Shenandoah Valley Business Journal - July 2018

Volume 19, No. 9, JULY 25, 2018

RETHINKING EDUCATION

HIGHER EDUCATION OFFICIALS PREPARE STUDENTS FOR LABOR FORCE PAGE 6

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SHENANDOAH VALLEY BUSINESS JOURNAL

Wednesday, July 25, 2018

Inside This Issue Focus Section: Education The Shenandoah Valley Business Journal is a monthly publication of the Daily News-Record 231 S. Liberty St., Harrisonburg, VA 22801.

■ ‘We’ve Got To Rethink Education’...................... Page 6

Other Business News

Editorial Staff

■ Virginia Posts Revenue Surplus......................... Page 11

Columns

Staff / Contributing Writers: Derek Blyer

■ Financial Focus with Kathy Armentrout..........Page 3

By email: svbjnews@dnronline.com By fax: 433-9112 By phone: 574-6281 (news) 574-6229 (ads) On The Cover: Students enjoy the warm weather on the James Madison University quad between classes in February.

DN-R File

Contributing Photographer: Daniel Lin

HARRISONBURG — Lenhart Pettit, a law practice in the city, announced in July that Dean “Mac” Nichols has joined the law firm as a shareholder in the Harrisonburg office effective June 1.

According to the announcement, Nichols has more than 32 years’ experience as a practicing attorney.

His practice concentrates on business transactions, tax law, estate planning and administration, and real estate law.

Nichols Lenhart Pettit, a business and litigation law firm with 25 attorneys specializing in more than 23 practice areas, serves clients throughout Virginia and beyond, according

By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803

■ Local Ledger................................................... Page10

Managing Editor: Jerry Blair

Nichols Joins Lenhart Pettit

Contact us

■ Brain Injury Nonprofit Changes Name................Page 4 ■ Home Sale Prices Jumped This Spring............. Page 8

Publisher: Craig A. Bartoldson

Harrisonburg, Va.

to the firm. In addition to Harrisonburg, the firm has an office in Charlottesville.

— Staff Reports

Mendez Named To President’s Club By BB&T For Seventh Time HARRISONBURG — Tom Mendez was named a seven-time recipient of the President’s Club designation by BB&T Insurance Services Inc., according to a company news release.

Mendez was recognized this spring during a reception in Pinehurst, N.C., among the top insurance professionals within BB&T, the fifth-largest insurance broker in the nation, the release states.

Mendez, as vice president and commercial insurance executive, provides See MOVERS, Page 5

Park View Credit Union Returns Home With Marketing Awards HARRISONBURG — At the 25th annual Credit Union National Association conference in San Francisco, Park View Credit Union walked out with four diamond awards for outstanding marketing achievements.

According to a June 20 release announcing the awards, CUNA’s Marketing and Business Development Council and are presented in 35 categories, including advertising and community events.

PVCU’s awards were received for their 2016 annual report, its debit and credit card designs, upgrades in services and its mobile/online banking as well as renovations to the credit union’s Harmony Square, Dayton and VMRC locations.

Park View Credit Union, established in 1969, is a not-for-profit, member-owned cooperative with four branch locations in Harrisonburg and Rockingham County.

— Justin McIlwee

Farm Credit’s City Branch Pays Out $4.2 Million In Dividends HARRISONBURG — The Harrisonburg branch of Farm Credit, a financial cooperative, announced Monday that it had paid out more than $4.2 million in cash to their customer-owners in the form of a patronage dividend this year.

The cooperative distributes a portion of its profits to the institution’s customers, according to a company See SCENE, Page 3

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Wednesday, July 25, 2018

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Consider These Financial Tips For Single Women I

f you’re a single woman, most of your fi- off from work to care for loved ones. This nancial challenges and aspirations may means fewer contributions to Social Securiresemble those of single men. Men and ty, 401(k)s and other retirement plans. women face the same economic stress facFaced with these and other issues, tors of modern life, and both groups have what can you do to help yourself move similar financial goals, such as toward your important goals? the ability to retire comfortably.

Consider these steps: But women still face specific ■ Develop good financial obstacles. You need to be aware habits. Establishing good fiEstablishing good nancial habits can pay off for of these challenges — and do everything you can to overcome you throughout your lifetime. financial habits them. habits can include can pay off for you These For example, women still maintaining a budget, keepthroughout your face a wage gap. In 2017, woming your debts under control, en earned 82 percent of what and putting aside some monlifetime. These men earned, according to the ey for a “rainy day.” habits can included Pew Research Center. HowTake advantage of availever, the wage gap narrows able opportunities. If you maintaining a among younger workers, and work for an organization budget, keeping may even disappear for highthat offers a 401(k) or simiyour debts under lar plan, contribute as much ly educated women, especially those in the STEM fields — scicontrol and putting as you think you can afford. ence, technology, engineering the very least, put in aside some money At and mathematics. enough to earn your employfor a ‘rainy day.’ er’s matching contribution, if Another financial concern for women is connected to their one is offered. And every time role as caregivers. Women spend an average your salary goes up, increase the amount of 12 years out of the workforce to care for you invest in your plan. Also, think about children, elderly relatives and even friends, opening an IRA, which, like a 401(k), can according to an estimate by the Social Se- offer tax-advantaged investment opporcurity Administration. Other studies report tunities. If you have children, you’ll also different figures, but all the evidence points want to explore college savings vehicles, to women being the ones who take time such as a 529 plan.

“

Financial Focus Kathy Armentrout

■ Educate yourself about investing — and get professional advice. Some people think investing is just too complex and mysterious to be understandable.

Yet, with patience and a willingness to learn, you can become quite knowledgeable about how to invest, what you’re investing in and what forces affect the investment world. And to help you create an investment strategy that’s appropriate for your goals, risk tolerance and time horizon, you may also want to work with a financial professional.

■ Discuss financial issues with your future spouse. If you get married or remarried, you’ll want to discuss financial issues with your new spouse.

Specifically, you’ll want to answer questions such as these: What assets

and debts do each of you bring to the marriage? Do you plan to merge your finances or keep them separate? Are your investment styles compatible? Do you have similar long-term goals? You and your new spouse don’t need ide ntical views on every financial topic, but you both need to be willing to work together to advance your common interests.

Ultimately, you have a lot of control over your own financial future.

And making informed choices can help make that future a bright one.

This article was written by Edward Jones for use

by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff. Ave., Suite 100, Harrisonburg; 540-574-1013.

Provides More Than $1.8 Billion In Financing To More Than 10,000 Customers Scene

FROM PAGE 2

press release.

Citing strong earnings in 2017, Farm Credit’s board of directors declared its largest cash patronage dividend of $30 million. This brings the total patronage dividend since 2001 to just over $243 million, the release states.

Farm Credit of the Virginias provides more than $1.8 billion in financing to more than 10,000 farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland,

according to the institution. It is part of a nationwide network, which has been the largest single provider of agricultural credit in the United States for 100 years.

The Harrisonburg branch is at 4646 S. Valley Pike.

— Staff Reports

Shenandoah Valley Partnership Launches Redesigned Website HARRISONBURG — The Shenando-

ah Valley Partnership, an economic development marketing organization, launched a new website.

SVP announced the new site, theshenandoahvalley.com, during its annual meeting Thursday at the Hotel Madison and Shenandoah Valley Conference Center in Harrisonburg.

“Telling the economic development story of the Shenandoah Valley and conveying the work of the SVP is critical on many platforms to reach broad audiences in a competitive global economy,” said Carrie Chenery, the

partnership’s executive director, in a statement. “Having a clean, cohesive, easy-to-navigate website allows us to guide business prospects, economic development project partners, SVP investors, and community leaders through our online business story.”

The website includes a comprehensive market overview and resources that connect targeted industries with available properties, labor market information and industry data.

See SCENE, Page 5

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SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Brain Injury Nonprofit Changes Name Executive Director: Change Better Communicates Scope Of Services It Provides

By DEREK BLYER Daily News-Record

HARRISONBURG — Brain Injury Connections of the Shenandoah Valley Inc. is the new name for the nonprofit formerly known as Crossroads to Brain Injury Recovery. The change took effect in July.

The name change, says Executive Director Tamara Wagester, is to better communicate the scope of the services provided by the Harrisonburg-based program.

