Christine Porath, an accomplished author, and tenured Georgetown business professor, joined the Greater Washington Board of Trade and our guests for on Friday, Oct. 28, as part of the TD Bank Morning Star Speaker Series that gives local business and organization leaders great insight about how to grow and foster success.
Porath shared a variety of examples about how businesses, organizations, and sports teams she has worked with were able to come together and bond through fostering community.
“If you can create community, I really do believe it’s a cure for people, whether they’re struggling in some way, which we know all too many are,” said Porath about how 81 percent of employees are more focused and likely to perform well when there is a community atmosphere within their job.
Porath shared that there are four pillars – self-awareness, physical well-being, mindset, and recovery — to creating happier workplaces and happier employees who want to build and be a part of a thriving workplace community. And emphasized that workplace leaders should know that self-awareness is the most overlooked of these steps. And that recovery is a huge part of keeping workforces engaged when they need to work, but also keeping them from feeling “burned-out,” which she pointed to as an even greater issue since the COVID-19 pandemic has impacted work conditions across the globe.
Questions that Porath answered from the audience included how to create community via employees wanting to work from home more often, how to engage employees to work together that are of different ages, and how to foster community when the people in your community are very diverse and come from different perspectives and backgrounds.
The energy in the room with Porath and our guests really allowed for these questions, and the ones asked by moderator Rosie Allen-Herring, to sink in when she spoke about solutions and obstacles to the concerns business and organization leaders face with their workforces.
One thing that Porath left the room with that Friday morning was that if you are a business leader that leads workforces, you must “walk the walk” as much as you “talk the talk.” And that talking about fostering community in an organization is needed, but if you don’t take actionable steps to make it happen, employees won’t just go along with the idea.
“I’ve talked about the idea of unleashing people and that really gets at giving people choice or autonomy, decision-making discretion … when people feel like their leaders, care about them, and respect them, you know, they feel valued, appreciated, heard, it makes all the difference. That actually is the number one driver of what motivates people at work, like how they perform well,” said Porath.
The moderator for this TD Bank Morning Star Speaker Series event, Rosie Allen-Herring, president and CEO of United Way of the National Capital Area, allowed our guests to feel truly engaged. Her more than 30 years of experience in the areas of corporate finance, strategic leadership, public and private partnerships, corporate philanthropy, and community investment, was invaluable for the discussion.
A huge thank you to our sponsor for this event TD Bank and its regional president, Terry Kenny, for helping the Greater Washington Board of Trade help grow workforce solutions and promote success for business in our region.
“If you’re a company in Virginia or a prospective founder, or you’re someone who wants to move a company to Virginia, my goal is to get to yes. I want to figure out how we get to yes, in a way that’s a win-win.” — Caren Merrick, Virginia Secretary of Commerce and Trade
Caren Merrick, Virginia Secretary of Commerce and Trade joined Chris Lloyd in a discussion about Virginia business opportunities and growth.
WASHINGTON – The Greater Washington Board of Trade’s Regional Policy Leadership Series was honored to have Caren Merrick, Virginia Secretary for Commerce and Trade, join regional professionals on Wednesday, Oct. 26, for a webinar focused on how she and her team are helping grow business ventures in Northern Virginia along with the Greater Washington area.
The discussion between Secretary Merrick and moderator Chris Lloyd, of McGuireWoods Consulting LLC, focused on growing Virginia’s workforce talent, economic mobility in the region, how Virginia is looking to grow small business opportunities along with recruiting global companies to Northern Virginia, and how public-private partnerships can keep the region as one of the fastest growing in the nation.
“Our goal is to take Virginia to the next level. And so how do we do that? Well, the first thing that we need to do is understand what businesses are looking for. When they are either they’re already here in Virginia, or they are thinking about relocating or opening up (factory) plants. And so, what are they looking for? They’re looking for sites that are ready, they’re looking for an area where their employees want to live and work,” said Merrick.
The Regional Policy Leadership Series webinar also covered a variety of questions that pertained to economic initiatives and technology industry focuses that impact the Northern Virginia region.
Secretary Merrick acknowledged how important it is to see companies like Boeing and Raytheon move to Northern Virginia. And that it is important that the region not lose its status as a hotbed for technology businesses that bring tech talent needed to drive growth in the region.
