Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News Reports The Big Book What’s next?

What’s next?

Pandemic reveals strengths, vulnerabilities of state’s economy

Published March 1, 2021 by Kate Andrews

Rendering of The Helix. Photo courtesy Amazon
In February, Amazon unveiled an expanded design for its HQ2 campus under construction in Arlington. Rendering courtesy Amazon.com Inc.

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

  • 50 most influential Virginians
  • On the move

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:

  • Law firms*
  • Accounting firms*
  • Lobbyists
  • Chambers of commerce

*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

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

Related Stories

No related posts.

Trending

13th annual Best Places to Work

Report: Air taxis could land Va. $16B in new biz by 2045

Magical moments

Morrissey’s Petersburg casino bill fails in Senate Finance

Cox expands Myers’ role to East Coast

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

13th annual Best Places to Work

Report: Air taxis could land Va. $16B in new biz by 2045

Magical moments

Morrissey’s Petersburg casino bill fails in Senate Finance

Cox expands Myers’ role to East Coast

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk