local economy

Gov. Bob McDonnell just announced that Microsoft Corp. will invest up to $499 million to locate their latest generation data center (Gen4) in Mecklenburg County.

After speculation that Martinsville Speedway may  lose one of it's two NASCAR Sprint Cup Series races, Lt. Gov.

Virginia Tech is buying about five acres at an industrial campus off Magruder Boulevard in Hampton, where it will build a new research facility for the National Institute of Aerospace.

Virginia Tech is one of nine colleges and universities that together form the nonprofit graduate education institute. The group conducts aerospace and atmospheric research and develops new technology.

Homeowners in Hampton and surrounding areas will benefit from expansion, which will help bolster the local economy by providing jobs and injecting cash into local businesses.

Read more in the Daily Press....

The Navy has finally granted owernship of the USS Wisconsin to the city of Norfolk, according to the Virginian-Pilot.

The city will take over and begin working to make the entire ship open to the public for tours. But a lot needs to be done before it can open fully to the public, he said. It must be cleaned of any hazardous materials, including asbestos. Then the heating and cooling systems must be overhauled.

The city will begin to use funds set aside years ago to renovate the interior of the ship. Starting on Saturday, guests will also have to pay an admission fee.

Hopefully, the ship will help energize tourism in the city.

"Norfolk officials have eagerly waited for the day when tourists could peer through the battleship Wisconsin's berthing areas and traipse through the ship's combat center.

Now after years of negotiations and environmental reviews, the Navy has finally granted ownership of the Wisconsin to the city.

Vice Adm. David Architzel signed the contract Monday, more than three years after the city asked for permission to maintain and run the Wisconsin as a tourist attraction.

The move will allow the city to begin spending $6.2 million that it set aside years ago to renovate the interior of the ship, which is moored next to Nauticus. Currently, it is partially open to the public.

Visitors can tour limited portions of the Wisconsin's deck. But by next spring, Nauticus director Hank Lynch said he expects to begin offering tours of parts of the ship's interior. Within three years, he said, most of the ship's entire interior will be open, including the combat information center, berthing areas, and the barber and doughnut shops.

'We want to show people everything it took to take care of the 2,000 human beings on that ship,' he said.

But that will all come with a price. Beginning Saturday, anyone who wants to tour the ship's deck will have to buy a ticket to enter Nauticus.

Admission to the Wisconsin is now free. On Saturday, it will cost an adult $10.95 to enter both attractions."

Read the full story.

Some local businesses in Richmond have made some changes to keep their business alive and strong during the recession, according to NBC12.

This is great news for area homeowners because strong businesses help support the local economy, provide jobs and contribute to the tax base which helps keep property taxes from increasing.

"The recession has made it rough for local businesses. When businesses struggle, we often hear about layoffs. But many local companies made other strategic changes that have helped them to survive, and some to thrive. Here's a look at some of the changes that paid off.

At Leo Burke Furniture, they cut every expense they could and rented out part of their store to another store, Goodwill's Second Debut.

'We vacated that space,' said Jack Burke, owner of Leo Burke Furniture. 'That certainly helped to reduce our costs.'

And Burke started selling some furniture on consignment. 'People started asking us if we would take some of their pieces on consignment and we've done that. That worked out beautifully for the consumer. It's worked out fine for us,' he said."

Read the full story.