INSIDE Inova Plans Ashburn Healthplex ...... Page 3 OCT O B E R 2 0 1 1 VOLUME 8 NO. 11
Economy Watch: By Kara Clark, Staff Writer Despite some indicators to the contrary, many residents are still feeling the pinch of the economic recession and say things are not improving at the rate they would like. In a recent presentation to the Dulles Area Association of Realtors, Doug Duncan, vice president and chief economist for Fannie Mae, noted many potential homeowners still feel leery about owning a
home, and many are now choosing to rent, driving up prices in the hot rental market. In fact, a Fannie Mae housing survey conducted in the second quarter of this year saw 74 percent of single-family renter respondents state that owning a home “makes more sense” because it is a longterm investment not susceptible to rent increases, yet 54 percent of those surveyed said they would be likely to rent their next home. Similar responses were seen from those in the multi-family rental market.
Despite Gains Uncertainty Remains
Thus, slowly but surely, more and more single-family homes are moving back into the rental market to meet the demand. Many continue to point to the banking industry for the seemingly flat growth of the economy. An FDIC chart shows that bank loans have remained in rapid decline since March 2008, estimated in March of this year to be hovering around -3 percent. However, this is a positive change from September 2009, the lowest of the low points following Wall Street’s collapse,
when loans registered at -7 percent. Banks have also increased their credit standards, leaving many potential home and business owners looking for other options to qualify for loans. A silver lining may be that interest rates will likely remain low in 2012, John Tuccillo, of JTA, LLC, predicted. Although that does little to dull the reality for some that employment growth remains miniscule and economic growth stalled, possibly See Realtors, Page 18
Incubator Director Takes The Reins By Kara Clark, Staff Writer Missouri transplant Susan Henson has come back to familiar territory. A Blacksburg native, Henson now calls Leesburg, arguably the state’s largest town if Blacksburg’s glut of college students aren’t counted, her work home and the county’s first incubator her new office. Henson recently started her job as regional manager at the Mason Enterprise Center Leesburg, the first business incubator to locate in Loudoun, and is already hard at work with the current 13 tenants. Henson comes to Leesburg from Kansas City, MO, where she served as director for five years for the small business and technology development centers, similar to Loudoun’s Small Business Development Center. There, she did client counseling and entrepreneur training, two skills that will serve her well in Leesburg. Prior to
that, she served in human resources and operations roles with several retailers in the area and, before then, worked at the University of Missouri helping with its business assistance program in the textile industry. Henson said she had been looking for the “right opportunity” to come back to Virignia the last couple of years, as her mother still lives in Blacksburg. “This ended up being the right opportunity,” she said of her new gig. Only into her second week on the job, Henson already has a vision for the Leesburg incubator, in just its first month of existence. “I’m looking for a place where businesses can come to and sort of grow and develop and then move on from this facility in as quick a time as they’re able to; that they can sort of use this as a seed ground, germinate and cultivate, grow beyond this PRSRT STD U.S. Postage
PAID Permit #78 Springfield, VA
Susan Henson
to bigger and better things,” she said. “I’d like it to be a place where they can not only have office space as clients but also be a place where if they need any kind of resource related to their business we can assist them in finding that. A big part of my skill set is the ability to learn what the needs are of a particular business client, go out and find those resources or know of the resources. Connecting people to the right resources at the right time is key to what I’d like to see this facility able to hang [its] hat on.” Seeing that vision realized will depend greatly on the assistance of the SBDC
and Leesburg Economic Development Department, both of whom now have their offices in the 202 Church Street building. Holding businesses accountable that they are meeting the milestones set out for them, as well as being a sounding board for business owners, will be important aspects of all incubator leaders’ work, Henson said. In addition to making the rounds with incubator clients, Henson said a big part of her daily work will focus on outreach to partner organizations, staying connected with the local community and the region and also looking at the best practices of other incubators to help the Leesburg facility succeed. As if that weren’t enough, Henson will also be responsible for managing the incubator’s budget, and making sure the facility is in working order. Henson said she is still in the process of conducting interviews for other potential incubator tenants to fill up the space’s office suites, which hover around 30. “We’re definitely still getting good interest in renting or filling this space,” she said. Virtual clients are also lined up and three have confirmed, with more interested. For a fee of $150/month, these clients can work from home but still have access to the incubator’s conference rooms and See Henson, Page 18