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CYNTHIA W. SPANOULIS | President and CEO, Virginia Aquarium

In 2018, Cynthia Spanoulis became head of ‘s aquarium and marine science center, as well as its foundation, which partners with the city in funding the attraction that drew more than 625,000 visitors in fiscal 2024.

It’s an important job. The aquarium delivers more than $265 million in economic benefits annually, and employees care for thousands of animals that live at the aquarium.

Under Spanoulis’ leadership, the aquarium opened the Darden Marine Animal Conservation Center, a facility for the Stranding Response Program, which coordinates responses for all marine mammals and sea turtles that come ashore in Virginia. She also led development and construction for the renovation and expansion of the aquarium’s South Building, which opened in 2024.

This summer, Spanoulis was elected vice president of the 2025-27 World Association of Zoos and Aquariums Council.

Before coming to the aquarium, Spanoulis joined the City of Virginia Beach’s department as a strategy and performance coordinator in 1996. In that role, which she filled for more than 16 years, her responsibilities included marketing, media, budgeting and special projects. In 2012, she became deputy director of the aquarium.

Spanoulis earned a degree in political science and urban affairs and a master’s in public administration from Virginia Tech.

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ABBY TAMMEN | CEO, Charlottesville Area Association of Realtors

In her work as head of the Charlottesville Area Association of Realtors, Abby Tammen believes in leading with a mindset of curiosity and collaboration.

“I listen to understand, not just to respond,” she says. “And I encourage everyone at the table to contribute their perspectives. I share relevant insights when helpful, but I also acknowledge that I don’t have all the answers.”

CAAR serves more than 1,300 real estate professionals and affiliate members throughout Charlottesville and the counties of Albemarle, Fluvanna, Greene, Louisa and Nelson.

After more than six years on the job, Tammen continues to be energized by a single question: “What services and products best support our members? That guiding principle has helped me adapt to changing needs, anticipate industry trends and lead with purpose.”

Tammen oversees day-to-day CAAR operations, as well as all programs and products. She manages a team of 10 and provides support to the association’s board.

Before being tapped to lead CAAR, Tammen served as the association’s senior director of programs and MLS operations.

In addition to the association, CAAR has other business entities: residential and commercial multiple listing services, a licensed real estate school and the Hillsdale Conference Center, which offers 3,500 square feet of meeting space.

At the start of her career, Tammen worked for the National Association of College Auxiliary Services, a professional trade association supporting professionals in higher education segments like food services, bookstores, housing and transportation.

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CATHY UNDERWOOD | Corporate business development officer, Branch Group

This year, Cathy Underwood celebrates her 25th anniversary with Branch Group, an employee-owned construction firm headquartered in Roanoke.

The first woman to interview with Branch’s estimating department, Underwood joined the company in 2000 as an estimator. In 2007, Branch tapped Underwood to guide the company with an effort to offer clients an alternative project delivery system called construction management at risk. Under this approach, a client who wants a new facility built can contract with a construction manager during the design phase, and that person oversees the project to completion.

In 2010, Underwood became vice president of the company’s construction management subsidiary, which is now called Branch Builds. In that role, she was involved with efforts that included the $107.5 million Montgomery County Public Schools’ three-school, public-private partnership project. In 2020, Branch named Underwood president of Branch Builds, the first woman in the role.

In her current position since 2023, Underwood collaborates with the Branch Group’s leadership to set the company’s strategic direction.

“I get the opportunity to work with all three of our business lines and think about things through the bigger picture,” Underwood says.

Active in the community, Underwood sits on several boards, including the Roanoke Outside Foundation. She was campaign co-chair for the Roanoke Regional Partnership’s 2022 fundraising effort called Thrive 2027, which surpassed its $3.6 million goal by more than $400,000.

She earned a master’s in biological systems engineering from Virginia Tech.

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CHARITY VOLMAN-WINN | President, TowneBank Norfolk

Charity Volman-Winn joined Suffolk-based TowneBank in 2019 as president of corporate banking, with nearly three decades of financial services experience. The following year, Volman-Winn became president of TowneBank Norfolk.

In the role, Volman-Winn oversees the region’s staffing, financial results and overall member satisfaction. An aspect of her job that she especially enjoys is coaching and developing employees.

“With my team, those who require structured, real-time coaching get it,” she says. “Those who prefer a more hands-off, collaborative style get that as well. I consider myself very adept at identifying what works for each individual.”

Hundreds of TowneBank employees have been mentored by Volman-Winn. This year, she helped build a more robust curriculum of assignments for summer commercial banking interns.

“Even while overseeing some of the bank’s biggest portfolios, Charity is never too busy to offer guidance and provide mentorship,” her nominator says.

Volman-Winn started her banking career at Crestar Bank in 1990. After its 1998 merger with SunTrust Banks, Volman-Winn became SunTrust’s South president, the first woman in the role.

In 2024, Gov. Glenn Youngkin appointed Volman-Winn to the Chesapeake Bay Bridge and Tunnel Commission. She is also chair of the board of the d’Art Center, a community art center in Norfolk, and sits on the board of the Chrysler Museum of Art. She is a trustee emeritus for the Eastern Virginia Medical School Foundation.

Volman-Winn has a degree in English from what was then known as Randolph-Macon Woman’s College.

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JENNIFER WOLD | Virginia market managing partner, Forvis Mazars

With more than three decades of audit and accounting experience, Jennifer Wold has an “unwavering commitment to advancing the accounting profession — particularly for women,” according to her nominator.

Throughout her career, Wold has intentionally sought out firms focused on the recruitment, retention and advancement of women. She has helped to create and operate programs designed to boost women’s success in the corporate world. At Forvis Mazars, Wold is active with the Protégé Program, which focuses on retention and advancement of women CPAs.

“Her first assigned protégé was promoted to partner in the year following the completion of their program, a success that Jennifer is very proud of,” her nominator says.

In 2023, Wold moved to Virginia from Kansas to become Forvis’ top executive in the state. The following year, Forvis Mazars was formed when Forvis acquired Paris-based audit, tax and advisory firm Mazars’ U.S. arm.

Prior to joining Forvis in 2018 as an audit partner, Wold served as an audit partner at Grant Thornton. She has assisted companies with mergers and acquisitions. Wold also has experience with forecasting, preparation of financial statements, operational reviews and reviews of accounting systems.

