Virginia Beach Overview€¦ · • The nation s first in vitro fertilization and birth took place at the Jones Institute at Eastern Virginia Medical School •NASA s Wallops Flight

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Virginia Beach Overview

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Welcome to Virginia Beach

With its beaches, great public school system, and

recreational activities, it’s one of the best places to live in

America. And with its skilled, educated workforce,

strategic location, low tax rates, and dynamic, diverse

economy, it’s increasingly becoming one of the best

places to do business as well.

The Virginia Beach Department of Economic

Development is eager to assist your new or existing

business maximize its economic potential in any way we

can.

The programs and services we offer include, but are not

limited to:

• Site selection

• Advocacy

• Market information

• Financial guidance

• Business assistance

• Minority business assistance

Target Clusters:

ConstructionManagement Companies/ CorporationsHealthcare and Social AssistanceHigh Performance ManufacturingInformation ServicesScience/Engineering Research,Management/Technical ConsultingMilitary Specific Occupations

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Strategic Location

Virginia Beach MSA• Largest Metropolitan Statistical Area between

Atlanta and Washington, D.C.• More than two-thirds of the U.S. population and

business marketplace are within 750 miles of theVirginia Beach MSA

• Population: 1.65 million• Total Labor Force: 900,000City of Virginia Beach• The Commonwealth s most populous city• Population: 440,000

Source: Virginia s Hampton Roads Regional Overview 4th Quarter 2007

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Map of The Virginia Beach Town Center

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Virginia Beach MSA – Virginia s First Region

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Labor Pool

• 38,000 engineers, scientists and technicians in Virginia Beach MSA (second to the Silicon Valley per capita)

• 18,000 highly trained, experienced and disciplined personnel exit the military each year

Total Labor Force: 900,000 including 18,000 exiting the military personnel eachyear and over 40,000 military spouses continuously replenishing the labor force.

Source: Virginia s Hampton Roads Regional Overview 4th Quarter 2007 and www.cbre.com.

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Virginia Beach Civilian Employment by Sector

Chart excludes 19,900 active duty military membersSource: City of Virginia Beach 2007 Economic Development Strategy Update, January 2008

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Distribution of Exiting Military Occupations

Source: City of Virginia Beach 2007 Economic Development Strategy Update, January 2008

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Labor Cost & Taxes

• Virginia Unemployment Insurance Rate is one of the lowest in the U.S.

U.S. average = $194• Virginia Workers Compensation Cost is among the lowest in the U.S.

U.S. average= $4.19

Virginia is an “Employment At Will” State • Virginia is a Right-to-Work State


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State and Local Tax

Source: Virginia Beach Community Profile, Virginia Beach Economic Development, 2007

Together, the Commonwealth of Virginia and the City of Virginia Beach have one of the fairest taxstructures in the nation. Virginia has not raised its corporate income tax rate of 6% since 1972.

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Education – Virginia Beach

• The Virginia Beach Public Schools Workplace Readiness Program gives high school studentsthe training they need to succeed in the workplace

• The Advanced Technology Center provides high school and college students with technology-driven education and industry-certified training

• 65% of Virginia Beach adult residents have achieved post-secondary education

• 35% of Virginia Beach residents hold a Bachelor s degree or higher

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Military Presence

Military CommandsNato: Allied Command Transformation - NorfolkNavy: U.S. Fleet Forces Command - NorfolkDoD: United States Joint Forces Command – NorfolkMarine: Marine Forces Atlantic – NorfolkUSCG: Maintenance and Logistics Command Atlantic – NorfolkUSCG: Atlantic Area Command – PortsmouthUSCG: Integrated Support Command – PortsmouthArmy: Surface Deployment and Distribution Command – Newport NewsArmy: Training and Doctrine Command - HamptonAir Force: Air Combat Command - Hampton

The Virginia Beach MSA has the largest number of military decision makers outside of the Pentagon.


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Military Presence

Source: Defense Industry in Virginia s Hampton Roads, 4th Quarter 2007, www.hreda.com

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Germany

Israel

United Kingdom

Japan

Switzerland

Sweden

Iceland

Hong Kong

Italy

Canada

Denmark

India

More than 20 international companies from 12 different countries have offices in Virginia Beach.

Virginia Beach: International Business

Source: Virginia Beach Department of Economic Development

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Major Private Sector Employers in the MSA


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Healthcare


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Real Estate


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Technological Assets

• The Virginia Beach MSA is home to the country s center for military training utilizing computer simulationtechnology (major military training facilities: JTASC, JWFC, Joint Forces Staff College)

• The world s third largest marine science institute dedicated to estuarine research is at the Virginia Instituteof Marine Science at the College of William and Mary

• The largest university wind tunnel in the country is operated by Old Dominion University• The world s largest Continuous Electron Beam Accelerator resides at the Thomas Jefferson National

Accelerator Facility• The nation s first Doctorate degree in “Modeling & Simulation” was awarded by Old Dominion University• The nation s first in vitro fertilization and birth took place at the Jones Institute at Eastern Virginia Medical

School• NASA s Wallops Flight Facility on Virginia s Eastern Shore was selected to demonstrate the new Orbital s

Taurus II launch rocket in 2010

The Virginia Beach MSA employs over 60,500 people in hightechnology, a number which is growing by 5.24% annually.


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Unparalled Quality of Life

Virginia Beach is one of the largest resort cities in the world with 38 miles of shorelineand 59 square miles of inland water. It offers a temperate four-season climate.

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Incentives

• Virginia offers a variety of performance-based incentives designed to meet theneeds of the company as well as thedevelopment plans of localities and the state.

• Virginia Beach Economic Developmentoffers the following incentive programs toqualified businesses:

– Economic Development InvestmentProgram Funds

– Industrial Revenue Bonds– Fast-Track Construction Program– Public-Private Partnerships

Source: Virginia s Hampton Roads Regional Overview 4th Quarter 2007.

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The Town Center of Virginia Beach

Key FactsIn the heart of Virginia s most populous city

Spans 17 city blocks

39-story Westin Hotel and Residences

Sandler Center for the Performing Arts

Leading national retailers from Ann Taylorto The Cheesecake Factory

Daily Traffic Count: 121,000 vehicles

Population within 1 mile radius: 122,161

Population within 3 mile radius: 723,794

Average HHI within 2 mile radius: $77,000

Class A Office Space: 800,000 sq. ft.

Retail Space: 700,000 sq. ft.

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Site Selection Criteria

Important site selection consideration: Virginia Beach

• Close proximity and easy access to markets, suppliers & customers

• Labor availability and competitive wage levels

• Low cost of doing business and living

• Real estate suitability (cost, timing, quality & availability)

• Strong global and regional economics

• High quality of life

• Business incentives

Documents

Virginia Beach Overview€¦ · • The nation s first in vitro fertilization and birth took place at the Jones Institute at Eastern Virginia Medical School •NASA s Wallops Flight