A way to do this in the Northern Virginia area is by looking at housing, and how the state can create more affordable housing and workforce housing for people coming to the state. And that businesses working with Virginia to create housing is a vital part of making sure the best talent can live, along with work, in the state of Virginia.
“We are open to a variety of bold ideas on how we help solve the housing shortage. And we have the Governor’s housing conference coming up in November. We want to unveil a few more ideas on how we solve the housing shortage … There may be a much bigger role for businesses to fulfill in not only workforce talent pipeline, but also in workforce housing,” said Merrick about the Governor speaking at the upcoming conference.
An engaging conversation sparked by McGuireWoods Consulting, Chris Lloyd, shared how Secretary Merrick and Virginia are supportive of working with both D.C. and Maryland to establish collaboration for regional business opportunities that can benefit the entire Greater Washington area.
“I’ve met with a lot of the business leaders and the economic development experts, and there’s a lot of opportunity to collaborate. I would like to see us collaborate in that way to form, perhaps, a Research Triangle Park. Like what they have in North Carolina. Or dig into the biosciences together as a region and pursue that,” said Merrick. “I know there are organizations that are wanting to do this type of collaboration regionally, with quantum computing or hydrogen technologies. And so, I think that the Greater Washington Board of Trade is very well positioned to bring together and convene the right group of people to help solve these problems together, or to tackle opportunities to bring certain types of industries to our region where everyone is going to benefit.”
Secretary Merrick challenged guests who attended the Regional Policy Leadership Series to think about what it would be like if businesses could work closer with states and local governments to promote economic opportunities. And that public-private partnership and working together, will help create a more impactful business community in Virginia and the Greater Washington area.
“I have a challenge for everyone here. What would become possible for us if we worked together more closely to solve these problems? What would become possible for your business and for Northern Virginia? If you got a group of your colleagues in a room or group of your fellow business leaders in a room and you said let’s whiteboard how to solve these problems? Let’s imagine the government isn’t even going to get that involved,” said Merrick. “What would become possible if we took the initiative and the leadership and the ownership to solve some of these problems? Not to say that you’re not already doing that. But what would become possible if you did it on a whole new level? Because right now, for the next three and a half years, you have a highly skilled team of this is people who understand the shoes that you walk in, and who want to work with you to solve problems and to build whole new ways of doing things that will far outlast the four-year term that we have.”
Secretary Merrick heads into her second year under Virginia Governor Glenn Youngkin’s administration and is a business leader with over 25 years of experience launching growth companies and reinventing businesses in Virginia. She was the founding CEO of the Virginia Ready Initiative, a public-private partnership co-founded by Governor Glenn Youngkin and First Lady Suzanne in the early days of the COVID-19 pandemic.
Her background in working between public-private partnerships in this region showed us great insight into how Virginia is working to grow business opportunities and allow our audience to really engage about a variety of topics that impact the Greater Washington region’s business environment.
View the whole discussion with Secretary Merrick here.
This Regional Policy Leadership Series was presented by webinar was presented by McGuireWoods Consulting LLC and McGuireWoods. Supporting Sponsors of the event are Comcast, Holland & Knight, and G.S. Proctor & Associates, INC. Thank you for supporting the Greater Washington Board of Trade and our region’s business community.
Broader Questions and Answers from Secretary Merrick’s discussion with the Greater Washington Board of Trade and McGuireWoods Consulting:
Q: Data centers are obviously very important to Northern Virginia’s economy. What kind of activity level are you seeing what’s the administration doing to keep that growth going, particularly when you see other regions Atlanta, Phoenix, Chicago, and others starting to grab some of that growth?
A:Data centers are very, very important in Northern Virginia to us. And you may have read that there are some energy issues. Remember, I was talking about energy a few minutes ago, and how important it is to companies and Dominion Energy announced that they were having some forecasting issues. And so, we’re on that we’re meeting almost daily with a data center representative or Dominion Energy or often both to resolve that problem.
Q: How is the state adjusting some of its thinking about talent in a remote or a hybrid work environment? How is the state looking at it from an incentives perspective? And what are some of the ways that the state can be involved in getting people back to work? The governor speaks about the reduction in workforce participation in the state. And that’s been a major challenge holding Virginia back to from getting to as many jobs as we had pre-COVID. Can you talk about some of those topics a little bit?
