Feasibility Study Company Independent Feasibility Analysis

Virginia · Markets and Records

Virginia Feasibility Studies

Virginia kept the sales and use tax exemption for data centers in its 2026 budget and added a tax on the electricity their operators consume, collected from July 1, 2026 to June 30, 2028, as Holland & Knight summarized the change on August 20, 2026 1. Retail customers in the state bought 138,044,772 MWh of power in 2024, at an all-sector average of 10.62 cents per kWh 2. Feasibility Study Company prepares feasibility studies in Virginia for the owners and developers of projects and for their SBA, USDA and bank lenders, each study built from dated records like the ones on this page, from Richmond and Hampton Roads to Roanoke and the Shenandoah Valley.

Request a methodology briefing The data center tax ledger
29,147MW
Net summer generating capacity in Virginia in 2024, from EIA's state electricity profile 2
22,400
Federal jobs Virginia lost between November 2024 and November 2025, in Virginia Works data as ARLnow reported it 3
$1,665
Average weekly wage across all covered employment in Virginia, first quarter of 2026 4
8.88M
Virginia residents on July 1, 2025, by the Weldon Cooper Center's estimate 5
The Record in Brief

Power sold to data centers, a federal payroll that shrank in 2025, and eight markets with records of their own.

Feasibility Study Company prepares independent feasibility studies for projects in Virginia, written for the owner or developer and for the lender who has to approve the loan: an SBA 7(a) or 504 lender, USDA Rural Development, a bank, or the sponsor of an EB-5 offering. Someone looking for a Virginia feasibility study consultant usually needs one thing from the document, a demand and cost case that a credit officer can trace back to dated public sources. This page lays out those sources for Virginia and says where they stop.

Electricity is where the Virginia record begins. EIA's profile of the state for 2024 counts 138,044,772 MWh of retail sales, an all-sector average price of 10.62 cents per kWh and 29,147 MW of net summer generating capacity 2. Data centers are why that profile reaches the state budget: their sales and use tax exemption survived the 2026 session, and a new tax on the electricity data center operators use began on July 1, 2026 1. What the exemption costs the treasury is reported two ways for one fiscal year, and the power section prints both estimates beside each other without choosing between them.

Payroll is the second thread. BLS counted 4,250.6 thousand seasonally adjusted nonfarm jobs in Virginia for September 2026, a preliminary figure 13, and Virginia Works data that ARLnow reported on January 8, 2026 showed 22,400 fewer federal jobs in November 2025 than a year before 3. Most of the federal workforce that lives in Virginia lives in the counties across the Potomac from Washington 7, and those counties are covered on their own page, Northern Virginia feasibility studies. Elsewhere the cuts show up inside public payrolls that BLS counts for Richmond and Hampton Roads, which mix federal, state and local employers in one line.

The third thread is the markets. Eight are read on this page: Richmond, Hampton Roads, Roanoke, Charlottesville, Lynchburg, Blacksburg-Christiansburg, Harrisonburg and Winchester. Each has a BLS payroll count for September 2026, a quarterly employment count for its central city or county, Realtor.com listing prices and an FHFA price index; Richmond, Hampton Roads and Roanoke add broker readings, and two of the eight cross a state line. The market overview sets out the boundaries, and each market section names the jurisdictions its figures cover.

Power and Data Centers

What Virginia's grid sold in 2024, and two published estimates of what the data center exemption costs.

EIA's Virginia profile for 2024, released on November 10, 2025, is the statewide power record: retail sales of 138,044,772 MWh, an average retail price of 10.62 cents per kWh across all sectors, and net summer generating capacity of 29,147 MW 2. The average blends households, businesses and industry. A commercial or industrial price for Virginia was not in the research, so a study prices electricity from the serving utility's tariff for the project's rate class and uses the statewide average only to check that the result is in proportion.

Two published estimates put a cost on the sales and use tax exemption that data centers claim, and both are for fiscal 2023. Holland & Knight, in its alert of August 20, 2026, cites the Joint Legislative Audit and Review Commission's December 2024 report for $928.6 million of sales taxes the exemption saved data centers that year 1. The Virginian-Pilot, in a report Governing carried on November 26, 2025, printed $685 million as the amount for fiscal 2023 6. Both outlets were reporting on the commission's work. This page gives each with its source and does not reconcile them; a study that cites the cost names which estimate it relies on.

The 2026 change runs two ways at once. The exemption stays, and data center operators now owe an electricity consumption tax of $0.011 per kWh from July 1, 2026 to June 30, 2028, with annual collections capped at $600 million, as Holland & Knight summarized the budget language 1. To qualify for the exemption a data center still meets the thresholds of Va. Code section 58.1-609.3(18) and (19): $150 million of investment and 50 new jobs paying at least 1.5 times the prevailing average wage, with lower thresholds in distressed localities, and the alert gives June 30, 2035 as the exemption's end date, with later extensions available 1.

For any other kind of project, the ledger matters in two ways. A site in a county where data centers cluster competes with them for land, for construction trades and for the utility's ability to serve a new load, and the evidence on that last point is the utility's written statement for the parcel, not a statewide figure. And the tax treatment is specific to the use: the exemption and the consumption tax reach only operators that qualify as data centers, so a warehouse, clinic or hotel in the same county finds nothing in this record that changes its own tax line.

The research did not reach the commission's report itself, a count of data centers in the state, or a figure for the capacity utilities have committed to them. Loudoun County publishes data center figures on a page that carries no release date, so they are not printed here.

Payrolls and Output

Jobs, openings and closings, output and visitors: the demand record for 2025 and 2026.

The Weldon Cooper Center at the University of Virginia estimates 8.88 million Virginia residents on July 1, 2025, in the release it published on February 24, 2026 5. The Census Bureau's Vintage 2025 state page could not be read for this research, and Virginia's net domestic migration for that vintage was not found, so a study whose demand rests on households takes its county's components of change from the Census table itself.

BLS counted 4,250.6 thousand seasonally adjusted nonfarm jobs in Virginia for September 2026 and a civilian labor force of 4,461.2 thousand, both preliminary 13. The labor force counts residents who are working or looking for work, and the payroll count counts jobs at establishments inside the state, so a Virginian who commutes to an office in the District of Columbia appears in the first figure and not the second. FFXnow, reporting state data released on April 16, 2026, gave 173,934 unemployed Virginians for January 2026, not seasonally adjusted and preliminary 14.

The federal cut is the change in the 2025 payroll that the record documents most directly. Virginia Works data released on January 7, 2026, as ARLnow reported it the next day, showed 22,400 fewer federal jobs in Virginia in November 2025 than in November 2024; October 2025 was skipped because of the federal shutdown 3. VPM News reported in January 2026 that more than half of the federal civilian workers who live in Virginia live in Northern Virginia 7, whose payroll and office record is on the Northern Virginia page. In the eight markets below, the nearest measure is BLS's government count for Richmond and for Hampton Roads. It combines federal, state and local employers, so a study whose demand rests on federal spending says so and names the agency or installation it depends on.

