AGP Executive Report

Data Centers & Power: Stafford County postponed a data-center hearing after staff recommended denying most applications, underscoring growing local resistance as electricity demand and utility costs become campaign issues. Major Investment: M.C. Dean plans to invest $412.5 million in Caroline County, creating 1,950 jobs. State Finances: Virginia’s AAA bond rating was reaffirmed by all three major agencies. Virginia Brands Abroad: Virginia-based Five Guys is expanding in China, opening its first Beijing locations as U.S. fast-food chains court younger consumers. Defense Jobs: A Norfolk maritime repair company plans to add 40 jobs, while Raytheon’s Portsmouth operation won a Navy research contract for radar upgrades.

State Finances: Virginia kept its top AAA bond ratings from all three major agencies, a sign of fiscal strength that can help the state borrow at lower cost. A separate review found state general-fund spending varied widely by locality, reflecting funding formulas and differences in residents’ needs. Power and Data Centers: A federal emergency order directed PJM to dispatch generation and authorize backup power through Oct. 16 amid tight reserves, with the Dominion zone among those facing pressure. Data centers are also drawing scrutiny: a report says Virginia’s tax exemptions cost the state $1.6 billion, while the state ranks first in readiness for AI data centers. Business and Jobs: A Norfolk maritime repair company plans to add 40 jobs, while Virginia Beach-based Haynes Furniture and The Dump are closing after nearly 130 years. Construction also reached a milestone at Live! Casino & Hotel Virginia in Petersburg, a major entertainment project expected to bring new business to the region.

Virginia Innovation: Virginia Tech’s Smart Airspace project tested electric and autonomous aircraft in Southwest Virginia, while a Central Virginia Better Business Bureau partnership is bringing license-tracking technology to businesses. Development & Energy: Henrico supervisors are set to consider six development proposals and nearly $10 million in construction contracts. Meanwhile, residents are challenging data center growth, and the proposed Dominion-NextEra merger faces scrutiny over utility rates. Virginia’s transformer industry is booming as electricity demand climbs. Jobs & Industry: A Norfolk maritime repair company plans to add 40 jobs. Virginia also released $67 million in energy funds to help about 1,000 homes lower bills. Business Shifts: Haynes Furniture and The Dump are closing after nearly 130 years, a major blow to the region’s retail landscape. In Occoquan, former corporate marketer Ben Pagel has turned a side business in collectible books into a new bookstore.

Data Center Oversight: Virginia DEQ cited Google after sediment from construction at its Chesterfield data center reached a stream and wetlands. Google says it has addressed most violations and is strengthening runoff controls. Energy and Utilities: Gov. Spanberger is backing an expansion of community solar, which can help renters and others without suitable rooftops cut power bills. Meanwhile, Fairfax County residents raised concerns about higher bills at a hearing on Dominion Energy’s proposed merger with NextEra; supporters pointed to investment and job opportunities. Development: Affordable housing projects are moving ahead with $97.8 million in financing for a Newport News development and a construction milestone for Alexandria’s $120 million Samuel Madden Homes redevelopment. Business Growth: Electricity demand is fueling a boom in Virginia’s power-transformer industry, while a company has opted not to finalize a New River Valley commerce-park contract that included a proposed data center. Retail: South Korean fried-chicken chain BHC has filed plans for a Chantilly restaurant, its second Northern Virginia location.

Defense Manufacturing: Anduril’s planned $3.7 billion Maryland shipyard and a Navy contract worth up to $2.9 billion could benefit Virginia’s Newport News Shipbuilding, which will receive components for Virginia-class submarines. The facility is expected to begin operating by 2030. Energy & Utilities: A packed Virginia State Corporation Commission hearing highlighted concerns over Dominion Energy’s proposed $67 billion merger with NextEra, including the potential effect on customer bills. In Fairfax, residents also raised concerns about data centers and electricity costs. Retail: Haynes Furniture and The Dump are closing after nearly 130 years, ending a long-running Virginia retail business. Petersburg Development: Live! Casino & Hotel Virginia marked a major construction milestone, with new restaurants announced as the project advances. Local Investment: Virginia communities including Waynesboro, Mount Jackson and Woodstock received Main Street grants for downtown improvements.

Defense Industry: Reston-based General Dynamics named President Danny Deep its next CEO, effective Jan. 1, 2027. Phebe Novakovic will become executive chairman; the contractor reported $52.6 billion in 2025 revenue. Data Center Growth: AI facilities are running into grid connection delays and cooling limits. In Virginia, concerns over data center demand and possible higher utility bills are adding pressure to the debate over Dominion Energy’s proposed merger with NextEra. Small Business: Former teacher Elisabeth Biswas opened Orchard & Ink, an independent bookstore in Virginia Beach, turning a long-held business idea into a new shop selling books, gifts and cider. Rural Health: Centra Southside Community Hospital is among maternity units that have closed as hospitals brace for Medicaid funding cuts, raising concerns about access to childbirth care in rural communities. Retail Rules: A bill awaiting President Trump’s signature would let retailers round cash purchases to the nearest five cents when exact change isn’t available, easing penny shortages.