Wold holds an accounting degree from Wichita State University. She sits on the boards of the Virginia Chamber of Commerce and the MCV Foundation.

 

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Virginia Women in Leadership Awards 2025

Hailing from public and private sector workplaces throughout Virginia, our winners were nominated by colleagues and Virginia Business’ editors. Many are the top women leaders in their organizations as well as prominent contributors to their communities.

This year’s Women in Leadership cohort represents a wide swath of industries, including energy, legal, health care, financial consulting, construction, defense and higher education.

At a time when women leaders make up just 11% of Fortune 500 CEOs and 18% of Virginia 500 executives, it’s important to remember that while these Women in Leadership winners have come a long way, others are still waiting for their opportunity.

In these short profiles of this year’s honorees, you’ll learn about the fascinating journeys that these Virginia executives took to leadership and success. Please join Virginia Business in congratulating the 2025 winners of the Virginia Women in Leadership Awards

Virginia CEO compensation continues climbing

Summary

  • Virginia CEOs averaged $10.17M in compensation in 2025, up 7.8%
  • CEO topped the list at $29.85M
  • and Northrop Grumman executives also ranked among highest paid

It’s nice work if you can get it.

Virginia CEOs made an average of $10.17 million in total compensation in 2024, up from $9.4 million in 2023 — a 7.8% increase year-over-year. And the average compensation for S&P 500 CEOs last year was $18.9 million, a 9.2% increase from 2023, according to data analyzed for the Associated Press by California-based Equilar, a corporate leadership data firm.

CEOs in the commonwealth make less on average than their national peers because tends to vary by industry, hypothesizes Equilar Director of Research Courtney Yu.

For example, “tech companies usually tend to pay their CEOs quite a bit more, so industry is a large part,” he says, noting that the Old Dominion doesn’t have as high a concentration of tech companies as California.

To determine executive pay, Equilar tallies salary, bonus, perks, stock and other compensation. Altogether, Equilar examined CEO compensation data for 51 Virginia-based public companies with annual revenues of $1 billion or more.

According to data provided by Equilar, Virginia’s most highly compensated CEO in 2024 was Capital One Financial founder, Chairman and CEO Richard D. Fairbank. Last year, his total compensation was

$29.85 million, a 9% increase over 2023, when he pulled down roughly $27.4 million.

It makes sense that Fairbank made bank in 2024, according to Lei Gao, an associate professor of finance who studies executive compensation at George Mason University’s Costello College of Business.

In February 2024, McLean-based Capital One announced its plan to acquire Discover Financial Services in a blockbuster transaction valued at $35.3 billion.

An acquisition of one gigantic credit card company by another doesn’t happen every day, says Gao. “It takes a lot of effort and potentially has a significant wealth impact, so stockholders are happy,” he says.

It’s a safe bet Fairbank will be among Virginia’s most handsomely paid executives for 2025 as well.

Capital One’s board voted to award Fairbank with stock valued at $30 million to recognize the “ongoing and anticipated work” relating to the Discover deal, according to a June 5 financial filing with the U.S. Securities and Exchange Commission, although his bonus won’t fully vest until 2030. The Discover acquisition closed in May.

Capital One Chairman and CEO Richard D. Fairbank was the top-paid Virginia CEO last year, earning $29.85 million. Photo courtesy Capital One Financial

Highs and lows

Coming in second place for highest total compensation among Virginia CEOs of public companies was Christopher J. Nassetta, president and CEO for Hilton Worldwide Holdings, the global hospitality company headquartered in McLean. Nassetta made about $27.96 million in total compensation in 2024, a 5% increase over 2023, when he made $26.56 million.

Last year was a good one for Hilton. The company added 973 hotels and nearly 100,000 rooms in 2024 — the single biggest increase in rooms in its 106-year history.

For 2024, Hilton reported a net income of $1.5 billion, exceeding a third quarter earnings projection of full-year net income between $1.4 billion and $1.42 billion. The hospitality company reported $11.17 billion in revenue.

During a February earnings call, Nassetta said, “Given our strong momentum, robust pipeline and resilient fee-based business model, we’re confident that we are well-positioned to continue driving strong performance in 2025 and beyond.”

Kathy J. Warden, president, CEO and chair of Falls Church-based aerospace and defense contractor Northrop Grumman, had the third-highest total compensation in 2024 among Virginia CEOs of publicly traded companies. In a year when Northrop Grumman reported $41 billion in sales, a 4.4% year-over-year increase, Warden made about $24.1 million, a 2% increase from the $23.53 million she earned the year before.

However, Warden received the highest base salary among Virginia CEOs in the survey: $1.79 million. (At the other end of the spectrum, Fairbank received nothing in base salary. That’s in keeping with his long-term practice of being paid primarily in company stock.)

Nationally, the highest-paid CEO identified in the Equilar/AP survey of S&P 500 CEO compensation was Patrick W. Smith of Arizona-based Axon Enterprise, which makes Taser stun guns and body cameras. Smith earned $164.5 million in total compensation for 2024, a year when Axon posted record annual net income of $377 million.

Among Virginia CEOs, the executive who saw the biggest drop in total compensation in 2024 was Carey Smith, chair, president and CEO of Chantilly-based defense contractor Parsons.

Smith received about $10.99 million in 2024, a 41% decrease from the $18.58 million she earned in 2023.

However, that pay dip is due to a one-time equity award package Smith received in 2023 partly as a performance reward. After all, Parsons reported $235 million in net income last year, a 46% year-over-year increase.

In 2023, Smith saw the biggest increase in earnings, with her compensation increasing 167% year-over-year, from $6.97 million in 2022 to about $18.58 million in 2023. The bulk of her 2023 compensation came from that equity award package, which totaled about $15.22 million.

“After considering Ms. Smith’s performance as CEO, her unvested equity holdings, and the competitive market for in our sector, the compensation and management development committee approved a one-time equity award package,” the company said in its 2024 proxy statement.

Northrop Grumman President, CEO and Chair Kathy J. Warden made $24.1 million in 2024. Photo courtesy Northrop Grumman

Rewarding performance

Equity compensation, which can include stock options or other ownership stakes in a company, is the biggest driver behind a CEO’s compensation, according to Yu. It’s a way that shareholders can make sure executives have skin in the game.

