The race for development

by Robert C. Powell III
Editor
Virginia Business
October 2006

Talk about an engine for economic development. Virginia is trying to catch a ride with NASCAR, the state’s only major league sport. The rapidly growing popularity of stock car racing caught the attention of former Gov. Mark R. Warner, who made the recruitment of motorsports companies a part of the state’s economic development plan. In our cover story, Roanoke-based writer Rod Belcher examines the economic ripples that NASCAR events in Martinsville, Richmond and Bristol, Tenn., already create in Virginia. He also explores the variety of technology and research programs the state is dangling as incentives for motorsports companies that are in the mood to move.

While Virginia’s business climate is good for motorsports, it also remains favorable for construction. The past year witnessed work on a variety of major developments around the state, so we tweaked our annual report on construction this year. Instead of just providing a list of some of the largest projects, Managing Editor Paula Squires overhauled the feature with assistance from Richmond-based writer Otesa Middleton Miles, who wrote a series of profiles on some of the most innovative buildings. They include two museums, the National Museum of the Marine Corps near Quantico and the Art Museum of Western Virginia.

Another annual feature in this issue is our survey of executive compensation. Fairfax–based writer Brett Lieberman finds that pay for Virginia CEOs was all over the board last year because of turnover in the corner office. Some longtime company leaders cashed in as they stepped down while new CEOs reaped handsome raises as they took the helm. We hope readers like the expanded chart.

Finally, Special Projects Editor Jessica Sabbath looks at the changing face of Winchester and Frederick County. The region has been discovered by commercial developers and Northern Virginia commuters looking for more affordable homes. Local economic development leaders have targeted industry sectors that would complement the area’s strengths in an effort to create local jobs and prevent Winchester from becoming just a bedroom community for the Northern Virginia suburbs. Like the NASCAR drivers on the tracks at Martinsville and Richmond, these officials believe they are in a race they can win.