Utility Merger: Lt. Gov. Ghazala Hashmi opposes Dominion Energy’s proposed $67 billion merger with NextEra, citing residents’ concerns about rising electric bills and insufficient protections. The debate is sharpening as Virginia communities also push back against data centers’ power demands and local impacts. Regional Economy: Hampton Roads is growing, but a new ODU report finds the region’s workforce has shrunk and consumer confidence has fallen. Virginia Business: Richmond-based Hardywood has made its first major acquisition, buying Charlottesville rival Starr Hill Brewery. Defense Industry: Anduril plans a $6.6 billion investment in a Maryland shipyard to expand production of components for Virginia-class submarines, a major boost to the broader regional defense supply chain.

Defense Hiring: Reston-based Blue Sky Innovators plans to grow its workforce from about 120 to more than 150 by the end of 2027 as it expands its secure facility for defense and intelligence clients. Energy and Data Centers: A large crowd raised concerns about electricity bills and data-center demand at a public hearing on Dominion Energy’s proposed $67 billion merger with NextEra Energy; Virginia’s lieutenant governor opposes the deal. Retail Closures: Virginia Beach-based Haynes Furniture and The Dump will close all stores after 128 years as owner E.J. Strelitz retires. Business Expansion: A Norfolk maritime repair company plans to add 40 jobs, while Richmond brewer Hardywood has acquired Crozet-based Starr Hill in a major Virginia beer deal.

Retail: Virginia Beach’s Haynes Furniture and The Dump will close all stores after 128 years, ending a family business as executive chairman E.J. Strelitz retires. Data Centers: A company is eyeing a possible data center in Roanoke County, while Loudoun officials say Amazon needs county approval for a proposed campus at the VSTC site. Energy: A proposed $67 billion Dominion-NextEra merger drew questions and opposition at a Virginia hearing, including concerns about customer rates. Brewing: Richmond-based Hardywood has acquired Crozet’s Starr Hill, consolidating two of Virginia’s best-known craft breweries. Infrastructure: More Peninsula residents are set to gain high-speed internet through a network extension. Development: Petersburg’s $1.4 billion Live! Casino and Hotel Virginia marked a construction milestone and announced new restaurants.

Retail: Haynes Furniture and The Dump are closing all 12 stores after 128 years, ending a family business that began in Norfolk and leaves three Hampton Roads locations among those affected. Utilities: Virginia’s State Corporation Commission held a public hearing on Dominion Energy and NextEra’s proposed $67 billion merger, drawing both support and opposition as regulators weigh a deal that could reshape the region’s largest utility. Local Oversight: Culpeper County supervisors approved talks to expand a forensic audit back to 2021 after preliminary interviews raised concerns about purchasing cards, payroll and oversight; no conclusions have been reached. Development: Henrico is considering zoning rules for recreational marijuana businesses, along with changes allowing taller buildings in some areas. Petersburg: The $1.4 billion Live! Casino & Hotel Virginia reached a construction milestone and announced new restaurants. Breweries: Richmond-based Hardywood is merging with Crozet’s Starr Hill, a major deal for Virginia’s craft-beer industry. Energy Costs: Google pledged $10 million for energy-efficiency efforts in Virginia localities, including Botetourt County.

Energy Costs: As data centers drive up power demand, states are weighing rules to keep residents from footing the bill. In Virginia, residents have also raised concerns about noise and light from a Reston data center expansion. Fuel Prices: Virginia Republicans want a 90-day suspension of state gas and diesel taxes, saying higher-than-expected revenues could cover the lost revenue. Gov. Abigail Spanberger says she is considering relief options. Petersburg Development: Live! Casino & Hotel Virginia has reached its construction topping-out milestone. The project, expected to open in late 2027, projects 1,600 permanent jobs and $2.8 billion in regional economic activity over its first decade. Utility Merger: At the first local hearing on Dominion Energy’s proposed $67 billion merger with NextEra, Virginians voiced support, opposition and concerns over whether promised bill credits would be enough. The state regulator must decide by Jan. 11. Retail Closures: Haynes Furniture and The Dump are closing after 128 years in business, ending a family-run Virginia retail legacy.