“They want the executives to have as much of the compensation tied to the stock price as possible, so that they are feeling the same risks as shareholders,” he explains.

The average equity award in 2024 was about $6.95 million. The largest equity award made to a Virginia CEO in the 2024 survey was $24.24 million, which went to Fairbank.

Due to equity awards, Chair, President and CEO was the Virginia CEO who saw the biggest percentage gain in total 2024 compensation. He made $12.11 million in total compensation last year — a 141% increase over 2023, when he received $5.03 million, according to Equilar data. Equity awards accounted for $8.5 million of his total 2024 compensation.

Approximately 89% of Blue’s targeted 2024 total direct compensation was performance-based, according to a proxy statement Dominion Energy issued in March.

Blue’s big pay boost didn’t go unnoticed by the Fortune 500 utility’s critics. Brennan Gilmore, executive director of Clean Virginia — a nonprofit founded by Charlottesville investor Michael Bills to fight “utility monopoly corruption in Virginia ” — said in an April statement, “Dominion’s CEO is handed a premium for rewarding the company’s shareholders, not responding to the needs of its captive customers.”

Dominion, though, summed up Blue’s job performance this way in a proxy filing: “During his tenure, the company began addressing unprecedented load growth in our service area, conducted a transparent business review, advanced the [Coastal Virginia Offshore Wind] commercial project, grew our clean energy portfolio and had one of its safest years for our employees in the company’s history.”

In addition to equity awards, Virginia CEOs also profited from bonuses, averaging $1.88 million apiece in 2024. On average, Virginia CEOs on the job for more than two years saw their bonuses grow 13.6% over the previous year.

“I think the growth in bonuses kind of signals just how well companies did in Virginia,” Yu says.
Fairbank earned the biggest bonus among Virginia CEOs of publicly traded companies, reaping $5.5 million. Warden came in second, with $5.19 million.

And two Virginia CEOs tied for the largest percentage gain in their bonus pay last year. John M. Steitz, president and CEO of Tredegar, the Chesterfield County-based plastic films and aluminum extrusions manufacturer, and Bruce L. Caswell, president and CEO of Tysons government contractor Maximus, saw 233% increases in their bonus pay. Steitz received about $938,000, while Caswell earned $2.97 million in bonus pay in 2024. (A spokesperson for Maximus pointed out that CEO bonus pay is tied to company performance, noting that the percentage growth of Caswell’s 2024 bonus was an “anomaly” because it followed a “challenging” year of below-target company performance.)

Odds and ends

At a time when Tesla’s board is negotiating an unprecedented 10-year, $1 trillion compensation package for Chief Executive Elon Musk, don’t expect CEO pay to decline in 2025. Given how well the stock market has performed this year, as well as how companies have mitigated tariff impacts, Yu expects CEO compensation to remain on course.

In its CEO pay report, Equilar also tracked “other compensation,” which includes perks like the use of company aircraft, a car and driver, or security services. In Virginia, the average value of such added compensation for the 51 CEOs in the survey was $154,609.

In an analysis of 208 S&P 500 companies released earlier this year, Equilar found there had been a 36.3% upturn between 2023 and 2024 in spending for CEO security.

It’s unclear whether that increase was driven in part by the highly publicized Dec. 4, 2024, killing of UnitedHealthcare CEO Brian Thompson. But “as the 2025 proxy season draws to a close, it is anticipated that more companies will highlight enhanced security perquisites as a part of executive pay packages,” according to Equilar.

Last year, for example, Dominion Energy said in a 2024 proxy statement that its CEO, Blue, who received the equivalent of $166,843 in other compensation last year, shouldn’t fly commercial for safety’s sake. “For security and other reasons, the board has encouraged Mr. Blue to use the corporate aircraft for air travel, including personal travel,” the document states. “Mr. Blue’s family and guests may accompany him on any personal trips.”

Regarding gender equality, four women were among the 51 Virginia CEOs whose compensation Equilar studied, comprising 7.8% of the list. Nationally, of the CEOs heading Fortune 500 companies in 2024, 10.4% were women.

In addition to Warden, two other top-paid women CEOs of Virginia companies are Phebe Novakovic, chairman and CEO of Reston-based General Dynamics, and Toni Townes-Whitley, CEO of Reston’s SAIC (Science Applications International Corp.). Novakovic made about $23.8 million in total compensation in 2024, and Townes-Whitley, who was named SAIC’s chief executive in 2023, received $10.24 million.

Meanwhile, at Virginia’s top-ranked Fortune 500 company, Freddie Mac, its former CEO, Diana Reid, made just $205,258 for leading the McLean-based government- backed mortgage financing provider in 2024. That’s because she started the role in September 2024. However, she probably earned even less for 2025 because the fired her in March.

Also worth noting in this year’s executive compensation data is the nation’s widening wealth gap between CEO pay and median employee pay.

The Washington, D.C.-based Institute for Policy Studies, a left-of-center think tank, released a report Aug. 21 that found the wage gap between CEOs and workers at the 100 S&P 500 companies with the lowest median worker pay rose by almost 13% between 2019 and 2024.

In the Equilar/AP survey of S&P 500 companies’ compensation, workers earned a median pay of $85,419 in 2024, a 1.7% increase year-over-year. At half of those companies, it would take a worker at the middle of a company’s pay scale 192 years to make what their CEO earned in one year.

Among the Virginia public companies with the highest paid top executives, CEO and employee compensation ratios varied widely. The median pay ratio was 219:1, with median worker pay totaling about $88,000, according to Yu.

Richmond-based NewMarket, parent company of Afton Chemical and Ethyl, had the lowest pay disparity of the Virginia companies surveyed, with a 24:1 CEO-worker pay ratio. Employees there made a median salary of $127,813 last year.

And Richmond-based leaf tobacco supplier Universal Corp. had the highest disparity, with a 3,083:1 pay ratio — likely due to the company’s heavy use of seasonal part-time laborers.

For his part, Gao doesn’t think CEOs are overpaid. After all, the median tenure of outgoing CEOs in 2024 was 6.7 years, according to Equilar data.

“The job is high risk, right?” Gao asks. “You don’t expect other people you know will step down from their work [or] lose their job” in five to six years.

