■ The Big Book
Escaping sequestration’s shadow
Virginia works to diversify its economy by Robert Powell
five years ago. V A budget deal passed by Congress last fall will blunt the
effects of sequestration for the next two years. Federal budget trends are important in Virginia because
so much of its economy is dependent on government spend- ing. Federal defense spending alone accounts for 11.8 percent of the commonwealth’s gross domestic product (GDP), according to a recent Old Dominion University study. From 2010 to 2012, defense spending in Virginia fell
$9.8 billion, with most of the damage being felt in Northern Virginia. Those cuts were a big factor in the commonwealth’s
declining GDP in recent years. Virginia’s economy grew a miniscule 0.02 percent in 2014. The ODU report forecasts an improved growth rate of 1.98 percent this year. Virginia’s dependence on federal spending is one reason
its star has faded in some rankings of the best states to do business in the U.S. Once consistently ranked as No.1 by the financial television network CNBC, for example, the Old Dominion slipped to No. 12 on the latest list. Gov. Terry McAuliffe sees the federal budget deal as a
two-year window that Virginia should wisely use to diversify its economy. Almost every announcement of a new economic development project in the commonwealth includes a refer- ence to his efforts to create a “New Virginia Economy.”
Economic Development ..................................73 Construction & Development .........................79 Largest Companies .........................................87
Education ......................................................101 Tidewater Community College Profi le by Elizabeth Cooper ..........................................102
Studious investment approach by Tim Loughran ................................................106
irginia has received a reprieve from a new round of sequestration, across-the-board federal budget cuts that went into effect during a congressional impasse
A more diversified state economy will be built on the
assets that are outlined in charts and lists on the following pages. The Port of Virginia, for example, is the third-busiest on
the East Coast. Virginia has the second-highest concentration of technology workers in the country. Many of the common- wealth’s colleges and universities are ranked among the best in the country. Their prominence encourages many of Virginia’s top students to stay in their home state, preventing a poten- tial brain drain.
In addition you will find:
Lists of Virginia’s largest publicly traded and private companies, including 35 companies listed on the Fortune 1000, plus the 28 businesses ranked among the 100 fastest-growing in the nation by Inc. magazine.
Enrollment at Virginia’s public and private colleges and a list of their endowments.
Virginia’s top firms in construction, commercial real estate, banking, insurance, health care, accounting and other fields.
The state’s 25 top hospitals, based on annual net patient revenue.
Major contributions by Virginia individuals, corporations and foundations.
These resources can help the commonwealth blaze a new path.
Financial ........................................................117 Health ...........................................................125 Philanthropy ..................................................131 Professional Services .....................................135
Tourism .........................................................145 Plan for high-speed rail from Richmond to Washington, D.C., is chugging along
by Jack Cooksey ...............................................147
www.VirginiaBusiness.com VIRGINIA BUSINESS 71
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