January 24, 2023

2022 Year in Review: Growing Economic Opportunities

The City continues to make big moves to support small businesses and the overall job market.

The HIVE Resource Center building

More Jobs:

The unemployment rate fell from 3.7% to 3.1% (per Bureau of Labor Statistics October data).

Tourism Records:

The Convention & Visitors Bureau announced record-breaking results from a recent study done by Tourism Economics on the economic impact of tourism to the city.

Securing Jackalope:

The City announced it will host the popular action sports festival Jackalope for the first time in June 2023.

Building International Relationships:

After City leaders and staff from the Department of Economic Development attended an award ceremony in Spain, the City of Virginia Beach in turn hosted a delegation from the country to provide introductions to local businesses and discuss potential partnerships.

Helping Job Seekers:

To boost recruitment efforts during a nationwide staffing shortage, Human Resources hosted a career fair on Oct. 11. Five hundred job seekers attended and met with representatives from 16 City departments.

Helping All to Thrive:

United Way’s new VBThrive Center opened within the Meyera E. Oberndorf Central Library, which fills a gap by providing support and resources to A.L.I.C.E. (Asset Limited, Income Constrained, and Employed) individuals and families who do not qualify for state or federal government assistance.

Ongoing Pandemic Relief:

Thanks to American Rescue Plan Act (ARPA) funds, the City collaborated with LISC Hampton Roads and United Way of South Hampton Roads to aid businesses in recovery from the ongoing impact of the COVID-19 pandemic. They provided $15M in funding through the VBThrive Business Relief grant program.

Impactful Funding:

$113,695 in funding reimbursements were provided to small, locally owned, VB businesses for impactful exterior improvements as part of the Façade Improvement Grants (FIG) program.

Loans for Zero-Interest:

The department of Economic Development and Local Initiatives Support Corporation (LISC) of Hampton Roads partnered to offer $400,000 in loans to qualifying small businesses as part of the new zero-interest Virginia Beach Small Business Capital Access Program.

Buzzing for Business:

The HIVE Business Resource Center became the new home for weekly 1 Million Cups (1MC) entrepreneurial gatherings. These sessions offer a network of support and coaching for the diverse companies in our community.

Contact Information

Contact Information

Virginia Beach Economic Development

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