A: There is a labor shortage across the country, every state is feeling it. However, Virginia’s labor force participation rate is at historic lows, and there are competing states, the ones I mentioned earlier, are the ones that we pay very close attention to. We have an economic data book that’s that thick. I mean, we measure and compare ourselves constantly on a variety of metrics. Take North Carolina, for example, their labor force participation rate is lower than Virginia. But they have not only filled all the jobs that were lost during COVID. But they’ve exceeded that we still haven’t filled all of those, those jobs that were lost. So, we have 300,000 open jobs in Virginia. We have 100,000 More Virginians working than we did on inauguration day. So, we’re heading in the right direction. And we’re delighted about that.
Q: What can you share with us what the administration is doing to help other businesses relocate to the region? And what is the state and particularly your office doing to increase and maintain Virginia’s economic competitiveness?
A:Governor Younkin is a high-growth-minded businessman. And so our goal is to take Virginia to the next level. And so how do we do that? Well, the first thing that we need to do is understand what businesses are looking for. When they are either they’re already here in Virginia, or they are thinking about relocating or opening up plants. And so, what are they looking for, they’re looking for sites that are ready, they’re looking for an area where their employees want to live and work. They’re looking for a business environment where they can flourish. That is friendly, tax-friendly for them. And they’re looking, I believe, for a state government that helps them get to yes, a state government that helps make it easier to do business here in Virginia. And so, we have been investing in sites we have $150 million just this year that was passed in the budget for us to develop sites for businesses to relocate to we’re also looking at Northern Virginia, in terms of what are its assets and amplifying those and investing in those. And so, we know we have amazing universities in Northern Virginia, and we are working closely with them on a variety of measures to help them train Virginians for in-demand jobs. So we would like to see the outcome and education be a job. And we’re working very closely with universities to achieve that. And one other thing that we are working on, particularly in northern Virginia is a challenge. And that has to do with housing, that we have had out-migration from Northern Virginia, we think that they’re that a large part of that is the cost of housing. So, you’ll see the governor making some announcements in the near term, particularly in the next legislative session, to help Virginia increase its supply of accessible housing of affordable housing and more abundant housing.
On Friday October 7, the Greater Washington Board of Trade hosted a webinar with transportation experts and business leaders to talk about the benefits of collecting and using bus data to strengthen transportation growth for the region.
The webinar is part of MetroNow’s Bus Champions Webinar Series that promotes bus transit in the region so it can evolve alongside rail transit and is not left behind, as the area is projected to grow by 1.5 million people in the next 20 years.
The webinar’s moderator, Jack McDougle, president & CEO of the Greater Washington Board of Trade, opened the webinar by speaking about how buses are vital to the Greater Washington area. He expressed that people like himself, who use buses to get to work, need more efficient bus systems that work together to create better transportation experiences and allow for better economic growth across the region.
“We want to make sure we have the best (bus) systems possible for all of us across the region. It is no surprise we’re ranked in the top 5 nationally in traffic congestion, which is not good,” said Jack McDougle. “So being proactive in keeping up with the region’s transit needs must happen now, not later.”
The panelists highlighted this federal effort and explained how General Transit Feed Specification (GTFS) data collection can help transit organizations and agencies dig deeper into bus data and how crucial it is to stay on the offensive to create better customer opportunities.
The emphasis from the panelists on how consumer data can help people travel more efficiently in day-to-day life was of great value to local professionals and business leaders from the MetroNow coalition that joined the webinar. From better timing on bus routes to showing how people move across the region on different transit systems, panelists laid out in detail how vital it is to know logistically and holistically how people commute.
Robert Puentes, who follows transportation legislation and initiatives closely at the Eno Center of Transportation, spoke about why the Greater Washington area has moved towards the future and has been innovative in the transportation community but that buses have been forgotten about.
“Even though we spend a lot of time talking about rail and talking about all these other new technological tools, we’ve forgotten about buses over the years. And so, part of the reason that this bus transformation project was initiated in the first place is because bus (transportation) is an enormously important part of how our region functions, how our economy functions,” said Puentes. “We’ve neglected the people that rely on the bus as a mode of transportation.”
