll blame me. I could have asked some questions and the answers to those questions could have turned the tide,” he told reporters. “All the way up and down the chain. We all are responsible. We all own this.”

Both astronauts said they would strap into Starliner again. “Because we’re going to rectify all the issues that we encountered. We’re going to fix them. We’re going to make it work,” Wilmore said, adding he’d go back up “in a heartbeat.”

Williams noted that Starliner has “a lot of capability” and she wants to see it succeed. “We’re all in,” she said.

The two will meet with Boeing leadership on Wednesday to provide a rundown on the flight and its problems.

“It’s not for pointing fingers,” Wilmore said. “It’s just to make the path clearer going forward.”

The longtime astronauts and retired Navy captains ended up spending 286 days in space — 278 days more than planned when they blasted off on Boeing’s first astronaut flight on June 5. The test pilots had to intervene in order for the Starliner capsule to reach the space station, as thrusters failed and helium leaked.

Their space station stay kept getting extended as engineers debated how to proceed. NASA finally judged Starliner too dangerous to bring Wilmore and Williams back and transferred them to SpaceX. But the launch of their replacements got stalled, stretching their mission beyond nine months.

President Donald Trump urged SpaceX’s Elon Musk to hurry things up, adding politics to the stuck astronauts’ ordeal. The dragged-out drama finally ended two weeks ago with a flawless splashdown by SpaceX off the Florida Panhandle.

“It’s great being back home after being up there,” Williams told The Associated Press in an interview. She waited until she was steadier on her feet before reuniting with her two Labrador retrievers the day after splashdown. “Pure joy.”

Wilmore already has a to-do list. His wife wants to replace all the shrubs in their yard before summer. “So I’ve got to get my body ready to dig holes,” he told the AP.
NASA said engineers still do not understand why Starliner’s thrusters malfunctioned; more tests are planned through the summer. If engineers can figure out the thruster and leak issues, “Starliner is ready to go,” Wilmore said.

The space agency may require another test flight — with cargo — before allowing astronauts to climb aboard. That redo could come by year’s end.
Despite Starliner’s rocky road, NASA officials said they stand behind the decision made years ago to have two competing U.S. companies providing taxi service to and from the space station. But time is running out: The space station is set to be abandoned in five years and replaced in orbit by privately operated labs.
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AP video journalist Lekan Oyekanmi contributed from Houston.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.

Stock markets fall worldwide as Trump’s ‘Liberation Day’ approaches

NEW YORK (AP) — President Donald Trump’s “Liberation Day” is fast approaching, and stock markets from Wall Street to Wellington, New Zealand, are falling Monday in advance of it.

In New York, the S&P 500 was down 0.4% following one of its worst losses of the past couple of years on Friday. It’s on track to finish the first three months of the year with a loss of 5.5%, which could make this its worst quarter in nearly three years.

The index had been down as much as 1.7%, but it pared its loss as the day progressed. The Dow Jones Industrial Average completely erased its early drop and was up 83 points, or 0.2%, as of 1:19 p.m. Eastern time. But sharp slides for Tesla, Nvidia and other influential Big Tech stocks had the Nasdaq composite down 1.2%.
The U.S. stock market’s swings followed a sell-off that spanned the world earlier Monday as worries build that tariffs coming Wednesday from Trump will worsen inflation and grind down growth for economies. Trump has said he’s plowing ahead in part because he wants more manufacturing jobs back in the United States.
In Japan, the Nikkei 225 index dropped 4%. South Korea’s Kospi sank 3%, and France’s CAC 40 fell 1.6%. In New Zealand, the NZX 50 slipped a more modest 0.1%.
Instead of stocks, which can be some of the riskiest possible investments, prices strengthened for things considered safer bets when the economy is looking shaky. Gold rose again to briefly crest $3,160 per ounce.

Prices for Treasury bonds also climbed, which in turn sent their yields down. The yield on the 10-year Treasury fell to 4.24% from 4.27% late Friday and from roughly 4.80% in January. It’s been falling as worries build about tariffs.

On Wednesday, the United States is set to begin what Trump calls “reciprocal” tariffs, which will be tailored to match what he sees is the burden each country places on his, including things like value-added taxes. Much is still unknown, including exactly what the U.S. government will do on “Liberation Day.”
At Goldman Sachs, economists expect Trump to announce an average 15% reciprocal tariff. They also raised their forecast for inflation and lowered it for U.S. economic growth for the end of the year.

Altogether, they now see a 35% chance of recession in the next year, up from an earlier forecast of 20%, “reflecting our lower growth forecast, falling confidence, and statements from White House officials indicating willingness to tolerate economic pain,” according to Goldman Sachs economist David Mericle.
If the April 2 tariffs end up being less onerous than investors fear — maybe Trump includes no additional tariff increases on China, for example — stocks could rally. But if they end up being a worst-case scenario, which also gets businesses so fearful that they start cutting their workforces, something that hasn’t happened so far, stocks could sink much further.

Of course, there’s also the chance that April 2 does little to clear the uncertainty. It could end up being merely a “stepping stone for further negotiations” instead of a big “clearing event” for the market, according to Michael Wilson and other strategists at Morgan Stanley.

“This means policy uncertainty and growth risks are likely to persist — it’s a question of to what degree,” Wilson wrote in a report.

One worry is that even if Trump’s tariffs end up being less harsh than feared, all the uncertainty created by them could alone cause U.S. households and businesses to freeze their spending, which would hurt an economy that had been running at a solid pace at the close of last year.

Either way, some familiar names were leading the way downward on Wall Street Monday.

Tesla fell 3% to bring its loss for the year so far to 36.7%. It’s been one of the worst performers in the S&P 500 so far this year in large part because of fears that the electric-vehicle maker’s brand has become too intertwined with its CEO, Elon Musk.

Musk has been leading U.S. government efforts to cut spending, making him a target of growing political anger, and protests have been swarming Tesla showrooms as a result.

It’s a sharp drop-off following a surge of roughly 90% in the weeks following November’s Election Day, when the thought was that Musk’s close relationship with

Trump could help the company’s finances. Tesla’s stock is roughly back to where it was on Nov. 5.
Other Big Tech stocks also helped to pull the market lower. They’ve been at the center of the recent sell-off in large part because of criticism that their stock prices had become too expensive. Critics pointed to how their prices rose much faster than their already quick-growing profits in recent years.
Nvidia, which has ridden the frenzy around artificial-intelligence technology to become one of Wall Street’s most influential stocks, fell 3.5% to bring its loss for the year so far to 21.2%.

Stocks of companies that need customers feeling flush enough to spend were also among Monday’s worst performers, as they’ve been so far this year.
United Airlines lost 2.5%, and Delta Air Lines gave up 1.5%.

On the winning side of Wall Street was Mr. Cooper, which jumped 14.4% after the home loan servicer said it’s being bought by mortgage company Rocket in an all-stock deal valued at $9.4 billion. The deal comes just weeks after Rocket acquired real estate listing company Redfin, and Rocket’s stock fell 10.4%.
In stock markets abroad, Thailand’s SET lost 1.5% after a powerful earthquake centered in Myanmar rattled the region, causing widespread destruction in the country, also known as Burma, and less damage in places like Bangkok.

Shares in Italian Thai Development, developer of a partially built 30-story high-rise office building under construction that collapsed, tumbled 26.9%. Thai officials said they are investigating the cause of the disaster, which left dozens of construction workers missing.
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AP Writers Junzhe Jiang and Matt Ott contributed.

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