Covered employment adds wages and establishments. In the first quarter of 2026 the average weekly wage across all covered employment in Virginia was $1,665, and the state counted 324,758 covered establishments, in the BLS county release of September 2, 2026 4. The flows beneath those counts come from Business Employment Dynamics: in the second quarter of 2025 private employers in Virginia gained 197,863 jobs at opening and expanding establishments and lost 196,049 at closing and contracting ones, and the release puts 43,606 of the gains at establishments that opened and 33,616 of the losses at establishments that closed 15.

For a business that has to win customers, the churn says more than the level. A restaurant, shop or service business is underwritten in a state where openings and closings run side by side every quarter, and the subject's own trade area decides which side of that churn it is likely to sit on. The market sections give the central city's or county's employment count for March 2026 for exactly that reason.

Output is relayed from BEA through FRED. Virginia's nominal GDP for 2025 was 807,925.0 million dollars 16, and real GDP for the second quarter of 2026 ran at 639,147.7 million chained 2017 dollars, a seasonally adjusted annual rate 17. One is in current dollars for a year and the other in constant dollars for a quarter, and they are not set against each other here.

Visitors carry the demand for lodging, restaurants and attractions. The Governor's office reported 46.6 million domestic and international overnight visitors to Virginia in 2025, using Virginia Tourism Corporation data prepared by Tourism Economics, as WDBJ7 carried the release on August 11, 2026 18. Statewide hotel occupancy, average daily rate and room supply were not found in a dated release, so a hotel study in Virginia takes its competitive set's performance from a dated STR report for the market.

The register adds household and income measures for the state as a whole. The ACS figures are five-year estimates for 2020 to 2024 and the BEA figures are for calendar 2024:

Virginia, register measureValuePeriodSource
Median household income, inflation-adjusted dollars (B19013)$93,1702020 to 2024, five-year19
Per capita income, inflation-adjusted dollars (B19301)$50,6662020 to 2024, five-year19
Aggregate household income (B19313)$441,060.1 million2020 to 2024, five-year19
Households (B11001)3,365,732 households2020 to 2024, five-year19
Owner-occupied housing units (B25003)2,266,609 housing units2020 to 2024, five-year19
Renter-occupied housing units (B25003)1,099,123 housing units2020 to 2024, five-year19
Median value, owner-occupied units, dollars (B25077)$383,7002020 to 2024, five-year19
Median gross rent, dollars (B25064)$1,5792020 to 2024, five-year19
Personal income (CAINC1 line 1)$681,552.2 millionCalendar 202420
Per capita personal income (CAINC1 line 3)$77,351Calendar 202420

The two per capita figures are built differently, one from what households report to a survey and the other from BEA's income accounts, and they answer different questions; they are printed together and not compared. The renter and owner counts are the base an apartment or single-family rental study starts from before it narrows to its trade area.

Costs and Insurance

Wages and power carry dated figures; insurance premiums and building costs do not.

Labor cost starts from wages. Virginia's average weekly wage of $1,665 for the first quarter of 2026 is an average across every industry in the state 4. The market sections give the central city's or county's own figure from the same release, and Richmond city's $1,868 and Virginia Beach's $1,215 show how far apart two places in one state can sit 4. A staffing budget for a hotel, a care community or a restaurant uses the occupation's wage in the subject's metro, not the statewide average.

Construction labor has one dated count. The occupational survey for the Virginia Beach-Chesapeake-Norfolk metro found 41,190 jobs in construction and extraction occupations in May 2025, and a mean wage of $30.83 an hour across all occupations 9; that metro includes three North Carolina counties, so the count is not Virginia's alone. Roanoke's survey for the same month gives a mean of $29.13 an hour across all occupations 21. Building costs themselves are priced from contractor bids, and these counts describe the labor pool those bids draw on.

The state portion of the sales and use tax was 4.3% as The Virginian-Pilot printed it in the report Governing carried on November 26, 2025; local additions were not printed there, and the Department of Taxation's site could not be reached for this research 6. A budget for furniture, fixtures and equipment uses the combined rate for the site's locality, confirmed with the department on the date of purchase. Electricity enters the operating budget at the serving utility's tariff, as the power section sets out.

Insurance is the gap. A homeowners premium or a total of approved rate filings from the Bureau of Insurance was not found, because the regulator's site did not resolve for this research and the press coverage that was found dealt with auto rates. For a commercial building the evidence is a dated quote for the parcel and, on the coast, the flood zone on the parcel's map panel. Published construction cost indices for Virginia metros and a statewide lodging tax rate with an effective date were not found either, and a study that needs them sources them from the contractor and from the locality's tax office.

Rules by Asset Class

The data center thresholds are on record; for most other property types the rule comes from the locality.

Data centers

The exemption thresholds and the consumption tax in the power section are the most specific state rules in this record 1. A data center study states which threshold applies to the site, the standard one or the lower one for a distressed locality, and carries the consumption tax as an operating cost for the months between July 1, 2026 and June 30, 2028 that fall inside its projection.

Lodging and short-term rentals

A statewide short-term rental statute for 2024 to 2026 could not be confirmed: bills were filed, but none was read at its final status in this research, and the ordinances of Virginia Beach and Norfolk were not reached. A rental or small-lodging plan in Virginia therefore cites the ordinance of the city or county that holds the parcel, with the date the study read it, and a hotel plan adds the locality's transient occupancy tax, which was not found in a statewide source.

Apartments and housing

No statewide zoning reform with bill numbers was verified for this page. Housing evidence is the permit and listing series in the supply section and the city series in the market sections, and an apartment study reads the zoning on its own parcel, whether the use is permitted by right or needs a rezoning, before it sizes demand.

Health care, senior housing and child care

The research holds no Virginia rule for health facility need review, assisted living licensure or child care licensing. A study for a nursing home, an assisted living community or a child care center takes the governing rule from the licensing agency on the date it files, and states that date, rather than relying on this page.

Medical office

The one dated medical office reading is a broker's: Cushman & Wakefield counts two speculative medical office projects in Chesterfield County in the Richmond section 22. A medical office plan elsewhere in the state works from its own survey of competing buildings and the tenant commitments it holds.

Hazards

Two winter storm declarations since 2025, and the flood and wind record a study still has to source.

