2019 VSCPAs’ Virginia Economic Expectations survey – Shenandoah Valley

Published October 30, 2018 by Virginia Business

Scott Moulden, CPA
President
Yount, Hyde & Barbour PC
Winchester

How long have you been living in your region? What are your favorite parts about living and working in the region?
I’ve lived in the Winchester area all my life (except for four years at Virginia Tech).  It’s a great community and place to raise my kids.  We are close enough to [Northern Virginia] to visit and benefit from the activities, restaurants, etc., that are part of the DC Metro area but far enough away to avoid the traffic and other issues.

How is the economy faring in your part of the state?
The local economy seems to be growing, and I am optimistic that the growth will continue.  We have had large employers — Amazon, Procter & Gamble, Navy Federal Credit Union and others — make significant investments in this area, which have created jobs and opportunities. This has made Winchester and surrounding areas a desirable community to live, work and/or relocate to.

What local industry do you think has potential for growth?
Warehousing/distribution and manufacturing seem to be doing very well in this area.

What’s the biggest challenge to doing business in your area?
Finding and retaining qualified workers in all industries and professions.

How has the new tax law affected your clients?
The tax bill and related tax cuts have been well received by businesses and individuals in our area.  This will translate to businesses making capital investments and increasing salaries and wages.

What impact do you think U.S. trade policy will have on business?
I’ll take a wait-and-see approach on this question. Some policies will have a short-term negative impact on some products and industries but may be beneficial in the long run.