From mergers and acquisitions to headquarters relocations and economic accolades: Here is a look at some of the top local business stories in the D.C. region for 2024.
Restaurant woes
More D.C.-area restaurants closed in 2024 than in 2023, including some of the region’s oldest restaurants, as well as several critically acclaimed and award-winning ones.
Foxtrot Gourmet Market abruptly closed all of its D.C.-area stores after the company’s initial rapid growth in the region.
A survey of D.C. restaurant owners found nearly three in four reported lower customer traffic than a year ago, with profit margins paper thin.
But D.C. did gain two new Michelin starred restaurants.
Big bank deals
Alexandria, Virginia-based Burke & Herbert Bank doubled in size with its acquisition of West Virginia-based Summit Financial. Olney, Maryland-based Sandy Spring Bank was acquired by Richmond, Virginia-based Atlantic Union Bank with a $1.6 billion stock deal. Burke & Herbert and Sandy Spring are two of the D.C. area’s oldest banks, both dating back to the 1850s.
Chase Bank committed to opening at least 30 more branches in the D.C. region.
WTOP’s 2024 in Review:
- A look at some of the biggest stories from the DC area
- A look back: Top DC-area sprots stories of 2024
- Top local business stories of 2024 in DC area
- Book Report: Must-read books of 2024
Planes and trains
While 2024 numbers won’t be released until next spring, all three D.C. area airports are likely to set travel records again this year, after surpassing pre-pandemic levels in 2023.
Dulles continued to grow, with eight new airlines adding nonstop service, and construction is progressing on its new United Airlines concourse.
Amtrak ridership hit a record high in fiscal 2024 with passengers on the Northeast corridor up 16%.
Economic accolades
The D.C. region dominated Inc. Magazine’s 2024 list of fastest growing companies.
Forbes ranked the D.C. area the best place for technology careers. The number of companies on the Fortune 500 list with headquarters in the D.C. region grew to 20.
Fitness flexes its muscle
Two locally based fitness chains embarked on big expansion plans in 2024.
Gold’s Gym, a D.C.-metro franchise, opened six new locations and renovated four others in 2024, with a half dozen other area locations planned.
Washington Commanders owner Josh Harris’ new investment in McLean, Virginia-based Onelife Fitness has put the chain on a path toward dominating the East Coast fitness market, after opening several new locations in 2024.
Acquisitions and expansions
CACI international made several high-profile acquisitions this year, including $1.3 billion for Fairfax-based Azure Summit Technology, and Reston, Virginia-based Applied Insight for an undisclosed sum.
Tyson’s-based satellite operator Intelsat agreed to be acquired by Luxembourg-based SES SA for $3.1 billion.
McLean-based Capital One announced plans to acquire Discover Financial for $35 billion.
Bethesda Magazine owner Z-Pop Media was acquired by Delaware-based Today Media for an undisclosed sum.
AstraZeneca said it would invest $300 million in a new manufacturing facility in Rockville, Maryland.
More housing highs
Home prices in the D.C. region continued to rise throughout 2024, and as mortgage rates eased toward the end of the year real estate agents noted a surprise uptick in fall sales and contracts.
Home price gains continued to be led by Northern Virginia, with Fairfax County eclipsing Arlington County in 2024 for highest median selling prices, at around $750,000.
The D.C. region also saw the total value of residential real estate top $1 trillion for the first time, one of only four metros in the trillion dollar club.
Downtown headquarters wins
Downtown averted a blow when Fannie Mae reversed course and said it would keep it Midtown Center headquarters. The company had previously said it would end its lease five years early.
CareFirst Blue Cross Blue Shield consolidated six office locations into one new headquarters at the recently renovated Met Square building.
Atlanta management services company Kellen made D.C. it’s official headquarters by doubling its space at the National Press Club building.
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