OpenFEMA returns two Virginia declarations made since January 1, 2025, and both followed winter storms 23. DR-4863, a major disaster declaration for severe winter storms and flooding, was made on April 4, 2025 for an incident that ran from February 10 to 18, 2025; Public Assistance was declared and Individual Assistance was not 24. The designated areas include Montgomery, Rockingham, Botetourt, Franklin and Bedford counties 24, which sit in the Blacksburg-Christiansburg, Harrisonburg, Roanoke and Lynchburg markets on this page.

EM-3631, an emergency declaration for a severe winter storm, followed on January 23, 2026 23. Neither declaration was for a hurricane or a coastal flood, the events a reader of a Hampton Roads file might expect; the two years in this record are cold-season ones.

A declaration enters a loan file in a practical way. FEMA's Public Assistance and SBA's disaster loans follow the designated areas, so a file notes whether the site's county was among them and what damage, if any, the property took. For a site in the western valleys that means reading the county's place on the DR-4863 list as well as the parcel's flood panel for riverine flooding.

The rest of the hazard record was not found in a dated source: the state hazard mitigation plan, hurricane and flood claim totals, flood insurance policy counts and wildfire data for Virginia. For a coastal site in Hampton Roads the study reads the parcel's flood map panel and the insurer's quote, and on the Peninsula or the Southside it asks the lender which flood zone the appraisal shows.

Statewide Supply

Permits, listings and one price index: Virginia's statewide supply series stop short of property types.

The Census Bureau's permit series, as FRED relays it, counts 2,641 new private housing units authorized in Virginia in September 2026 before seasonal adjustment 25. FRED adjusts the same series for season itself and posts that version separately 26. A single month is a thin base for a housing study, and neither version is a full-year total, which a study takes from the annual series for its own county or city.

Realtor.com's figures for September 2026, also relayed by FRED, give Virginia a median listing price of $455,953, 26,222 active listings and 11,204 new listings in the month 272829. These are asking prices and counts of homes on the market, not closed sales, and a for-sale housing study reads closed sales from the county's records beside them.

FHFA's all-transactions index for Virginia was 780.93 in the second quarter of 2026, on the 1980:Q1 = 100 base 30. The metro indexes in the market sections use a base of 1995:Q1 = 100, so a metro index cannot be read against the state's; each is read against its own history.

By property type the statewide record is empty. No dated statewide count of hotel rooms, apartments, self-storage space, industrial, office or retail square footage, senior housing units or licensed care beds was found. Supply evidence is therefore market evidence: brokers report on Richmond, Hampton Roads and Roanoke under their own market definitions, and those readings appear in the market sections under each broker's name. Where CBRE and Cushman & Wakefield both cover a market, the page prints what each one reports and does not average the two.

2025 and 2026

Virginia's calendar for 2025 and 2026: storms, federal cuts, a tax change and new releases.

DateEvent or releaseSource
February 10 to 18, 2025Severe winter storms and flooding; DR-4863 declared on April 4, 2025, with Public Assistance only24
November 2024 to November 2025Federal employment in Virginia falls over the year; October 2025 data skipped for the federal shutdown3
October 2025 and January 2026One student housing development near Virginia Tech breaks ground and a second is reported as set to break ground3132
November 26, 2025Governing carries The Virginian-Pilot's report on the cost of data center tax breaks6
January 7 and 8, 2026Virginia Works releases November 2025 employment; ARLnow reports the federal loss3
January 15, 2026Norfolk International reports a fourth straight record year for passengers12
January 23, 2026Emergency declaration EM-3631 for a severe winter storm23
January 29, 2026Richmond International reports passenger and cargo records for 202511
February 2026Channel deepening at the Port of Virginia completed, announced on June 18, 202633
February 24, 2026Weldon Cooper Center publishes its 2025 population estimates5
March 4, 2026BLS publishes Business Employment Dynamics for the second quarter of 202515
April 16, 2026State labor data for January 2026 released, reported by FFXnow on April 2014
July 1, 2026Electricity consumption tax on data center operators begins, to run to June 30, 20281
August 11, 2026The Governor's office reports record visitor spending for 202518
August 20, 2026Holland & Knight summarizes the preserved exemption and the new tax1
September 2, 2026BLS county employment and wages for the first quarter of 20264
September 9, 2026Charlottesville and Albemarle visitor spending for 2025 reported34
September 30, 2026BEA state GDP for 2025 and the second quarter of 2026, as FRED updates it1617
October 2026BLS metro tables and broker reports for the third quarter; September 2026 payrolls3513
Markets

Nine Virginia markets: eight read on this page and Northern Virginia on a page of its own.

Each of the eight is read as a metropolitan area; the Northern Virginia page covers Fairfax, Arlington, Loudoun, Prince William and Alexandria.

Fairfax, Arlington, Loudoun, Prince William and Alexandria

Northern Virginia

Federal employment, office space and data center land, read on a page of their own.

Richmond city, Henrico, Chesterfield and the ring around them

Richmond

The capital's public payroll, two brokers' office and industrial readings and an airport setting records.

Virginia Beach, Norfolk, Chesapeake and the Peninsula

Hampton Roads

The port metro, read on three city payrolls, a broker's apartment pipeline and a BLS area that reaches into North Carolina.

Roanoke city, Salem and four counties

Roanoke

A Blue Ridge regional center with separate city and county counts and two broker reports for the quarter.

Charlottesville city, Albemarle, Fluvanna, Greene and Nelson

Charlottesville

A university city whose visitor spending and Census estimates are both on record for 2025.

Lynchburg city, Amherst, Appomattox, Bedford and Campbell

Lynchburg

A metro with payroll, price and output series and no broker report behind them.

Montgomery, Floyd, Giles, Pulaski and Radford city

Blacksburg-Christiansburg

Virginia Tech's metro, read on a payroll count, a county price series and student housing reports.

Harrisonburg city and Rockingham County

Harrisonburg

A Shenandoah Valley pairing of one city and one county, read mostly on the city's employment count.

Winchester city, Frederick County and one West Virginia county

Winchester

The northern end of the valley, where the metro area crosses into West Virginia.

Two of the eight cross state lines. BLS, FHFA and BEA publish Hampton Roads as the Virginia Beach-Chesapeake-Norfolk metro, or the Virginia Beach-Norfolk-Newport News metro in FHFA's and BEA's naming, and each version reaches into North Carolina: the occupational survey names Camden, Currituck and Gates counties 9 and the payroll table Currituck County 8. Winchester's metro takes in one county in West Virginia 36. Metro-wide figures for those two markets carry that label wherever they appear. The city and county employment counts from BLS's Virginia release cover Virginia jurisdictions only, and the market sections lean on them where they can.

Virginia's independent cities report apart from the counties that surround them, so Richmond city, Roanoke city and Winchester each have figures of their own beside Henrico, Roanoke County and Frederick County. The market sections follow that split, and so does a study: its first page names the jurisdiction that holds the site.