“There were enough other businesses and organizations that had the word Crossroads in their name, that we decided to be more clear about what we do by changing our name,” Wagester said.

“We are making everything seamless for our partners, and agencies so it will be

easy for them to transition.”

Brain Injury Connections will send out reminder notifications to agencies and individuals who rely on their services, and all emails are automatically being transferred to the newly named nonprofit organization whose services will remain the same.

Brain Injury Connections, founded in 2005 to serve people with brain injuries, will continue to serve those who need access to resources and services. Since the establishment as a 501(c)3, the nonprofit has grown significantly in the area and has formed partnerships with local educational institutions as well.

In 2007, it became affiliated with James Madison University through the Institute for Innovation of Health and Human Services.

“In one word, ‘amazing,’” is how Wagester describes the partnership. “We are very thankful to be affiliated with James Madison, with the resources they provide.

We are lucky to have students help on a

professional level, through programs and through volunteering. It is from our end definitely been a win-win.”

“While our name has changed, our services remain designed to meet the needs of the individuals we serve and to maximize a person’s independence in the community,” said Jacob Penrod, president of Brain Injury Connections’ board of trustees.

In its mission, the organization is committed to assisting those with the least amount of resources, and does not charge a fee for services.

The program’s main office is in the JMU Campbell Building, 755 Martin Luther King Jr. Way. Brain Injury Connections also maintains a Fishersville office at Wilson Workforce and Rehabilitation Center, Birdsall-Hoover Medical Building, 243 Woodrow Wilson Ave. For more information, call 568-8923 or go online at www.bicsv.org.

Contact Derek Blyer at 574-6265 or dblyer@dnronline.com

“

There were enough other businesses and organizations that had the word Crossroads in their name, that we decided to be more clear about what we do by changing our name.

Tamara Wagester,

executive director for Brain Injury Connections of the Shenandoah Valley Inc.

Where are you headed?

Take more confident steps on your financial journey with someone that will help you make financial choices built on a rock-solid foundation of faith. everence.com/harrisonburg

Banking | Investing | Retirement | Financial Planning | Insurance | Charitable Giving Everence offers credit union services that are federally insured by NCUA. Investments and other products are not NCUA or otherwise federally insured, may involve loss of principal and have no credit union guarantee. All products are not available in all states.

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Active Business, Community Leader Maps Include Recent Road, Street Info Movers

FROM PAGE 2

risk management and insurance brokerage services to businesses, nonprofit organizations and educational institutions throughout Virginia and 20 other states. During his 36 years of experience in the insurance industry, he has earned numerous awards and professional designations, including the Certified Risk Manager, Chartered Life Underwriter and Certified Insurance Counselor designations, according to the Mendez release.

Mendez, 56, is an active business and community leader. In addition to being a member of the Harrisonburg Rotary Club, he is serving on the boards of the United Way of Harrisonburg and Rockingham County, Blue Ridge Community College Educational Foundation and Bridgewater Retirement Community Foundation.

He and his wife, Lori, are parents of six children and reside in Rockingham County.

— Staff Reports

BB&T Insurance Becomes McGriff HARRISONBURG — BB&T Insurance Services is now doing business as McGriff Insurance Services.

According to a release from the firm, as part of a corporate rebranding strategy of BB&T Insurance Holdings, two current retail insurance divisions (BB&TIS and McGriff, Seibels & Williams) were combined with the acquisition of Regions Insurance Group to form McGriff Insurance. The acquisition became effective July 1.

The Harrisonburg office is one of 225 locations throughout the U.S. and through a network of more than 7,300 insurance associates, according to the release. BB&T Insurance Holdings, the fifth-largest insurance broker in the world with 2018 premium volume of $24.5 billion, is a wholly owned subsidiary of Branch Banking and See MOVERS, Page 11

Scene

FROM PAGE 2

Courtland Robinson, the partnership’s director of business development, said the site will help communicate what the Valley has to offer companies locating to set up shop in the Harrisonburg area.

“The construction of SVP’s new online presence brings us closer to our target audience of corporate decision-makers while ensuring that we have an intelligent, multifaceted digital lead generation system in place to assist in catalyzing investment into the Shenandoah Valley,” Robinson said.

