What’s next?
Pandemic reveals strengths, vulnerabilities of state’s economy
Published
This time last year, Virginia’s fortunes seemed as high as Clemente Development Co. Inc.’s proposed 600-foot Iconic Tower.
Part of Clemente’s long-planned, 3-million-square-foot The View at Tysons mixed development, the Iconic Tower was to be the tallest commercial structure between Philadelphia and Charlotte, North Carolina.
But then the coronavirus pandemic hit and now Clemente has hit pause on the project until it becomes clear what the post-pandemic demand for office space will look like.
Once again named the No. 1 state for business by CNBC in summer 2019, Virginia was sitting atop a peak of prosperity before COVID-19.
But a year after the first lockdown, the pandemic’s resulting economic downturn has had many industries, such as restaurants and hospitality businesses, facing a precipice. More than 65,000 Virginians remain unemployed after nearly 12 months.
The coronavirus has decimated Virginia’s tourism sector, particularly restaurants, amusement parks and hotels. Brick-and-mortar retailers and small business owners across many industries continue to struggle, and essential questions remain in many industries.
On the positive end, however, government contractors continued to win lucrative federal contracts in 2020, and construction companies had plenty of work in the pipeline last year. Virginia’s data center boom continues, and the market for distribution centers and warehouses has grown exponentially.
And even though Virginia and the nation are only in the early stages of vaccinating people against the virus, we are already speaking in terms of “before” the pandemic and “after.”
Key questions remain to be answered, however: How many people will continue to work remotely after herd immunity is achieved, and will business travel and large conventions be as big a part of work as they were in the before times? What will be the impact on small businesses in central business districts? And what will happen in rural areas that may not spring back as quickly as large urban centers?
Many Virginians will return to something similar to pre-pandemic life in coming months as more people are vaccinated. Others will start training for new careers based on new economic demands for tech workers, shipbuilders and health care providers. Others will continue working chiefly from home, with in-person meetings here and there. Some chefs and restaurant owners will reopen for full service or start new ventures.
The following pages of The Big Book take a deeper look at these trends and many other events from the last year, exploring how Virginia’s economy has performed across several key sectors, including economic development, ports and shipping, construction and commercial real estate, accounting, law, banking and finance, insurance, hotels and more. And like always, you’ll find a host of valuable, up-to-date reference lists covering everything from Virginia’s largest public and private companies to the commonwealth’s top law firms and craft breweries.
Most Influential Virginians
Economic Development
A slow climb back: Companies still investing, but jobs remain scarce.
Charts:
- Virginia companies on the Fortune 1000
- Top 10 sectors by investment
- Top 10 sectors by employment
- Virginia’s rankings
- Top 15 projects by investment
- Top 15 projects by projected employment
- Port stats
Construction & Development
Brick by brick: Construction industry stays busy during pandemic.
Charts:
- Architectural and engineering firms*
- General contractors*
- Commercial real estate firms*
- A sampling of Virginia’s major road projects
*Partial list – full lists available for purchase at VirginiaBusiness.com/lists.
Largest companies
Pressing on: In a rocky year, Virginia’s biggest companies still landed major deals
Charts:
- Largest public companies*
- Virginia companies on the Black Enterprise 100
- Inc. 500 companies located in Virginia
- Largest private companies*
- Defense contracts
- Mergers & acquisitions
*Partial list – full lists available for purchase at VirginiaBusiness.com/lists.
Education
Remote learning: Students adjust to Zoom, while colleges pore over finances.
Charts:
- Colleges & universities (private, nonprofit)
- Colleges & universities (public)
- Community colleges
- Endowments at Virginia colleges and universities
Financial
Life preservers: Virginia banks helped companies secure vital PPP loans.
Charts:
- SHOOK top wealth advisers in Virginia
- Banks & thrifts
- Credit unions
- Top SBA lenders – Virginia District Office
- Insurance brokers
Health
Emergency test: Pandemic stressed health systems, care providers.
Charts:
- Top hospitals by revenue
- Health and accident insurers
- Life insurers
- Virginia’s top nursing and rehabilitation facilities by revenue
Philanthropy
Unbound giving: Philanthropy pivots to COVID- and social justice-related causes.
Charts:
- Donations by companies and corporate foundations
- The 50 largest Virginia charities
- Donations by independent foundations and groups
- Donations by individuals and family foundations
Professional Services
Legal challenges: Virginia’s law firms go virtual amid pandemic.
Charts:
*Partial list – full lists available for purchase at VirginiaBusiness.com/lists.
Tourism
Better times ahead: Lodging, tourism, travel industries look ahead to recovery.
Charts:
- Conference hotels
- Top 10 craft breweries by barrels of beer produced annually
- Virginia’s commercial airports
- Virginia’s distilleries
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