Note from the President

Doug Smith, Alliance President & CEO

Year to date for 2024, Hampton Roads has led the state in project announcements and job creation. Seven project announcements so far this year came with more than $750 million in capital investment and the creation of nearly 600 new jobs for our region. 

These announcements didn’t just happen. They are the result of regional forces coming together to position this incredible metropolis for the changing economic order. 

Bruce Katz, the cofounder of New Localism Advisors and author of “The New Localism: How Cities Can Thrive in the Age of Populism,” has been working with the Alliance to help with that positioning. 

And we’re just getting started. 

“Because of some big global forces – rising tensions with China, climate crisis – the U.S. economy, catalyzed by unprecedented federal investments, is simultaneously remilitarizing, reshoring and decarbonizing,” Katz said at a Hampton Roads Alliance event earlier this summer. “That values cities and metropolitan areas which have a strong position in defense spending, certain critical technologies and certain parts of the green supply chain.” 

Hampton Roads, he said, “looks like it’s in a favorable position to grow substantially over time.”

The community is starting to see our strengths just through the lens of the company announcements that have happened in the last six months – all of which is anticipated to continue. 

“Your strengths start with an outsized position in shipbuilding and submarine construction and ship repair,” Katz said. “This is very large, and at a time when the U.S. is experiencing a surge in submarine production. You’re at the epicenter of that.”

That is not unrelated to the Hampton Roads position around nuclear power, Katz said, or cybersecurity as a result of our “outsized position around defense” that gives us “competitive advantages with real industry players, research institutions, in other advanced areas of the economy.” 

Katz tells us that “places that have this kind of position need to articulate and communicate that they have this.” 

That’s exactly what we’re doing at the Hampton Roads Alliance and will continue to build on – starting here with the monthly Wave Report. 

Keep reading this month below for other news on regional, state and national economic forces at work. 

Then keep paying attention. 

There’s more coming. 

Even Katz thinks so.

“I think you’re going to grow again. You’re going to become part of the new industrial geography in the United States. The U.S. spent decades offshoring, outsourcing, and globalizing, and it weakened the nation in many respects. We’re now getting back to a more balanced economic growth, which is going to favor places like Hampton Roads.”

Your ally in economic development,

Virginia Forum on Infrastructure and its Impact on Economic Development

The Virginia Chamber Foundation and Hampton Roads Alliance are pleased to present the 2024 Virginia Forum on Infrastructure and Its Impact on Economic Development. In its second year, the 2024 Forum will convene business leaders and industry experts to discuss the connection between energy and economic development, as well as the infrastructure challenges and opportunities in planning for future growth.

Virginia Named America’s Top State For Business In 2024 By CNBC

Virginia has been named as America’s Top State for Business in 2024 due to its outstanding education system and policies that support business growth. This marks Virginia’s sixth time at the top of CNBC’s rankings and its third win in five years, setting a record unmatched by any other state since 2007. The state excels across all 10 categories of the study and ranks third in infrastructure, crucial as billions in federal funds are allocated for new projects. With its strategic location, Virginia offers easy access to a vast population and dominates in global internet traffic through its Northern region, despite challenges in the power grid’s reliability.

Building a Supply Chain Workforce in Hampton Roads

Supply chain management and logistics have changed dramatically in the last decade. There’s growing demand for deeper visibility into every step of the supply chain. Automation is playing an ever-larger role in the movement of goods. Delivery times are shrinking even as supply chain hurdles become more complex. With each of these changes, the supply chain workforce is forced to adapt and adopt new skill sets. In Virginia, where the movement of freight supports more than $350 billion of the annual gross state product, educational institutions are ensuring a workforce is ready to meet the evolving needs of the supply chain industry.

Hampton Roads Executive Airport Continues Expansion to Attract Startups in New Technology

After millions of dollars in years-long infrastructure upgrades, Hampton Roads Executive Airport now plans to attract startups in aircraft innovation and alternative fuels with its latest development. Although the 634-acre facility at the intersection of four major highways had its share of hardships in the past, it continues to soar and act as a gateway to Hampton Roads.