— Pete DeLea

Chamber Of Commerce Has New City-County Maps Available HARRISONBURG — The Harrisonburg-Rockingham Chamber of Commerce has new area maps available at its office.

Area residents seeking a map that

includes the most recent road and street information can pick one up at 800 Country Club Road. Visitors are allowed to have one free map.

Bulk quantities are available for a small charge.

— Nolan Stout

Harrisonburg Tourism Releases New Video To Promote Area HARRISONBURG – Harrisonburg Tourism and Visitor Services has released a new video aimed at marketing and promoting the area as a destination for conferences and meetings.

The new video, which can be found online, provides ideas for trips, and showcases the area’s featured attractions, according to a statement from Brenda Black, Harrisonburg’s director of tourism.

“The goal for this video is to visually appeal to businesses and individuals See SCENE, Page 10

Live Edge Beauty Is Pleased to Announce the Addition of a New Shareholder

Dean “Mac” Nichols Dean “Mac” Nichols joined Lenhart Pettit on June 1, 2018, bringing with him over 32 years of law practice experience and a proven track record as an outstanding business and personal attorney. Mac concentrates his practice on business transactions, tax law, estate planning and administration, and real estate law, including Section 1031 exchanges.

By attending continuing education seminars, reading, and researching, Mac prioritizes staying abreast of the ever-changing tax laws to best serve his clients’ interests. He considers the tax implications of all transactions, thus assisting clients to minimize their tax liability and plan for future transactions.

Lenhart Pettit welcomes Mac and his staff who will be excellent additions to the firm.

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Harrisonburg, Va.

‘We’ve Got To Rethink Education’ conversations with our middle schoolers, find out what their personal interests are, and we need to stop talking about education as a four-year degree.”

By DEREK BLYER Anas’ cautionary advice to always Shenandoah Valley Business Journal look to the future aligns with what higher education officials in the HARRISONBURG — Before Shenandoah Valley say they do to leaving his job as director ensure their students — and of economic development the businesses that hire for Rockingham Counthem — succeed.

We need to stop ty, George Anas told John Downey, prestalking about local business leaders ident of Blue Ridge that the community education as a Community College, needs to continuously said today’s emfour-year degree. evaluate how it’s preployers want workparing the next geners who can hit the George Anas, eration for the labor ground running, and county economic force. he suspects the dedevelopment director “We’ve got to rethink mand for skills in entry education in our society,” level positions to continue Anas said in April during the to increase. annual Harrisonburg-Rocking“Thirty years ago, you could ham Chamber of Commerce Economic Outlook Breakfast. “We need to have See EDUCATION, Page 7

Employers Want Workers Who Can Hit Ground Running

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Daniel Lin / DN-R

Kate Dean of Harrisonburg attends a leadership seminar in the Masters of Organizational Leadership course, taught by Dean of Graduate Studies Sue Cockley, earlier this month.

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Students at Eastern Mennonite University participate in a Masters of Organizational Leadership seminar on July 17.

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Undergrad Enrollment Up 30 Percent “I remember when my father told me high school was enough for him, but do a lot of learning on the job, where- telling me, ‘David, you need a four-year as today increasingly companies hope degree,’� said, Brubaker, who is also and expect you to have some specif- director of EMU’s master of business ic skills coming into the workforce,� administration program and its master Downey said. “It’s incumbent upon us of organizational leadership program. as educators to expose students to real “We have seen an evolution of baseline life business situations, to provide requirements in the last three dethem with internships, and to cades.� give classroom knowledge James Madison Univerthat helps them succeed sity’s College of Business when they start or provides one of the more We have seen an advance in their capopular fields of study evolution of baseline reer.� at the institution, said requirements in the While Anas’ comMichael Busing, interments reflected the im dean of the at, and last three decades. fact that many large interest continues to employers in the grow. „ David Brubaker, area need students Undergraduate enEastern Mennonite who can weld, for exrollment is up 30 percent University ample, as opposed to since 2011, he said, and make PowerPoint presenthe college’s enrollment is tations, there’s still demand about 5,000 including graduate for those with bachelor’s degrees students. and more, depending on a students’ in“We struggled to keep up with the terests and goals, educators say. demand. Two years ago, in fact, we David Brubaker, associate professor [added] over 20 new faculty members of organizational studies at Eastern in the business school,� Busing said Mennonite University, said a four-year in an email. “One key factor that led degree is necessary “to enter the pro- to this growth is the demand for our fessional workforce in today’s environment.�

See EDUCATION, Page 9

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SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Home Sale Prices Jumped This Spring

By NOLAN STOUT Daily News-Record

HARRISONBURG — As the flowers bloomed for spring, so did prices for homes in Harrisonburg and Rockingham County.