To express how data is being used in real-time to help customers, WMATA Vice President of Planning Allison Davis shared how her organization’s 1,500 buses collect data that can better eliminate gaps in routes and better help plan for how WMATA should adjust to create better bus availability. Davis said some of the data collected by WMATA shows how fast its buses travel down roads, when bus doors open at stops, and when people board buses. And that matching up this data can go a long way to mitigate problems customers see as they travel.
Davis also announced the launch of Better Bus: Network Redesign Project, the first comprehensive effort in 50-year history to re-envision a customer-focused bus network for the National Capital Region. This initiative will rethink, redesign, and revitalize bus service.
“We need to be competitive and connect people with where they want to go at times of day and times of the week that they need to be traveling,” said Davis.
Michael Helta of MDOT and MTA and Allan Fye of NVTC fostered the webinar conversation around bus data to grow further with insight into how Northern Virginia and southern Maryland are using bus transit data. Both shared how the investment in data collection by their organizations has been a game changer. And that at the end of the day, we can’t forget about bus systems and why it’s a must to connect data across the Greater Washington region as customers continue to depend heavily on public transportation systems.
Helta also spoke about how MDOT and MTA have started to invest in artificial intelligence to help the state’s transit authorities fill in the gaps and better serve customers. And how his team worked to help transportation workers in Maryland better understand why certain data needs to be collected to help create better bus systems.
“We had to sit with bus dispatchers and get them to understand why putting an assignment to a bus in real time was important. Because if a bus is not assigned to a block in real-time, we’re not going to get real-time information to the passengers waiting for it at the end of the stop,” said Helta. “Because in the past, it didn’t matter because that (data) didn’t go out. And so, it’s those types of things that bring it all the way to the front lines. Letting them (transit workers) know that they are a critical part to this big data solution.”
Allan Fye furthered this and shared that NVTC has invested in data because they need to make decisions now, not down the road. And why his organization has based its more significant transportation priorities and planning because of the data, it has received.
“Really big companies have been able to monetize big data. And we’re finally catching up when it comes to the transit world, which is why we are putting so much time and effort into making sure that we’re building this giant database of information,” said Fye. “We’re (Northern Virginia) growing at a rapid rate. We can’t survive and be economically competitive if everybody is driving.”
All four panelists agreed that sharing transit data across the region is essential to create economic growth and help our region prepare for a significant population increase. And that a major investment in bus data collection can ensure the Greater Washington area does not fall behind.
“Don’t forget about bus (transportation),” added Fye. “It’s the backbone of transportation in the region. There is a lot of good (through data) that can help us solve transportation problems in the region.”
MetroNow has Six Key Initiatives for busing in the Greater Washington area in 2022: Launch WMATA’s Regional Bus Network redesign process; Build 10 miles of new bus lanes and create a bus lane enforcement strategy; Create a regional strategy to retain and recruit bus operators; Create a strategy for zero emissions infrastructure and workforce; Consolidate regional data on bus operations and create a regional strategy to address the transit funding fiscal cliff.
Want more from the series? The next MetroNow webinar will be held in November and focus on creating a regional strategy to address the transit funding fiscal cliff.
The Regional Policy Leadership Series, invites elected leaders to participate in open conversations on regional policies, priorities and issues impacting the business community.
Last week, Steve Proctor, president and CEO of G.S. Proctor & Associates lead the discussion with Maryland Senate President Bill Ferguson and Maryland Speaker of the House Adrienne A. Jones.
Mental health, transportation and workforce development were among the top issues that legislators will address in the 2023 Maryland General Assembly. A key theme throughout the discussion was the importance of a clear line of communication with the District and Virginia as well as the business community to create a more prosperous, accessible, and livable region.
The Board of Trade and our members are committed to addressing these challenges and elevating the region’s inclusive growth and global competitiveness.
Did you miss the conversation? Watch the full interview below or read a detailed recap of the conversation on Maryland Matters.
Want more from this series? Register for the next Regional Policy Conversations:
On September 8th we brought 100 members to Navy Yard and introduced them to the new, innovative DC Water HQO where we held our TD Bank Morning Star Speaker Series.
Dr. Wallace J. Nichols shared inspirational messages about how being in, on, or near water is beneficial to all aspects of your life – personal and professional.
We heard from TD Bank, SmithGroup and Brunswick who shared case studies on a wide range of ESG topics followed by a panel discussion moderated by DC Water.
The Board of Trade is dedicated to bringing our members content that is top of mind and will help organizations thrive in Greater Washington.