A first message about a Virginia project needs three things: what is being built or bought, the city or county where the site sits (or the market above that it belongs to), and where the capital is meant to come from, whether an SBA lender, USDA Rural Development, a bank or EB-5 investors. The reply states the approach the study takes, the program's deliverable and what comes next.

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Richmond

Richmond: a capital-city payroll, two brokers' third-quarter readings and record airport traffic in 2025.

The Richmond metro takes in Richmond city, Henrico and Chesterfield counties and the counties and small cities around them, from Hanover and Goochland to Petersburg, Hopewell and Colonial Heights, all of them in Virginia. BLS counted 724.2 thousand nonfarm jobs in the metro for September 2026, not seasonally adjusted and preliminary, and a civilian labor force of 708,583 35. Government accounted for 116.1 thousand of the jobs and professional and business services for 123.7 thousand 35.

The government count is where the federal cuts and the state capital meet. It includes state agencies, local governments and federal offices in one line, and BLS's table does not split it. A project whose demand rests on public employment in Richmond, an office conversion downtown or a restaurant that serves state workers at lunch, reads the headcount of the agencies it depends on rather than the total.

Inside the metro, Richmond city held 167,696 jobs in covered establishments in March 2026 and paid an average weekly wage of $1,868 in the first quarter, in BLS's county release 4. The city's housing permits for 2025, in the Census series FRED titles for structures while its unit label reads units, came to 2,681 37. FHFA's all-transactions index for the metro read 399.26 in the second quarter of 2026 38. BEA's last metro GDP figure, 116,959.541 million dollars for 2023, comes from a FRED series now marked discontinued and last updated on December 4, 2024 10; it is the oldest number in this section and shows the metro's scale, not its direction.

CBRE's office figures for the third quarter of 2026 give an average asking rent of $22.18 per sq. ft. and net absorption of -281,000 sq. ft. for the quarter 39. Cushman & Wakefield's office MarketBeat for the same quarter reports 93,000 sf of speculative construction in two medical office projects in Chesterfield County 22. The two brokers define the Richmond office market in their own ways, so each reading here stays with its broker, and an office study names the survey it relies on.

Industrial space moved the other way. CBRE reports an average asking rent of $9.02 per sq. ft. and net absorption of 668,000 sq. ft. in the third quarter 40. In retail, Cushman & Wakefield reports that net absorption through the first three quarters of 2026 topped 240,000 sf and that 379,000 sf stood in the construction pipeline 41. A warehouse study in the metro and a shopping center study in its suburban counties start from these two brokers' pages and then build their own competitive set.

Richmond International Airport handled 4,922,994 passengers in 2025, its third straight annual record, together with 223 million pounds of cargo and 108,527 aircraft movements 11. For a hotel near the airport or a logistics building at its edge, those are the demand counts that carry a date. Richmond hotel performance and visitor spending were not found.

Also not found for Richmond: building permits and certificates of occupancy for Henrico and Chesterfield, a Vintage 2025 population, an apartment vacancy level and rent (the broker's page prints changes only), a short-term rental ordinance and VDOT traffic counts. An apartment study in the metro takes its rents from a dated survey of the buildings it competes with.

Hampton Roads

Hampton Roads: a metro that BLS draws across the North Carolina line, three city payrolls and an apartment pipeline.

Hampton Roads on this page is the Virginia side of the Virginia Beach-Chesapeake-Norfolk metro: Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton, Newport News, Williamsburg and Poquoson, with Gloucester, Isle of Wight, James City, Mathews, Surry and York counties. BLS, FHFA and BEA publish the metro with part of North Carolina included 894546, so every metro-wide figure below includes that part and every city figure does not.

For the full metro, North Carolina counties included, BLS counted 832.9 thousand nonfarm jobs in September 2026, not seasonally adjusted and preliminary, and a civilian labor force of 864,565 8. Government employment was 164.5 thousand and manufacturing 53.5 thousand 8. The occupational survey for May 2025 gives a mean hourly wage of $30.83 across all occupations and 41,190 jobs in construction and extraction occupations, again for the whole metro 9.

The Virginia cities have counts of their own in BLS's county release. In March 2026 Virginia Beach held 180,830 jobs in covered establishments, Norfolk 142,220 and Chesapeake 105,954 4. First-quarter average weekly wages were $1,215 in Virginia Beach and $1,531 in Norfolk 4. A retail or service project in one city reads that city's count, since the metro total mixes in the North Carolina counties and the Peninsula.

Listing prices for September 2026, from Realtor.com through FRED, were $487,000 in Virginia Beach, $487,250 in Chesapeake and $349,900 in Norfolk 424344. FHFA's index for the Virginia Beach-Norfolk-Newport News metro, North Carolina counties included, read 388.95 in the second quarter of 2026 45, and BEA's discontinued metro series last gave GDP of 127,459.149 million dollars for 2023 46.

Cushman & Wakefield's multifamily MarketBeat for the third quarter of 2026 counts 2,156 units in the active pipeline, and more than 6,680 units absorbed since the start of 2024 47. An apartment study in the metro sets the subject's lease-up against the projects in that pipeline, listed one by one from the broker and the city's permit file, rather than against the metro's absorption total.

Retail net absorption for the first three quarters of 2026 was just under 310,000 sf in Cushman & Wakefield's Hampton Roads report 48. The broker's office and industrial pages for the quarter print changes and commentary rather than vacancy and rent levels, so an office or industrial study in the metro needs a dated survey of its own.

Norfolk International Airport handled 4,892,594 passengers in 2025, its fourth straight record year, and 396,470 in December 2025, as AviationPros reported the airport authority's release 12. The Port of Virginia announced on June 18, 2026 that channel deepening completed in February 2026 had given it the deepest harbor on the US East Coast, and reported progress on its North Berth project 33. A warehouse or truck-service project tied to the port cites the release for the harbor's physical change; a cargo volume for the port's fiscal 2026 was not found.

Not found for Hampton Roads: permits and certificates of occupancy for Virginia Beach, Norfolk and Chesapeake (FRED's Chesapeake count sits in a series whose title and unit label disagree, and it is left out), Vintage 2025 populations, hotel occupancy and rates for Virginia Beach and Norfolk, short-term rental ordinances, and Navy and shipyard workforce figures.

Roanoke

Roanoke: a city and a county counted apart, an office quarter with positive absorption and a retail leasing count.

The Roanoke metro is Roanoke city, Salem, and Botetourt, Craig, Franklin and Roanoke counties 49. BLS counted 171.0 thousand nonfarm jobs there in September 2026 and a civilian labor force of 156,921, both not seasonally adjusted and preliminary 49. The occupational survey for May 2025 gives a mean hourly wage of $29.13 across all occupations in the Roanoke area 21.