The New Industrial Geography

By all accounts, the U.S. economy is undergoing an industrial transformation of monumental proportions. This transformation is gradually shaping a new industrial geography in the country – across and within metropolitan areas and broader regions — which could have profound implications for sub-national growth and development for decades to come.

Keurig Green Mountain Plant in Isle of Wight County to Close by End of 2024

The Keurig Green Mountain facility in Isle of Wight County will close by the end of the year, the company announced Wednesday, leaving 379 employees without jobs. Keurig Green Mountain began operations at its coffee roasting, grinding and packaging facility in Windsor in 2012. There is no specific date for its closure.

A New Economic Development Agency Lets Hampton Roads Localities Invest in Each Other

Economic development — the efforts by governments to attract new business — is typically the purview of one locality at a time. Businesses, after all, pay taxes and create economic activity wherever they’re located. A new project is called the Eastern Virginia Regional Industrial Facility Authority, or EVRIFA, is one way to move away from competition and closer to cooperation in Hampton Roads. The group wants to spread the cost and benefits of economic development among many localities rather than leaving it all to one.

Ferguson Now Headquartered in the US

Ferguson Enterprises, Inc., a Delaware corporation, announces today Ferguson is now headquartered in Newport News, Virginia following the completion of its corporate reorganization. “We have now completed the final step in our journey to better align our North American operations and leadership with our headquarters and governance,” said Ferguson CEO Kevin Murphy.

Column: Uniting Hampton Roads Would Maximize Economic Opportunity

When we work together as a united community of interest, we make remarkable advances from a position of strength. When we are divided, we undermine our economic prosperity. Creative minds and a commitment to the greater good can prevail.

Construction Begins on Hampton Logistics Center

New York’s Turnbridge Equities and Maryland’s Manekin, both real estate development and investment firms, have begun construction on two Class A industrial warehouse buildings in Hampton off Interstate 64, located less than 20 minutes from the Port of Virginia.

Hampton Roads Partners with College in Western Australia to Train Global Shipbuilders

As they say Down Under, it’s a “g’day” for the future of shipbuilding in Hampton Roads. The Hampton Roads Workforce Council, in collaboration with the Hampton Roads Alliance, forged a new partnership with South Metropolitan TAFE, a technical college in Western Australia, to train the next generation of global shipbuilders as more workers are needed to meet the coming demand for submarines.

Japanese Manufacturer Chooses Virginia Beach International Incubator For New Location

Nose Corporation of America announced in July that it is relocating from Washington State to Hampton Roads and will initially open a location in the Virginia Beach International Incubator. The Virginia Beach Development Authority (VBDA) approved the sublease of the International Incubator space to Nose Corporation of America. Nose Corporation of America is a subsidiary of Nose Kozai, which has been at the forefront of the Japanese manufacturing industry for over 50 years providing thousands of specialized metal parts to industries such as the automobile and aerospace sectors.

INVESTOR SPOTLIGHTS

LS GreenLink Makes Historic $680 Million Investment In Hampton Roads, Virginia

Governor Glenn Youngkin announced that LS GreenLink USA, Inc. will invest $681 million to build a state-of-the-art 750,000-sq.-ft. high-voltage direct current submarine cable manufacturing facility to serve the global offshore wind industry on approximately 100 acres of brownfield in the City of Chesapeake. The new facility will create over 330 full-time jobs. Hampton Roads Alliance President and CEO Doug Smith. “This is a significant event. In addition to the direct benefits to the Hampton Roads economy, this decision reflects our region’s desire and ability to serve as one of the primary hubs of the offshore wind industry in the US.”

Editorial: Plenty of Reasons to Cheer Cable Manufacturer’s Move to Chesapeake

Hampton Roads should be a center of growth and development for the green energy economy, but it has struggled to gain traction in recent years — Dominion’s offshore wind project notwithstanding. That could change soon. The recent announcement by a submarine cable manufacturer that it will build a massive facility in Chesapeake may well be the spark our region needs to finally ignite its potential as a hub for renewable energy production and innovation, bringing broad benefit to Hampton Roads and the larger commonwealth.