That didn’t keep buyers from purchasing more houses than this time last year, but local real estate agents say the area is still hungry for more as new listings were snatched up 40 percent more quickly.

In April, May and June, total area sales were up only 2.3 percent from the same period of 2017, but median and average sale prices jumped more than 14 percent, according to multiple listing service data provided by the Harrisonburg-Rockingham Association of Realtors.

For the second quarter of 2018, 396 homes were sold in the metro area, up nine from last year.

The median sales price rose 14.5 percent to $220,000 from $192,000, while the average price of a home increased about the same percentage from $213,543 to $243,975.

The median days houses sat on the market also dropped from 24 days in 2017 to two weeks.

Kemper Funkhouser, supervising broker of Funkhouser Real Estate Group, said the drop in days on the market isn’t surprising because more homes typically sell in the second quarter, primarily with the improving weather as spring settles in.

Year-to-year, over the first six months of 2018, the median time on the market has dropped to 22 days from 33 in 2017.

Since January, 639 homes have been sold, up 20 from the start of 2017, and the median sale price rose to $216,000 from $190,000.

Homes have sold on average for $239,350 in the first half of the year, up from $214,000.

Micah Branson, associate broker at Old Dominion Realty, said the number of sales would easily be higher if there were enough inventory. Unfortunately, Branson said, it’s impossible to determine how many people are looking to buy a home, but haven’t purchased it.

‘Playing Catch-Up’ Funkhouser said the area continues to suffer from a lack of supply and houses are getting multiple offers. He said a balanced market has six months of supply, meaning that if no new homes were listed, it would take six months for everything to sell.

Instead, the city and county have about

Daniel Lin / DN-R

In April, May and June total area home sales were up 2.3 percent from the same period of 2017, but median and average sale prices jumped more than 14 percent, according to listing service data. For the second quarter of 2018, 396 homes were sold in the metro area, up nine from last year. three months’ supply. up,” he said.

“The reality of the Funkhouser said that Branson said the coneconomics of the demand continues to outstruction market seems to market is a new pace inventory. Two years be on the rise. In the past ago, the city and county few years, she’s seen more construction had seven months of supnew construction sell single-family ply. than existing homes. [home] is going to Developers are still That, Branson said, behind the ball since the indicates it’s more lucracost in the area of recession of 2008-09. Aftive to build homes and $350,000.” ter the housing market increase the area’s supply. tanked, home construc“If we’re going to add Kemper Funkhouser, tion ground to a halt but to our inventory, it needs Funkhouser Real demand continued to to be a good financial deEstate Group grow, Funkhouser said. cision to build,” she said.

The market is improvDevelopers also are ing and developers are struggling to keep prices starting to build again, down because of the rebut it’s a game of cat and mouse, he said. alities of the market. Funkhouser said the “We’re seeing that the supply contin- area desperately needs affordable housing ues to be low because of playing catch- under $300,000, but the cost of land, mate-

“

rials and engineering makes it hard to keep prices down.

“There is a greater need for homes that are going to hit the median income market,” Funkhouser said. “The reality of the economics of the market is a new construction single-family [home] is going to cost in the area of $350,000.”

Branson said the area needs more second-step homes, or houses people move into when they sell their first home.

Funkhouser said developers and local governments need to work together and encourage the appropriate housing types.

“We’re a growing area and we don’t have the residential supply to keep up with that,” he said. “People want to see affordable single-family homes.”

Contact Nolan Stout at 574-6278 or nstout@dnronline.com

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Harrisonburg, Va.

Wednesday, July 25, 2018

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2018 Roll of Honor The Daily News-Record wishes to recognize the many businesses, industries, churches and organizations that have played a vital part in the economic growth and prosperity of our beautiful Shenandoah Valley Area.