Roanoke city and Roanoke County are separate jurisdictions with separate counts: in March 2026 the city held 67,038 jobs in covered establishments and the county 37,252 4. A site on the county side of the line is underwritten on the county's figure, and a study that quotes the metro total says that it does.

Roanoke city's median listing price in September 2026 was $249,475 50, and FHFA's metro index read 345.42 in the second quarter of 2026 51. BEA's last metro GDP figure, 21,742.564 million dollars for 2023, is from the discontinued FRED series 52.

Cushman & Wakefield's office MarketBeat records net absorption of +21,299 sf for the third quarter of 2026, with no office buildings under construction 53; its retail report counts 102,619 sf of leasing in the quarter 54. The office page prints the direction of vacancy but not its level, so an office study in Roanoke builds its own vacancy count from the buildings that compete with the subject.

Botetourt and Franklin counties are among the areas designated under DR-4863 for the storms and flooding of February 2025 24, and a loan file for a site there records it. Not found for Roanoke: the office vacancy level, a third-quarter industrial report (its PDF could not be read), Roanoke Valley permits, a Vintage 2025 population, hotel performance and visitor spending, airport statistics and the city's short-term rental rules.

Charlottesville

Charlottesville: visitor spending for 2025 and two sets of population estimates for one city.

The Charlottesville metro is Charlottesville city with Albemarle, Fluvanna, Greene and Nelson counties. BLS counted 128.4 thousand nonfarm jobs there in September 2026, not seasonally adjusted and preliminary 55. The city itself held 40,208 jobs in covered establishments in March 2026 4.

The Census Bureau's estimates for July 1, 2025 put Charlottesville city at 44,388 residents and Albemarle County at 118,356, as Information Charlottesville reported them; the same article prints the Weldon Cooper Center's estimates as well 56. A study says which set it uses. This page prints the Census figures for the two localities and Weldon Cooper's for the state, and does not put the two sources into one calculation.

Visitor spending in 2025 was $603.5 million in Albemarle County and $427.7 million in Charlottesville city, and tourism supported 7,217 jobs across the two, in the Charlottesville Albemarle Convention and Visitors Bureau's report as WVIR (NBC29) carried it on September 9, 2026 34. Those are the demand counts a hotel, inn or event venue in the area starts from; occupancy and average daily rate were not found.

Listing prices in September 2026 were $530,250 in Charlottesville city and $596,870 in Albemarle County 5758. FHFA's metro index read 421.33 for the second quarter of 2026 59, while the discontinued BEA series last put metro GDP at 18,817.343 million dollars for 2023 60.

Not found for Charlottesville: a broker report for the market (Cushman & Wakefield's set has none for it), certificates of occupancy, a short-term rental ordinance, the value of University of Virginia building projects, and local lenders. Albemarle's 2025 permit count sits in the FRED series whose title and unit label disagree and is left out.

Lynchburg

Lynchburg: a payroll, a city employment count and price series, with no broker report behind them.

The Lynchburg metro is Lynchburg city with Amherst, Appomattox, Bedford and Campbell counties. BLS counted 105.2 thousand nonfarm jobs there in September 2026, not seasonally adjusted and preliminary 61, and the city held 47,378 jobs in covered establishments in March 2026 4.

The city's median listing price in September 2026 was $279,900 62; FHFA's metro index stood at 346.32 in the second quarter of 2026 63; the discontinued BEA series last gave 13,511.861 million dollars of metro GDP for 2023 64. Bedford County is among the areas designated under DR-4863 24.

That is the whole public record found for Lynchburg. No broker report for the market turned up in the sets reached, and permits, certificates of occupancy, dated employer announcements, hotel performance, a Vintage 2025 population, airport counts and short-term rental rules are absent from the research. A study here carries more primary work than one in Richmond: its own count of competing properties and the city's planning records stand where a broker's quarterly page would elsewhere, and the lender is told which is which.

Blacksburg-Christiansburg

Blacksburg-Christiansburg: a university metro's payroll and student housing projects near campus.

The metro, which BLS names Blacksburg-Christiansburg-Radford, covers Montgomery, Floyd, Giles and Pulaski counties and Radford city. BLS counted 80.6 thousand nonfarm jobs and a civilian labor force of 87.8 thousand there in September 2026, both preliminary 65. A study that reads a single month says which month it read.

Montgomery County held 44,767 jobs in covered establishments in March 2026 4. Its median listing price in September 2026 was $425,575 66; FHFA's index for the metro read 363.29 in the second quarter of 2026 67; and BEA's discontinued series last gave 10,166.304 million dollars of GDP for 2023 68.

Student housing is the property type the record shows under construction. REBusinessOnline reported one development near Virginia Tech breaking ground in October 2025 31 and, on January 13, 2026, a second set to break ground, with site work begun in December 32. A student housing study in the metro counts those beds into its competitive supply for the years they open and needs Virginia Tech's enrollment for 2025 to 2026, which was not found.

Montgomery County is also among the areas designated under DR-4863 24. Not found: permits for Blacksburg and Christiansburg (Montgomery County's permit series is left out because its title and unit label disagree), a broker report for the New River Valley, hotel performance, Blacksburg's short-term rental ordinance, and local lenders.

Harrisonburg

Harrisonburg: one city, one county, and a county price series standing in for the city's.

The Harrisonburg metro is Harrisonburg city and Rockingham County. BLS counted 72.8 thousand nonfarm jobs there in September 2026, preliminary 69, and the city held 31,957 jobs in covered establishments in March 2026 4.

Rockingham County's median listing price in September 2026 was $436,400 70; FHFA's metro index read 347.21 in the second quarter of 2026 71; the discontinued BEA series last gave 10,348.301 million dollars of GDP for 2023 72. FRED's listing series for Harrisonburg city could not be opened, so the county's stands in for the market here, and a study for a site inside the city says so. Rockingham County is among the areas designated under DR-4863 for the February 2025 storms 24.

Not found for Harrisonburg: James Madison University's enrollment, broker reports, permits and certificates of occupancy for the city (Rockingham County's permit count sits in the mismatched FRED series and is left out), hotel performance, Interstate 81 traffic counts, a Vintage 2025 population, dated plant announcements and short-term rental rules.

Winchester

Winchester: the valley's northern metro, whose BLS, FHFA and BEA figures reach into West Virginia.

The Winchester metro is Winchester city and Frederick County in Virginia and one county across the line in West Virginia. BLS's metro figures cover all three: 70.8 thousand nonfarm jobs in September 2026, preliminary 36. FHFA's index for the metro, West Virginia county included, read 373.01 in the second quarter of 2026 73, and BEA's discontinued series, drawn the same way, last gave 9,988.848 million dollars of GDP for 2023 74.

