Business

Business News & Notes: November 10th – 16th

Service-Disabled Veteran-Owned Small Business Program.

The federal government seeks to award at least 3% of all federal contracting dollars to such businesses annually, so this program helps with meeting that target. This federal contracting program offers assistance to small business owners who are service-disabled veterans. Eligible small businesses must be over 50% owned/controlled by one or more service-disabled veterans, have day-to-day operations and long-term goals managed by at least one service-disabled veteran and have a service-connected disability. For more information, visit: https://www.sba.gov/federal-contracting/contracting-assistance-programs/veteran-assistance-programs

The Little City Gift Card Program

The City of Falls Church invites small businesses to participate in an e-gift card program that will boost revenue and visibility. The program is free to businesses, they receive the full amount of the redeemed cards, and this operates just like other credit card transactions. Businesses are encouraged to register now, and gift cards will be available for purchase beginning on Saturday, November 26 which is Small Business Saturday. Registration is available online now at www.fallschurchva.gov/LittleCityGiftCard, and a video is also available for your convenience. For a limited time and while supplies last, the City will match gift card purchases. Participating businesses will be listed upon registration on the same website.

September Job Opening Rates

The U.S. Bureau of Labor Statistics reports that nearly half of all new job openings in September were across hotels and restaurants. While businesses are struggling to hire, the 5.7 percent quit rate is highest among industries. The report acknowledges that the economy has regained the number of jobs lost during the pandemic, yet the recovery has been slower and more difficult in the service industry.

Work Occupancy Update

Kastle Systems’ continues to track the return to work, which has averaged 47 percent nationally for eight consecutive weeks. Currently, Wednesdays have the highest office occupancy and Fridays have the lowest. Among the top ten tracked cities to include the Washington metro area, 54.7 percent of workers came into the office on Wednesday last week and 32.5 percent came in to work last Friday. Locally, the rate was 43.9 percent last Wednesday.

Northrop Lands Navy Manufacturing Contract

Northrop Grumman has received a three-year, $9 million contract to produce an initiating propellant for the U.S. Navy’s MK 48 torpedo, an underwater weapon equipped with sonar technology designed for anti-submarine warfare and anti-surface warfare missions. The Department of Defense reported that the Navy solicited services from only one company to address the requirement and issued a $2.2 million initial delivery order under the indefinite-delivery/indefinite-quantity contract.