★ ★ Support Your Local Businesses ★ ★ Daniel Lin / DN-R

Sue Cockley, dean of graduate studies at Eastern Mennonite University, leads a seminar on July 17.

121

YEARS

63

YEARS

Center Connects Students With Employers Education

operational challenges,” Joyce Krech, director of the Harrisonburg SBDC, students. We often hear our employers said in an email. say that they will take as many stuDowney echoed Anas’ and others dents as we can produce.” comments in saying many people JMU is building a new home have the wrong mentality tofor the College of Business ward. near Newman Lake to “A lot of people think, meet the growing de‘I need to go to a Our mentality is a mand. four-year college; it Learning doesn’t doesn’t matter what stepping stone approach. only happen in the major I choose,’” ... Getting the general classroom, though. he said. “I’d like education here helps Organizations the student to relike the Small search and find students as they take the Business Develwhat they want to first step in the process. opment Center do. Our mentality help connect stuis a stepping-stone John Downey, dents with employapproach. For exBlue Ridge ers to get real-world ample, our human experience.

Community College services programs can “We offer students lead to a wide variety opportunities to interof jobs. Getting the general act with local businesses, by education here helps students as matching student class projects or they take the first step in the process.” internships with businesses’ specific needs such as market research, stratContact Derek Blyer at 574-6265 or dblyer@dnronline.com egies or plans, exporting potential, or FROM PAGE 7

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Over 80 Eateries Scene

Local Ledger

FROM PAGE 5

wanting to host a conference, meeting, or just visit the area,” Black said in a press release.

The release states that the city has more than 2,100 guest rooms, two historic districts, 12 city parks and more than 80 locally owned eateries to attract and serve visitors.

For additional information from Harrisonburg Tourism and Visitor Services, visit www.visitharrisonburgva.com.

— Staff Reports

Cadence Expands Electrochemical Grinding Technology At Cranston STAUNTON — Cadence recently expanded its electrochemical grinding technology at the Cranston, R.I., facility.

“This latest technology allows us to produce high precision, burr-free point grinding, as well as complex geometries with a cost effective process for our customers,” stated John Rose, senior project engineer at Cadence RI, according to a company news release.

The new ECG technology also allows grinding to extremely tight tolerances and very low cutting forces for thin wall parts, according to the release.

Cadence, based in Staunton, supplies advanced products and services to medical device and specialty industrial companies worldwide ande employs approximately 500 people worldwide.

— Staff Reports

Harrisonburg, Va.

Central Valley Area Home Sales Median Price Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

June 2018

June 2017

Pct. Change

$224,000 $238,500 $205,450 $145,000 N/A N/A N/A

$186,000 $199,450 $190,000 $148,750 N/A N/A N/A

20.43% 19.58% 8.13% -2.52% N/A N/A N/A

Unemployment Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

May 2018

April 2018

May 2017

3.2% 2.7% 2.9% 3.7% 2.7% 2.8% 3.2%

3.1% 2.5% 2.8% 3.9% 2.5% 2.7% 3.1%

4.5% 3.4% 3.4% 4.6% 3.5% 3.6% 3.9%

Source: Virginia Employment Commission

Labor Force Days On Market Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

June 2018

June 2017

Pct. Change

13 8 87 174 N/A N/A N/A

8 24 90 321 N/A N/A N/A

62.50% -66.67% -3.33% -45.79% N/A N/A -N/A

Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

May 2018

April 2018

May 2017

24,545 41,095 21,258 11,659 37,454 12,046 10,444

25,097 41,885 21,102 11,546 37,444 12,053 10,443

24,280 40,462 21,106 11,669 36,993 11,888 10,292

Source: Virginia Employment Commission

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Units Sold Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

June 2018

June 2017

Pct. Change

54 111 76 10 N/A N/A N/A

46 92 53 18 N/A N/A N/A

17.39% 20.65% 43.40% -44.44% N/A N/A N/A

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

Retail Sales (in millions) Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

May 2018

$119.2 $68.8 $40.7 $19.4 $51.8 $47.9 $51.2

Source: Weldon Cooper Center for Economic and Policy Studies

Harrisonburg, Va.

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Virginia Posts Revenue Surplus The Washington Post

RICHMOND — Virginia banked a revenue surplus of roughly $552 million when the state’s fiscal year ended June 30, Democratic Gov. Ralph Northam reported in July.