Want more? Click here to view TD Bank’s 2021 ESG Report. Learn more about the TD Ready Challenge, a grant initiative promoting innovative solutions for climate change. Read related articles from TD Economics here.
On June 9, 2022, the Greater Washington Board of Trade hosted the third briefing on Capital Market Volatility in the Emerging Economic Threats series presented by McGuireWoods LLP. Leading the discussion was Axios’ Market Correspondent, Matt Phillips, with panelists that included Dan Crowley, Partner at K&L Gates, Aditya Bhave, Senior US & Global Economist at Bank of America, and Jonathan Wright, Professor of Economics at The Johns Hopkins University.
Matt Phillips did a fantastic job setting the tone of the conversation and using up to the minute reports and data to frame up the discussion. The briefing covered a broad range of topics including inflation, interest rates, policy and regulatory issues, recession, national debt and more. Read the key highlights below.
What’s the state of the economy?
The economy is relatively strong, despite the first quarter GDP figures. Negative growth rates were largely driven by distortions to trade and inventory figures related to supply chain disruptions. There is a very strong labor market, particularly with lower income households, which gives them some buffer from the shock of inflation. Both consumer spending and capital expenditure have been accelerating in the last few quarters which are good indicators for a strong economy.
There are some concerns if inflation continues for the long term, how long can the consumer hold up against these pressures. There is about $2 trillion in consumer savings that have built up over the course of the pandemic and there is great potential of releasing some of that back into the economy. One sector where this is proving to be the case is the travel sector – it’s been called revenge travel whereas the consumer has been unable to travel and with this pent-up demand, they’re holding back no expense, spending more money and staying longer now that pandemic restrictions are being lifted.
What is the Federal Reserve doing?
The Fed is issuing a quick tightening cycle on interest rates because they are a little behind the curve, particularly from the latest announcement, raising interest rates by 75 basis points in the latest round of rate hikes. For 30 years, policy makers have worried about inflation and the only problem is that it’s coming in too low. The good news is that the Fed knows the tools needed to get inflation down. It’s more than likely that the Fed continues to raise interest rates by at least 50 basis points until there is some distinct cooling in monthly inflation.
Forecasting is difficult at the best of times, generally going off past experiences but in this particular situation, we don’t have anything to compare to so for the most part, our crystal ball to forecast is broken. The Fed’s target for inflation is still 2% but we’re seeing much more elevated levels and with core PCE (personal consumption expenditures) still above 3%, the Fed will have to keep raising interest rates until things tamper down. All in all, we see inflation continuing through the remainder of the year.
What policy or regulatory moves are coming down the pipeline?
There are a number of new proposed rules and regulations that may be passed by the current Congress. Recently, the Securities and Exchange Commission (SEC) proposed new rules on disclosing climate risks along with ESG and human capital. While they are just proposals, it’s likely they will become rules moving forward. Senators Lummis and Gillibrand just announced a bipartisan bill to regulate cryptocurrency, stable coins, NFTs, and other digital assets so that has to work its way through both the senate and house of representatives.
During the credit crisis of 2007/2008, there was a massive outcry on spending $700 billion to bail out these firms. Ultimately, that was scaled back to about $500 billion, and it created the TARP program or troubled asset relief program. That program essentially paid for itself, even making the taxpayer about $100 billion in profit and counting. Because of the pandemic, we’ve spent roughly $5 trillion dollars though the CARES Act and the Bipartisan Infrastructure Law. The Build Back Better bill would have added an additional $4-5 trillion to the staggering $30 trillion sovereign debt our country is already carrying. With that said, there will be much fewer spending bills added as interest rates rise because more and more of the budget will be put towards paying interest payments on our debt. If any more spending bills do pass both the house and senate this year it will likely be some type of Omnibus spending bill that could include rules for cannabis banking, especially since 37 states have legalized it.
Is a recession imminent?
It’s certainly likely that we’re heading into a recession if we’re not already in one. The recent indicator of a bear market on wall street as the S&P 500 declined by more than 20% year-to-date is one sign. High inflation of 8.6% in May, up from 6.3% in April coupled with higher interest rates is another indicator. The slowdown in the housing market with available homes for sale and increased mortgage rates tends to subscribe to recessionary pressures.