Chances are also good that CEOs are toiling away many nights, weekends and even holidays. “They’re paid really, really well,” Gao says, “but they also work really hard.”

Editor’s note: This story has been updated. 

 

Hampton Roads seeks opportunities amid federal policy changes

Summary

  • coalition outlines economic risks in Trump era
  • steady, but tariffs and trade hit the Port of Virginia
  • faces setbacks despite bipartisan Virginia support
  • Leaders see growth in defense tech, maritime and nuclear industries

In March, a coalition of Hampton Roads business and government organizations wrote a nine-page letter to their congressional representatives pointing out areas of opportunity and risk as the Trump administration moved forward — and sometimes backward — on a wide swath of policies impacting federal employment, defense spending, trade and renewable energy.

Signed by the Virginia Maritime Association, the Hampton Roads Alliance, the Hampton Roads Chamber, the Hampton Roads Workforce Council and other regional groups, the letter aims to strike a balance between “optimism and concern” about the region’s future under President Donald Trump.

“We are living in an era of unprecedented national and global shifts, and Hampton Roads is uniquely positioned to thrive,” the signers wrote to U.S. Sens. Tim Kaine and Mark Warner, as well as U.S. Reps. Jennifer Kiggans, Jennifer McClellan, Bobby Scott and Rob Wittman. “Our national is amid a profound restructuring, beyond cyclical ebbs and flows, driven by large federal and private investments in three areas: the reconstitution and strengthening of our military, the re-onshoring of vulnerable supply chains and critical technologies, and the need for diverse energy sources and resilient infrastructure.”

As home to the world’s largest naval base and the nation’s biggest military shipbuilder, Hampton Roads is the “epicenter of our nation’s security interests,” the letter says, and is likely to benefit from building a larger military, but tariffs and and defense spending cuts are major concerns for the community.
Hurdles to the continued growth of offshore wind and clawbacks of approved funding for environmental resilience and higher education programs are also areas of regional concern, the groups write.

A few months into Trump’s second term, the new administration’s fast-moving and wide-reaching federal policy changes have had a mixed impact on Hampton Roads.

Defense spending has mostly stayed the same or grown, and changes in federal offshore wind policy have not impacted ‘s Coastal Virginia Offshore Wind project, although in August the government withdrew $39.7 million allocated in 2023 to the Norfolk Offshore Wind Logistics Port.

But the president’s trade war and fluctuating tariffs, especially those on Chinese goods, are having an impact on trade at the Port of Virginia and raising costs for certain materials and projects, including CVOW. In May, Dominion Energy Chair, President and CEO said that higher tariffs could boost the wind farm’s cost to $10.9 billion.

Nevertheless, business leaders remain hopeful for the region’s economy and workforce.

“Uncertainty does create opportunity,” says Jared Chalk, chief business officer for the Hampton Roads Alliance. “There are areas of risk, but there’s also areas of opportunity that we can lean in and try to capture in the best way we can.”

The areas of opportunity focus on the military and technology. With continued conflicts in Ukraine and the Middle East, tensions in the Indo-Pacific, the climate crisis, the rise of artificial intelligence and federal upheaval, Chalk says there is a renewed focus on defense and reshoring critical technologies.

“Defense, knowledge work and cyber, energy and unmanned systems, and then transportation logistics are our bread and butter and what we’re focused on when you think about Hampton Roads’ economic position,” he adds. “We’re the 35th, 36th largest metro in the country, but the No. 1 [Department of Defense] spend per capita, and we’re in the top five of the total DOD contract spending behind New York, Boston, Dallas and D.C. So, we’re really punching above our weight in terms of that defense spending.”

Regional businesspeople and analysts also have high hopes for commercializing technology produced for the federal government to create further revenue streams — a necessity if defense spending goes down amid the growing federal debt.

Shawn Avery, president and CEO of the Hampton Roads Workforce Council, says shipbuilders are still in need of skilled workers. Photo by Katherine Zeis

Opportunity knocks

With three submarines and two aircraft carriers being built by NNS, along with ongoing ship repairs, there is a strong demand for skilled maritime workers.

The Hampton Roads Workforce Council has been training workers to meet that demand, says Shawn Avery, the council’s president and CEO. He notes that shipbuilding’s economic impacts ripple beyond the drydocks to second- and third-tier suppliers. Carriers need furniture, paint and many other items, and the more of that can be supplied locally, the better for Hampton Roads’ economy.

And the region’s strength in defense spending can be leveraged by attracting contractors that can also find customers in private industries.

In September 2024, Kongsberg Defence & Aerospace announced plans to invest $71 million to build a Navy missile assembly plant in James City County that will employ about 190 people. But the Norwegian company’s subsidiary also builds undersea robotics and unmanned surface vessels to inspect wind turbines and transatlantic cables.

“Many companies that we’re attracting and having conversations with are like that,” Chalk says. “They have a defense customer, but they can pivot to other things. Their sonar technology might work for defense, but it also works for commercial vessels.”

In 2021, Australia, the United Kingdom and the United States entered into the agreement, in which the U.K. and the U.S. share nuclear propulsion tech with Australia, while the Royal Australian Navy agreed to acquire at least eight nuclear-powered submarines built by HII.

Early in Trump’s second term, Defense Secretary Pete Hegseth said he would continue the nation’s involvement in AUKUS, but in August, the DOD announced it would review AUKUS by this fall. Lawmakers from both parties have urged the White House to continue the partnership for national security reasons, but the agreement also means money for Hampton Roads.

“We view AUKUS as a critical near-term opportunity to grow and diversify our military industrial base,” the Hampton Roads coalition’s letter says.

Beyond the sale of subs to Australia, Chalk notes that the region’s work for the nuclear Navy also places it ahead of the pack in terms of building small modular nuclear reactors, a technology on which Gov. Glenn Youngkin and other leaders are pinning their hopes as energy demand increases substantially due to AI use.

“In Hampton Roads, we’re the only place in the world that’s building small modular reactors,” Chalk says. “We’re putting one on each sub and two on each aircraft carrier. So, we’ve got the talent, and we’ve got a pretty decent supply chain here in Virginia to pivot into the commercial sector there.”

Energy headwinds

Meanwhile, out on the ocean, CVOW is still on track to be completed by the end of 2026, Dominion Energy officials say, but it faces headwinds from Trump administration policies.

