May 2, 2024

Growth Matters: Economic Development Fosters Growth with International Innovation and Headquarters Expansion

Explore how Economic Development enhanced and diversified Virginia Beach’s economy in January and February 2024.

Precision Measurements Inc Groundbreaking

Driving economic vitality and prosperity in Virginia Beach is the mission of the Department of Economic Development (VBED), which works to the attract and create new investment, innovation and jobs. 

The department does this by working to recruit national and international business, as well as helping new businesses get established and expand. It supports other organizations, as well, including the City of Virginia Beach Development Authority, the Military Economic Development Advisory Committee, and the Oceana Land Use Conformity Committee 

Here are updates on projects that VBED has been working on in the first months of 2024: 

Project Announcements 

Silogic Technology joins International Incubator 

A U.K.-based firm that develops artificial intelligence systems for maintenance of wind turbines and detecting cybersecurity attacks, Silogic Technology announced its opening in the International Incubator in January. The Virginia Beach International Incubator provides space for foreign companies to use to grow their sales volume before establishing their own office or manufacturing facility in the city.  

Precision Measurements breaks ground on headquarters 

A full-service land surveying firm, Precision Measurements Inc. began construction of a new 16,000-square-foot headquarters in Virginia Beach Development Authority’s Corporate Landing Business Park. The new building will allow the company to continue to grow and create jobs in Virginia Beach. 

On the Road 

Business development in Germany 

VBED met with prospective companies and industry multipliers in Germany, promoting advantages in Virginia Beach, including access to the Port of Virginia. The team also continued to strengthen advanced manufacturing by visiting STIHL and Hermes Abrasives, which have been operating in the city since the 1970s.  

Leadership summit in Arizona 

The team got lessons in infrastructure, innovation and industry, foreign direct investment and partnerships, and collaborations at the International Economic Development Council’s leadership summit.  

Digital tech and clean energy in the U.K. 

VBED presented opportunities in Virginia Beach to companies in the fields of digital technology and clean energy in Cambridge, alongside Innovate U.K. The team also participated in a Clean Energy seminar for companies to learn about the City’s activities in offshore wind and hydrogen. 

Business and Community Updates 

Offshore wind conference, training program hosted  

In January, the City hosted and sponsored the Oceantic Network summit on offshore wind operations and maintenance in Virginia Beach. VBED Director Charles Rigney’s sponsor remarks highlighted the progress of Dominion Energy’s Coastal Virginia Offshore Wind Project, which is 27 miles off the city’s shores. In addition, VBED sponsored a one-day offshore wind supply training program for Virginia-based companies presented by Oceantic Network. 

Unmanned systems events in Richmond 

The team learned about unmanned systems, which VBED is working to progress in Virginia Beach, at a meeting and reception hosted by the Virginia Unmanned Systems Center

Available resources  

The department offers many resources to connect residents with the information they need to grow or expand their business. If you’re interested in receiving the Economic Developments bi-monthly email newsletter to stay up to date on the latest project announcements and available resources, email Paige Fox.  

Contact Information

Virginia Beach Economic Development

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