The state brought in 6.3 percent more in tax revenue for 2018 than the year before, significantly more than the 3.4 percent increase that officials had anticipated.

The figures are preliminary and will likely be revised in coming weeks, they said.

Both payroll and sales tax collections were up, signaling a growing economy.

But they accounted for less than half the overall surplus. The biggest driver of the increase was nonwithholding income tax collections, a volatile type of revenue that involves individuals making estimated payments on capital gains, dividends, partnerships and interest income.

That surge might have come from wealthy taxpayers rushing to get ahead of changes to federal tax law that go into effect this year, state officials said.

With the state’s unemployment rate down to 3.4 percent, though, Northam

touted the revenue bump as evidence of economic strength.

“I am particularly encouraged by the strong growth in payroll withholding, which is a sign that our investments in building a stronger economy and a more prepared workforce are paying off for Virginians in every corner of the Commonwealth,” Northam said in a statement.

The Republican speaker of the House of Delegates also spread credit to GOP leaders in Washington. “Federal tax cuts passed by Congress and signed by the President, a resurgence in defense spending, and the Republican-led General Assembly’s pro-business policies are leading to strong economic growth in the Commonwealth,” House Speaker Kirk Cox, R-Colonial Heights, said in a news release.

Almost all the extra cash will go into the state’s short-and long-term rainy day funds — shoring up Virginia’s jealously guarded AAA bond rating.

Virginia’s General Assembly struggled to complete a state budget this year, caught up in a fight over whether to accept federal dollars to expand Medicaid under the Affordable Care Act. At the center of

that battle was some $400 million in state money that the federal dollars would free up for other uses.

Republicans in the state Senate who opposed Medicaid expansion pointed out that the state was headed for a surplus anyway and wouldn’t need the federal help to meet other budgetary goals, like giving raises to teachers and law enforcement.

But other lawmakers cautioned that this year’s strong numbers could be a onetime phenomenon, and that it wouldn’t make sense to build a budget around them.

Much of the increased revenue is from estimated payments, and refunds to those taxpayers could change the results.

So when the two-year, $115 billion spending plan was finally adopted in May, the legislature included the federal money for Medicaid expansion and committed most of the increased tax revenue to the state’s rainy day funds.

“This significant surplus will substantially increase the commonwealth’s cash reserves in order to protect taxpayers against a future economic downturn,” Northam said.

Virginia’s economy has been slow to re-

DuPont Credit Union Chairman Earns Golden Service Award Movers

FROM PAGE 5

Trust, the release states.

— Staff Reports

Service Honor For DCCU’s Hamrick WAYNESBORO — Bruce Hamrick, chairman of DuPont Community Credit Union’s Supervisory Committee, was presented the Golden Service Award from the National Association of Credit Union Supervisory and Auditing Committees at their annual conference.

The award is given to a NACUSAC member nominated by Hamrick their credit union for outstanding service.

According to a DuPont news release,

the association’s board selected Hamrick based on his integrity, commitment to building an effective supervisory committee, and ability to collaborate with credit union management and the board of directors.

He has served on DCCU’s supervisory committee for 15 years, and chairman for

the last five years.

DuPont, headquartered in Waynesboro, has 13 locations throughout the central Shenandoah Valley, including branches in Harrisonburg, Verona, Staunton and Woodstock.

— Staff Reports

PORCHES, ARBORS & PERGOLAS, HANDICAP RAMPS

cover from the 2008 recession because the state is so closely tied to federal spending, which has lagged.

And the recovery has been patchy — Northern Virginia and Richmond have been strong, while Hampton Roads is flat and rural areas to the south and west are suffering as industries such as coal and textiles have collapsed.

And Thursday’s numbers were not uniformly positive. The sales tax increase was only a tenth of a percent greater than expected.

Payroll taxes were up 5.4 percent, greater than a projected 3.5 percent. But about half the extra increase was because the Fourth of July holiday fell on a Wednesday “and business tax payers submitt[ed] payments early,” the governor’s office said.

Corporate income tax collections were actually lower than expected, increasing 4.2 percent over last year instead of a projected 5.7 percent increase.

12

Wednesday, July 25, 2018

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.