As mentioned, the Fortune 500 utility forecasts that construction costs for the wind farm could balloon by more than $506 million if U.S. trade policies remain in place through the end of 2026.

Meanwhile, the fossil-fuel friendly Trump administration has been notably opposed to wind energy, with one official calling wind farms “experimental,” “expensive” and “proven failures.” Under Trump, the federal government has moved to cancel construction of wind farms that have not completed the federal approval process, and the president has halted sales of ocean leases.

This has delayed development on two new ocean leases Dominion purchased last year in North Carolina — projects that were expected to produce up to 4 gigawatts of electricity.

Additionally, in August, the Trump administration issued a halt to construction of the nearly complete $4 billion Revolution Wind offshore wind farm off the coast of Rhode Island and Connecticut, citing the need to review the project for unspecified national security concerns. The administration also previously stopped work for several weeks on a New York offshore wind project.

While Dominion’s offshore wind farm enjoys bipartisan support from Virginia politicians, it’s unclear whether CVOW might fall under the same kind of federal scrutiny at some point.

And although CVOW and LS GreenLink’s $700 million subsea cable manufacturing plant in Chesapeake are still moving forward, other offshore wind investments have stalled locally, despite earlier interest, the letter says. “Wind energy business leaders are now taking a wait-and-see approach to further investment, given the uncertainty of the regulatory environment under the new administration.”

This uncertainty makes diversification from defense investment into private business a necessity, says Robert McNab, professor of economics and director of the Dragas Center for Economic Analysis and Policy at the Strome College of Business at Old Dominion University.

The author of an annual economic forecast for the region, McNab says that diversification “is a chance to play the long game. The battlefield is evolving with the use of drones. If the United States pivots towards unmanned systems that are cheaper than large-scale weapons system platforms, then large-scale systems like carriers may fall by the wayside over the long term.”

McNab sees opportunities in unmanned technology, both for the Department of Defense and the private sector. “Can we leverage this interest and money from the Department of Defense into these unmanned technologies, which also have civilian counterparts in terms of tourism, transportation, delivery, etc.?” McNab asks.

“Why do I say that? Because we know no tree grows to the sky. We know at some point in time the defense budget will come down,” he says, noting that defense spending in the region has doubled this century and is likely to decrease, given the ballooning national debt.

“If you diversify your economic base and you improve your economic resiliency and defense spending doesn’t go down, you’re just still growing faster,” McNab adds. “You’re matching the pace of Nashville and Raleigh and Jacksonville. But if you build out, if you prepare for [spending cuts] and it does happen, then you mitigate some of the worst effects. You don’t turn into a Pittsburgh after the steel industry collapses or Detroit after the auto industry downsizes.”

Ripple effect

The letter, also signed by the heads of the Hampton Roads Executive Roundtable, the Virginia Peninsula Chamber and the Hampton Roads Military and Federal Facilities Alliance, points to several other potential regional risks from new federal policies.

They may not be the headline makers, but federal spending cuts impacting Jefferson Lab, NASA, the Veterans Administration, the U.S. Coast Guard and the National Oceanic and Atmospheric Administration have cascading local effects that will be reflected later this year, McNab and others note.

So far, Northern Virginia has borne the brunt of federal job cuts in the commonwealth, while Hampton Roads has been sheltered by its defense economy, McNab says, but the coastal region will see an economic slowdown related to federal workers who took buyouts this year and officially left the government at the end of September.

Tariffs also could lead to more private sector layoffs, a trend already being seen among government contractors in Northern Virginia.

The Weldon Cooper Center for Public Service at the University of Virginia forecasts higher unemployment for the state later this year, edging up to an average of 3.9% in 2025 and 4.7% in 2026.

Meanwhile, traffic at the Port of Virginia has slowed amid the Trump administration’s trade war. “Volumes are a little soft at the moment, and that is a reflection of the current trade environment,” says Joe Harris, senior director of media relations at the Virginia Port Authority.

While the effects of tariffs accumulate over time, they are also nuanced, especially as Trump continually makes deals with individual countries, as well as increasing and pausing tariffs unpredictably.

Scott Swan, a professor at William & Mary’s Mason School of Business who has produced the Port of Virginia’s economic impact reports, sees “generally positive things among the chaos. It’s baked in right now that it’s probably some short-term negotiation ploy.”

As long as tariffs remain low, Swan says, the effects will be minimal for most industries. “If it changes dramatically from that, if they’re much higher than 10% on average, and if they last longer, then there’ll be … a resettlement about how companies are thinking about this. But the world economy is robust to the chaos right now.”

That resettlement means a realignment of trading partners, as well as fewer Chinese imports, although the United States and China have extended their tariff pause to Nov. 10 as negotiations continue.

But from early April to May 11, when the two countries agreed to their first 90-day pause, the U.S. placed a 145% levy on Chinese goods, and Chinese tariffs on U.S. exports stood at 125%, causing deadlock.

Nonetheless, the Port of Virginia has reacted smartly to this challenge, Swan says. In May, Virginia Port Authority CEO Stephen Edwards said Virginia’s port is “the least-exposed major U.S. port on trade with China,” as about 19% of all trade going through the port comes from China, as opposed to close to 45% of exports into the Port of Los Angeles.

Chalk, meanwhile, sees the disruption from the ongoing federal policy changes as an opportunity for the region to focus on its defense maritime industrial base and grow.

“We’ve got to lean into that,” he adds, “particularly when we see the next decade that there’s a renewed importance on the things that we do here in Hampton Roads.”

Atlantic Park surf lagoon makes waves in Virginia Beach

Summary

For decades, the waters off Virginia Beach have been a proving ground for East Coast surfers. Now, just a short stroll from the ocean, the new Wavegarden lagoon provides wave breaks that don’t depend on the weather.

Seven years after Virginia Beach-raised music and fashion superstar first introduced the idea of building a man-made on the Oceanfront, Atlantic Park Surf opened in August as the centerpiece of the $350 million entertainment project known as Atlantic Park.

The park’s year-round technology, developed by Spain-based Wavegarden Cove, can generate up to 1,000 waves an hour, with 20 different wave types for all skill levels. Wavegarden operates nine parks on five continents and lists 70 more in development. At Atlantic Park Surf, a 55-minute surfing session costs between $90 and $161, depending on wave level and season.