The Virginia-only figures are the city's and the county's. Winchester city held 25,663 jobs in covered establishments in March 2026 4, and Frederick County's median listing price in September 2026 was $496,750 75. A project in Frederick County or the city leans on those; the metro-wide ones include the West Virginia county and are labelled that way wherever they are used, and the West Virginia page covers the other side of the line.

The city publishes a population estimate of its own, relayed from the Weldon Cooper Center, but it is for July 1, 2024, a year older than the other estimates on this page, and it is not printed here. Also not found for Winchester: broker reports, permits and certificates of occupancy, hotel performance, Interstate 81 traffic counts, a Vintage 2025 population, dated plant announcements, short-term rental rules and local lenders.

Lenders and Programs

How Virginia projects are financed: SBA, USDA, banks and EB-5, and the totals the record does not give.

The capital source decides what the study has to prove. SBA's rule is 13 CFR 120.160(b): SBA may require professional appraisals, a survey, or a feasibility study 76, so a study enters an SBA file at the request of the lender or the agency, typically where the cash flow has not yet been earned: a start-up, an expansion into a new line or a special-purpose property. The rules in force are SOP 50 10 8.1 with Technical Policy Updates, effective 77. Standard 7(a) debt service coverage is 1.15x, and a standard 504 project puts in 10% equity, rising to 15% where the business is new or the property is special-purpose 77. How those tests apply to a project is explained on the SBA 7(a) and 504 lending page.

SBA's results for its Virginia district offices in fiscal 2025 were not found, because the office page returned an error, and neither were the Virginia Small Business Financing Authority's program totals or the state's SSBCI deployment to date. A Virginia loan file therefore cites SBA's own loan-level data for the subject's county, not a re-total from a third party.

USDA Rural Development's Virginia announcements were not reached for this research. Eligibility for a Business and Industry guarantee or a Community Facilities loan is decided parcel by parcel on the agency's own map, so a site in Rockingham, Botetourt or Frederick County is checked there before the program is named in a term sheet. The USDA Rural Development page sets out the program tests.

Banks lend on most stabilized property, and their tests are described on the conventional and institutional lending page. FDIC's summary of the commercial banks operating in Virginia at the end of 2025 was retrieved, but it states no unit for its deposit and asset totals, so they are not printed here.

EB-5 brings in capital from foreign investors, and the job-creation and market tests that program sets are on the EB-5 page. No Virginia regional center or project figure was in the research. Whichever lender or investor is involved, a Virginia feasibility study company has one job, which Feasibility Study Company does for each of these programs: a study independent of sponsor and lender, written to the program's requirements and traceable, figure by figure, to dated sources like those on this page.

Worked Cases

Worked cases in Virginia.

No published or promised case is sited in Virginia; the nearest ones sit just over its borders.

The worked cases closest to Virginia are across the state lines it shares. In West Virginia the Oak Hill glamping case is worked under a USDA Business and Industry guarantee, and in Maryland the marina case under SBA 504. North Carolina holds a medical office case under SBA 504 and a processing plant case under USDA. Each shows the sequence a Virginia feasibility study would follow with Virginia's own records in place of its state's; the full library is on the case studies index.

Asset Classes

Property types the Virginia record bears on.

Virginia Questions

Questions behind a search for a feasibility consultant in Virginia, answered from this page's record.

What does a feasibility consultant need to start a study in Virginia?

Three things: what is being built, bought or refinanced; the city or county that holds the site, because Virginia's independent cities keep records apart from the counties around them; and the capital source, whether an SBA 7(a) or 504 lender, USDA Rural Development, a bank or EB-5 investors. The firm prepares independent, lender-grade feasibility studies for each of those programs, and the answer to an inquiry is the analytical framework, the deliverable the program expects and what comes next. The study then narrows from the state's 324,758 covered establishments in the first quarter of 2026 4 to the trade area the subject competes in.

Which Virginia tax rules does a data center feasibility study carry from July 2026?

The sales and use tax exemption, which the 2026 budget kept, and the new electricity consumption tax of $0.011 per kWh that data center operators owe from July 1, 2026 to June 30, 2028, with collections capped at $600 million a year, as Holland & Knight summarized the budget on August 20, 2026 1. The exemption's thresholds are $150 million of investment and 50 new jobs at 1.5 times the prevailing average wage, lower in distressed localities, and the alert gives June 30, 2035 as the exemption's end date 1. What the exemption cost in fiscal 2023 is printed two ways, $928.6 million in the JLARC figure Holland & Knight cites 1 and $685 million in The Virginian-Pilot's report 6, and the study names the one it uses.

What does the 2025 federal job loss mean for a feasibility study in Richmond or Hampton Roads?

Virginia had 22,400 fewer federal jobs in November 2025 than a year earlier, in Virginia Works data as ARLnow reported it on January 8, 2026 3, and VPM News put more than half of the federal civilian workers living in the state in Northern Virginia 7, which has a page of its own. In the two largest markets on this page the nearest count is BLS's government line for September 2026, 116.1 thousand jobs in Richmond 35 and 164.5 thousand in the Hampton Roads metro, which reaches into North Carolina 8, and that line holds federal, state, county and city employers together. A study for an office conversion or a lunch-trade restaurant near a federal office therefore names the agency it depends on and reads that agency's headcount, not the government total.

Where does a hotel feasibility study in Virginia get its visitor counts?

From dated releases that describe the market rather than the subject. The Governor's office reported 46.6 million overnight visitors to Virginia in 2025, as WDBJ7 carried it on August 11, 2026 18; Charlottesville and Albemarle County reported $427.7 million and $603.5 million of visitor spending for the same year and 7,217 tourism jobs between them 34; Richmond International handled 4,922,994 passengers in 2025 and Norfolk International 4,892,594, each a record 1112. No statewide occupancy or room rate was found in a dated release, so the pro forma's occupancy and rate come from a dated STR report for the subject's competitive set, and these counts explain the demand segments behind it.

Why does a feasibility consultant in Virginia name the independent city or county before quoting a payroll?

Because the two are counted apart. Roanoke city's covered establishments held 67,038 jobs in March 2026 and Roanoke County's 37,252 4; Richmond city paid an average weekly wage of $1,868 in the first quarter and Virginia Beach $1,215 4. Metro figures can reach further still: the Winchester metro's 70.8 thousand nonfarm jobs for September 2026 include a West Virginia county 36, while Winchester city's 25,663 covered jobs do not 4. A site on one side of a city line is underwritten on that side's count, and the study says which one it used.

What market study evidence exists for an apartment project in Hampton Roads or Richmond?