When asked about a potential for a “Volker Shock” style recession, Jonathan Wright quickly diminished this theory by comparing the potential recession we are facing to the recession in 2001, following the collapse of technology stocks. It was short and mild and there are many arguments that it didn’t even occur at all. However, all panelists did agree that a recession is likely.
This webinar proved to be another spirited discussion in our Emerging Economic Threats series presented by McGuireWoods LLC. Join us on June 21st for the next part in the series as we dive into Regional Emergency Preparedness. We’d like to take this opportunity to thank all our panelists for their incredible insights into a complex topic and to Matt Phillips of Axios for moderating. We would also like to thank McGuireWoods LLC for their support in making this series a possibility.
The comments made by panelist do not necessarily represent the official position of their organization, the Board of Trade or its members.
Washington, DC: May 18, 2022 – This is an exciting time for professional sports in our region, and the Greater Washington Board of Trade, in partnership with Grant Thornton, announces the establishment of the Regional Sports Council (RSC) composed of the region’s professional teams. The Council will 1) examine the economic and community impacts of professional sports franchises across the region 2) work to improve the operational environment for these franchises.
The Council’s launch will take place on May 23rd at the Ronald Reagan International Trade Center, as part of the Board of Trade’s Morning Star Series presented by TD Bank. This event, featuring a moderated Q&A panel with the business leaders from the Washington Commanders, Washington Nationals, Monumental Sports & Entertainment (Washington Mystics, Washington Wizards, Washington Capitals), and D.C. United, is open to Board of Trade membership, invited guests, and members of the media with limited availability for seating.
“Our teams are firmly on the national stage and are getting the recognition they so richly deserve. Not only is our region a growing hotbed for innovation and technology as well as host for the federal government, but we are also a world-class sports destination,” said Jack McDougle, President and CEO of the Greater Washington Board of Trade. “This Council recognizes the importance of professional sports to our economy and communities, providing an opportunity to further support and build this vital industry sector.”
The Regional Sports Council will examine the positive impacts of professional sports on job creation, economic development, small business creation and support, inclusive growth, tax revenues, community building, tourism, and more.
The Council will also work with the business community to accomplish broader regional objectives in areas such as transportation, transit and infrastructure, wage parity and growth, increasing supplier diversity, and elevating localized vendors.
About the Greater Washington Board of Trade: The Greater Washington Board of Trade, a member driven business organization, provides connections, advocacy, analysis, and programs to elevate the business community and improve member businesses. Pro-business and non-partisan, the Board of Trade addresses business concerns that stretch across the District of Columbia, suburban Maryland, and Northern Virginia, with a priority focus on building a skilled workforce, enhancing innovation, attracting investment, and fostering regional collaboration. This work is backed by a diverse membership, sound analysis and more than 130 years of experience. Learn more at www.bot.org or follow @GWBoardofTrade on Twitter.
Aerospace giant Boeing is moving its global headquarters to Arlington, Virginia, from Chicago and is creating a research and technology hub in the D.C. region, the company announced Thursday.
Boeing President and CEO Dave Calhoun said the move will put corporate workers in close proximity to key government and military stakeholders. It’ll also better position the company — which is the U.S.’s largest exporter employing 140,000 people — to attract “world-class engineering and technical talent,” Calhoun said in a statement.
Gov. Glenn Youngkin, a Republican, and Democratic Sen. Mark Warner have been working on the deal for some time. Warner said he started conversations last year and Youngkin has a personal relationship with Calhoun, a Virginia state official said. A large incentive package was not involved in the relocation discussions, this official said.
Boeing, a corporation with a market capitalization of $89 billion, makes commercial airliners like the 787 Dreamliner and 737 as well as military cargo planes, fighter jets, satellites and rockets.
Boeing already has a large presence in Arlington’s Crystal City section with its Defense, Space and Security unit centered there. That division moved from St. Louis in 2017 to be closer to government and military decision-makers.
The company’s commercial aviation division is headquartered in Seattle, Washington, and its services division is focused in Plano, Texas. Calhoun said Boeing will continue to operate an office in Chicago but with a reduced physical footprint.
As part of the announcement, Boeing said it will build a research and technology hub in Northern Virginia. The new hub will focus on cybersecurity, autonomous operations, quantum sciences and software and systems engineering.