The 2.67-acre lagoon, which started filling with water in June, is about the size of two football fields.

The Virginia Beach site is Wavegarden’s first venture on the East Coast and the closest of its parks to an actual ocean, a fitting location for a city with a long surfing heritage.

“With a strong surf community and high visitation, the only thing missing was consistent waves,” Wavegarden COO Fernando Odriozola said in a statement. “With Atlantic Park Surf, that’s now covered.”

In addition to the surf lagoon and The Dome, Atlantic Park features shopping, restaurants, a 309-unit apartment complex and 20 luxury lodges near the lagoon, and lead developer Venture Realty Group says that other retail and dining options will open through the end of the year.

The Dome, a new 70,000-square-foot indoor-outdoor concert venue with 3,500 capacity, revives the name of the venue that closed in 1994 and hosted Jimi Hendrix and the Rolling Stones, among many others. In May, Three Dog Night played the first show, a suitable choice since the rock band was the final act to perform at the old Dome. Alison Krauss, Maren Morris, Diana Krall, Shaboozey and many others were on the 2025 schedule, set by Live Nation and OVG360, which operate and book the venue.

“Atlantic Park is unlike any other development of its kind in the world,” says Donna MacMillan-Whitaker, managing partner of Venture Realty Group.

“Its conception and final execution is the direct result of pure determination and persistence among the 40 consulting firms and more than 250 individuals who have diligently worked on creating this amazing project.”

Although Atlantic Park is by far the biggest star among the region’s new entertainment venues, there are plenty of others on their way.

Casino action

As of mid-August, Norfolk’s temporary casino is still on track to open in November on the Elizabeth River waterfront next to Harbor Park, according to vice president and general manager Ron Bailey. Named The Interim Gaming Hall, the casino will have 130 slot machines and be open 10 a.m. to 2 a.m. daily.

Meanwhile, construction is simultaneously underway on the permanent, $750 million casino developed by Boyd Gaming and the Pamunkey Indian Tribe. Site work started in February, and the developers expect to complete the project in late 2027. The resort, which will be the state’s fourth casino, will include 13,000 square feet of meeting space, a 65,000-square-foot casino, a 200-room hotel and 1,500 slot machines and 50 table games.

The Interim will be on a smaller scale and employ about 75 people, says Bailey, who began his career as a bellman in San Antonio, Texas, and most recently led Boyd Gaming’s Valley Forge Casino Resort outside of Philadelphia.

The temporary casino will be inside a tent structure, not unlike the facilities you might see at a professional sporting event or concert. Local chef Blake Sehestedt and his Ghost Kitchen brand will operate a food truck nearby.

“We are focused on hiring from the local area,” Bailey says. “With the unique timeframe we have for this, we have the ability to train people over time. There are specialties out there that are opportunity positions like slot techs, where we’ll have the opportunity to get some training and maybe certificates.”

The casino has partnered with Norfolk State University, Old Dominion University and Tidewater Community College for a task force that can develop job pipelines to the casino, which will eventually have about 850 positions when the full casino opens in 2027.

One of Bailey’s biggest challenges, he says, is drumming up support for the casino when delays have slowed the development over the years. Norfolk city voters approved the casino by referendum in 2020, but it took four years and a change in developers for the building to be approved by city leaders late last year.

“There was a lot of skepticism that this project was going to happen,” Bailey says. “My job is to show folks that this is really happening. I’m not here if this isn’t really happening.”

Across the water, Rivers Casino Portsmouth is set to start construction late this year on a $65 million hotel adjacent to its casino on Victory Boulevard. The Landing Hotel will offer 106 rooms and suites, as well as conference space. Developer Rush Street Gaming has hired S.B. Ballard Construction to build the hotel, which is expected to open in early 2027.

In partnership with Yates Construction, Virginia Beach-based S.B. Ballard developed and built the 270,000-square-foot Rivers Casino Portsmouth, which opened in January 2023 as Virginia’s first permanent casino, and the firms are also building Norfolk’s casino.

“We are proud to continue our investment in Portsmouth and to be working again with a local company to expand our offerings for the community and the commonwealth of Virginia,” says Tim Drehkoff, of Rush Street Gaming and Rivers Casino Portsmouth.

Sporting life

Meanwhile, Williamsburg’s new regional indoor sports center is on schedule to open by early summer 2026, says city spokesperson Nicole Trifone. As of August, construction was about 65% complete on the 200,000-square-foot facility, which will include 12 basketball courts that can be converted to volleyball and pickleball courts, plus three indoor soccer fields, a climbing wall and facilities for meetings.

Trifone anticipates the complex will bring in 200,000 visitors in its first year, generating $17 million in direct spending and nearly $900,000 in tax revenue.

The center has already booked several events through the end of 2027, including multiple youth basketball and volleyball tournaments. Large brands like USA Basketball and Adidas have secured dates in 2027, and the biggest commitment has come from North Carolina-based Phenom Hoops, which is set to hold youth basketball events over seven weekends in 2027. They’re designed to give youth athletes exposure to college coaches.

“Larger sports tournaments often look to secure space over a year in advance,” Trifone notes. “Securing long-term commitments from respected event operators like Phenom Hoops helps establish the standard and reputation of the facility from day one.”

Other non-sports events familiar to Williamsburg are scheduled to shift to the center, like the BurgQuest tabletop gaming festival and the Virginia Cat Festival. There’s also a holiday craft show and a Pancake and Bourbon Festival scheduled for the second half of 2026.

Election 2025: Earle-Sears vs Spanberger race guarantees history

Summary

In January, Virginia will inaugurate its first female governor — but that’s about the only thing Virginians can count on. Who will win this fall’s election and what her legislature will look like are still up in the air.

In the Democrats’ corner is former U.S. Rep. Abigail Spanberger, a three-term congressional representative and former CIA officer who grew up in Henrico County. Lauded by some and chided by others for her moderate record, Spanberger has focused her gubernatorial campaign on producing jobs with business-friendly policies, as well as lowering energy, housing and health care costs.

Her Republican opponent is Lt. Gov. Winsome Earle-Sears, elected in 2021 as the state’s first female lieutenant governor, as well as the first Black woman and female military veteran to hold statewide office in Virginia.