Freight & Infrastructure: Virginia secured $90 million in loans to address freight bottlenecks on I-81, a boost for a corridor critical to the state’s economy. Energy Costs: Gov. Abigail Spanberger released more than $67 million for home repairs and efficiency upgrades, targeting lower utility bills for over 1,000 households. Her broader energy plan aims to meet rising demand while addressing affordability and data-center costs. Business Climate: A survey found Northern Virginia business leaders remain upbeat about data centers, though less confident about the national economy. State officials also tout Virginia’s No. 1 national ranking for workforce training. Banking & Growth: Tennessee-based Pinnacle Financial is expanding its Richmond presence with a new Scott’s Addition office, while Virginia’s TowneBank struck a deal to acquire its fourth North Carolina bank. Utilities: Dominion’s proposed merger with NextEra drew public response at a State Corporation Commission hearing, as lawmakers and Lt. Gov. Ghazala Hashmi voiced opposition.

Utility Merger: Virginians voiced sharply divided views at a Newport News hearing on Dominion Energy’s proposed merger with NextEra. Regulators are weighing its effects on power costs, reliability and jobs, with a decision due Jan. 11. Data Center Dispute: Carroll County supervisors rejected changes that would have given the Blue Ridge Economic Development Authority more control over Wildwood Commerce Park, including a proposed 75-acre data center. Residents have called for more information about the project and its impact. Downtown Investment: Virginia awarded $615,000 in grants for 22 downtown revitalization projects, expected to draw more than $230,000 in additional local funding. Business Expansion: TowneBank agreed to acquire a fourth North Carolina bank, while Hardywood named Starr Hill Brewing its first major acquisition—two moves extending Virginia companies’ regional reach.

Data Center Policy: Gov. Abigail Spanberger’s accountability framework calls for more community input, environmental safeguards, affordable power and reliable grid planning as Virginia manages data-center growth. State utility regulators are also urging earlier commitments and ratepayer protections for large new electricity users. Utility Merger: Lt. Gov. Ghazala Hashmi opposes Dominion Energy’s proposed merger with NextEra, citing concerns about higher rates; lawmakers are scrutinizing the deal. Defense Investment: Anduril and the Navy announced a $6.6 billion Maryland shipyard project expected to create 3,100 jobs. It will build Virginia-class submarine components for Newport News Shipbuilding and could bolster Virginia’s defense supply chain. Regional Growth: Rocket Lab plans to expand operations at Wallops, adding to investment activity on Virginia’s Eastern Shore.

Defense & Manufacturing: President Trump and Anduril say a $6.6B Arsenal-2 shipyard at Sparrows Point, Maryland will build Virginia-class submarine components, with up to 3,100 jobs and production targeted for 2030—an effort tied to a $2.9B Navy contract. Local Business & Growth: Roanoke’s RoVa Labs biotech incubator is adding federal support, winning a $1M SBA grant for lab equipment as the city says the facility has grown to nine tenants. Data Centers & Local Control: Lee County supervisors reviewed next steps for a data center ordinance after public pushback and a prior moratorium; separately, Carroll County rejected a data-center authority agreement tied to a planned Wildwood Commerce Park project. Healthcare Services: Virginia Family Chiropractic & Physical Medicine promoted workplace injury rehab and non-surgical options (shockwave therapy and spinal decompression) across Northern Virginia offices. Community & Economy: Richmond’s EDA told the Flying Squirrels to clear out The Diamond or face trespassing, escalating a dispute over the stadium relationship. Business Briefs: Osmow’s marks 25 years and 250 locations; Zoom Room reports double-digit same-store sales growth after a relaunch.

Dominion-NextEra Merger Fight: Virginia’s Lt. Gov. Ghazala Hashmi says she’s “at a breaking point” on energy costs and directly opposes the proposed Dominion-NextEra deal, urging the State Corporation Commission to scrutinize ratepayer impacts as its Jan. 11 decision deadline nears. Energy Affordability Funding: Google is committing $10 million in Virginia for home repairs, weatherization and energy-efficiency upgrades, including $9.5 million to VACAP and $500,000 for workforce development via FLIPP. Defense Manufacturing Push: Anduril plans a $3.7 billion shipyard at Tradepoint Atlantic in Maryland to build Virginia-class submarine components, with thousands of jobs tied to the project and a potential $6.6 billion total contract value. Broadband Upgrade: Shentel finished a fiber-to-the-home upgrade in Buchanan, expanding gigabit-capable service to about 1,000 homes and businesses. AI in Business: A panel at RISMedia warned real estate brokerages not to treat AI as a shortcut, stressing agent competency and data/consumer trust risks. Workplace Spotlight: Pinnacle Financial Partners ranked No. 3 on Fortune’s Best Workplaces in Financial Services & Insurance list for large companies. Local Business News: Pro-Flo Plumbing & Drain Cleaning launched a new website for customers across Southside Virginia and Northern North Carolina.