2018 VSCPA Survey: Hampton Roads

Published October 27, 2017 by Veronica Garabelli

Andrew Martin

Vice president/principal, CPA

Corbin & Co. PC

Chesapeake

How would you describe the economic climate in your part of the state?

I would generally describe the economic climate as positive and optimistic in Hampton Roads. I think that if regulation and uncertainty could be reduced, things could get even better.

What is your region doing well to retain/attract businesses?

Our region is making it a priority to attract businesses and thus their policy in other areas of governance reflects this and makes it attractive for businesses. One way that this is done is encouraging the community colleges to implement technical courses of training that satisfy the demands of local employers (e.g. welding programs to fit the demand of the ship repair industry in Hampton Roads).

What’s the biggest impediment to doing business in the area?

I think the biggest impediment to doing business in Hampton Roads centers around transportation, which is made more difficult by the amount of water crossings required to conduct commerce. We need to be able to effectively maintain the roadways and bridges/tunnels that we have as well as efficiently respond to needs for new ones. This will require a cohesive regional approach to the problem.

What major economic development project in your region are you most excited about?

I am most excited about the subsea fiber-optic cables that are coming on shore in Virginia Beach from Europe and South America along with the “mega-site” approved in Chesapeake. I think that these two developments will allow our region to further diversify its commercial interests and make us less reliant on Department of Defense spending.

What is the No. 1 item on your tax reform wish list?

That it happens! I think that it is imperative to get business tax reform in place in order to remove the uncertainty for business owners. I think this applies to both federal and state business tax reform in order to allow businesses to develop and implement long-term growth and expansion plans. Once business owners get a commitment from regulators as to what the rules are, they can make commitments to their employees and communities.

Photo by Mark Rhodes.