A native of Jamaica who immigrated to New York as a child, Earle-Sears is a Marine Corps veteran who represented parts of Norfolk and Virginia Beach as a Republican state delegate in the early 2000s before she unsuccessfully challenged U.S. Rep. Bobby Scott, D-Newport News, for his seat in 2004. A small business owner, she has focused on lowering costs for Virginians, but with an emphasis on tax cuts and ridding the state of wasteful spending.

Statewide polls have consistently placed Spanberger leading the race beyond the margin of error, although an August Roanoke College poll indicated that Earle-Sears has gained ground as Election Day nears.

As of June 30, Spanberger had also considerably outpaced Earle-Sears in campaign fundraising, bringing in $27 million to Earle-Sears’ $11.5 million.

In addition to the gubernatorial candidates, Virginians will choose the state’s next attorney general and lieutenant governor this fall. Also, all 100 seats in the Virginia House of Delegates are up for grabs, determining which party will control the legislative body.

Virginia Business requested interviews with both gubernatorial candidates to discuss their business-focused policies and other major priorities. Spanberger answered questions via email in early September, but Earle-Sears’ campaign did not respond to multiple requests, following an initial contact.

Photographed in 2022, Lt. Gov. Winsome Earle-Sears is the first Black woman to hold statewide office in Virginia and now seeks to become the commonwealth’s first female governor. Photo by AP Photo/Steve Helber

Trump 2.0 impact

While the candidates aim to keep the focus on Virginia issues, is undoubtedly the elephant in the room, especially with the impact on Virginia from his administration’s cuts to the federal workforce and contracts held by Virginia government contractors.

This has been to Spanberger’s benefit during the campaign, as she has been able to connect rising unemployment and job losses directly to the Republican White House — and score points on her opponent’s reluctance to discuss its toll on the state’s federal workforce, which is the second largest in the nation.

In a CNN interview in July, Earle-Sears declined to answer questions about Trump’s federal job cuts, saying, “I want to talk about real issues,” a line that Spanberger’s campaign promptly used in an ad criticizing Earle-Sears’ support for Trump.

The lieutenant governor, after changing campaign management, has spoken more about her military and business-owner background, as well as focusing on parental rights and anti-transgender rhetoric familiar to national political watchers.

In September, an Earle-Sears ad said Spanberger is for “they/them, not us,” referring to Spanberger’s congressional votes supporting transgender people’s access to public bathrooms and school sports.

Even without Trump’s policies disproportionately impacting Virginians, Earle-Sears would be at a disadvantage running for governor with a Republican in the White House, says Stephen Farnsworth, director of the University of Mary Washington’s Center for Leadership and Media Studies. Four years ago, some observers chalked up Democratic former Gov. Terry McAuliffe’s 2021 loss to Republican Glenn Youngkin in part due to Democratic President Joe Biden’s unpopularity.

“Virginians tend to show anger against whoever is in the White House,” Farnsworth says. “The key challenge with the Earle-Sears campaign is dealing with the headwinds from the .”

Earle-Sears, speaking at an August campaign stop in Hopewell, has hewed closely to Gov. Glenn Youngkin’s policies during her run. Photo by AP Photo/Olivia Diaz

Meanwhile, the lieutenant governor, who wrote in her 2020 memoir that Trump shouldn’t run in 2024, still had not received the president’s official endorsement as of mid-September, although Trump said in August he “would” endorse her.

So far, Earle-Sears appears to be hewing closely to the term-limited Youngkin’s agenda, note both Farnsworth and Virginia Commonwealth University political science associate professor Amanda Wintersieck.

“There is not a lot of daylight between [Earle-Sears] and Youngkin,” Wintersieck says, comparing the two to former Vice President Kamala Harris and Biden. “As a successor, you don’t want to criticize your boss.”

However, personality-wise, politicos say, Spanberger and Earle-Sears are both different from Youngkin, a former co- who has been criticized for his lack of communication and negotiations with the legislature, which has been under at least partial Democratic control his entire term.

Youngkin’s biggest casualty was the failed multibillion-dollar Alexandria arena he pitched that would have been home to the Washington Wizards and Capitals teams, a plan blocked by state Senate Democrats who were not consulted before the governor announced it.

Greg Habeeb, a former Republican delegate and now president of lobbying and communications firm Gentry Locke Consulting, says Youngkin’s attitude caused “frustration among Republicans as well as Democrats,” and that Spanberger has a reputation as being “more collaborative” in Congress, even without experience in Richmond.

Earle-Sears, meanwhile, has “had to find ways to work with people across the aisle,” Wintersieck says. “When I talk with people who have worked with her in various capacities, they say she is very pleasant to work with.”

Even if Republicans regain control of the House of Delegates and Earle-Sears were elected governor this fall, she would still need to work with the Democratic majority state Senate, where she occasionally cast tie-breaking votes as lieutenant governor.

However, with wins in statewide and local races this fall, Spanberger and Democrats could run the table.

If Democrats maintain control of the General Assembly, Spanberger will have opportunities to pass legislation with relatively little friction — but political experts say they don’t expect a rerun of 2020-21 under Gov. Ralph Northam, when the state passed some of its most progressive legislation in state history, including legalizing marijuana possession and ending capital punishment.

Speaking in June at the USS Wisconsin in Norfolk, Spanberger has campaigned on producing jobs and lowering energy and health care costs. Photo courtesy Spanberger campaign

Former Republican state Del. Chris Saxman, president of nonpartisan organization Virginia FREE, which focuses on state politics’ impact on business, notes that the legislative “new kids on the block” who arrived with Northam in 2018 had more progressive priorities. Current state House Democrats, especially Speaker Don Scott, are “more pragmatic, more willing to listen to the business community,” Saxman says.

Also, adds Wintersieck, this is a “different political space now compared to 2020-21. I think [Spanberger] will have two solid years to pass her agenda, and a lot of legislation will get through the legislature. Spanberger will bring it back to the , cost of living [and] clean energy around data centers,” as well as protecting abortion rights in the state constitution.

Finally, the second half of Northam’s term hit during COVID and the 2020 national racial justice protests, “so he was moving with his time,” Habeeb notes, but Scott and Spanberger would likely not go as far in pursuing progressive legislation “because of backlash. Scott acts as the brakes.”