“As the former Governor of Virginia, I was proud to secure Virginia’s standing as the best state for business and the best-managed state, among other honors, and I’ve been proud to work in my role as Senator to help continue to cultivate the kind of pro-business environment that world-class companies like Boeing need to grow and thrive,” Warner said in a statement.
“I look forward to working with Boeing to attract even more talent to Virginia especially given its reputation for engineering excellence. From day one, our goal has been to make Virginia the best place to live, work, and raise a family,” Youngkin added in his own written statement.
Arlington is already home to several aerospace and defense contractors like Boeing. Amazon is building its satellite headquarters complex — nicknamed Amazon HQ2 — in Crystal City as well.
While Virginia lawmakers applauded Boeing’s move, not all legislators are happy. House of Representatives Transportation Committee Chair Peter DeFazio (D-Ore.) blasted the decision.
“Moving their headquarters to Chicago and away from their roots in the Pacific Northwest was a tragic mistake,” DeFazio said. “Moving their headquarters again, this time to be closer to the federal regulators and policymakers in Washington, D.C. is another step in the wrong direction. Boeing’s problem isn’t a lack of access to government, but rather its ongoing production problems and the failures of management and the board that led to the fatal crashes of the 737 Max.”
Facility would replace current outdoor boarding areas, expand passenger amenities, support new jobs
APRIL 7, 2022 – The Metropolitan Washington Airports Authority is proposing a new concourse at Washington Dulles International Airport to replace outdoor boarding areas currently used by regional flights, upgrade aircraft service facilities and bring new conveniences and amenities to passengers.
The proposed “Tier-2 Concourse (East)” would be a modern 14-gate facility with convenient access to the airport’s underground Aerotrain system and would include new shops, restaurants and other customer services as well as the latest aircraft-servicing technologies to accommodate future needs. It would replace gates built in the 1990s at the eastern end of Concourse A, where many regional-flight passengers currently go outdoors to access their planes via covered walkways.
“This new concourse would represent a major improvement in the passenger experience at the regional gates,” said Airports Authority President and CEO Jack Potter, calling the project “the first step in a long-term strategy to expand and enhance the facilities and services at Dulles International Airport as we look toward the future.”
To attain partial funding for the project, the Airports Authority has applied for a Federal Aviation Administration grant under the recently enacted Bipartisan Infrastructure Law, which includes a competitive grant program to help airports upgrade or replace aging facilities. The application seeks $230 million to begin development of the 400,000-square-foot facility, which is expected to ultimately cost between $500 million and $800 million. The Airports Authority is working with United Airlines, the largest carrier serving Dulles, and other airlines in planning the design, funding and construction of the new concourse.
“United recognizes the critical importance this new concourse will serve both as an economic driver and job creator in the region,” said Nathan Lopp, vice president, Corporate Real Estate. “This state of the art facility will also help deliver a best in class customer experience for our passengers at Dulles, and provide them with more flights to more destinations—the same goals we have for our United Next strategy. As the leading airline at Washington Dulles, we strongly encourage the Federal Aviation Administration to approve MWAA’s grant application.”
Potter said that once the Tier-2 Concourse (East) proposal receives all the necessary approvals for construction and funding, the project would provide hundreds of construction and service jobs, and he also noted that the Airports Authority has completed all the necessary studies for the project under the National Environmental Policy Act, making the project “shovel ready” under guidelines of the FAA grant program. The proposed concourse also meets additional criteria of the FAA program, including:
Improved convenience and connectivity for travelers navigating the airport;
More space (400,000 square feet versus 110,000 square feet in the current facility) for larger seating areas, more concessions, airline lounges, ADA-compliant restrooms, and other amenities;
Larger operational areas for servicing aircraft, handling baggage and other airport and airline support functions; and
Enhanced sustainability features, including electric vehicles to service aircraft and carry passengers, increased usage of the electric Aerotrain to move passengers to and from the new gates; energy-efficient construction featuring LED lighting, high R-value insulation and high-efficiency climate control systems that will follow LEED Silver building standards.
In 2021, the Airports Authority opened a new 14-gate concourse for regional flights at Reagan National Airport, which replaced outdoor boarding areas with spacious new seating areas, concessions and other amenities. The construction program at Reagan National, called Project Journey, also added two large security screening buildings to provide new services and improve the passenger experience.
This article was contributed by a member organization of the Greater Washington Board of Trade and does not necessarily represent the official position of the Board of Trade or its members.