HII Hosts Congressional and Australian Delegation at Newport News Shipbuilding

Shipbuilder and all-domain technologies provider HII hosted Rep. Robert C. “Bobby” Scott, D-Va.; Rep. Rob Wittman, R-Va.; and a delegation of Australian parliamentarians at its Newport News Shipbuilding division Friday. The visit was held in support of the trilateral Australia, United Kingdom and United States partnership. HII continues to bolster AUKUS, which set in motion tasking across all three countries to determine the optimal pathway to provide Australia with conventionally armed, nuclear-powered submarines.

Virginia Natural Gas Fuels Workforce Development with $620,000 Investment

Virginia Natural Gas has announced a $620,000 investment in workforce development across southeastern Virginia, underscoring its commitment to community growth and the future of the local workforce. The investment supports organizations recognized for impactful programs and innovative approaches to workforce development, with a special emphasis on young adults, veterans and students at Virginia Historically Black Colleges and Universities.

Divaris Real Estate Celebrates 50 years: From South Africa to the Center of Hampton Roads Retail

Virginia Beach was not even on Gerald Divaris’ radar when he moved here 43 years ago from more than 8,000 miles away. The chairman and chief executive started Divaris Real Estate with his first cousin, Michael Divaris, in South Africa in March 1974. This year, the Virginia Beach-based company celebrates 50 years of staying power. With about 250 employees and 15 offices throughout the U.S., Divaris keeps its pulse on the commercial real estate industry in Hampton Roads and beyond.

Dominion Energy Announces Agreement to Acquire Offshore Wind Lease From Avangrid For Potential Future Regulated Generation Development

Virginia Electric and Power Company, a wholly owned subsidiary of Dominion Energy, Inc. announced that it has agreed to acquire the Kitty Hawk North Wind offshore wind lease and associated developments, which will be known as CVOW-South, from Avangrid, Inc. for approximately $160 million. If approved by regulators and constructed, CVOW-South would have a capacity of 800 MW, enough capacity to serve 200,000 homes and businesses, and the project would connect to the company's transmission grid. 

Chesapeake Hospital Authority Awards Ten 2024 Scholarships

The Chesapeake Hospital Authority awarded 10 scholarships to graduating seniors from Chesapeake and northeast North Carolina high schools during their annual scholarship awards dinner held in June. Each recipient received a $5,000 scholarship to further their education in healthcare. The students were selected based on academic records, character references, community service, interest in the health sciences, and financial need.

Sentara Hospitals Ranked Top Three in the U.S. News & World Report's 2024 Best Regional Hospitals

The U.S. News & World Report released their 2024 rankings for the Best Regional Hospitals and we are proud to see Sentara hospitals are ranked as the top 3 in Hampton Roads. Sentara Norfolk General, Sentara Leigh, and Sentara Virginia Beach General Hospital are ranked 1, 2, and 3 in Hampton Roads.

William & Mary Receives $100M Gift to Expand Marine Science Program

The largest donation to a university in support of marine and coastal sciences was recently made to William & Mary by philanthropist Jane Batten, the school announced. The $100 million gift will support the newly labeled Batten School of Coastal and Marine Sciences at the Gloucester Point campus, providing additional resources to W&M and the Virginia Institute of Marine Science.

Column: ODU-EVMS-Sentara Partnership will Expand the Health Care Workforce

Hampton Roads, like many communities across the country, faces a shortage of health care workers. As a result of the recent integration of Eastern Virginia Medical School (EVMS) into Old Dominion University and our critically important partnership with Sentara Health, Hampton Roads is uniquely situated to face this challenge.

Dominion Energy Begin Installation of Wind Turbines off Virginia Beach Coast

Dominion Energy crews are installing the first pieces of a metal part of the process to build dozens of wind turbines just miles away from the Virginia Beach Oceanfront.

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