Amazon Stock Rose When It Halted Development on Virginia’s Second Headquarters

Amazon Stock


The building of Amazon’s (NASDAQ:AMZN) second headquarters has apparently been halted as the company evaluates its existing requirements in light of the changing macroeconomic situation and the prevalence of remote labor.

According to the e-commerce giant’s statement, the location in Arlington, Virginia, will continue to be inhabited as planned. Still, workers will relocate to two brand-new office buildings in June. The construction of a huge development across the street, scheduled to begin this quarter according to the original design, will begin in the following quarter.

“We are constantly analyzing floor layouts to ensure that they meet the requirements of our company and that they contribute to a positive working environment for our staff… We’ve also decided to delay the groundbreaking for PenPlace because Met Park will have enough capacity to accommodate more than 14,000 workers “read more of Amazon’s comments on the latest developments here.

Since the Seattle-based business kicked off a bidding battle between major cities in 2017, the narrative around Amazon’s second headquarters location has been going through unexpected changes and twists. More than two hundred communities in the United States, Canada, and Mexico have rushed in to give tax cuts, accelerated development permits, infrastructure commitments, and other forms of enticement. In January 2018, Amazon (AMZN) reduced the number of potential locations for its second headquarters to 20. In November 2018, it was announced that the headquarters would be divided between Long Island City in New York and Arlington in Virginia. Amazon stock announced in February 2019 that it would be scrapping the planned site in Long Island City owing to resistance from local politicians.

In trading early on Friday morning, Amazon stock rose by 2.63%.

Featured Image: Unsplash @ Sunrise King

Please See Disclaimer