Weekly Market Update

LOCAL COLLEGES HELPED LURE AMAZON'S HEADQUARTERS TO NORTHERN VIRGINIA

Thursday, November 15, 2018

Amazon announced two locations for its additional headquarters: Crystal City, Virginia, and Long Island City, New York. The new locations are expected to add as many as 25,000 jobs to each region, which were chosen in large part for their abundance of local, skilled labor and higher education institutions . Local universities are already preparing for the new headquarters. Virginia Tech will build a one-million-square-foot Innovation Campus less than two miles from Amazon's planned location, and George Mason University plans to create an Institute of Digital Innovation on its Arlington campus. One of the effects of having tech giant neighbors is apparent at the University of Washington in Seattle, to which Microsoft's founders have donated more than $1 billion.

In Other News

  • Boeing has committed $6 million to Iowa State University to support student research in STEM-related fields. The gift will support the construction of the university's Student Innovation Center.
  • Northeastern University has announced plans to acquire the New College of the Humanities, a for-profit institution located in London. Northeastern is known for its co-op program in which students alternate between full-time work placements and academic study. The university hopes to expand its global network through this acquisition.
  • The University of Utah board of trustees unanimously voted to approve an $80 million revenue bond to upgrade the Rice-Eccles Stadium. The approval came in advance of a visit from the U.S. Olympic Committee which is conducting site visits prior to selection of a city to include in its bid for a future Winter Games.
  • Pepperdine University is facing criticism for its decision to shelter students on campus last week, despite mandatory evacuation orders as the Woolsey fire spread through Malibu. Local residents claim that the university's actions forced the diversion of firefighting resources from other parts of the city in order to defend the school.