Abigail Spanberger, the Democratic candidate for Virginia governor, is a former CIA officer and member of Congress. Photo by AP Photo/Ryan M. Kelly

Competing viewpoints

If elected governor, Spanberger’s major legislative priorities would be to “lower health care, housing and energy costs across the board — including by leveraging all tools available to protect Virginia businesses from tariff uncertainty brought on by the Trump administration,” she wrote in response to Virginia Business’s questions.

“I will work with our General Assembly to build an economy that brings new opportunities to Virginia workers and businesses,” as well as prioritizing the state’s public schools — “not defund them like my opponent would,” Spanberger wrote.

Her agenda also includes “investing in a skilled and prepared workforce, reliable infrastructure, affordable and quality health care, affordable child care and housing for Virginia workers, and strong public schools,” she wrote.

Earle-Sears’ economic platform is focused on reducing the cost of living, including “common-sense tax cuts” such as eliminating the car tax, according to her website. She also is a “staunch supporter of Virginia’s right-to-work policy,” and says that the state’s business- and worker-friendly environment “has contributed to our increased job growth, higher wages and lower unemployment rates.”

Asked about the state’s rising unemployment rate over the past seven months, as well as predictions of more job losses in 2026, Spanberger wrote, “My administration will work aggressively to foster a strong business climate that attracts new economic investment to communities across Virginia and support businesses in Virginia wanting to expand their operations. I will also put the full strength of my administration behind assisting fired federal employees and contractors with finding new jobs that keep these public servants in Virginia.”

In addition to her CNN quote about preferring to focus on “real issues” when asked about , Earle-Sears was captured on audio at a March event saying to supporters, “How many here have ever lost a job? Oh, you mean it’s not unusual? It happens to everybody all the time? OK. The media is making it out to be this huge, huge thing, and I don’t understand why.” MeidasTouch, a liberal media outlet, distributed the audio, which Virginia Democrats seized on to criticize Earle-Sears.

In a June interview with The Hill, the lieutenant governor brought up Youngkin’s talking points about federal job cuts, which include that Virginia has 250,000 job openings statewide and more than $1.5 billion in the state unemployment insurance fund.

As for economic development and business attraction, Spanberger pointed to her “Growing Virginia” plan to attract business investments across the commonwealth and potentially restore Virginia to No. 1 on the CNBC Top States for Business rankings, after it fell to No. 4 this year.

“I will work with the General Assembly to make sure we’re setting up businesses and workers for success in our 21st-century economy,” Spanberger wrote, “including by investing in registered apprenticeship programs for the next generation of Virginians.”

In July, Earle-Sears’ press secretary issued a statement regarding Virginia’s decline in CNBC’s Top States for Business rankings as being the fault of “liberal control in the General Assembly. It’ll be hard-working Virginians who pay the price if Abigail Spanberger is governor.”

Earle-Sears, speaking to The Hill in June, accused Spanberger of “saying that she is going to force all of us, … every single employee, to join a union,” although Spanberger said in May that she would not repeal right-to-work laws. The lieutenant governor went on to say that repealing the state’s right-to-work statute would be “a nightmare” that would cause businesses to “up and move.”

As for energy priorities, Spanberger says she is “committed to the long-term goals of the Virginia Clean Economy Act — and right now, I think we need to focus on how to get there. I also understand that Virginia must meet immediate energy needs with affordable, reliable energy — and that natural gas will continue to be an important part of our energy mix in the short- and medium-term.

“Virginia has the potential to be a global leader in advanced energy technologies — and we must be much more aggressive in our pursuit of building new clean energy generation, including small modular nuclear reactors.”

In a Washington Examiner op-ed addressing energy policy, Earle-Sears echoed Youngkin’s “all of the above” energy plan, including “oil, natural gas, small modular nuclear reactors, biomass and renewable energy,” which “all have a place in our dynamic future.” She calls the VCEA a “disastrous” law that produced a “hefty increase in electricity bills.”

Spanberger supports ‘s $10.9 billion farm in Virginia Beach, which is set to be complete in 2026, but added that the Trump administration has taken a “sledgehammer approach to governing” that is “hurting Virginia,” pointing to the August withdrawal of a $40 million federal grant to an offshore wind facility in Norfolk.

Saxman and other political observers say that Spanberger would need to be careful as governor not to irritate Trump, lest he halt work on the wind farm or engage in some other form of retribution. “I think if you poke that bear across the river, the bear’s going to come out of that cage,” Saxman says. “We’re in a very vulnerable position.”

Earle-Sears, like Youngkin, has been quietly supportive of Dominion’s Coastal Virginia Offshore Wind project, which is about 60% complete. In an interview with Cardinal News, the lieutenant governor said she is “not against solar, not against wind,” a position that puts her at odds with the fossil fuel-friendly Trump administration.

Regarding the increasing energy demand from data centers, Spanberger wrote, “Virginia needs a statewide strategy, not a mandate. … Virginia can benefit from having data centers here — but to reap those benefits, we need to make sure we are accounting and planning for the energy generation, water and other resources needed to support them,” as well as making sure the associated costs don’t drive up household energy rates.

Earle-Sears acknowledged in a July interview with Radio IQ that “data centers aren’t going anywhere,” and in August, she told Cardinal News that she would “bring people to the table and find a compromise” on solving the state’s energy challenges.

Meanwhile, the candidates are also in opposition on the issue of diversity, equity and inclusion programs in the public sector — as well as the Trump administration’s investigations into Virginia universities.

Earle-Sears’ campaign sent out a fundraising email that connected slavery to DEI in May, saying, “Slaves did not die in the fields so that we could call ourselves victims now in 2025.” It went on to call diversity initiatives “DEI nonsense.”

Spanberger, meanwhile, told the Virginia Mercury that she would support universities’ hiring their own counsel to deal with federal investigations and would support making university board appointees’ participation contingent on their confirmation by the state legislature, instead of allowing them to begin sitting on boards immediately after being appointed. A University of Virginia alumna, Spanberger criticized the federal pressure campaign that led to President Jim Ryan’s July resignation.

Addressing another contentious issue between Virginia Democrats and Republicans, Spanberger says she supports creating a legalized retail market for cannabis “that both prioritizes public safety and grows Virginia’s economy,” she wrote. Earle-Sears has not spoken publicly about cannabis retail policy during her gubernatorial campaign but voiced her opposition to recreational marijuana use in 2021.