n The Big Book
Two scenarios V
irginia Business presents its sixth annual Big Book at a time of economic and political change.
In December, a Republican-controlled
Congress passed the most sweeping federal tax reform bill in 30 years, a move widely applauded by the nation’s business community. Just one month before, however, Vir-
ginia Republicans were defeated in races for governor, li eutenant governor and attorney general and nearly lost their majority in the House of Delegates. The Democratic wave of victories was seen as a reaction to the 2016 election of President Donald Trump. The events suggest two possible scenarios
for the upcoming mid-term elections this fall: Under one scenario, tax reform infuses
new confidence in the U.S. economy, giving congressional Republicans momentum going into the elections. Under the second scenario, growing
opposition to Trump’s impulsive leadership leads to a political wave like the one seen in Virginia, resulting in Democratic majorities in both houses of Congress. The direction of the federal govern-
ment in either case will have a big impact on Virginia’s economy. Federal spending accounts for 30 percent of the Old Domin- ion’s gross domestic product (GDP). In its “2017 State of the Common-
wealth Report,” released in November, the Center for Economic Analysis and Policy at Old Dominion University noted that Virginia’s real GDP growth in 2016 was 0.6 percent, at a time when the U.S. economy was expanding at 1.6 percent.
Economic Development ....... 74
New crackdown on immigrant workforce
by Tim Loughran ....................75 Construction & Development ... 81 Largest Companies .............. 91
The direction of Virginia’s economy still depends on the federal government by Robert Powell
The center predicted that Virginia’s
2017 GDP would clock in at 1.8 percent, still expected to be below the national aver- age. In figures released in late January by the U.S. Bureau of Economic Analysis, Vir- ginia’s third-quarter GDP was 2.3 percent. ODU economists blame Virginia’s
sluggish performance on lower federal government spending. In fiscal year 2015, Virginia was the top state in annual federal spending per capita ($17,502), annual per capita spending on federal contracts ($5,819) and annual per-capita defense spending ($6,324). Virginia also had annual total federal salaries and wages of more than $20 billion. In his State of the Union address in
January, Trump called on Congress to end defense spending limits, known as seques- tration, set in the 2011 Budget Control Act. The two-year spending bill passed by Congress in February raises spending caps and provides an additional $165 billion to the Pentagon. The Big Book section includes two
stories looking at how the actions of the federal government already are impacting Virginia businesses. One story examines the effects of tax
reform on banks, manufacturers, contrac- tors, real estate companies and accounting firms (Page 114). The second story looks at the potential
fallout from the Trump administration’s plan to end Temporary Protected Status for 190,0000 to 200,000 Salvadorans living in the U.S. The Washington, D.C., area is home to one of the largest concentrations of
Education ........................... 103 Old Dominion University Profi le by Elizabeth Cooper ............104
Financial ............................. 113 Companies weigh effects of federal tax reform by Tim Loughran ..................114
www.VirginiaBusiness.com
Salvadorans in the U.S. where they work in a variety of industries (Page 75). The Big Book also marks a significant
milestone for one of the oldest law firms in Virginia, Roanoke-based Woods Rogers (Page 134). The company, which employs 78 attorneys in offices in Roanoke, Char- lottesville, Lynchburg and Richmond, is celebrating its 125th
anniversary this year. As it has for the past five years, the
Big Book includes charts and lists examin- ing wide swaths of the commonwealth’s economy. They include: • The top economic development proj- ects of 2017 in terms of job production and investment.
• Port of Virginia statistics showing its exports, imports and major trading partners.
• Lists of Virginia leaders in architecture, engineering, construction and commer- cial real estate.
• The state’s biggest publicly traded and privately held companies plus its fastest-growing small companies.
• The enrollment at Virginia’s public and private, nonprofit colleges plus a profile on Old Dominion University.
• Virginia’s largest banks and credit unions. • Its biggest hospitals, nursing homes, and health and life insurers.
• Top philanthropic gifts by Virginia individuals, corporations and foundations.
• The largest law and accounting firms in the commonwealth.
• And its biggest conference hotels and busiest airports.
Health ................................ 124 Philanthropy ....................... 129
Professional Services .......... 133 125th anniversary by Richard Foster ................134
Tourism .............................. 145 VIRGINIA BUSINESS 73
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