Virginia Society of CPAs’ 2023 Interviews

Published October 28, 2022 by Virginia Business

SOUTHWEST VIRGINIA

Tara E. Adams, CPA

Partner | Adams & Delp PC | Wytheville

What are the benefits of living and working in Southwest Virginia?

I love the mountain scenery, access to so many outdoor activities and most of all the sense of community you get in the smaller cities and towns. 

How is the economy faring in your region?

The economy in Southwest Virginia is slowly recovering from the pandemic, with businesses opening back up and people starting to travel. As with anywhere, inflation, labor shortages and supply chain issues are making the recovery more difficult. Labor shortages are still a significant struggle, especially in the food and retail industries.

What local industry do you think has potential for growth?

Tourism has real potential to grow in Southwest Virginia, with enjoyable places to visit that are attractive and more affordable destinations. 

What’s the biggest challenge to doing business in your area?

It can be difficult to attract new, younger talent for the workforce to Southwest Virginia, due to the more rural nature of the area. 

Are housing costs a major issue in your region?

Housing costs have risen in the area, making it more difficult for people to be able to afford a home and there are fewer homes to choose from.

What are the major factors that have had the biggest impact on attracting business to your region?

State and local initiatives, as well as the constant efforts of local governments to lure business to the area and keep a steady pace of growth, have truly paid off.

What are the top obstacles to your region’s economic success?

The region’s economic success has continued to grow over the past decades, with the necessary infrastructure being added to attract new businesses. Labor shortages and an increased minimum wage can be difficult to sustain, especially for smaller businesses in the area. 

HAMPTON ROADS

Justin P. Greene, CPA

Chief Financial Officer | Liberty Live Church | Hampton

What are the benefits of living and working in Hampton Roads?

One of my favorite things about Hampton Roads is the significant part this region has played in U.S. history, plus having quick access to cities, beaches, rural areas.

How is the economy faring in your region?

Having all branches of the military, Newport News Shipbuilding, NASA and many other large organizations insulates our region from extreme economic swings. However, inflation impacts on wages, and operational costs are starting to be felt here like everywhere else.

What local industry/sector do you think has potential for growth?

The tech industry has tremendous potential for growth. There are many companies in our region developing advanced systems that are preparing us for the future.

What’s the biggest challenge to doing business in your area?

Finding and retaining staff is a major challenge. Housing affordability and achieving a certain standard of living can be challenging for young employees in our region.

Has your area recovered from the pandemic, and how is it faring with labor shortages?

While many organizations continue to have an abundance of work, labor shortages are an ongoing challenge affecting every industry.

Are housing costs a major issue in your region?

Housing continues to be a major issue. Even though home values are starting to adjust down somewhat, the recent increase in interest rates keeps affordability out of reach for many.

What are the top two factors that have had the biggest impact on attracting business to your region?

The region provides access to a large population with many resources, including so many colleges and universities to draw from for future staffing.

What are the top two obstacles to your region’s economic success?

Cost of living and availability of housing.

NORTHERN VIRGINIA

Charles F. Helme III, CPA

Managing Principal | Thompson Greenspon | Fairfax

What are the benefits of living and working in Northern Virginia?

The large variety of things to do — cultural activities in D.C. and surrounding area, outdoor activities in mountains to the west, and beaches to the east

How is the economy faring in Northern Virginia?

Overall, very good; however many employers continue to be constrained by labor shortages. Supply chain issues have also affected certain areas of the economy.

What are the biggest challenges to doing business in your area?

High cost of housing and labor. People want to live here, creating demand for housing and putting upward pressure on housing costs. And the increase in interest rates is creating a pause for many buyers — having to either look for cheaper alternatives or save more to qualify for a mortgage.

Has your area recovered from the pandemic, and how is it faring with labor shortages?

We are coping with labor shortages. For businesses that have the ability, attracting remote workers from other areas has helped alleviate the excess labor demands, but not all businesses can do this. Supply chain issues seem to be getting better, but challenges remain.

What factors have had the biggest impact on attracting business to your region?

Continued growth of the economy in our region and higher per capita wealth. Larger companies from across the country want to penetrate our market, and even multinational companies have moved offices here to gain market share or to have a presence in the capital region.

CENTRAL VIRGINIA

Melanie E. Randall, CPA

Treasurer | McKinney & Co. | Ashland

What are the benefits of living and working in Central Virginia?

The area has much to offer the business community, as well as the comforts of everyday life. You can find any niche to fit your personal and professional tastes. The region is home to major players in financial services, manufacturing, nonprofits and logistics.

How is the economy faring in your region?

The region is doing well right now. The unemployment rate is low and the housing market, though slowing down a bit, is still strong. I don’t know about other areas in the state, but the incentive packages the Central Virginia localities present to potential businesses have helped bring economic growth to the region.

What local industry/sector do you think has potential for growth?
Biotechnology, manufacturing and logistics have great potential here. The last two years have added greater focus on the biotech industry and the need for more research. With current supply chain issues, now is the time to expand our manufacturing capabilities. Having Richmond Marine Terminal and interstates 95, 295, 85 and 64, this is a great location for distribution centers.

What’s the biggest challenge to doing business in your area?

Skilled labor

Has your region recovered from the pandemic, and how is it faring with labor shortages?

The region has recovered mostly. The exception would be restaurant and retail staff. Hopefully, they will rebound during the holiday season.

Are housing costs a major issue in your region?

Housing costs are rising, but it seems as if wages are beginning to increase, which helps.

What are the top two factors that have had the biggest impact on attracting business to your region?

Local economic incentives, such as tax rate reductions and bond financing, and a large workforce footprint

What are the top two obstacles to your region’s economic success?

The uncertainty of inflation and interest rate increases.

SHENANDOAH VALLEY

Angela L. Rudolph-Wiseman, CPA

Principal | Rutherford & Johnson PC | Winchester

How is the economy faring in the Shenandoah Valley?

The local economy is stable, although showing indications of potential slowdown. A large area employer tied to the construction industry recently announced layoffs in anticipation of a possible economic downturn. Agriculture, specifically the apple crop, is a big part of the Shenandoah Valley economy. The favorable weather and precipitation have made a good growing season.

What local industry has potential for growth?

Locally, the bioscience industry has growth potential. The Shenandoah Valley has ideal locations for manufacturing facilities.

Has your area recovered from the pandemic, and how is it faring with labor shortages?

Our area has continued recovery from the pandemic, but we aren’t quite there yet. Outdoor festivals and events have been booming this year, exceeding 2019 levels of dollars spent and attendance. Labor shortages are a very real thing, particularly for restaurants and service industries.

What’s the biggest challenge to doing business in your area?

Finding, hiring and retaining qualified talent. Inflation has made it particularly difficult to adequately compensate employees while trying to balance prices to end consumers.

Are housing costs a major issue in your region?

Absolutely. Median home sales prices are up 12.6% in 2022. The scarcity of properties for sale and the increase in interest rates have priced many home buyers out of the market.

What factors have had the biggest impact on attracting business to your region?

Despite local housing challenges, the cost of living is still approximately one-third lower than the D.C. metro area, making the Shenandoah Valley attractive to live in. The proximity to the larger cities allows for a lower-cost location and offers the convenience of international airports and other infrastructure within a short distance.  

Read the 2023 VSCPA survey results and more.

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