Investment Will Spur Economic Development and Support Physical and Mental Health Initiatives in Historic Anacostia and throughout DC
APRIL 5, 2022 – Bank of America announced an investment of nearly $43 million directly impacting economic and social opportunity in Southeast and Southwest Washington, D.C. as part of its commitment to local communities. Through affordable housing projects and partnerships with local nonprofits, including Building Bridges Across the River (BBAR), the Washington Area Community Investment Fund (Wacif), and Bread for the City, the funding and grant package will address housing, workforce development, healthcare and small business efforts in the region.
“These are the types of investments that give more DC residents a fair shot,” said Mayor Muriel Bowser. “Bank of America and the organizations it’s partnering with know DC, they know what our residents and neighborhoods need to thrive, and I’m confident in their ability to help us realize our shared goal of building a more equitable and connected DC.”
Aligned with Bank of America’s $1.25 billion, five-year commitment to help advance racial equality and economic opportunity in local communities, the funding is aimed at improving the area’s long-term economic growth and stability.
As part of its commitment to safe, affordable housing, Bank of America has invested $39 million in the mixed-use affordable housing development, MDL Flats Apartments, in the Buzzard Point neighborhood of Southwest D.C. The bank’s funding will help provide 76 units for individuals and families in need of affordable housing in the community.
Building Bridges Across the River (BBAR), a nonprofit dedicated to providing residents east of the Anacostia River with a thriving, equitable community, is receiving a total of $1.25 million to build the 11th Street Bridge spanning the Anacostia River, D.C.’s first elevated public park. To help fund construction of the bridge and further environmental education efforts, BBAR will receive a $1 million grant. BBAR will also receive $250,000 to support workforce development efforts to train Ward 8 residents in construction skills necessary for employment opportunities to help build the park.
“We are thrilled about Bank of America’s investment in the 11th Street Bridge Park and our workforce training strategies,” said Rahsaan Bernard, President, Building Bridges Across the River.” This naming gift for the environmental education plaza moves us one step closer to realizing this community driven civic space that will literally and figuratively bridge D.C.”
The bank is providing $1 million in support to the Washington Area Community Investment Fund (Wacif) to help to fund the acquisition and redevelopment of the Anacostia Arts Center to promote small business development in the region. Wacif, which helps promote equity and economic opportunity in underserved D.C. area communities, will create a new hub for inclusive, diverse entrepreneurship in the heart of Historic Anacostia and hopes to support more than 1,000 underserved entrepreneurs over five years.
“As a long-term, strategic partner in our mission and growth, we are delighted to deepen our work with Bank of America by reimagining the Anacostia Arts Center as a new regional hub for inclusive entrepreneurship,” said Wacif CEO Harold B. Pettigrew, Jr. “This critical gift accelerates Wacif’s efforts to scale investments that help small businesses recover and be resilient, and drives our commitment to deploy greater capital to under resourced entrepreneurs and create thousands of local jobs in the years ahead.”
To support mental and preventive healthcare in the region, Bread For the City, a nonprofit providing D.C. residents living with lower income with resources and services to reduce the burden of poverty, is receiving $1 million. The grant will help Bread For the City provide critical care, such as health screenings, nutrition consultation and mental wellness treatments, in its Anacostia clinic.
“The partnership with Bank of America, the Ward 8 Community Economic Development Initiative and Bread for the City is helping us provide much needed behavioral health support and care to young ward 8 residents and their families as they struggle with the trauma caused by the intersection of pandemic, and the persistent socioeconomic disparities that are so prevalent in the community,” said George Jones, CEO of Bread for the City.
This announcement is the latest in a series of investments that Bank of America has made in the Greater Washington, D.C. community. In 2021, Bank of America invested $350 million in local grants and additional capital investments to help finance small businesses, affordable housing, and other economic revitalization projects benefiting communities throughout the Washington region.
“Through our business offerings, our partnerships with non-profit and community leaders, and the trust of our neighbors, we are driving meaningful growth and helping create opportunity and prosperity in Anacostia, and throughout the DMV,” said Larry Di Rita, President of Bank of America Greater Washington, D.C.
Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
This article was contributed by a member organization of the Greater Washington Board of Trade and does not necessarily represent the official position of the Board of Trade or its members.