For Hampton Roads, Cushman & Wakefield's third-quarter 2026 report counts an active pipeline of 2,156 units and more than 6,680 units absorbed since 2024 began 47, and Realtor.com's September 2026 listing medians were $487,000 in Virginia Beach, $487,250 in Chesapeake and $349,900 in Norfolk 424344. For Richmond the dated housing figure is the city's 2,681 structures authorized by permit in 2025 37; the broker's apartment page prints changes rather than a vacancy level or a rent. In both markets the study lists the pipeline project by project from the broker and the city's permit file and surveys the rents of the buildings the subject would compete with.

Which FEMA declarations does a lender see for a Virginia site since 2025?

Two, both for winter weather. DR-4863 is the major disaster declaration of April 4, 2025 for the severe winter storms and flooding of February 10 to 18, 2025; it carried Public Assistance but not Individual Assistance, and its designated areas include Montgomery, Rockingham, Botetourt, Franklin and Bedford counties 24. EM-3631, an emergency declaration for a severe winter storm, followed on January 23, 2026 23. Neither was a hurricane or a coastal flood, so a Hampton Roads file still reads the parcel's flood map panel and the insurer's quote, and a file in the western valleys records whether its county is on the DR-4863 list.

Neighboring Markets

States that border Virginia.

Virginia's 2026 record is already in print: September payrolls, third-quarter broker reports and a tax that began on July 1.

A study written against those releases carries their dates into the credit file. An inquiry that names the project, the city or county that holds the site and the capital source is answered with the analytical framework, the deliverable the program requires and the next steps.

Request a methodology briefing
Sources

Data sources and dates.

BLS releases carry the payroll, wage and employment counts; EIA, FEMA and the Weldon Cooper Center the power, hazard and population records; FRED relays BEA, FHFA, Census and Realtor.com series; brokers, airports and news reports supply the rest, each marked where it is secondary.

Market data reviewed by Mark Otava · Updated

  1. Holland & Knight (secondary, citing JLARC report Rpt598-2 of December 2024), Virginia Preserves Data Center Tax Incentive, Adds New Electricity Consumption Tax, August 20, 2026.
  2. U.S. Energy Information Administration, Virginia Electricity Profile, 2024, November 10, 2025 (calendar 2024).
  3. ARLnow (secondary, reporting Virginia Department of Workforce Development and Advancement data released January 7, 2026), N. Va. reports 8,200 fewer jobs after federal workforce cuts in 2025, January 8, 2026 (November 2024 to November 2025).
  4. U.S. Bureau of Labor Statistics, County Employment and Wages in Virginia, First Quarter 2026, September 2, 2026 (employment for March 2026; wages for the first quarter of 2026).
  5. Weldon Cooper Center for Public Service, University of Virginia, 2025 Virginia Population Estimates, February 24, 2026 (population as of July 1, 2025).
  6. The Virginian-Pilot via Governing (secondary, reporting JLARC findings), Virginia's Data Center Tax Breaks Cost the State $1 Billion, November 26, 2025.
  7. VPM News (secondary, analysis by the Virginia Center for Investigative Journalism at WHRO, citing Census Bureau data), DOGE cuts wiped out years of growth in Virginia's federal civilian jobs, January 20, 2026.
  8. U.S. Bureau of Labor Statistics, Virginia Beach-Chesapeake-Norfolk, VA-NC: Nonfarm employment and labor force data, listed with the BLS metro area data tables of October 2026 (September 2026, preliminary).
  9. U.S. Bureau of Labor Statistics, Occupational Employment and Wages in Virginia Beach-Chesapeake-Norfolk, May 2025, July 10, 2026 (May 2025).
  10. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Total Gross Domestic Product for Richmond, VA (MSA) (DISCONTINUED), last updated December 4, 2024 (2023 annual; series discontinued).
  11. Richmond International Airport, RIC Sets Passenger and Cargo Records in 2025, January 30, 2026 (dateline January 29, 2026; calendar 2025).
  12. AviationPros (secondary, reporting a Norfolk Airport Authority release), Norfolk International Airport Posts Fourth Straight Year of Record Passenger Traffic in 2025, Airport Authority Says, January 15, 2026 (calendar 2025 and December 2025).
  13. U.S. Bureau of Labor Statistics, Virginia Economy at a Glance, data extracted October 28, 2026 (September 2026, preliminary).
  14. FFXnow (secondary, reporting state labor market data released April 16, 2026), Fairfax County started 2026 with more jobless residents than it did 2025, latest data shows, April 20, 2026 (January 2026, preliminary).
  15. U.S. Bureau of Labor Statistics, Business Employment Dynamics in Virginia, Second Quarter 2025, March 4, 2026 (March to June 2025).
  16. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Gross Domestic Product: All Industry Total in Virginia, last updated September 30, 2026 (2025 annual).
  17. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Real Gross Domestic Product: All Industry Total in Virginia, last updated September 30, 2026 (second quarter 2026).
  18. WDBJ7 (secondary, reporting the Governor's release of Virginia Tourism Corporation data prepared by Tourism Economics), State tourism spending reached record $36.2 billion in 2025, Gov. Spanberger says, August 11, 2026 (calendar 2025).
  19. U.S. Census Bureau, American Community Survey 5-Year Estimates, Detailed Tables (Census Data API), 2020 to 2024 five-year estimates.
  20. U.S. Bureau of Economic Analysis, Personal Income by County, Metro, and Other Areas (Regional table CAINC1), calendar year 2024.
  21. U.S. Bureau of Labor Statistics, Occupational Employment and Wages in Roanoke, May 2025, July 10, 2026 (May 2025).
  22. Cushman & Wakefield, Richmond Office MarketBeat, October 7, 2026, listing date (third quarter 2026).
  23. FEMA (OpenFEMA API), OpenFEMA DisasterDeclarationsSummaries, Virginia declarations from 2025-01-01, retrieved October 28, 2026 (declarations of April 4, 2025 and January 23, 2026).
  24. FEMA (OpenFEMA API), OpenFEMA DisasterDeclarationsSummaries, disaster 4863, retrieved October 28, 2026 (declared April 4, 2025; incident February 10 to 18, 2025).
  25. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Census Bureau, New Private Housing Units Authorized by Building Permits for Virginia, last updated October 27, 2026 (September 2026, not seasonally adjusted).
  26. Federal Reserve Bank of St. Louis (FRED), seasonally adjusting U.S. Census Bureau data, New Private Housing Units Authorized by Building Permits for Virginia, last updated October 27, 2026 (September 2026, seasonally adjusted).
  27. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Virginia, last updated October 1, 2026 (September 2026).
  28. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Active Listing Count in Virginia, last updated October 1, 2026 (September 2026).
  29. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: New Listing Count in Virginia, last updated October 1, 2026 (September 2026).
  30. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Virginia, last updated August 25, 2026 (second quarter 2026).
  31. REBusinessOnline, Cardinal Group, PGIM Break Ground on 493-Bed Student Housing Development Near Virginia Tech, October 22, 2025 (groundbreaking October 2025).
  32. REBusinessOnline, LV Collective, Harrison Street to Break Ground on 862-Bed Student Housing Development Near Virginia Tech, January 13, 2026 (site work begun December 2025).
  33. The Port of Virginia, Port Debuts the Deepest Harbor on US East Coast, Marks Progress on North Berth Project, June 18, 2026 (deepening work complete February 2026).
  34. WVIR (NBC29) (secondary, reporting a Charlottesville Albemarle Convention and Visitors Bureau report), Visitor spending tops $1 billion in Charlottesville and Albemarle County, September 9, 2026 (calendar 2025).
  35. U.S. Bureau of Labor Statistics, Richmond, VA: Nonfarm employment and labor force data, listed with the BLS metro area data tables of October 2026 (September 2026, preliminary).
  36. U.S. Bureau of Labor Statistics, Winchester, VA-WV Economy at a Glance, data extracted October 28, 2026 (September 2026, preliminary).
  37. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Census Bureau, New Private Housing Structures Authorized by Building Permits for Richmond City, VA, last updated May 28, 2026 (2025 annual).
  38. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Richmond, VA (MSA), last updated August 25, 2026 (second quarter 2026).
  39. CBRE, Richmond Office Figures Q3 2026, September 30, 2026 (third quarter 2026).
  40. CBRE, Richmond Industrial Figures Q3 2026, September 30, 2026 (third quarter 2026).
  41. Cushman & Wakefield, Richmond Retail MarketBeat, October 7, 2026, listing date (first three quarters of 2026).
  42. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Virginia Beach City, VA, last updated October 1, 2026 (September 2026).
  43. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Chesapeake City, VA, last updated October 1, 2026 (September 2026).
  44. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Norfolk City, VA, last updated October 1, 2026 (September 2026).
  45. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Virginia Beach-Norfolk-Newport News, VA-NC (MSA), last updated August 25, 2026 (second quarter 2026).
  46. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Total Gross Domestic Product for Virginia Beach-Norfolk-Newport News, VA-NC (MSA) (DISCONTINUED), last updated December 4, 2024 (2023 annual; series discontinued).
  47. Cushman & Wakefield, Hampton Roads Multifamily MarketBeat, Q3 2026, October 15, 2026, listing date (third quarter 2026).
  48. Cushman & Wakefield, Hampton Roads Retail MarketBeat, October 21, 2026 (first three quarters of 2026).
  49. U.S. Bureau of Labor Statistics, Roanoke, VA: Nonfarm employment and labor force data, listed with the BLS metro area data tables of October 2026 (September 2026, preliminary).
  50. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Roanoke City, VA, last updated October 1, 2026 (September 2026).
  51. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Roanoke, VA (MSA), last updated August 25, 2026 (second quarter 2026).
  52. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Total Gross Domestic Product for Roanoke, VA (MSA) (DISCONTINUED), last updated December 4, 2024 (2023 annual; series discontinued).
  53. Cushman & Wakefield, Roanoke Office MarketBeat, Q3 2026, October 9, 2026 (third quarter 2026).
  54. Cushman & Wakefield, Roanoke Retail MarketBeat, Q3 2026, October 22, 2026 (third quarter 2026).
  55. U.S. Bureau of Labor Statistics, Charlottesville, VA: Nonfarm employment and labor force data, listed with the BLS metro area data tables of October 2026 (September 2026, preliminary).
  56. Information Charlottesville (Town Crier Productions) (secondary, reporting Census Bureau estimates), Charlottesville's population estimate drops below 45,000 after new Census figures, March 26, 2026 by its byline, posted May 27, 2026 (estimates for July 1, 2025).
  57. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Charlottesville City, VA, last updated October 1, 2026 (September 2026).
  58. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Albemarle County, VA, last updated October 1, 2026 (September 2026).
  59. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Charlottesville, VA (MSA), last updated August 25, 2026 (second quarter 2026).
  60. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Total Gross Domestic Product for Charlottesville, VA (MSA) (DISCONTINUED), last updated December 4, 2024 (2023 annual; series discontinued).
  61. U.S. Bureau of Labor Statistics, Lynchburg, VA: Nonfarm employment and labor force data, listed with the BLS metro area data tables of October 2026 (September 2026, preliminary).
  62. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Lynchburg City, VA, last updated October 1, 2026 (September 2026).
  63. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Lynchburg, VA (MSA), last updated August 25, 2026 (second quarter 2026).
  64. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Total Gross Domestic Product for Lynchburg, VA (MSA) (DISCONTINUED), last updated December 4, 2024 (2023 annual; series discontinued).
  65. U.S. Bureau of Labor Statistics, Blacksburg-Christiansburg-Radford, VA Economy at a Glance, data extracted October 28, 2026 (September 2026, preliminary).
  66. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Montgomery County, VA, last updated October 1, 2026 (September 2026).
  67. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Blacksburg-Christiansburg, VA (MSA), last updated August 25, 2026 (second quarter 2026).
  68. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Total Gross Domestic Product for Blacksburg-Christiansburg-Radford, VA (MSA) (DISCONTINUED), last updated December 4, 2024 (2023 annual; series discontinued).
  69. U.S. Bureau of Labor Statistics, Harrisonburg, VA Economy at a Glance, data extracted October 28, 2026 (September 2026, preliminary).
  70. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Rockingham County, VA, last updated October 1, 2026 (September 2026).
  71. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Harrisonburg, VA (MSA), last updated August 25, 2026 (second quarter 2026).
  72. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Total Gross Domestic Product for Harrisonburg, VA (MSA) (DISCONTINUED), last updated December 4, 2024 (2023 annual; series discontinued).
  73. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Federal Housing Finance Agency, All-Transactions House Price Index for Winchester, VA-WV (MSA), last updated August 25, 2026 (second quarter 2026).
  74. Federal Reserve Bank of St. Louis (FRED), relaying the U.S. Bureau of Economic Analysis, Total Gross Domestic Product for Winchester, VA-WV (MSA) (DISCONTINUED), last updated December 4, 2024 (2023 annual; series discontinued).
  75. Federal Reserve Bank of St. Louis (FRED), relaying Realtor.com, Housing Inventory: Median Listing Price in Frederick County, VA, last updated October 1, 2026 (September 2026).
  76. eCFR, 13 CFR 120.160, Loan conditions, current to October 7, 2026.
  77. U.S. Small Business Administration, SOP 50 10 8.1, Lender and Development Company Loan Programs, with Technical Policy Updates, effective October 1, 2026.